[hn_throwaway_99]

> They believe they can make more profit with the cash than the price they're paying in interest.

But they already have a giant cash hoard. They are going to be making less in interest on that cash hoard than they will be paying in interest on their bonds. This is what is frustrating about a lot of these "hand wavy" responses. Nobody misunderstands how borrowing works if you think you can invest it into something more profitable than you pay in interest. What is confusing to a lot of folks is borrowing with this money while at the same time having stacks of Treasuries earning a lower rate.