Killing boomer "re-accumulation"

Leszek Balcerowicz, Poland’s former finance minister has a great piece in today’s Financial Times arguing against the use of stimulus packages. Couldn’t agree more, but with due respect to Balcerowicz, that “statek” has sailed. Might have held sway eight months ago; today, not so much. Thankfully, not everyone agrees with my pessimistic take (what?). Bob Reynolds, who only recently took over at Putnam Investments, told me Monday that coordinated efforts by governments and central banks worldwide means we’re just about out of this thing. His reasoning? Bear markets over the past 60 years have lasted an average of 14 months. If, as the National Bureau of Economic Research claims, we’ve been officially in a recession for 12 months … well, do the math. For your boomer clients’ sake, who have to get on with the business of “re-accumulation” (shudder at the term), I hope he’s right and I’m horribly wrong.