During his State of the Union speech the President said, ‘In the last 22 months, businesses have created more than three million jobs. Last year, they created the most jobs since 2005.’ All of those jobs were made possible by the backing of America’s financial services industry. Despite any rhetoric to the contrary, the facts are that America’s financial institutions share an interdependent relationship with the same businesses that are creating new jobs for America’s recovery.
Job creation doesn’t happen in a vacuum. As the President said, manufacturing jobs have increased, but so has commercial and industrial lending, which just went up $44.8 billion in the third quarter of 2011 — the fifth straight quarter such lending balances have risen.