It was all good for the balance sheet and bad for business. The rationale behind this behavior was to sail through the recession and hit the next bubble on the upslope. Instead, it has become "Custer's Last Stand": Arrogance turned into humiliation.
So, in a desperate scramble to get out of their predicaments, corporations are now beginning to use their inflated balance sheets to eat each other in mergers and acquisitions. They are about to find out, the hard way like Custer did, that all the unemployed "Indians" will encircle them, and unlike Custer's Indians, starve them out of existence through their lack of purchasing power for the corporations' products and services.
Nevertheless, the result is the same: Dead corporations.
So as FED Chairman, Helicopter Ben Bernanke, gets ready to climb aboard his chopper, once again, with bags of money to be released into the economy as his final "nuclear option" for fixing things up, the financial corporations are eagerly holding up their hands anticipating even more inflated balance sheets to fund ever bigger corporate mergers and acquisitions. So that even more people can be laid off, reducing effective purchasing power in the community again.
This is the outcome of collective tunnel vision taken to the nth. degree. The vision of an ostrich with his head firmly planted in the sand and about to get his backside soundly kicked.