Mr. Aquila was interviewed on Bloomberg TV on July 28 regarding the implications of corporate cash reserves for corporate spending and M&A activity. “Companies are missing on revenues but exceeding on profits,” he said. “And so long as you can be profitable by cutting costs, that's what companies will do. If they can grow when the economy is growing, since they've cut their costs, become very lean, a lot of the profitability is going to fall to the bottom line, so they have every incentive to do that.” Mr. Aquila predicted that more deals will come once job growth increases and there is sustained GDP growth of at least 2 or 3 percent. He added, “overall we need stability. I think we have a certain degree of stability. Now it's just a matter of convincing CEOs and boards that growth is going to happen.” He also said that while he does not believe the U.S. is headed toward another recession, the economy remains “fragile.”