Posted on 09/09/2012 11:57:04 PM PDT by Jet Jaguar
The Mess and How Obama Inherited It......
This tells the whole story, why Bush was so bad at the end of his term.
Don't just skim over this, it's not long, but 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 3rd 2007, the day 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 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
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? OBAMA!
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 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, however, 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.
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.
ping
Sorry, but the housing bubble had been inflating throughout w’s presidency. The peak was 2005
A massive crash was inevitable
Bush shared blame because he and rove promoted nodownpayment loans for poor people, in a bid for latino votes
Their open doors policy to illegal immigrants also helped inflate housing demand and prices
Bottom line: bush shares a lot of the culpability for the economic disaster he left us with
The GOP knows how unpopular bush is. That’s why he wasn’t at the convention
I agree with everything you posted ....let me ask you this...how so you defend the fact that Bush never included the wars in his budget?
The housing bubble goes all the way back to Clinton. It just popped under Bush.
What a bunch of stinky steaming manure!
I will agree to “some” BUT not “a lot”. I am so damn sick and tired of Freepers like you piling on our side. It is not enough that I have to listen to the Dems constantly saying, “It's Bush's fault.” I never hear a Dem say, “Hey, it is our fault, we screwed up!”. But Freepers like you and many more like you, just follow the Dems and MSM talking point and pile on our side.
Now pile on and keep piling on Frank, Clinton and Obama instead, jerk.
It started with the CRA passed under President Carter. Reagan failed to stop it. Bush Sr. failed to stop it. Clinton and his Attorney General put it on steroids by requiring banks to meet certain numbers based on race instead of the ability to pay back the note. Bush did not stop it although he did express concern about it numerous times to congress. Interestingly, Obama as a community agitator sued a major bank claiming they did not loan enough to minorities.
The goal was affirmative action and it plugged along like any other idiotic government program until the banks convinced (bribed seems harsh) enough politicians that the taxpayers should assume the risky notes through the GSE’s Freddie/Fannie. The banks made the money for originating the loan and dumped the risky note. Congress became concerned about the numbers, but the big boys of Wall Street came to the rescue. They got into the game by creating huge mortgage backed securities and stamping them with grade A ratings and made big money selling them to everyone with a pulse. The bubble was born and everyone rode it and celebrated (including Bush) until it finally popped.
It started under Carter. Elections have consequences that may take decades to come to fruition. Carter’s betrayal of the Shah of Iran is another example that may go nuclear 3 decades later....
He and the the Democrats should be tried for treason.
I never hear a Dem say, “Hey, it is our fault, we screwed up!”.
And I never hear folks like you admit that Bush screwed up. Honesty is a two way street, friend.
The housing bubble goes all the way back to Clinton.
Yep, Bush and Clinton shared the blame. but I focused on Bush’s role because the point of this thread was to try to exonerate him from what happened on his watch. Classic denial of accountability.
Obama is saying is I inherited a deficit that I voted
Yes, Bush and Obama share blame. It’s a deficit that Obama voted for, and it’s a deficit that Bush, as president, signed. How many spending bills did Bush veto. NONE?
What’s the cost of the medicare drug mandate that Bush, Rove and Teddy Kennedy muscled through Congress? THREE TRILLION over the next several decades.
You Lie!
And I quote, “I will agree to “some” BUT not “a lot”.
You are dismissed due to stupidity that is only equaled by your fellow Dummycrats' governing skills. FRiend, it is not a two way street with you Pro-Dummycrat Freepers (deemed so by your words and actions) . You accuse us FReepers of being BushBots while blind to the fact that you are only a useful idiot to the Dummycrats. They use you, Kristol, Cheney (unnecessary Sarah bashing), Rove (Tea Party bashing), et al. and your comments to beat us (Conservatives) over the head. Thanks a lot FRiend!!! Your so called "deep and objective analysis" are no longer required so go to DU where your intellect will be much more appreciated.
We are in the mess we are in due to liberal policies, not conservative policies regardless of who implemented them.
Yes, agreed. Unfortunately, the Republicans can’t be honest about this. They should be saying, “Obama we’re in trouble because Bush governed the way you wanted him to, like a liberal. We need to return to conservative policies instead of more Bush-Obama big-spending and big government”
But Republicans can’t bring themselves to be honest about the Bush years, so they try to ignore bush and let Obama wrongly say that Bush represented conservatism, when he actually represented Obama-like liberalism.
Please send it to the Romney people. They need to put an end to the “inherited” talking point.
The fact is that while Bush wasn't much of a conservative, he was way better than what we have now and he did nothing near what Obama has done to ruin our economy. Bush could have made some changes but 80% of where we are today is due to a Democrat congress that came into power in 2007. There is no logical way around that fact.
Classic denial of accountability.
In your case, more like Stalin-esque airbrushing of history.
Obama cut my taxes? Really?
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