1. 11 The Fiscal Situation, Economic Recovery and the Labor Market Edward P. Lazear

2. 2 Net Lending 2 Source: U.S. Census Bureau, Seasonally Adjusted Annual Rate

3. 3 Foreign Holdings Of ABS 3

4. 4 Bond Spreads 4 Source: Moody's; Merrill Lynch; U.S. Treasury Department 0 200 400 600 800 1000 1200 1400 1600 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 BAA Junk AAA

5. 5 5 Source: U.S. Census Bureau, Seasonally Adjusted Annual Rate

6. 6 6 Source: Federal Housing and Finance Authority; Standard and Poor’s, Seasonally Adjusted Annual Rate

7. 77

8. 8 Cash For Clunkers: Just Moving Sales Up in Time 8

9. 9 9 Monthly Unemployment Rates : France, Germany, Italy, UK, and US (Seasonally Adjusted)

10. 10 Most Optimistic View of US Stimulus 10

11. 11 Growth in the US Public Debt

12. 12 Productivity Slowdown In Singapore? Recession Effect Only

13. 13 Source: Singapore Department of Statistics and Manpower Research & Statistics Department, Ministry of Manpower