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In a recent news analysis piece in The Financial Times, journalist James Crabtree bluntly lays the blame on a "toxic mixture of government inaction and business caution".
Meanwhile, he noted as another sign of business caution: Corporate debt markets are "barely moving". Net corporate debt declined in June, which means corporations retired more debt than they took on in new borrowings.
Such business caution has been a feature of the economy ever since al Qaeda's Sept. 11, 2001, attacks on the World Trade Center and the Pentagon, said Richard Yamarone, director of economic research at Argus Research Corp. "You can't ignore it," he said.
Business caution has, however, so held down the growth of liabilities that their net worth has jumped 6.5percentt a year since 2009 and 6.6percentt since 2012.
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The Small Business Administration, which also monitors new business, cautions that 1982 figures, though they may be down, are being compared with a record number of business starts last year.
"Companies that are selling millions of copies of programs might take fright at the potential exposure and leave the business," cautions Brad Templeton of the Electronic Frontier Foundation, a consumer-rights group.
But company executives, echoing the views of others in the business, cautioned that the outlook for advertising in the fourth quarter, generally the biggest revenue-earner for ad-dependent media companies, remained unusually uncertain.
But Michael Matson, an analyst at Wachovia Capital Markets who is also enthusiastic about Intuitive's business, cautioned investors in a recent note that "expectations have moved too high" and the shares were now "fully valued".
Adam Pavlacka, a vice president at Mithral Communications & Design, which develops power-sharing software for businesses, cautions: "The IRS is going to laugh if you do this to deduct the cost of your computer".
Banks and some businesses cautioned that they would never accept such warrants.
But the practice is increasingly gaining backing from some of the country's top law firms, which had previously viewed the business with caution.
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