Wells Fargo Economics Scott Anderson, Ph.D. Vice President Senior Economist Plunging Into The New Year Durango, CO January 9, 2008.

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Presentation transcript:

Wells Fargo Economics Scott Anderson, Ph.D. Vice President Senior Economist Plunging Into The New Year Durango, CO January 9, 2008

U.S. Economy SevereRecession Worst in Post- War Period

U.S. Recession Comparisons PCE (%) NRFI (%) UE (PP) Jobs (%) Jobs (#, mil) ’73-’75-1.8%NA %-1.6 ’81-’82-0.8%NA %-2.7 ’90-’91-1.1%-8.2% %-1.5 ’08-’09-3.1%-12.3% %-5.5 Source: BEA; BLS; Wells Fargo Economics Peak to trough changes

A Credit Crisis In The Making

February 22, 2008 Copyright 2008 The New York Times Company Copyright 2008The New York Times Company

Banks Tightening Credit Across The Board

Senior Loan Officer Survey Credit Crunch

Little Appetite for Risk

Credit Spreads Near Record Peaks

Where Does This Leave the Housing Market?

Washington to the Rescue! Stimulus, Stimulus, and More Stimulus

Fed Activity Federal Funds Target Rate Source: Federal Reserve

Liquidity Improved But Still Abnormal! Despite Fed’s Extensive Credit Facilities and Lending

Inflation Turns into Deflation??

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