The reason that stock buybacks were illegal is because they were seen as a form of market manipulation. A way for insiders to cash out at public expense. Today, that's just "corruption-as-usual":
Economists used to call this effect "crowding out", before they collectively lost their minds, and decided that printing money is the secret to effortless wealth.
"There is an outside chance 2019 could be an all-time record for initial public offerings, passing even the legendary 1999 and 2000 years."
But for that to happen, a lot of things need to go almost perfectly. There can't be any more government shutdowns, market conditions have to exhibit low volatility and — most importantly — the public needs to have an appetite to buy very large IPOs at (potentially) very inflated prices."
What could go wrong?
Unfortunately speculators have already been bilked for the past year, and have nothing to show for it, except margin calls:
Which is why only drug stocks are making new highs: