As if the greed and avarice of Corporate America hadn't been devastating enough to the free market economy and Americans everywhere, they levy yet another huge punch to the system by hoarding cash. IBM announced in the same week an $8.93 per share gain and layoff of 10,000 to 16,000. Fiscal responsibility is important, but don't these greedy bastards feel any duty not to burden the already burdened unemployment system? Anyway you spin this, comes up as hoarding.
Hoarding is extremely problematic for the American economy right now. The banks are hoarding; they're even hoarding the money they received to help revive the economy. Companies are hoarding; they want to make sure that a select few employees are able to weather the economic storm, while the others sent adrift in a worsening economy. Wealthy Americans are hoarding; they're not investing in the market because they don't see an opportunity for gain. Combined, this leads to a "financial black hole" that will continue in a negative cycle unabated.
President Obama's plan, may be earnest or it may be a facade--we won't know until we know--still cannot address the key issue: the rich are greedy and refuse to share with those that do not have. When profitable businesses lay people off in the name of fending off potential future loss, we have a serious issue that cannot be fixed in a free market economy. Short of socialistic labor laws that would make moves like this extremely painful for the employers, Corporate America is poised to continually deal significant doeses of pain into Washington's efforts.
Where does that lead? Washington MUST respond with supporting the goals and efforts of Corporate America against the needs of its citizens or continually face the fallout of Corporate America working against the system. But, you ask, "doesn't that impact Corporate America's ability to survive?" Unfortunately, many of these companies are generating a good portion of their revenues overseas these days, so, no, it won't hurt them we hoped it should. Globalization has made it possible for American companies to generate significant revenues and have ZERO incentive to drive that money back into the American economy.
Wow, what a horrible predicament we have created for ourselves. We have companies generating wealth by providing products and services to non-American companies and people, hoarding the profits and not putting the revenues back into the American economy. Isn't this the same complaint we have about immigrant workers?