The Federal Reserve latest study makes clear what we've known all along: the largest companies are sitting on wads of cash while whining aboutmore tax breaks
A Federal Reserve report released this month documented the massive cash reserves held by American corporations. The Wall Street Journal reported:
Corporations have a higher share of cash on their balance sheets than at any time in nearly half a century, as businesses build up buffers rather than invest in new plants or hiring.
Nonfinancial companies held more than $2 trillion in cash and other liquid assets at the end of June, the Federal Reserve reported Friday, up more than $88 billion from the end of March. Cash accounted for 7o.1% of all company assets, everything from buildings to bonds, the highest level since 1963.
Yet at the sametime they have refused to invest in America. They say conditions ore not right...Let's get this straight: you sit on $2 Trillion and condition are not right? When will condition ever be right? Doesn't the old saw about making hay while the sun is shining mean anything to you?
And this is from the bible of republicanisn-the wall Street Jornal-not a liberal think tank..
but let'smove on here. Big Oil has complained about lack of drilling in deep water. Yet they have 10,000 permits appled for that are not being drilled today. Why don't the drill the existingbacklog before asking formore?
The money is there. Interest is at .025 at the banks for loans. Banks ahve yet to get back to 2008 levels. what more do they need?
What we have is wimpy leadership in the pravte sector-leadership worthy of the cowardly lion in Dorothy and the wizard of Oz