good pic



...wherever you go, there you are...

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one way to save the economy, or at the least, the perception of it and the confidence in it.
good pic
During/After the 1987 Stock Market crash, Ronald Reagan and company did (at least) one thing that totally saved the situation. He and his cronies got on the phone and talked, twisted arms, whatever, but they got american listed companies to start announcing buybacks of their own stock.
Today, a great many US companies are awash in cash, but won't invest it because of the uncertainty. So, the cash sits in T-Bills at banks. And the financial institutions are much much less likely to lend it to anyone, cause it might cause them to have to adjust their balance sheets and take writedowns. So, the money sits there.
If even a couple dozen companies that have high cash levels announced stock buybacks, the stock market would get the confidence it needs. Obama is, all things considered, a rather pro-business president. He and his group should be on the phone right now. Or maybe they are planning it all for closer to the end of this year, so the length of the rise stretches through the 2012 election.
My, how cynical I have gotten as the decades go by.

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yeah, well the cynical part (that i wouldnt have thought of 25 years ago) is the timing re: the election. Also, i bet this hasnt happened cause Obama is getting too much advice that doing this will hurt the banks enough (by weakening their balance sheets) that it isnt worth doing at all. Personally, I think that is bull, the bank's balance sheets need serious restructuring anyway, and this is a mixed approach to making that happen that actually has a corollary benefit.
Thanks!...and good luck with Irene. I was in the Taj Mahal the last time a big hurricane blew through the Northeast (in the early 90's or so) and it was a GREAT time to be stuck in the

I used to have a knack of being at the Taj whenever a Nor'Easter would hit and its quite a scene driving back on the White Horse Pike near the low lying areas with the high tide.

But yes you are right..the weekend NYC crowd that comes down for the weekend and gets rooms are a perfect source of degeneracy and cash flow in the poker room ;)

I also agree with you that Obama is getting terrible advice...Hard pressed to see what (if anything) will be done with the remainder of his administration.

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