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On the Home Front – 09.28.2010In a meeting yesterday with the head of a top-tier banking business, he relayed a story about a common friend of ours who is an investor with a top-tier investment house that has been under stress working through its ’07 – ’08 “issues.” The story goes that as the investor was leaving his house one Monday morning, his wife mentioned that she was planning a day of shopping. His response was, “if you can’t eat it, don’t buy it.” In one form or another, this attitude continues to be echoed across most consumer fronts. Unfortunately there is a daily vote of “no confidence” in many households, and this continues to dampen the recovery. On a more positive note, the banker also noted that he expects that the two-year stall is coming to an end as the public markets continue to reset balance sheets, and distressed asset sales begin to hit the market. That’s the oil we need to get the machine moving again, and for our friend to give his wife the okay to stop by Nordstrom’s on her way to the grocery store.

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