Washington Post: Corporate America hoarding $1.8 TRILLION in cash, won't spend it on hiring

[Amerigo Vespucci]

Note: Top portion & photo from HuffPo's front page, which links to the WaPo story.

DEFICITS BE DAMNED
Voters Deem Helping Unemployed More Important Than Short-Term Budgets
Corporate Sector Not Using $1.8 TRILLION Accumulated During Recession For Hiring



Companies pile up cash but remain hesitant to add jobs

By Jia Lynn Yang
Washington Post Staff Writer
Thursday, July 15, 2010

http://www.washingtonpost.com/wp-dyn/content/article/2010/07/14/AR2010071405960.html?hpid=topnews

Corporate America is hoarding a massive pile of cash. It just doesn't want to spend it hiring anyone.

Nonfinancial companies are sitting on $1.8 trillion in cash, roughly one-quarter more than at the beginning of the recession. And as several major firms report impressive earnings this week, the money continues to flow into firms' coffers.

Yet all the good news from big business hasn't translated into much promise for jobless Americans, leading many to wonder: If corporations are sitting on so much money, why aren't they hiring more workers?

The answer to that question has become a political flash point between the White House and big business groups such as the U.S. Chamber of Commerce, which held a jobs summit Wednesday and accused the Obama administration of dumping onerous regulations on businesses. That has created an environment of "uncertainty," which is causing firms to hold back on hiring as the unemployment rate has hovered near 10 percent, the Chamber said.

[ck4829]

1. Basically, the Chamber of Commerce is admitting that they're cowards.

If you don't want to take risks, then get off the mountain, and go back to the bunny slope.

K&R.

[Ozymanithrax]

2. I'm tired of the Ayn Rand meme.

I think it is just too damn simplistic.

[xchrom]

3. theyre hoarding cash because another down turn is coming.

all of this related to the 'austerity' madness sweeping europe and countries like spain, greece, and others on the brink.

you have cooling economies in the far east -- there aren't a lot bright sides right now.

we need a goddamned main street bail out and we need credit to flow to The People again.

[Triana]

4. They're waiting to see if Obama extends bu$hit's tax cuts for the rich

....corprat extortion.