Question-and-Answer Session
Operator
Thanks. (Operator instructions) Our first question comes from the line of Bob Glasspiegel with Langen McAlenney.
Bob Glasspiegel – Langen McAlenney
Good afternoon, everyone. You guys are good poker players, you never sound excited or nervous, but the body language I assume is that you feel lot better about your capital position 6/30, given the financial markets in the third quarter. Is that a fair assessment?
Mark McAndrew
I think that's a fair assessment and versus where we were six months ago when our unrealized losses come down $1.8 billion, we have to feel pretty good about that.
Bob Glasspiegel – Langen McAlenney
Okay. You throw the share repurchase as you're ignoring it which sort of means that you think it's at least theoretical possibility in 2010. What are the benchmarks that we should be looking for that would make you feel comfortable to resume your share repurchase program?
To put it another way, if you execute your plan and impairments are downgrade and are in line with what you're thinking, what is the soonest you could consider buying back stock?
Mark McAndrew
Well, we're not in a position to make any commitment there, yet, Bob. It is something that we'll continue to monitor each quarter and discuss at our Board meetings, but it is a little premature to try to set a date. Obviously things that will impact it will be what future impairments and downgrades are, although, we believe the worst of that is over, and other potential uses for the cash. So, I just can't predict right now when that might occur.
Bob Glasspiegel – Langen McAlenney
Okay. Direct Response coming in above where you thought it was, is that anything related to the economy not being as bad as you feared, or something from an execution point of view?
Mark McAndrew
Well, it's a little bit of both. Actually we started to see some of our response rates increase which I think has a little something to do with the economy. That was the only segment that we felt like the economy had some impact on. But overall a number of the tests that we performed earlier in the year, we were able to roll out with, and the results have been good, and I'm very optimistic about where we're headed next year.
Bob Glasspiegel – Langen McAlenney
Thank you very much.
Operator
We go next to the line of Jeff Schuman with KBW.
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