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Jump / Trump --- van Halen jump "The Democrat Meltdown Continues" Status: Not Logged In; Sign In Economy See other Economy Articles Title: Companies hold record $837B in cash, yet won't hire workers Source: USA Today URL Source: http://www.usatoday.com/money/compa ... 28_ST_N.htm?utm_medium=twitter Published: Jul 28, 2010 Author: Matt Krantz Post Date: 2010-07-28 10:03:35 by lucysmom Keywords: economy, profits, jobs Views: 11716 Comments: 21 Anyone wondering where all the economy's jobs are might want to look into piggy banks of the world's biggest companies. Cash is gushing into companies' coffers as they report what's shaping up to be the third-consecutive quarter of sharp earnings increases. But instead of spending on the typical things, such as expanding and hiring people, companies are mostly pocketing the money and stuffing it under their corporate mattresses. Click for Full Text! Post Comment   Private Reply   Ignore Thread   Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 15. #15. To: lucysmom (#0) But instead of spending on the typical things, such as expanding and hiring people, companies are mostly pocketing the money and stuffing it under their corporate mattresses. Actually, a goodly amount of the money that was used for the "bailouts," was paid to the biggest debtors that owed major central banks around the Western World. The debtors got the money, paid off the bankers and then went belly up. This portion of the "bailouts," therefore, was a direct pay-off to the banks. The money that was not used to pay bills, instead either went to mergers and acquisitions (M&A) actions, or... right back to the Fed, to be banked in their accounts as "excess cash." Put in perspective: The Fed "loans" Chase/Morgan, say... $15 billion, at zero-interest. Chase uses $5 billion to buy up a bunch of competitors. The remaining cash, what can you do with it? I mean, nobody's asking for new debt, everyone's trying to pay their debt down... And besides, in this economy, any money you loan out, is a suckers'-bet. The market interest rates don't come close to matching inflation, much less the risk of lending... So the bank takes that $10 billion, parks it back in Federal Reserve "excess cash" accounts, where they collect interest (the amount I've been told is 3%), with no risk. Essentially, the Fed is allowing the major banks to borrow as much as they want (with no cost), park the money with the Fed, and then collect interest. On a $10B loan, that works out to $300 million of profit, with no risk whatsoever. BTW, this is also the reason why we haven't seen an explosion in inflation. The monetary base has tripled in the last couple of years, yet the cash hasn't hit the streets, because it's all parked at the Fed... You might think the original $787B "bailout" was for $787B, right...? Actually, that number only addresses how much money can be in transit at any one time. So, the banks max that number out, once the cash is sent back to the Fed reserves ("excess" cash, remember?), they come back for more... Over and over it goes... The major banks are quite literally robbing the country this way. That's why they keep announcing record profits, while the man (or woman) on the street sees none of it, and can't finance a piece of bubble-gum... We're in a period where the banks are acting like common thugs, stealing whatever they can, looting while there's still time... Does that answer your questions? Capitalist Eric  posted on  2010-07-28   12:04:28 ET  Reply   Untrace   Trace   Private Reply   Replies to Comment # 15. #17. To: Capitalist Eric (#15) We're in a period where the banks are acting like common thugs, stealing whatever they can, looting while there's still time... While claiming they're the unfortunates in need of a tax cut so they can drop a few crumbs from the table to the peeps they rob. lucysmom  posted on  2010-07-28 13:16:24 ET  Reply   Untrace   Trace   Private Reply   End Trace Mode for Comment # 15. Top • Page Up • Full Thread • Page Down • Bottom/Latest

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