Transcript Randelman A long journey back CMTA Sept WS

2010
A long journey back
Presentation for:
California Municipal Treasurers’ Association
Presented by:
Paul Randelman, Regional Sales Manager
September 2010
I may not have gone where I intended to go, but I think I
have ended up where I needed to be.
-Douglas Adams
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The Good
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GDP has recovered
Source: Bloomberg
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After a long, deep recession
Source: Bloomberg
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Individuals are back
Source: Bloomberg
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The pace of government spending has
slowed
Source: Bloomberg
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Consumers are charging less
Source: Bloomberg
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Consumers are paying off debt
Source: Bloomberg
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And saving more
Source: Bloomberg
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The Bad
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State and local government spending down
Source: Bloomberg
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And saving more
Source: Bloomberg
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Payrolls have bottomed (hopefully)
Source: Bloomberg
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But it will be a long way back
Source: Bloomberg
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Corporate spending is coming back
Source: Bloomberg
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The Ugly
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Existing home sales at record low
Source: Bloomberg
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New home sales at record lows
Source: Bloomberg
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Despite population growth
Source: Bloomberg
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Two Thoughts
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Austerity Programs are NOT GDP Enhancers
- Rick Santelli
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Be fearful when others are greedy and be greedy when
others are fearful.
- Warren Buffett
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