Fri July 29, 2011
In Perspective: Right Now, Apple Has More Cash On Hand Than Treasury
As of Wednesday, the Treasury reported it had $73.768 billion cash on hand. What the Obama administration has been saying is that that number will dwindle to a point where the U.S. will not be able to pay its financial obligations, unless it's allowed to borrow more money.
Philip Elmer-Dewitt of Fortune, however, puts it all in even greater perspective:
Not that Apple could bail us out. At the rate the U.S. spends money — more than $10 billion a day — Apple's cash wouldn't last two weeks.
Update at 1:44 p.m. ET. Apple's Third Quarter:
It's worth pointing out that, as we reported, Apple had a spectacular third quarter. The company more than doubled its year-ago earnings.