I’m waiting for some friends to come over for a dinner party, so I’ll just let Penn do all the talking.
You need to watch this whole thing – truly brilliant.
In related news, Venture Capitalist Jeff Nolan had this to say:
It is estimated that there is as much as $2 trillion in cash on the balance sheets of public companies in the U.S. alone. The conventional wisdom of Keynesians has been that the unprecedented level of spending that the Federal government has undertaken would prime the economic pump which would create demand that would spur companies to use their strong balance sheets to accelerate job creation.
This clearly hasn’t happened.
Instead what appears to be happening is that companies are using their strong cash positions to embark on a new age of M&A, pay down debt, and buy back stocks… none of which will lead to job creation.
Fun. I like when people I admire make a lot of sense.