Obama likes to say that he inherited a horrible economy. He conveniently overlooks the fact that BOTH HOUSES OF CONGRESS WERE TAKEN OVER BY DEMOCRATS ( HE BECAME SENATOR THEN ) IN 2007.
Here is a snapshot of the American economic scene when Democrats took control in January of 2007:
U.S. unemployment rate: 4.7 percent
U.S. 2007 deficit: 160 billion dollars
With regard to the deficit, the tax cuts of the Bush administration had in fact produced record tax revenues — more than $2.5 trillion annually.
Today, the government barely takes in $2 trillion. The 160-billion-dollar deficit for 2007 was part of a larger downward trend from the past two years. Today, annual deficits are ten times larger — surpassing the one-trillion-dollar mark with regularity. Five years ago, the U.S. annual deficit was 90% lower than it is today.
The markets did not (repeat, DID NOT ) express a sense of relief upon the election of President Obama in early November 2008.
What ensued was an economic panic. It was the most rapid and destructive loss of jobs and capital in U.S. history.
Our pathological and reactionary intellectual community is eager to blame this on President Bush and denies that business leaders feared the coming onslaught of regulatory and redistributive fervor of President-Elect Obama and his supporters.
THEY WERE RIGHT IN FACT. THEIR FEARS HAVE BEEN REALIZED.
Keep the summary in mind when you are facing your libtard relatives.
When will we stop referring to Madeleine Albright as the cleaning lady? “Never.”
She was the beginning of the Clinton doctrine that says the US must not be the only super power and began efforts to build up competition to reduce American power. They played a major role in building the EU to stand against the US and began strengthening China for the same reason. At least that is how I interpreted their misguided foreign policy.
Our side constantly stops fighting old battles, and our have elections become based on false assumptions. The fact that today Clinton is seen positively and Bush as a failure is a absolute disaster for the conservative movement. We should have been defending the economic years of Bush for the past 24 months because it was miles better than the Obama years.
We have also allowed Obama to repeat this ‘recovery’ and ‘4 million jobs created’ meme for almost a year....many likely accept it as fact. The left uses the media, hollywood/entertainment and the internet heavyweight sites like Yahoo and Google to repeat, repeat, repeat. We seem to wait until 30 days before an election to make a push for an alternative opinion. We must find a way to end-run around the media and entertainment industries and use it on a daily basis.
First of all, President Bush was a good man.
That said, people on the right don’t have much need for idols. We’re mostly self sufficient and are looking for someone who can keep the wolves at bay while we work.
We admired the Gipper because he was one of us. President George W Bush thought he could work with the other side. He was not one of us. He belonged to the Establishment.
I hope that Romney knows the facts of the 2008 collapse and springs them on Zer0 during the debates. I want my popcorn eating to be worth it.
I think Bush was a fairly good president, which means he was about a hundred times better than Obama.
I personally did not care for him as it seemed he always saved the venom for real conservatives and tried to play nice with the liberals.
The unhinging of the US economy began under Clinton. Repealing Glass Steagal allow banks to include savings accounts as assets to borrow against in leveraged bets by the investment bank side. Clinton then tried to alleviate the risks of subprime mortgages by having the Fed gov buy all of them and bundle them with good mortgages to be brought by Wall Street banks and sold to investors. Clinton and Bush 42 basically let the Sec of Treasury and Fed Reserve who in turn let the large Wall Street bankers run the US into the ground with liar loans and faulty grading of the mortgage backed securities as AAA when they were riddled with liar loans. I actually had a freeper claim that the mortgages products were so new that the rating agencies did not know how to grade them. Well if I got a drug product I never saw before, have no data, no test results, am I criminal if I stamp FDA approved and it kills people? The rating agencies were paid by the banks to give a rating on their financial products. The analysts asked the bankers for loan applications information to assess the risks so they can assign a rating. The bankers knew they had liar loans and refused to provide data. Most of the analysts working for the rating agencies refused to assign a rating, and the bankers simply phone their bosses and complained that the analyst working on their products were jerks and threaten to pull future business. The rating agencies simply told their analysts, find a way to placate the banker customer or find a new career. In the end the bankers and the rating agencies forced the analysts to assign AAA ratings on mortgage backed securities whom they had no data to form a basis for such high rating. Like I said, there are some freepers who felt the rating agencies were not at fault!!!! During the S&L crisis of the 1980’s federal regulators would have closed the rating agencies and bankers, and all records would be audited. Clinton, and GWB regulators did nothing. Even worst, Obama could have scored points against the “filthy rich fat cats” did nothing either. The statue of limitation for the Wall Street fraud is five years. Four years already past. Atleast Bush Sr and part of Clinton had over 1000 criminal referrals which resulted in trials and 900 convictions.
Bottom line, Clinton laid the groundwork for the diseaster, GWB failed to react but Obama is letting the bankers get away. Now we will have bailouts and QE to infinity, as the dollar weakens, the US middle class will die. The gov and Wall Street bankers already decided we cannot pay off our huge debt, so they will inflate their way out. Middle class is being killed off and they do not even know that.
The very people in the obama narcosis are the very ones who won’t read this article. And if they were forced to, they’d dismiss it as “rightwing lies and propaganda”. That’s how messed up in the head they are.
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.