The Fed Has Investors Overjoyed, And It's For All the Wrong Reasons - Mohamed A. El-Erian - The Atlantic →

Large companies, including multinationals, are still sitting on a huge pile of cash and their debt profiles have benefited tremendously from the Fed’s financial repression (artificially-low interest rate) regime. That is the good news. The bad news is that they prefer to use this cash for stock buybacks and higher dividend payout as opposed to investing in new plant, equipment and hiring.

Banks also have a ton of cash on their balance sheets. Yet too little of it makes its way into the economy; and even less when it comes to funding small- and medium-sized