There is a bit more to be said about how wall st places more value on layoffs than other adjustments to a company's balance sheet. Employees are seen as a generally ugly long term money sink.

I agree wholeheartedly, investors really dislike raises and bonuses for line employees, and will punish companies for it. Shareholder primacy theory is insanity.

Speaking of insanity, Art Laffer is advising the current administration re: stimulus. How that guy isn’t immediately laughed out of any room he walks into is beyond me.