more data

Doug Henwood dhenwood at
Tue Mar 16 06:32:57 PST 1999

It confirms the thesis that the stock market doesn't have a lot to do with financing capital expenditures, that's for sure. It also goes a long way towards explaining the bull market, at least its most recent phase: corporate America is speculating in its own stock on margin.


Charles Brown wrote:
>Is this a paradox ? Does this confirm theses of _Wallstreet_ ?
>Charles Brown
>>>> Doug Henwood <dhenwood at> 03/15/99 05:56PM >>>
>More data updates...
>In 1998, U.S. nonfinancial firms retired $263 billion in equity (through
>takeovers & buybacks) and added $343 billion in debt. Since 1982, they've
>retired $1.1 trillion in equity and added $2.6 trillion in debt. This has
>been very good for stock prices!

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