614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com

“Are Things Really that Bad?”

GIC27th Annual Monetary and

Trade ConferenceApril 2009

Dr. Robert A. EisenbeisChief Monetary Economist

Cumberland Advisors

614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 2

Introduction and Outline of Talk

• Press would have you believe that we are on the brink of another Great Depression

• How do we compare with previous recessions?• How do we compare with the Great Depression?

614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 3

• Real GDP• Personal Consumption• Corporate Profits• Investment• Employment

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614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 5

614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 6

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• Real GDP

• Personal Consumption• Corporate Profits• Investment• Employment

614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 8

614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 9

• Real GDP• Personal Consumption

• Corporate Profits• Investment• Employment

614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 10

614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 11

614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 12

• Real GDP• Personal Consumption• Corporate Profits

• Investment• Employment

614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 13

614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 14

614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 15

• Real GDP• Personal Consumption• Corporate Profits• Investment

• Employment

614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 16

614 Landis Avenue, Vineland, NJ 08360800-257-7013www.cumber.com Chart 17

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