two topics (the same) both deleted within a 4 hour period. btw, that topic still exists on the board that i copied it from, so it's only someone on this board that's getting it deleted.
let's try from 3:
REMEMBER JAN. 3, 2007
The day the Democrats took over was not January 22nd 2009, it was January 3rd 2007, the day the Democrats took over the House of Representatives and the Senate, the start of the 110th Congress. The Democratic Party gained 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, the day the Democrats took over the Senate and the Congress:
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 that 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 (especially Barney) 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 FIASCOES!
(BTW: Bush asked Congress 17 times to stop Fannie & Freddie -starting in 2001 because it was financially risky for the US economy).Barney blocked it and called it a "Chicken Little Philosophy" (and the sky did fall!)
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, especially BARNEY!!!!
So when someone tries to blame Bush...
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 they were driving the economy into the ditch.
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.
Andwhere 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. Let's remember what the deficits looked like during that period:
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, 2009."
The seeds of the financiql crisis hqd been germinating for some time but meltdown day dres a lot closer after Ace Greenberg of AIG was forced to resign because of trumped-up allegations brought by his enemy, the now-disgraced Eliot Spitzer.
Under Greenberg's watch, the toxic credit default swaps that were begun on a small scall remained on a small scale. But once Greenberg was forced to leave, unregulated credit default swaps issued by AIG absolutely mushroomed out of sight and set up conditions for massive system failure once the likes of Bear Stearns and LEH got into serious financial difficulties.
There was a big warning crack in the stock market in July 2007 lasting to mid-August. Markets world-wide started to really crash on 8/16/07 but then Ben Bernanke rode in on a white horse and announced a massive 75 basis-point cut in the Fed Funds rate. Amazingly with housing values starting to collapse, the market staged one last hurrah and made new highs on 10/9/07. But conditions for an upcoming crash were truly underway well before 2008 and the proliferation of the AIG-issued credit default swaps after Greenberg's ouster was a major reason why.
Bear Stearns didn't totally collapse until March 2008 but two big hedge funds that they were managing were suffering very serious losses that Bear Stearns was forced to announce in mid-2007. It was those announcements in fact that caused the warning crack in the market.