8/24/11 10:49 am
I have absolutely no need for an iPad. Where it would fit between my iPhone and my MacBook Pro is a very small space indeed. However, being an Apple fanboy in general, I just read this article about the iPad’s total domination of the tablet market. One paragraph really stood out.
With its cash reserves — I’m sure you’d seen the reports than indicate Apple has more cash than our own government and now we learn Apple is more valuable than the 32 biggest euro banks combined — Apple could outlast all of them without breaking a ledger page sweat.
Oh. No, I hadn’t seen those reports. Indeed, CNN says:
According to the latest statement from the U.S. Treasury, the government had an operating cash balance Wednesday of $73.8 billion. That’s still a lot of money, but it’s less than what Steve Jobs has lying around.
Tech juggernaut Apple had a whopping $76.2 billion in cash and marketable securities at the end of June, according to its last earnings report. Unlike the U.S. government, which is scrambling to avoid defaulting on its debt, Apple takes in more money than it spends.
“We don’t let the cash burn a hole in the pocket or make stupid acquisitions,” CEO Jobs said last fall. “We’d like to continue to keep our powder dry because we think there are one or more strategic opportunities in the future.”
Offering Uncle Sam a short-term loan is probably not one of them.
Probably not, indeed. But the imaginative CNN writer offered another possibility in the lede: “Maybe the cash-strapped U.S. government should start selling iPads.”
Sorry, that’s all wrong. That would be silly! The reverse is a much better idea: Maybe Apple should take over all the operations of the U.S. government. Apple couldn’t do much worse, could they? I have more faith in Steve Jobs than I do in Congress, the President, and the Supreme Court combined, and my wild guess is that a majority of Americans do, too.
Should I start a petition drive? (No. No, I shouldn’t.)
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