The central theme of this article does not appear to be well supported by the data presented. I interpret the scatter plot a bit differently they did: 1) The

The central theme of this article does not appear to be well supported by the data presented. I interpret the scatter plot a bit differently they did: 1) The average amount of corporate borrowing as a share of total assets appears remarkably consistent over the last 66 years. 2) The average amount of capital expenditures as a share of total assets appears to be have been declining at a roughly consistent rate for 66 years. 3) The data does not appear to support any firm conclusions regarding changes to the correlation between capital expenditures and borrowing, which was the main topic of the article. The slopes of those regression lines are highly suspect given the amount of data and the outliers in later years. Certainly, there is nothing in the presented data suggesting a change over the last 17 years, much less the last 2 years. It would have been nice to see some of the raw data or the statistical analysis, but clearly that is for a different audience than what they were targeting.