2010 A long journey back Presentation for: California Municipal Treasurers Association Presented by: Paul Randelman, Regional Sales Manager September 2010 I may not have gone where I intended to go, but I think I have ended up where I needed to be. -Douglas Adams 2 3 The Good GDP has recovered 4 Source: Bloomberg After a long, deep recession 5 Source: Bloomberg Individuals are back 6 Source: Bloomberg The pace of government spending has slowed 7 Source: Bloomberg Consumers are charging less 8 Source: Bloomberg Consumers are paying off debt 9 Source: Bloomberg And saving more 10 Source: Bloomberg 11 The Bad State and local government spending down 12 Source: Bloomberg And saving more 13 Source: Bloomberg Payrolls have bottomed (hopefully) 14 Source: Bloomberg But it will be a long way back 15 Source: Bloomberg Corporate spending is coming back 16 Source: Bloomberg 17 The Ugly Existing home sales at record low 18 Source: Bloomberg New home sales at record lows 19 Source: Bloomberg Despite population growth 20 Source: Bloomberg 21 Two Thoughts Austerity Programs are NOT GDP Enhancers - Rick Santelli 22 Be fearful when others are greedy and be greedy when others are fearful. - Warren Buffett 23 24 The opinions expressed in this presentation are general in nature and not intended to provide specific advice or recommendations. Contact your investment representative, attorney, accountant or tax advisor with regard to your specific situation. The opinions of the author do not necessarily reflect those of Wells Fargo Institutional Securities, LLC or any other Wells Fargo entity. Wells Fargo Securities is the trade name for certain capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Securities, LLC, a member of NYSE, FINRA and SIPC, and Wells Fargo Institutional Securities, LLC, a member of FINRA and SIPC, and Wells Fargo Bank, National Association. Wells Fargo Securities, LLC carries and provides clearing services for Wells Fargo Institutional Securities, LLC customer accounts. Investments offered are not FDIC insured May lose value No bank guarantee 2010 Wells Fargo Securities, LLC. All rights reserved. For public use.