2/ Firms borrowing money is fine. "On the balance sheet" means that the owners of the equity have no change in net position. There is nothing wrong with either dividends or buybacks. Bailouts, though, are bad. https://twitter.com/SnuffyforShort/status/1255132542606340096 …
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3/ I have a burning hatred for bailouts ... but if they exist, why is it wrong to calculate them in? You go to w̶a̶r̶ commerce with the legal system you have. To pretend that you've got a different one to satisfy libertarian cranks like us seems...odd.https://twitter.com/shlevy/status/1255134481033261062 …
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