The recent exchange between Glenn Yago and James W. Brock over the junk?bond buyouts of the 1980s missed the mark on a number of points. In reality, neither the buyouts nor their sudden near?cessation contributed materially to the recession of 1990?91. The buyout wave did not end primarily because of new restrictive regulations. The buyouts had no appreciable effect on real capital formation. And the increased rate of bankruptcies resulting from the buyouts left the economy's overall efficiency unimpaired.