Scary stat of the day

U.S. companies are holding more cash in banks than at any point since 1963. This is not great news. From the WSJ:

While renewed confidence in corporate-bond markets has allowed big companies to raise a record amount of money, many are still hesitant to spend the money on hiring and expansion amid doubts about the strength of the recovery. They're also anxious to keep cash on hand in case Europe's debt troubles lead to a new market freeze."Cash is still king," says Jeff Hand, chief operating officer at Ross Controls, a Troy, Mich., maker of pneumatic valves and other products that is holding more cash as it struggles to recover from a sharp drop in business last year. "We're coming out of that, but the uncertainty is still there."