Sorry if this seems too long, but it’s important and it may help you to make up your mind about the election.
Remember that on October 9, 2007, 11 months before our “economic crisis,” the Dow hit its highest point ever, closing at 14,164.53.
Unemployment was steady at 4.7%. But things were already being put in place to create the havoc we’ve all been experiencing since then. And it all started on January 3, 2007.
Regardless of your party preferences I believe this is something you may not have considered:
For those who think that everything is “Bush’s Fault”, think about this: January 3rd, 2007 was the day the Democrats took over the Senate and the Congress, controlling a majority in both chambers for the first time since 1995. Not January 22, 2009 but January 3rd, 2007, the very start of the 110th 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 the BANKING AND FINANCIAL SERVICES sectors of the economy! The financial crisis developed from among other things the dumping of 5-6 TRILLION Dollars of toxic loans on the economy from Fannie Mae and Freddie Mac!
President Bush had asked Congress 17 TIMES to stop Fannie & Freddie – starting in 2001 because it was financially risky for the US economy. The American people were told by Frank and Dodd that banking and financial services were in good shape.
And who took the THIRD highest payoff from Fannie Mae and Freddie Mac? President OBAMA. And who fought against reform of Fannie and Freddie? President 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 Democratic 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 budget.
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 fourfold since January 20th.
TheMiddleofSomewhere 