My haste did not result in the misreading the flow of funds accounts,   
but of James Ahiakpor's post.  I did not fully appreciate that he has   
two separate, and quite different, things in mind.  First, he objects   
to Roger Sandilands saying "the business sector as a whole is usually   
a net saver."  But in fact that is exactly what the flow of funds   
accounts show.  Second, he makes the quite different point that   
businesses are net issuers of debt.  That can, of course, be true at   
the same time as Sandilands's claim about saving, because all saving   
need not be mediated through financial assets, but can take real   
forms.  Firms save retained earnings to finance much of their   
investment.  This is also clear in the flow of funds accounts.  
  
In his mood of high dudgeon, James Ahiakpor doubts my bona fides as a   
monetary/macro economist.  A relevant bit of further information is   
available in my discussion of financial markets in Chapter 10 of my   
textbook-in-progress, which he can find on my website.  It contains   
is a careful exposition of the flow of funds tables, as well as   
financial markets and there function.  
  
Kevin Hoover