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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 table to illustrate household assets and liabilities, followed by a narrative analysis of interest rate exposure.",
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      "text": "I estimate households have about $7 trillion in exposure to short-term interest rates, so a 1% change in rates adds about $70 billion to annual income.",
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      "text": "A quick look at the household balance sheet shows about $10 trillion held in short-term rate-sensitive instruments like savings accounts and money markets. Most household liabilities are fixed-rate mortgages, where payments are unaffected by rate changes. Consumer credit is $3 trillion, some of which is also fixed. I estimate households have about $7 trillion in exposure to short-term interest rates, so a 1% change in rates adds about $70 billion to annual income.",
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      "text": "Source: http://federalreserve.gov/releases/z1/current/z1r-5.pdf",
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      "text": "Assets: Real Estate $23,539, Deposits $10,231; Liabilities: Home Mortgages $9,380, Consumer Credit $3,316",
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      "text": "Consumer recovery?",
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      "text": "Balance Sheet of Households ($ billions)",
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