Question-and-Answer Session
Operator
Thank you. The question-and-answer session will be conducted electronically. (Operator instructions). The first question comes from Bob Glasspiegel with Langen-McAlenney.
Bob Glasspiegel – Langen-McAlenney
Good morning, Tom. I am probably over analyzing the exact words you used, but in your concluding remarks, I think you said the economy is beginning to – or the recession is beginning to have an impact on the company. It is sort of ironic that this would be in a quarter where GDP was up 3.5%, so I suspect you are in kind of a cynical camp on that number. But specifically the question is, how much do you think you're going to lag the economic recovery? It sounds like they are just beginning to have an impact on the economy in this quarter suggests that there is a lag, because the economy has been weak for a while?
Tom Watjen
I think, Bob, it is a good question. I think when we look at the impact the economy has on the company, I want to clarify. I think we think it is mostly around the employment picture and I think that is where as you look at the unemployment rate continuing to move up, you look at the – certainly we are seeing some slowing in the deterioration in the employment picture, but still I think there is – the outlook that most economists have for 2010 continues to offer relatively slow recovery in the employment picture, and I think that is what you hear reflected in the management comments today.
I think that is something we have been watching or I think if you look back to the comments we made the last couple of quarters, I think we have talked about the premium pressure. Really the premium pressure is really coming just because of the employment picture. So again I think I like you to see some great signs that the general economy is improving and whether it is economic growth or some of the trade things but on the other hand I think our business is most focused around the employment picture.
Bob Glasspiegel – Langen-McAlenney
Thank you. And my follow-up is if you execute your plan and it seems like you've surpassed your capital goals at the holding company, when is the soonest as you think you can consider another buyback recognizing the rating agencies are a huge wild card?
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