Before the deregulation bonanza of the 1980s, corporations were expected to use debt and the public markets as the capital of last resort: they would pay "normal" dividends, then use the left over money to increase pay and fund expansion; but after the birth of "shareholder management," companies have acted like homeowners before the financial crisis: borrowing heavily to pay investors, at the expense of expansion and wages -- but unlike homeowners, corporate management gets to duck the bill when it comes due. Read the rest