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Michael Craig replies: I agree with my critics that paying a dividend is better than making bad acquisitions or letting the CEO steal the money. But neither is as good — for investors or the economy as a whole — as investing the money to improve the company. If a company’s only choice is to pay dividends or do something stupid, you should take your money elsewhere. That’s how capital moves efficiently. Corrupt, inept companies won’t be any more responsible by paying dividends. But they will deprive better companies of capital, by competing for it with good companies who will be judged by their ability to pay dividends, or by forcing those good companies to divert money from worthy projects to maintain the dividend. As Groucho Marx said, “Those are my principles. And if you don’t like ‘em, I’ve got others.”p> COUNTERREVOLUTION br> Re: Francis X. Rocca’s Forty Years of Sexual Intercourse : /p>
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?