Thu Mar 19 18:42:27 2020
<9e126bf3> Well companies themselves, as screwed up as some have been (Boeing, banks, etc.) can’t really be blamed this time for a crash- the economy has been forced into a lower energy state. They could all have been perfect saints and still suffer big losses. Especially if we’re stuck in this state for months. Plus, in the post 2008 world, if the Fed is willing to backstop everything then the moral hazard begins with them, incentivizing risky behavior like using max leverage at all times
<9e126bf3> In fact, in that post 2008 Obama economy world, buybacks would be one technocratic mechanism for the QE to trickle down to middle class and below. Now people want to blame the big bad companies for “enriching shareholders at the expense of workers” when neo-keyensian progressives created this situation