Epstein Secrets

240% 220% US 200% 180% 160% 140% 1987 1990 1993 1996 1999 2002 2005 2008 Source: Federal Reserve, Office for National Statistics. UK Data as of 2009. Michael Cembalest Chief Investment Officer The material contained herein is intended as a general market commentary. Opinions expressed herein are those of Michael Cem

ted penalties. Note that J.P. Morgan is not a licensed insurance provider. © 2011 JPMorgan Chase & Co. All rights reserved. & As reported by Reuters, Gerald Wynn, November 22, 2010. 3 HOUSE_OVERSIGHT_030012

at to do next? McGovem's article suggests that an overly interventionist public sector may be the wrong answer, given the unintended consequences. Michael Cembalest Chief Investment Officer EFTA00714589 Notes [a] I like the idea of extending the holding period for short term capital gains to 3-5 years, and c

usiness problem, so credit supply is not a problem for the overwhelming majority." gyid:image001.pnEgOICC2A66.096163B0 [I] As reported by Reuters, Gerald Wynn, November 22, 2010. The material contained herein is intended at a general market commentary. Opinions expressed herein are those of Michael Cembale

What to do next? McGovern's article suggests that an overly interventionist public sector may be the wrong answer, given the unintended consequences. Michael Cembalest Chief Investment Officer HOUSE_OVERSIGHT_030007 --- PAGE BREAK --- Notes [a] I like the idea of extending the holding period for short term capital

ape 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 Source: National Federation of Independent Business. [f] As reported by Reuters, Gerald Wynn, November 22, 2010. The material contained herein is intended as a general market commentary. Opinions expressed herein are those of Michael Cembales

What to do next? McGovern's article suggests that an overly interventionist public sector may be the wrong answer, given the unintended consequences. Michael Cembalest Chief Investment Officer HOUSE_OVERSIGHT_031166 --- PAGE BREAK --- Notes [a] I like the idea of extending the holding period for short term capital

ercent reported financing as their #1 business problem, so credit supply is not a problem for the overwhelming majority." [f] As reported by Reuters, Gerald Wynn, November 22, 2010. The material contained herein is intended as a general market commentary. Opinions expressed herein are those of Michael Cembales