In fact, if they all teamed up, they could buy Apple (AAPL, Tech30), Facebook (FB, Tech30) and Warren Buffett's Berkshire Hathaway (BRKA), and still have leftover Benjamins. Put another way: Corporate America has more cash than the economies of Belgium and Sweden combined.

S&P 500 companies, excluding financial companies, collectively had $1.43 trillion in cash reserves sitting on the sidelines in the second quarter (April to June) of this year, according to FactSet.

That's the second highest level in 10 years, and just a tad lower than the highest -- $1.45 trillion -- set in the fourth quarter last year.

Tech companies especially have much more cash than they did during the dot-com bubble era. Tech leads all sectors in its cash holdings by a long mile.

Some cash numbers are remarkable. Microsoft (MSFT, Tech30) has $96 billion in cash, Google (GOOG) holds $70 billion and Cisco (CSCO, Tech30) has $60 billion.

The good news is that it reflects very healthy balance sheets of companies like Google and Microsoft and means they can weather any downturn in the economy.