YES,THEY DID.
Posted on 11/04/2010 2:34:46 PM PDT by afraidfortherepublic
Begin...The day the Democrats took over was not January 22nd 2009. It was actually January 3rd 2007, the day the Democrats took over the House of Representatives and the Senate, the start of the 110th Congress. The Democrat(ic) 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 CREATION!
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!!!
THANK YOU DEMOCRATS for taking us from 13,000 DOW, 3.5 GDP and 4.6% 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 FIASCOS! (BTW: 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(ic) Congress
So when some one tries to blame Bush...Set the record straight on Bush!
*Now let's look at it a different way....
*The Washington Post babbled again today about Obama inheriting a huge deficit from Bush. Amazingly enough,...... a lot of people swallow this nonsense. So once more, a short lesson in Civics....
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. They controlled the budget process for FY 2008 and FY 2009, as well as FY 2010 and FY 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 FY 2009 though, Nancy Pelosi and 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 FY 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 FY 2009.
If the Democrats inherited any deficit, it was the FY 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 2009 *
REMEMBER JANUARY 3rd, 2007.... THE DAY THE DEMOCRATS TOOK OVER!"
Bush may have been in the car but the Democrats were in charge of the gas pedal and steering wheel, and they were driving.
There is no way this will be widely publicized, unless each of us sends it on!
YES,THEY DID.
Note that I didn't go back past 1994 because it was a moot point - pretty much Democrat control for 50 years.
When the GOP controls Congress, regardless of who's the President, deficits fall. The power of the purse lies with Congress, not the President. And this graph pretty much proves the point. Having split control of Congress is bad (not as bad as 100% control by the Democrats); we need to focus on taking back the Senate and keeping the House in 2012, rather than bumping off Obama (that would be nice, however). It's better for the nation to get control of Congress, than just one chamber and the Presidency.
Ping
Frank was the ranking Democrat on the Financial Services Committee in 2003 and opposed the Bush administration proposal, in response to accounting scandals, for transferring oversight of Fannie Mae and Freddie Mac from Congress and the Department of Housing and Urban Development to a new agency that would be created within the Treasury Department.
Even Clinton said that while he was president that HE and Republicans tried to get oversight for Fannie and Freddie but Democrats opposed it.
Not at all true.
Bush put payback provisions in tarp 1. The payback included interests.
That is decidedly fiscally conservative.
On Jan 2007 the deficit was falling rapidly and projected to reach zero in 2009.
Democrats in conger began in 2007 to reverse that and cause the second great depression.
Those are the facts.
THIS is what we had in ‘06 when Republicans held both houses of congress and the WH, and dim-0s were running for control of congress promising “CHANGE.” How’re yall liking the “CHANGE?”
2006 unemployment #s
4.7...jan.
4.8...feb.
4.7...march
4.7...april
4.7...may
4.6...june
4.7...july
4.7...aug.
4.5...sep.
4.4...oct.
4.5...nov.
4.4...dec.
________________________________________http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?data_tool=latest_numbers&series_id=LNS14000000
When Republicans had both houses and the WH.........................http://www.icmarc.org/xp/rc/marketview/ ... oduct.html
The 1st quarter of ‘06 saw 4.8% growth in GDP. Then came dimos running for control of congress promising “CHANGE.” They won, and after 2 years in power, things HAVE “CHANGED” GDP growth dropped to negative 6%. Happy with your “CHANGE?”
12,600 12,621.77 January 24, 2007
DOW open and close
Deficit in january ‘07, 1.2%
NOT ONE of Reagans budgets got past tip o’neill. DOA, he called them. They were replaced with budgets written by dim-0s, producing the deficits that dim-0s then blamed on Reagan.
Same thing with klinton. Not one of his budgets went thru, from ‘95 on and not one was even balanced, let alone surplus producing. The new Governor elect of Ohio wrote the budget that produced the PROJECTED surplus.
While it’s true the Dems took over in 2007, GHWB did give us tax cuts without spending cuts for six years before that.
Bookmark
Both the Democrats and Bush were on board with loosening lending practices. Here are some excerpts from a Bush speech in Atlanta.
“And what we’ve got to do is to figure out how to make sure these stories are repeated over and over and over again in America. Three-quarters of White America owns their homes. Less than 50 percent of African Americans are part of the home-ownership in America, and less than 50 percent of the Hispanics who live here in this country own their home. And that has got to change for the good of the country; it just does.”
“And so that’s why I propose and urge Congress to fully fund the American Dream Downpayment Fund. This will use money, taxpayers’ money, to help a qualified low-income buyer make a downpayment, and that’s important.”
“One of the barriers to homeownership is the inability to make a downpayment. And if one of the goals is to increase home-ownership, it makes sense to help people pay that downpayment. We believe that the amount of money in our budget, fully approved by Congress, will help 40,000 families every year realize the dream of owning a home. “
“And we want to fully implement the Section 8 housing program, homeownership program. The program will provide vouchers that first-time home buyers can use to help pay their mortgage or apply to their downpayment.”
“That’s why I’ve challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America by achieving the goal of 5 1/2 million new minority homeowners. I call it America’s homeownership challenge.”
“And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, Government-sponsored corporations that help create our mortgage system—I introduced two of the leaders here today; they call those people Fannie Mae and Freddie Mac—as well as the Federal Home Loan Banks will increase their commitment to minority markets by more than $440 billion. I want to thank Leland and Franklin for that commitment. It’s a commitment that conforms to their charters as well and also conforms to their hearts. This means they will purchase more loans made by banks to African Americans, Hispanics, and other minorities, which will encourage homeownership.”
George W. Bush
http://www.presidency.ucsb.edu/ws/index.php?pid=62687
Yes, and a healthy enough economy to allow falling deficits as long as the Republicans controlled Congress. So I don’t see that you have a point.
You know what’s really neat about a healthy economy (which is what Bush + Republican Congress gave us. You could cut taxes, increase spending AND reduce the deficit. Amazing, isn’t it? But quite true, and a matter of historical record.
You know what’s really neat about a healthy economy (which is what Bush + Republican Congress gave us. You could cut taxes, increase spending AND reduce the deficit. Amazing, isn’t it? But quite true, and a matter of historical record.
“You know what’s really neat about a healthy economy (which is what Bush + Republican Congress gave us. You could cut taxes, increase spending..”
So, it is your view that $440 billion of Socialism is acceptable if the economy is healthy?
“they call those people Fannie Mae and Freddie Mac—as well as the Federal Home Loan Banks will increase their commitment to minority markets by more than $440 billion.”
Oh, come on. Don’t waste my time. Even you know the $440B was due to the Congressional ‘Rats.
Bookmark this thread. It is an excellent resource.....
http://www.freerepublic.com/focus/f-bloggers/2451468/posts
If that is the case, why did he say “I Propose.. and urge Congress to Fully Fund?”
“And so that’s why I propose and urge Congress to fully fund the American Dream Downpayment Fund. This will use money, taxpayers’ money, to help a qualified low-income buyer make a downpayment, and that’s important.”
MYTH: The Bush tax cuts caused the deficit. FACT: In 2002, tax revenues were $1.85 trillion. In 2007, revenues were $2.57 trillion — a 39 percent INCREASE.
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