If you think about it, CEOs are just people that are influenced by events like the rest of us. They are also a group that usually socialize with other CEOs and

If you think about it, CEOs are just people that are influenced by events like the rest of us. They are also a group that usually socialize with other CEOs and I have noticed this time the mantra of "preserve cash" has been a strong signal being shared in that group. The thing is, in a lot of the cases, the companies preserving cash by laying off workers aren't really saving a significant amount of cash, compared to the amount they have on hand. So, it turns into some sort of lemming behavior.