Transcript and w/o Distressed Sales US Economic Growth

Go West California
February 2012
Global Economic Growth
World Economies
Decelerating
Not Collapsing
Advanced Economies
Avoid Recession
Except Euro
Slower Growth
Emerging Economies
Weaker Growth
Deteriorating External Environment
Slower Domestic Demand
U.S. Economy
Housing Affordability Index
Apartment Rent Increases Y/Y
Rent vs. Own
Rent Increases and Desire for Homeownership
Change In House Price
Home Prices w/ and w/o Distressed Sales
U.S. Economic Growth
(% Change Year over Year)
Forecast
3.5
3
2.5
2
1.5
1
0.5
0
Zero
2009
2010
2011
2012
Will Euro Survive?
Recipe for Recession
Credit Crunch
Fiscal Restraint
Low Confidence
Eurozone Economic Growth
(% Change Year over Year)
Forecast
2
1
0
-1
-2
-3
-4
-5
Zero
2009
2010
2011
2012
Eurozone Jobless Rate
What to Do?
Austerity
Restructure Loans
Fiscal Union
Breakup
Outstanding
Debt by Country
Outstanding
Ireland
Ire
Portugal
Greece
Spain
Italy
I
Asia: Go West
Asia’s Contribution to Global GDP Growth
Asia
Not Just Cheap Goods
Computational Photography
China
Who’s Bigger? China or Japan
China
Big Consumer
China’s Love Affair with Cars
Buy a Car and Buy a Flat
Growth, Not Inflation
China Risks
Europe
Real Estate
Local Gov’t Debt
New Home Prices in China
70 Cities
China’s Trade Surplus
Chinese Currency Appreciation
China: Current Account Surplus % GDP
10.1%
U.S. Says
2.7%
Japan Unemployment Rate
Japan Risks
Exports to Europe
Strong Yen
Recovery after Tsunami
Wise, Strong, Rich
Risks Medium-term
Euro: Sovereign Debt Crisis
U.S and Japan: Deficits
China: Real Estate Bubble
Oil: Iran Supply Shock
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