Posts Tagged ‘Obama Bush Dodd Barney Frank’

For those who are listening to the liberals propagating the fallacy that everything is “Bush’s Fault,” here’s the reality:   Jan. 3rd, 2007 was the day the Democrats took over the Senate and the Congress.  At the time:

The DOW Jones closed at 12,621.77
The GDP for the previous quarter was 3.5%
The Unemployment rate was 4.6%

George Bush’s Economic policies SET A RECORD of 52 STRAIGHT MONTHS of JOB GROWTH!

Jan. 3rd, 2007 was the day 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!

The FINANCIAL CRISIS began when Financial Institutions began dumping $5-6 TRILLION Dollars of toxic loans on the economy which were backed and approved of by Govt-run institutions –Fannie Mae and Freddie Mac!

President Bush asked Congress 17 TIMES to stop Fannie & Freddie – starting in 2001 sensing this was was financially risky for the US economy.  Barney Frank told Bush that Fannie & Freddie were in good shape and didn’t need reforming.

And who took the 3rd highest pay-off from Fannie Mae AND Freddie Mac?  OBAMA.  And who fought against reform of Fannie and Freddie?  OBAMA and the Democratic Congress.

In that 1st year, Democrats had to contend with George Bush, which caused them to compromise on spending and spending increases.  For 2009 though, Nancy Pelosi & Harry Reid by-passed George Bush entirely, passing continuing resolutions to keep government running until Barack Obama could take office.  At that time, they passed a massive Omnibus spending bill to complete the 2009 budgets.  And where was Barack Obama during this time? He was a member of the very Congress that passed all of these massive spending bills, and which he signed as President to complete 2009.

If the Democrats inherited any deficit, it was the 2007 deficit, the last of the Republican budgets.  That deficit was the lowest in 5 years, and the 4th straight decline in deficit spending.  After that, Democrats in Congress took control of spending, and that includes Barack Obama, who voted for the budgets.

If Obama inherited anything, he inherited it from himself.  In a nutshell, what Obama is saying is “I inherited a deficit that I voted for and then I voted to expand that deficit 4-fold since Jan. 20, 2009.”

For details on the legislation and events that led up to and caused the 2008 financial fiasco, read economist Thomas Woods’ book:  Meltdown.

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