Epstein Secrets

Debt limit to gov. receipts nd Source: OMB, BEA, J.P. Morgan Private Bank Over the last few days, the Gang of Six plan, th

rings, measuring 2.5 inches square. The material contained herein is intended as a general market commentary. Opinions expressed herein are those of Michael Cembalest and may differ from those of other J.P. Morgan employees and affiliates. This information in no way constitutes J.P. Morgan research and should not b

4 1980 1986 1992 1998 2004 2010 Source: OMB, BEA, J.P. Morgan Private Bank. Over the last few days, the Gang of Six plan, t

cap growth stocks Post-dividend free cash flow margin ‘71 ‘74 ‘77 '80 '83 ‘86 '89 '92 '95 '98 ‘01 '04 ‘07 '10 Source: Empirical Research Partners. Michael Cembalest Chief Investment Officer CBO Congressional Budget Office OMB Office of Management and Budget EFSF European Financial Stability Facility FICA Federa

Jan-12 2009 2010 2011 2012 Source: BEA/Wards, DB, J.P. Morgan Private Bank. Box indicates impact Source: DB, J.P. Morgan Pri

al aid and ECB financing to prevent another one. _| Bank lending to HH/NFC, last 12 months None . HH/NFC = households and non-financial corporations Michael Cembalest Sources: IMF, OECD, EU, World Bank, CEPS Chief Investment Officer Sources “States of Bankruptcy, Part I: The Coming State Pensions Crisis”, Jot Eco

ategy 3% Hard Assets, Hedge Funds, 4% 18% Source: J.P. Morgan Private Bank, as of July 2011. These portfolios may not be sui

across the region; and expect a Greek sovereign debt restructuring within the next 18 months (see chart from "Five Stages of Greece", June 30, 2011). Michael Cembalest Chief Investment Officer * JP Morgan's Prime Money Market Fund is indicative of industry concerns about a liquidity squeeze. The fund holds no Greece