https://www.bloomberg.com/gadfly/articles/2017-09-22/corporate-cash-isn-t-doing-much-but-hiding-debt
the amount of bonds issued by these companies has surged, rising 66
percent from mid-2009 to $5.24 trillion of bonds outstanding as of the
end of June, Federal Reserve data show. .. That isn't necessarily a
recipe for default because a large chunk of this is an exercise
in financial engineering aimed at avoiding onerous taxes [by keeping
earned profits offshore]. But it has consequences. First, it limits the
benefit to the economy if and when those tax policies are changed
because much of the money has already been released through the bond
market.
And second, to the extent that companies have cash, they're not using
enough of it for exciting projects. There hasn't been a tremendous wave
of innovation or salary increases. Instead, companies have repurchased
billions of dollars of their own shares, which is great for the stock
market but doesn't do a whole lot to bolster economic growth.''
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