Oil 1981-82 S&L Tech Bubble Credit

Embargo Recession Crisis & 9/11 Crisis

Q3 2001
-1.4%
Q4 1990
-2.99%
Q3 1974
Q4 1970 -3.82%
-4.22% Q4 2008
Q2 1980 -6.25%
-7.83%

Mar-1970 Mar-1975 Mar-1980 Mar-1985 Mar-1990 Mar-1995 Mar-2000 Mar-2005 Today

 December ‘82
10.8%

May ‘75
9.0%
February ‘09
June ‘92 8.1%
7.8%

August ‘71 June ‘03

6.1% 6.3%

May ‘79
5.6%
March ‘89
March ‘73 5.0%
4.9% March ‘07
April ‘00 4.4%
3.8%

Mar-1970 Mar-1974 Mar-1978 Mar-1982 Mar-1986 Mar-1990 Mar-1994 Mar-1998 Mar-2002 Mar-2006 Today
 Market Peak

Current Level

Mar-1970 Mar-1974 Mar-1978 Mar-1982 Mar-1986 Mar-1990 Mar-1994 Mar-1998 Mar-2002 Mar-2006 Today
 $244,700
$229,600 $227,700
$223,200

$196,000
$180,200
$164,800

$145,900
$138,600

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
 stop have
start want?
54%

47%
44% 44%
40%

31%

22%
20%
15%

8%

1999 2003 2005 2007 2008

 Is this the result of the
economy or a consumer shift?
 Rocky Mountain News
 Baltimore Examiner
US
 Kentucky Post
metropolitan  Cincinnati Post
newspapers -  King County Journal
ceased  Union City Register
printing in  Capital Times
the last year  Halifax Daily News
 Albuquerque Tribune
 South Idaho Press
 San Juan Star
 175,000,000

100,000,000

50,000,000

12,000,000
1,000,000 5,500,000

2004 2005 2006 2007 2008 2009

2011 $2,700,000,000

2010 $2,400,000,000

2009 $2,020,000,000

2008 $1,560,000,000

2007 $920,000,000

$350,000,000
2006