Zillionaire Nick Hanaurer: Stock Buybacks Are Destroying The U.S. Economy

Zillionaire venture capitalist, Nick Hanauer used believed the full gamut of Ayn Rand malarkey.

Nick Hanauer

Wikipedia

http://en.wikipedia.org/wiki/Nick_Hanauer

Nick Hanauer: Stock buybacks are destroying the U.S. economy. "Last year alone, U.S. corporations spent about $700 billion, or roughly 4 percent of GDP, to prop up their share prices by repurchasing their own stock. ... So what's changed? Before 1982, when John Shad, a former Wall Street CEO in charge of the Securities and Exchange Commission, loosened regulations that define stock manipulation, corporate managers avoided stock buybacks out of fear of prosecution. ... It is mathematically impossible to make the public- and private-sector investments necessary to sustain America's global economic competitiveness while flushing away 4 percent of GDP year after year." The Atlantic

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