Word: kelsonian
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Dates: during 1970-1979
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Raising the Dividends. At present, a $20,000 portfolio of high-grade stocks generally pays about $1,000 a year, or 5% in dividends. But Kelsonian economics calls for a return of at least 20%, or $4,000 a year-a level that Kelso figures could take 5,000,000 families off the welfare rolls in five years. To increase the dividend payout, Kelso would gradually abolish corporate income taxes and require companies to distribute all of their earnings to stockholders. Kelso maintains that the Government's revenue loss would be temporary and bearable. One reason is that rising...
Despite the flaws, Executive Vice President Walter Hoadley of the Bank of America calls Kelsonian theory "a forward-looking concept designed to preserve our enterprise system." Kelso himself seems convinced that his time has come. "I let the genie out of the bottle, and it's not going back," he says. "What did the French College of Surgeons call Pasteur? A mere chemist. I think that I am the Pasteur of finance...
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