Inheritance is the practice of passing on property, titles, debts, rights and obligations upon the death of an individual.
This tells the story of why Bush was so ‘BAD’ at the end of his term.
Don’t just skim over this, it’s not very long, read it slowly and let it sink in. If in doubt, check it out!!! From REAL sources, not the Daily KOS / Huffington Post / Obama’s websites or other liberal sources.
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 that 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!
U6 Unemployment Chart. Click for larger image.
Roughly 30% unemployment for the 1st quarter of 2012!
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? That would be Barack Hussein 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 Hussein 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.
Note the 2007 deficit on the chart. Then note the DRASTIC INCREASES starting in 2008. This belongs solely to the Democrats. Again, click for a larger image.
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 when I took the office of the President of the United States.
There is no way this will be widely publicized, unless each of us sends it onward.
Respectfully submitted by SilenceDogood2010 this Second Day of June in the Year of our Lord, Two Thousand Twelve.
So was there an actual policy implemented by Dodd or Frank that you can point to as causing the global financial crisis in 2007? Because as near as I can tell the only major policy they pushed through was the Dodd-Frank Wall Street reform bill, which was passed through in 2010…which seems to be several years after 2007.
Just on that topic, would you agree that normal investors and customers should have a government agency to enforce protections, or do you think banks and financial institutions should have carte blanche to perform the same financial derivative trading that in the words of that French Goldman Sachs trader “ripped off widows and orphans”?