This is an editorial by Dave Taylor
It is my belief the following events are why our economy went from very good to very bad and it had nothing to do with President Bush.
Democrats took over on January 3, 2007. That is the day they 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.
When the Democrats took over both the Senate and the House (January 3, 2007); The DOW Jones closed at 12,621.77, the GDP for the previous quarter was 3.5% and the unemployment rate was 4.6%. President Bush’s economic policies SET A RECORD of 52 STRAIGHT MONTHS of JOB GROWTH!
January 3, 2007 was the day thatBarney 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 among MANY other things) occurred by dumping $5-6 TRILLION dollars of toxic loans on the economy from the Fannie Mae and Freddie Mac FIASCOES! President Bush asked Congress 17 TIMES to stop Fannie & Freddie, because it was financially risky for the US economy. OBAMA and the Democrat Congress fought against reform of Fannie and Freddie.
Who took the THIRD highest pay-off from Fannie Mae AND Freddie Mac? OBAMA! Budgets do not come from the White House. They come from Congress and the party that controlled Congress was the Democrat Party. In 2009, 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 2009 budgets. Obama was a member of that very Congress that passed 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. That included Obama who voted for the budgets. 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.
Once again Obama and the Democrats lied and blame President Bush for the economic mess they created. And they are asking us to give Obama another 4 years to continue on their path of destruction with the slogan ‘Forward”. All they’ve done is take our country “Backwards”!