Skip to comments.Obama suffers amnesia blaming Bush for economy
Posted on 09/05/2012 11:18:12 AM PDT by wesagain
"Democrats pumped subprime mortgage market, triggering banking collapse"
In the current narrative presented by Democratic Party operatives, the banking industry collapse of September 2008 was caused by tax cuts under George W. Bush and supply-side economics tracing back to the era of Ronald Reagan.
The narrative, however, ignores the personal responsibility Barack Obama and Democratic Party operatives played in creating the subprime mortgage market, beginning with the passage of the Community Reinvestment Act of 1977.
The 2008 banking collapse was triggered by a series of failures in the mortgage-backed securities market resulting from massive defaults in the subprime mortgage market and derivatives supporting the mortgage market that caused Lehman Brothers and Bear Stearns to go bankrupt. Financial giants such as Freddie Mac, Fannie Mae, Merrill Lynch and AIG threatened to follow suit, as detailed by the Guardian of London.
As WND reported in May 2009, Obama himself played a role as an activist lawyer in Chicago, representing ACORN in the 1994 case Buycks-Roberson v. Citibank Federal Savings Bank. In the case, ACORN pressed Citibank to make more loans to marginally qualified African-American applicants in a race neutral way.
ACORN Housing, then a nationwide organization with offices in more than 30 cities, used the Citibank litigation to push the groups radical agenda to get subprime homebuyers mortgages under the most favorable terms available.
Community Reinvestment Act of 1977
The Community Reinvestment........
(Excerpt) Read more at wnd.com ...
A very interesting and educational read.
This tells the story—why Bush was so bad at the end of his term. Good reading for all of us: Democrats, Republicans, and Independents....
Some people aren’t aware of all of this. Don’t just skim over this, please read it slowly and let it sink in. If in doubt, check it out.
The day the democrats took over was not January 22nd 2009, it was actually January 3, 2007... the day the Democrats took over the House of Representatives and the Senate, at the very start of the 110th Congress.
The Democrat Party controlled a majority in both chambers for the first time since the end of the 103rd Congress in 1995.
For those who are listening to the liberals propagating the fallacy that everything is “Bush’s Fault”, think about this:
January 3rd, 2007 was the day the Democrats took over the Senate and the Congress. At the time:
The DOW Jones closed at
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 Remember the 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... to this CRISIS by (among MANY other things) dumping 5-6 TRILLION Dollars of toxic loans on the economy from YOUR Fannie Mae and Freddie Mac FIASCOES!
Bush asked Congress 17 TIMES to stop Fannie & Freddie - starting in
2001 because it was financially risky for the US economy.
And who took the THIRD highest pay-off from Fannie Mae AND Freddie Mac?
And who fought against reform of Fannie and Freddie?
OBAMA and the Democrat Congress
So when someone tries to blame Bush..
REMEMBER JANUARY 3rd, 2007.... THE DAY THE DEMOCRATS TOOK OVER!”
Budgets do not come from the White House. They come from Congress, and the party that controlled Congress since January 2007 is the Democrat Party.
Furthermore, the Democrats controlled the budget process for 2008 &
2009 as well as 2010 & 2011.
In that first year,
they had to contend with George Bush, which caused them to compromise on spending, when Bush somewhat belatedly got tough on spending increases.
For 2009 though, Nancy Pelosi & Harry Reid bypassed 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 that very Congress that passed all of these massive spending bills, and he signed the omnibus bill 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 five years, and the fourth 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 four-fold since January 20th.”
Great read and great info.
There is nothing wrong with Obama’s memory.
He knows the part he and Barney Frank played in this Fiasco.
The fact is he is just a lying POS laying the blame off on someone else. It’s just that simple, and people who believe this lying sock sucker are even more simple than that.
This kind of double-talk is how we got into such a mess.
....that's got a really nice ring to it.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.