1. Life Mortgage & Real Estate Officer’s Council Wild Dunes, SC The Economic Situation September 30, 2014

2. Looking for Three-Lane Wealth Creation on a Two-Lane Road Bruce Yandle yandle@bellsouth.net

5. The 2014 Economy The 2-Lane Economy Geographic Imprint What’s Holding Us Back Reasons for Optimism Complicating Factors

7. 3.14%

8. U.S. GDP GROWTH Recent Forecasts 2014 2015 Conference Board 1.5% 2.9% Congressional Budget Office 1.5% 3.4% IMF 1.7 3.0 Kiplinger 1.5 3.0 Wells Fargo 1.4 2.9 White House 2.6 Livingston Survey 2.2 3.0 Booo!

9. 3.14% Expect 1.5% to 3.2% real GDP growth, 2014-2017. Recession in 2018.

10. The Sharing Economy

11. The Geographic Imprint

12. State Real GDP Growth Compounded Annual Rate, 2009 - 2013 2.48% - 11.56%1.81% - 2.17%1.24% - 1.80% 0.42% - 1.23% U.S. = 2.0%

14. What’s holding us back?

15. Feeling Over-Regulated These Days? Shall. Must. May not. Prohibited. Required. What about the Evidence?

18. Three Components: News, Tax Code Expirations, Variation in GDP Forecasts

19. Debt Ceiling Debate Lehman Mid-term Elections Three Components: News, Tax Code Expirations, Variation in GDP Forecasts

21. Reasons for Optimism

27. 9/2016

29. 1980s 2008 1970s 1990s

30. Complicating Factors

31. Looking for 8.3 Million Waldos

32. Overall Participation Rate: 62.8%

33. UNDERGROUND MONEY & MONETARY POLICY

37. QUESTIONS?