Then a lot of people/companies are going to hightail it back to local data centers. It's just a matter of time. Surprised it hasn't happened yet.
For internet-only companies, the cloud makes a lot of sense, but for a more old-school company it's just too much of a risk that too many are taking.
Some companies will be forced out of business the first long term cloud stoppage occurs, or even worse the first long term internet outage. Their people cannot do any work at all, cause they shipped it all off to the cloud, then the business cannot function. They are really going to be kicking themselves once they realize that all the money they thought they saved by using the cloud will be the thing that puts them out of business.
The cloud is still basically a v1.0 product. Too new to base an entire company's operations on until a few massive security breaches or loss of services occur.