bailouts are bad but "stock buybacks are bad" is a dumb stance, that many smart people embrace for some reason stock buybacks are just dividends with tax advantageshttps://twitter.com/TruthGundlach/status/1254978764011798529 …
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Would you say the same for e.g. investing in protectionist lobbying?
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Or maybe a better example, lobbying for tax increases with the money to be funneled toward your company?
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Yes, bailouts warp the risk calculations that companies (and their creditors) make. They make logical decisions to maximize profits, factoring in the likelihood they'd be bailed out by the feds. Which then is used to justify more bailouts later when the tail risk happens.
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