The Real Truth About the Demise of the Economy and Who Was at Fault!
Why did things go so bad at the end of Bush’s term?
The day the Democrats “took over” was not January 2009; it was actually January 2007. That is when the Democratic party took over the House of Representatives and the Senate, at the very start of the 110th Congress. The Democratic Party controlled a majority in both chambers for the first time since the end of the 103rd Congress in 1995. (Americans messed up!)
For those of you who are listening to the fallacy that everything is “Bush’s Fault”, think about this:
January 3, 2007 was the day the Dems took over the Senate and the Congress. At that time: The DOW Jones closed at 12,621.77. The GDP for the previous quarter was 3.5% and the unemployment was 4.6%. And, George Bush’s economic policies had set a record of 52 straight months of job growth. These are facts…Dems read ’em and weep or maybe learn from your mistakes. (I don’t think you will because you are still singing the same tune today.)
Remember that Day….
January 3rd, 2007 was the day that Barney Frank took over the House Financial Services Committee and Chris Dodd took over the Senate Banking Committee.
The economic meltdown that happened 15 months later was in what part of the economy? Banking and Financial Services.
Unemployment…adding to this Crisis (among many other things) was the dumping of 5 to 6 Trillion Dollars of toxic loans on the economy from Fannie and Freddie fiascos!
Bush asked Congress 17 TIMES to stop Fannie and Freddie, starting in 2001 because it was financially risky for the U S Economy.
And who took the THIRD highest pay-off from Fannie and Freddie? OBAMA
And who fought against reform of Fannie and Freddie? The DEMOCRATIC CONGRESS.
So when someone tries to blame Bush…..
Remember January 3rd, 2007 as THE DAY THE DEMOCRATS TOOK OVER!
Budgets do not come from the White House. They come from Congress and the party that has controlled Congress (and the budgets) since January 2007 is the Democratic Party. Furthermore, the Democrats controlled the budget process for 2008, 2009, and 2010 and 2011.
In the first year, they had to contend with George Bush, which caused them to compromise on spending, when Bush finally and somewhat belatedly got tough on spending increases. However, in 2009, Nancy Pelosi and Harry Reid bypassed George Bush entirely, passing continuing resolutions to keep government running until Barrack Obama could take office. At that time, they passed a massive omnibus spending bill to complete the 2009 budget.
And where was Barrack Obama during this time?
He was member of that very Congress that passed all of these massive spending bills and he signed the omnibus bill as President to complete the 2009 budget. (By the way, THE LAST BUDGET PASSED BY THIS ADMINISTRATION!!!)
If the Dems inherited any deficit at all, it was the 2007 deficit, the last of the Republican budgets. That deficit was the lowest in five years, and the fourth straight decline in deficit spending. After that, the Democrats in Congress had control of spending and the rest is history…HUGE DEFICITS, AND A CREDIT RATING DOWNGRADE.
If Obama inherited anything, he inherited it from his own Democratic Senators and Representatives led by Harry Reid and Nancy Pelosi. but don’t forget Barney Frank, Chris Dodd, Frank Reams and Jimmy Johnson at Fanny and Freddie.
Common Sense says that you replace the ones theat were at fault– “THE DEMOCRATS’ !!! These are the real facts, forgotten by most, lied about by democrats, but facts are facts.
You can really go back a little futher; to Bill Clinton. He is the one that started the houseing mess; by everyone ought to own a piece of the American Dream; so you big banks make these loans (even thought they can’t make a payment) and the Fed gov will back them (ie Fannie and Freddie). So lay the mess at the right door steps DEMOCRATS!!
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