Barack Obama didn’t get it wrong. He just wasn’t specific enough about which subdivision of the private sector he was referring to. There’s probably a lot of champagne glass-clinking going on in the estates around Greenwich, Connecticut, not just because of the candidate’s gaffe but also over the fact that the financial business has recovered handsomely since the crash of ’08.
Ironically, Wall Street wouldn’t be where it is today were it not for some pretty heavy-duty corporate socialism. What’s sauce for the goose, though (to use a metaphor currently in vogue with Candidate Romney), is not necessarily sauce for the gander when it comes to using dollars from the same public source to fund public sector jobs—like teachers, firefighters, etc.
Now, Main Street is left waiting for the titans of the private sector to feel comfortable enough with the economy to loosen their grip on the vast quantities of capital they’ve been holding in check, presumably until after the election. There can’t be any trickle-down, discredited as that philosophy may be, unless somebody starts trickling.
And we can only wonder why they’re so worried about the risk…after all, they’ve learned that the peons will always rush to the rescue with a trampoline when the Masters of the Universe fly too close to the sun.