Bank Directors Seminar, Coeur d'Alene, ID

Empirical Observations regarding Post-WWII U.S. GDP Growth – Cycles happen with no obvious length of period in between recessions (shaded areas in chart) – GDP annual growth rates averaged – 3.5% 1955-2000 – 1.9% 2000-2016 – Contrasting views – “Secular stagnation” view. Permanently stuck in mud – “Hein-sight” Stupid policies caused economic sluggishness: Dodd-Frank, Affordable Care Act, Green initiatives, low interest rates

Taken from Thomas K. Brown Bankstocks post “ A Wrongheaded Take on the Effects of Dodd-Frank” in response to points from FDIC Chair Gruenberg