Skip to comments.It's Not Bush's Fault : Let's dispatch some misconceptions about our 43rd president
Posted on 09/16/2012 5:12:22 PM PDT by SeekAndFind
Madeleine Albright recently made headlines responding to a question about when Democrats might stop blaming President Bush for economic difficulties and other contemporary problems. She flippantly responded: "Never." Her comment was symptomatic of our pathological intellectual culture that has been locked now for decades in a mode of denial about the fault lying among anti-conservatives for the nation's ills. Among the most treasured rhetorical heirlooms in this dysfunctional history is the meme "It's Bush's fault."
To be clear, the meme suggests that an array of problems all stem from the presidency of George W. Bush. Most principally, these problems include deficit spending, severe economic recession, unemployment, and global contempt for America. These problems are so profound and so entrenched that no Democrat or team of Democrats could ever hope to extract the nation from this Mariana Trench of political disaster. Mere mortals are slowly dragging the good ship America from this bottomless pit of despair.
The meme is so fiercely repeated that it is rare for Republicans or conservatives to deny that it is at least substantially true. President Bush is regularly dismissed from any public gathering of Republicans as a matter of obedience to Democrats, whom Republicans and conservatives regularly accept as the proper dispensers of political truths. Let's dispatch these misconceptions:
(Excerpt) Read more at americanthinker.com ...
The Financial Modernization Act of 1999 repealing Glass Steagal was sponsored by three Republicans. It passed by overwhelming bipartisan majorities in both the House and Senate. In fact, more Democrats voted against the bill than Republicans. Both parties wanted to give a big bone to Wall Street. The Republicans deserve just as much blame as Clinton.
George W. Bush appointed money printing Ben Bernanke to chairmanship of the Federal Reserve.
G W Bush appointed the Chairman of Goldman Sachs, Henry Paulson, Secretary of the Treasury and abdicated responsibility for dealing with the 2008 crisis to him. Paulson put the interests of the big Wall Street banks ahead of the citizens, bailing them out with trillions in taxpayer money and Fed printed money. The other option would have been to let the FDIC back depositors and let the big bank shareholders, bond holders, and management, suffer the consequences of the speculation. Paulson and Bernanke also gave taxpayer backed lifelines to major foreign banks. Four years later the big banks remain on Federal Reserve life support yet are paying big bonuses to executives.
The 2008 financial crisis was brought to the crisis stage by a foreign run on US money market funds. To this day the American people have not been told who was responsible for this external attack. No doubt Bush, the banks, Paulson, and Bernanke knew. Bush should have gone public with the facts and ordered the funds not to redeem the shares if it was truly an attack by foreign governments (China, Russia, Saudi Arabia) or speculators (Soros).
There is much unknown to the people about the 2008 financial crisis and both political parties are part of the coverup. As you pointed out, the statute of limitations will soon expire with zero prosecutions. Shame on Obama but I hear no Republican voices demanding investigations or prosecutions. We don’t even hear the Republicans demanding the prosecution of Jon Corzine, the perfect villian for a corruption scandal. Both parties are protecting the Federal Reserve and Wall Street Banks.
I copied this from a blogger somewhere on the net, but unfortunately I didn’t get the blogger’s name:
The Mess and how Obama inherited it read it slowly and let it sink in...
This tells the story of why Bush looked 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! It started with Jimmy Carter and his Housing and Community Investment Act of 1977, broadened by Bill Clinton, enforced by Janet Reno, then sent over the cliff by Frank & Dodd.
Oh, Obama, as an attorney in Chicago working on behalf of ACORN, successfully sued Citibank for loan discrimination under Reno’s tenure! 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 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.
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