Epstein Secrets

ank. • PMIdata are index levet Housingprice to income. cementpiodudion and steel productional.° as of Dec.2011. All theother dataareas of Feb.2012. Michael Cembalest Chief Investment Officer "What a dirrenee a day makes", Dinah Washington, 1959, Mercury Records "Banks Deleveraging and Real Estate", Morgan Stanl

ncesca Tondi, March 15, 2012 The ECRi (Economic Cycle Research institute) claims papal infallibility on its historical recession predictions. ECB = European Central Bank. EMU = European Economic and Monetary Union The material contained herein is intended as a general market commentary. Opinions expressed herein are

er, the timing, magnitude and realism of the official sector response will determine how positive the market reaction will be. Seeing is believing. Michael Cembalest Chief Investment Officer [see Appendix for some charts on European banks] I Peak home price to income ratios: Ireland I2.Ox, Spain 8.0x, US 4.5x.

mber 2002 "The Eurozone debt crisis: is this a banking problem?", Jordi Gual, iESE Business School, September 2011 NPL = Non-performing loan ECB = European Central Bank EFSF = European Financial Stability Facility The material contained herein is intended as a general market commentary. Opinions expressed herein ar

er, the timing, magnitude and realism of the official sector response will determine how positive the market reaction will be. Seeing is believing. Michael Cembalest Chief Investment Officer [see Appendix for some charts on European banks] I Peak home price to income ratios: Ireland I2.Ox, Spain 8.0x, US 4.5x.

mber 2002 "The Eurozone debt crisis: is this a banking problem?", Jordi Gual, iESE Business School, September 2011 NPL = Non-performing loan ECB = European Central Bank EFSF = European Financial Stability Facility The material contained herein is intended as a general market commentary. Opinions expressed herein ar