Well, the conventional logic – we have money to buy back shares when things are good, denies the reality that the goal should be to buy a stock cheap, not when it is advancing…
It is a clear misallocation of capital by Treasuries and Boards to authorize buy backs at the top – these are counterproductive.
While shares buybacks at the tough moments would add stability to the market….

Oh, well… Wall Street is not a place for idealism