You're raising real issues. Capitalism has booms and busts. Capitalism has stock market bubbles. Capitalism has ego-driven takeovers. I said, when I was talking about multinationals, that lots of American firms that try to become multinationals fall flat on their faces precisely because they go abroad, buy high, don't buy the right companies or companies they know how to run, and they screw up, and their own shareholders back in New York suffer.
So I'm not saying this is perfect. I'm not saying this is the one thing you have to do and everything will be wonderful, but in my own research.... Again, I have done a string of papers with Andrei Shleifer at Harvard and Rob Vishny at the University of Chicago, where we look at this issue of takeovers. There is no question that a lot of takeovers are misguided, but enough of them are fixer-upper takeovers that you're better with takeovers than without them. That's what our research says.