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Why the Private Sector Isn't Doing Fine

element187 Wrote: Jun 17, 2012 1:25 PM
No, it was the federal government that FORCED banks to give loans to people who didn't qualify (in fact, Obama was a lawyer for ACORN at this time, which ACORN was a big player in intimidating banks to give loans to people who didn't qualify for a traditional loa ) Since banks cannot take the risk of giving a traditional loan to people with terrible credit, they were forced to create a new product that offloads that risk, called the sub prime mortgage.... If government didn't force banks to give loans to these unqualified people, the collapse in the mortgage market would never happened... What did you think would happen if you gave millions of home mortgages to people with no ability to pay for it? Government caused the collapse.

By now, just about everyone has had an opportunity to pick apart President Obama's fatuous remarks about how the private sector is "doing fine," while public employees are suffering. The president's comments, of course, were not even within viewing distance of reality. After all, despite some recent hiring, the private sector is still 4.5 million jobs below its 2008 employment peak. And while public employment is also down from 2008, that ignores a boom in state and local government hiring from 2006 to 2008. The current decline still leaves state and local employment about where it was in 2006. Meanwhile,...

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