Corporate America is reaping the rewards for tough actions taken after the financial markets collapsed in September 2008. When the economy went into a tailspin, firms realised that they needed to build up reserves of cash—fast. They could no longer rely on the markets to provide even basic financing when they needed it. So they cut costs, especially capital investment and labour, through an unpleasant mix of redundancies, reduced hours and lower pay. The feared deluge of corporate defaults failed to happen (see article).
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