What the republicans will be saying in the presidential debates--Obama is to blame

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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 Democrat 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 was the day the Democrats took over the Senate and the 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 what part of the economy?
BANKING AND FINANCIAL SERVICES!

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!

Bush asked Congress 17 TIMES to stop Fannie & Freddie - starting in 2001 because it was financially risky for the US economy.

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
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 Democrat 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 budgets.

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 four-fold since January 20th.

adelbaum
Joined:
Jul. 28, 2011 12:07 pm

Comments

adelbaum, the real estate price bubble began in 2002 across Arizona, SoCal, Utah and Nevada. It popped in late 2006, which is when I began having clients doing refinances have their appraisals come in 20 -40% what they expected. Price bubbles in a stock can happen overnight, real estate takes years. Slower price signal, longer time to hold the investment, and because banks demand certain things like appraisals and they reivew the appraisals, there are brakes on prices.

Now unless you are arguing that in 2002 Illinois State Senator Obama with the help of the minority party in DC managed to create the price bubble...

Phaedrus76's picture
Phaedrus76
Joined:
Sep. 14, 2010 8:21 pm

addledbaum is correct about what the Republicons will be saying about Obama. He has their lies and memes pretty well packaged here, and if you are on the net, it does not smell. But it still looks like a steaming pile of crap, and is.

One can begin every GOPimp talking point with "Obama is to blame....."

DRC's picture
DRC
Joined:
Jul. 31, 2007 4:01 pm

It is Obama's fault because his policies are indistinguishable from Bush's, most notably his tax policy.

chilidog
Joined:
Jul. 31, 2007 4:01 pm

OK, DRC tell me why the first post is wrong. Educate me. I'm a card carrying Republican that has never, and probably never will vote for a Democrat in my life. In your eyes I am a total idiot. In my eyes the first post in the string is right on the money. What am I missing here?

Posts like the one you just made do nothing to defend your cause.

mauiman58's picture
mauiman58
Joined:
Jan. 6, 2012 6:45 pm

I feel that I have a natural advantage in most of these discussions. Since I am at least trying to find the Truth, I can use all data. Others that seem to be advocates for one side or the other are forced to select which data they want to use. This post is an excellent example of that.

I agree that Democrats made many mistakes in the run up to the financial crisis. Barney Frank and Chris Dodd should not have stood in the way of extra regulations of Fannie and Freddie even. Bill Clinton should not have signed the Phil Gramm’s Commodity Futures Modernization Act or the bill giving PNTR to China.

A catastrophe of this scale requires many hands. But the author’s contention that it’s all the Dem’s fault, is simple nonsense.

The Financial Crisis Inquiry Commission provided the best review of the crisis. The majority report said that the crisis could have been avoided and that there were many causes both from government and the private sector and from both Repubs and Dems. The minority report said that the crisis could not have been averted.

The advocates for the it’s-all-the-Dems-fault position loose no matter how they interpret the report. If they support the majority position, then it destroys their argument outright. If they support the minority report, then since no one is at fault, the Dems are also not at fault.

As for the crisis not actually happening until 2007, that is patent nonsense. The seeds for financial crises are sown long before the crisis happens. By 2007 the economy was already filled with toxic waste. Starting 2006 the economy was starting to choke on these toxins.

As long as we refuse to see reality we will continue to experience negative outcomes.

“Only the disciplined mind can see reality, Winston.” (1984)

olenzekm's picture
olenzekm
Joined:
Oct. 26, 2010 11:01 am

The seeds for this crisis go back at least as far as 1997 when they changed the tax law to exclude gain on sale of residence for everyone up to $500k, and that you could it every two years.

chilidog
Joined:
Jul. 31, 2007 4:01 pm

Both parties take their orders from the Bilderberg Group.

Republicans need to shut the hell up.

antikakistocrat's picture
antikakistocrat
Joined:
Apr. 18, 2012 3:41 pm

We always want to blame someone else no matter the circumstances. and we want to throw more money at it thinking it will fix it.

We do not want to take responsbility for our actions its all. Rebpublicans spend money I agree. When we spend its not spending money it magic because it fixes the previous mayhem

joemiddle's picture
joemiddle
Joined:
Nov. 15, 2011 2:03 pm

The real reason why we have financial crisis problems.

The American Dream Film-Full Length

https://www.youtube.com/watch?v=tGk5ioEXlIM

The Money Masters.

http://video.google.com/videoplay?docid=-515319560256183936&q=The+money+changers&ei=Zd4QSMjvB47YqAKQtJmzBA

antikakistocrat's picture
antikakistocrat
Joined:
Apr. 18, 2012 3:41 pm

Clinton signed what the lobbyists got put through while they had the media focus on the impeachment circus.

Quote adelbaum:

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 Democrat Party controlled a majority in both chambers for the first time since the end of the 103rd Congress in 1995.

There is informative background reading for the sincere financial industry historian. Please pay attention to the dates:

GAO-01-478T March 6, 2001 FINANCIAL SERVICES REGULATORS - Bettter Information Sharing Could Reduce Fraud

GAO-01-873 July 20, 2001 FEDERAL HOME LOAN BANK SYSTEM - Establishment of a New Capital Structure

GAO-01-945 August 16, 2001 EQUITY HEDGING - OCC Needs to Establish Policy on Publishing Interpretive Decisions

GAO-02-419T February 7, 2002 BANK REGULATION - Analysis of the Failure of Superior Bank, FSB, Hinsdale, Illinois Summary begins: "The key events leading to the failure of Superior Bank (on July 27, 2001) were largely associated with the business strategy adopted by Superior Bank's management or originating and securitizing subprime loans on a large scale."

GAO-02-939 September 2002 FEDERAL RESERVE SYSTEM - The Surplus Account

GAO-03-364 February 2003 FINANCIAL REGULATION - Review of Selected Operations of teh Federal Housing Finance Board

GAO-04-269T February 2004 GOVERNMENT-SPONSORED ENTERPRISES - AFramework for Strengthening GSE Governance and Oversight

GAO-05-131 February 2005 LOAN COMMITMENTS - Issues Related to Pricing, Trading, and Accounting

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Rodger97321
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Jul. 31, 2007 4:01 pm

Currently Chatting

Who Should an Economy Serve?

The top one percent own half of all the world's assets. In stark contrast, the bottom fifty percent of the world owns less than one percent. According to the 2014 Global Wealth Report from Credit Suisse, global inequality has surged since the 2008 financial collapse. The report explains that while global wealth has more than doubled since the year 2000, the vast majority of overall growth has gone to those who were already wealthy.

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