That was the image my dad posted on his Facebook account, and one of his friends responded with:
This is just a History lesson. I am sending it to all regardless of party . Please don’t read this if you are afraid of the truth. It is history and nothing can change it.
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, at the very start of the 110th Congress.
The Democratic 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, 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.
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. 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.”
There is no way this will be widely publicized, unless each of us sends it on!
So, here is my rebuttal. And, mine doesn’t sound like some stupid Facebook meme written by Karl Rove to sugarcoat the Bush Presidency and make some minorities look bad.
Pretending like it is just the Democrats’ fault that the economy turned to crap because of the timing is a ridiculous thing to do. The recession had been building long before the Democrats regained control. Between 2000 and 2006, a dozen economists had said it was going to happen. That was BEFORE the Democrats regained control of Congress.
Dean Baker pointed to the housing bubble in 2002. And Fred Harrison was suggesting it would happen in 1997. I’m pretty sure that Obama, Pelosi, Reid, Frank, etc. weren’t all conspiring for the economy to collapse then. Wynne Godley warned as early as the 1990’s that there were problems with international fiscal problems, which was another massive contributor to the growing economic troubles of the world. Admittedly, for things that were happening in the 1990’s, we (liberals) can’t blame Bush 43. However, we can blame the increasing willingness of so many Americans and so many worldwide to profit in potentially nefarious and, at least, morally ambiguous ways. Whether it was pretending like inflation wasn’t occuring on a massive scale or was acting like it was okay to set people up so that their mortgage was “worth more” than their property’s value. Greed was allowed to trump basic morality.
Bush 43 had his role in this whole thing. So did Clinton. So did Bush 41. Reagan, the Republican God of Economics, also had a role. Everyone contributed their own little bits of ignorance, arrogance, and insolence to the whole situation. And it wasn’t just the Presidents or the Congress. Alan Greenspan did a bang-up job in his position as Fed Reserve Chair, as did Robert Rubin, when they both allowed for derivatives to go practically unregulated. And non-politically minded and economically minded people allowed it to get worse, when it could have been stopped so much sooner. It was a willful ignorance of so many people to pretend that somehow it was okay for the cost of gas, food, and milk to double then triple.
Do you know why Fannie and Freddie went so kablooey? Bush 41’s administration did the wonderful thing of weakening the regulation of the two mortgage giants. The deregulation occurred in 1992, but wasn’t put into place until nine years later. And in 1999, under Clinton and FOP-controlled Congress, the Gramm-Leach-Bliley Act repealed parts of the Glass-Steagall Act of 1933, which helped allow for financial institutions that were basically out control.
Now, if you want to get into percentages and numbers and the budget related to the Bush 43’s presidency versus that of Barack Obama’s, then let’s do that. Bush issued tax cuts like a mad man. There were cuts for all taxpayers betwen 2001 and 2003. The child tax credit was raised and the marriage penalty was reduced. Pretend like that doesn’t matter all you want, but bringing in less money means you have to spend less, but Bush didn’t do that. An elementary school student could’ve told him that the math didn’t add up, but it didn’t matter. In 2003, 450 economists, including ten of the twenty-four American Nobel Prize laureates that were alive at the time, urged Bush not to enact the tax cuts because they believed that they would increase inequality and the budget deficit, which would make it harder for the government to fund essential services and would not help to keep the country from failing to produce some level of actual economic growth. These economists pointed out that in 2003 there were already two million fewer private sector jobs than there were at the beginning of that (smaller) recession. And they pointed out that tax cuts would lead to “fiscal deterioration that will reduce the capacity of the government to finance Social Security and Medicare benefits as well as investments in schools, health, infrastructure, and basic research.” In 2003, the debt level of the country was at $589.0 billion, the GDP was at 5.5%, and Obama was in Illinois. In 2003, Barney Frank was opposing Bush’s proposal to lessen the actual oversight of Fannie and Freddie and allow them to go into the fun-yet-immoral business of offering subprime mortgages so that they could have the bragging rights about having such a high percentage of homeownership for low income people. And 2 years later, the Bush administration opposed a bill that was going through the Congress that would have created a better regulation of those two corporations. The White House of Bush 43 had the opportunity to get the FMs under control and what did they do? They made sure that that wouldn’t happen. And where was Obama then? He had just gotten to Washington. So, yeah, it’s his fault that Fannie and Freddie went nuts.
And to pretend like the deficit of 2007 was somehow something worthy of bragging about because it was “the lowest in five years” is to forget that the public debt at that point was approximately 3.18 times that of what it was in 2001. It forgets that the Defense Department was given a blank check on two wars, including one that we had no business in being in in the first place. And it forgets that Halliburton and other corporate entities were rewarded for being FOB (Friends of Bush) or FOC (Friends of Cheney), which meant that they were given unfair contracts, got to shortcut the system, and were allowed to manipulate and endanger the economy and lives of so many people.
And I hope that you will have actually read this because its true, and it isn’t just some little blame game orchestrated to make the black guy, the woman, the loud gay guy, and the Mormon all look like total schmucks. It’s based on reality. It’s based on history.