Epstein Secrets

966 1970 1974 1978 1982 1986 1990 1994 1998 2002 2006 2010 KP Note: Fiscal year ends in September. Source: White House Office of Management & Budget, Bureau of Labor Statistics. a USA Inc. | Income Statement Drilldown 124 HOUSE_OVERSIGHT_020903 Unemployment Benefits: Good News—Unemployment Change In the Past Has Strong (7

onal Accounting: A Meaningful Way to Assess Generational Policy,” published on 12/94 in The Journal of Economic Perspectives. KP Source: Greg Jonas, Morgan Stanley Research. i USA Inc. | High Level Thoughts 31 ...and About Government Budgeting e Federal government budgeting follows arcane practices that are very differ

nts to 7% in 2009 from 9% in 2000, while government employee union membership rate rose 50 basis points 37.4% in 2009 from 36.9% in 2000. KP Source: Bureau of Labor Statistics. www.kpcb.com USA Inc. | What Might a Turnaround Expert Consider? 343 Review Unions: Union Membership Rates by Industry — Government = 37% Unionize

6 10/06 12/06 Note: Illustrative AAA-rated subprime RMBS spread represented as Mezzanine CDO spread vs. 7-year swap rate. KP Source: Betsy Graseck, Morgan Stanley Research. (@E) www.kpcb.com USA Inc. | Income Statement Drilldown 186 HOUSE_OVERSIGHT_020934 Investors Struggle with Today’s Low ~4% Risk Free Rate ¢ Pensi

h Partners. Source: CBO, BEA, OMB, J.P. Morgan Private Bank. ' Our chief economist Michael Vaknin has analyzed the various seasonal adjustments that the Bureau of Labor Statistics uses when it reports payrolls. After adjusting for better weather, the Lehman shock and other factors, payroll growth does not look quite as good as

ael Cembalest Chief Investment Officer “What a diffrence a day makes’, Dinah Washington, 1959, Mercury Records “Banks Deleveraging and Real Estate”, Morgan Stanley Research, Francesca Tondi, March 15, 2012 The ECRI (Economic Cycle Research Institute) claims papal infallibility on its historical recession predictions. EC