Epstein Secrets

ent Officer [a] Example: here’s a link to a 2007 article by Austan Goolsbee, former Chairman of the Council of Economic advisors and a member of the Obama Cabinet. Goolsbee praises the benefits of subprime lending and related affordable housing policies, mocks Congress for holding hearings on the subjec

n debt None Bank lending te HH/NFC, last 12 months None AANFC = households and non-financial corporations Sources: (MF, OECD, EU, World Bank, CEPS Michael Cembalest Chief Investment Officer [a] Example: here’s a link to a 2007 article by Austan Goolsbee, former Chairman of the Council of Economic advisors and a

thing that did ring clearly from the November 2012 U.S. election is the degree of frustration around partisan bickering and policy inaction. This was Obama's last campaign, so he is playing for posterity. Congress recognizes it is already playing to mid-term elections in 2014, and while I never count on

J.P. Morgan Private Bank. I've been part of the investment and strategy team at the Private Bank since 2004, when I returned to the firm to work with Michael Cembalest as he assembled a global strategy team to work on behalf of private clients. I was responsible for global multi-asset investment strategy and asset a

f total expenses, and is dwarfed by labor costs. Michael Cembalest J.P. Morgan Asset Management ' Proposed changes affec

2012 “Electric Utility Regulatory Aspects of Electric Vehicle Commercialization”’, National Regulatory Research Institute, December 1980 “President Obama Announces Historic 54.5 mpg Fuel Efficiency Standard”, White House Press Release, July 29, 2011 “Germany Power Links for Unbuilt Offshore Wind Cost

nal Regulatory Research Institute, December 1980 “President Obama Announces Historic 54.5 mpg Fuel Efficiency Stand

limit to gov. receipts nd Source: OMB, BEA, J.P. Morgan Private Bank Over the last few days, the Gang of Six plan, the Reid-McConnell plan and the Obama-Boehner plan have all been raised up the flagpole and then lowered. By the end of the process, we’re still looking for deficit reduction of $3 trilli

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

0 1986 1992 1998 2004 2010 Source: OMB, BEA, J.P. Morgan Private Bank. Over the last few days, the Gang of Six plan, the Reid-McConnell plan and the Obama-Boehner plan have all been raised up the flagpole and then lowered. By the end of the process, we’re still looking for deficit reduction of $3 trilli

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

Council of Economic advisors and a member of the Obama Cabinet. Goolsbee praises the benefits of subprim

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

elease USD/bbl 130 125 120 D 115 110 105 B 100 95 90 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 [A] May 2: Advisors lay out SPR release plan to Obama [B] May 6: Obama calls Abdullah (S.A.) and Sabah al-Ahmad (Kuw) to discuss SPR release [C] May 19: IEA urges OPEC to increase production or else memb

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

njoying record profits. We support efforts by the Obama Administration to expand domestic energy resource

ted in discussions about reducing reliance on foreign oil: we do a lot more with it than just drive cars. HOUSE_OVERSIGHT_031149 --- PAGE BREAK --- Michael Cembalest Chief Investment Officer [Note a] Austin Long at Columbia University walked me through the geodynamics of the MOP and how many would be needed to pen

y to decide whether mega-deficits are in the long-term public interest. Over the last few days, the Gang of Six plan, the Reid-McConnell plan and the Obama-Boehner plan have all been raised up the flagpole and then lowered. By the end of the process, we're still looking for deficit reduction of $3 trilli

s been below consensus, which would be consistent with the recent batch of reports indicating a slowdown in manufacturing and service sector surveys. Michael Cembalest Chief Investment Officer Notes [a] Bundesbank President Weidmann, in response to last week's package: "By transferring significant risks to the suppo