When they say that businesses have more cash balances on hand, that's true. When they say that's dead money or that businesses are not investing, that's not true. Companies are making investments. In fact, today they need to hold more cash because that's the only way the banks are financing investment—on higher cash balances.
If you look at figure 5 on the graphs that were distributed, what you see in manufacturing is that cash balances are up slightly. But what is really up are the net capital assets of the sector. These are the investments that are taking place.