As we all know the cavilling about stock buybacks is a nonsense perpetrated by the economically illiterate. We positively desire that money move out of old companies and into new. As both Kevin Hassett and myself have been pointing out:
If lawmakers restrict stock buybacks, that could backfire on the American economy, White House economic adviser Kevin Hassett warned on Friday. Hassett argued that buybacks are a reasonable way for companies to return excess cash to shareholders — who can then invest in faster-growing startups.