When Dems Took Over
The day the Democrats took over was not Jan. 22, 2009, but Jan. 3, 2007, the day the Democrats took over the House of Representatives and Senate, the 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.
Those listening to liberals propagating the fallacy that everything is “Bush’s fault,” the day the Democrats took over the Congress, the Dow Jones closed at 12,621,77; GDP for the previous quarter was 3.5 percent; the unemployment rate was 4.6 percent. Bush’s economic policies set a record of 52 straight months of job growth.
Jan. 3, 2007, was the day 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.
Unemployment: (Add to) this crisis by dumping $5-6 trillion of loans on the economy from the Fannie Mae and Freddie Mac fiascos.
Bush asked Congress 17 times to stop Fannie and Freddie, starting in 2001, because it was financially risky for the U.S. economy.
Who took the third-highest payoff from Fannie Mae and Freddie Mac? Obama.
Who fought against reform of Fannie and Freddie? Obama and the Democratic Congress.
Budgets don’t come from the White House but from Congress, and the party that controlled Congress since Jan. 3, 2007, is the Democratic Party.
Where was Obama during this time? He was a member of that very Congress that passed all these massive spending bills, and signed the omnibus bill as president to complete 2009.
If Obama inherited anything, he inherited it from himself. What Obama is saying is, “I inherited a deficit I voted for. Then I voted to expand that deficit fourfold since January 20.”
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