[quote=harvey]
Exxon has $17 billion.
[/quote]
Exxon has $15.8 billion in debt.
Now, increase demand for Exxon, what will they invest in?
You’re assuming the lack of investment is due to lack of demand and not lack on investments to be made. A company like Exxon needs to make investments, but needs to make investments that will provide the appropriate return to the share holders.
Right now, you can’t buy rentals unless you like the pathetic cap rates that are out there because there are too many people chasing the houses. i.e. too much money on the sidelines read to invest.
Similarly, businesses, lack the ability to make the investments that will provide the returns they need. In the end, they stockpile cash because the best investment they have is the M&A of upstarts.