From Our friend Tyler over at Zero Hedge

Some observations from the most recent JP Morgan High Net Worth client presentation

Page 3: Massive amount of stimulus spent so far dwarfs anything ever attempted.

Page 4: State budget shortfalls (according to CBPP paper from last week) will amount to $350 bn of tax hikes and/or spending cuts from 2009-2011. that excludes local entities, who will cut even more.

Page 6: Germany spending over $3 bn to get car sales up

Page 7: Risk that fiscal stimulus is a one-trick pony

Page 9: SCAP relies on $5 of pre-provisions still to be earned earnings for every $1 of capital raised

Page 10: What’s up in phoenix: not home prices, despite claims by real estate types that inventories are falling and home sales are up (exclamation points explained as broker-speak)

Page 11: National real estate picture, chart at lower right highlights risk of being fooled by rising foreclosed home prices

Page 15: CRE no explanation needed

Page 16: Hotel NOI worse than at any time since and including later years of depression

Page 17: CNBC – at the other end from soylent green

Page 18: Math, japanese style. Largest % IP m/m gain in 30 years!!! The levels still suck