I'm sure austrian school purist would tell you that a storm is coming quickly to correct that insanity, if it was one.
(Still an honest question. I've never understood this about the Austrian school.)
To be fair, Austrian school of economics is more occultism than anything else in the field, while Chicago School Economics (Milton Friedman&co) have more accepted models and economic ideas. The 'neoliberal' model as far as I understand can't really explain corporate cash hoarding. The situation today is very unique: historically cheapness of money could easily provoke inflation, which would promptly push any cash hoarder to spend.
If the U.S. had a small spike in inflation the whole thing could change quickly.