Boeing caught the disease early, from acolytes of Jack Welch. There have been decades of antagonism to the engineering culture and labor. Boeing's management, even with a new CEO, remains tone deaf: They ask the machinist's union to keep in mind Boeing's debt. Most of that debt would not exist but for share buybacks.

If there is a government bailout, there should be a debt for equity swap in the terms of such a deal.

More generally, there should be something like a "stress test" for allowing share buybacks.