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  "documentTitle": "AerCap Holdings (AER)",
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  "authorName": "David Einhorn",
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  "presentationDate": "2015-04-07 00:00:00",
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  "notes": "The slide uses a dual-axis line chart to illustrate the decoupling of asset wealth and savings behavior.",
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      "text": "Overall, there is no clear evidence of equity-related gains having translated into additional consumption and thus no real economic growth.",
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      "text": "If people were spending the paper gains from rising asset prices as the Fed hoped, the savings rate would have plummeted as it did during the housing bubble, when cash-out refinancings against rising home values drove spending.",
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      "text": "Instead, the savings rate has remained at or above the pre-housing bubble levels, even though household net worth has reached new highs. As Swiss Re put it, “Overall, there is no clear evidence of equity-related gains having translated into additional consumption and thus no real economic growth.”",
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      "text": "Source: Bloomberg L.P. https://research.stlouisfed.org/fred2/series/PSAVERT/ http://media.swissre.com/documents/Financial_Repression_pub_web.pdf",
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