First of all, what branch of our government initiates all spending bills? As I remember my high school civics it is the House of Representatives. The Democrats took control of both houses of Congress on Jan. 3, 2007, not Jan. 22, 2009. Note the date. ...
...On Jan. 3, 2007 the Dow Jones closed at 12,621.77
The gross domestic product for the previous quarter was 3.5 percent.
The unemployment rate was 4.6 percent.
George Bush’s economic policies set a record of 52 straight months of job creation! And all of this after Mr. Bush gave tax cuts to the wealthy, so maybe some of it did trickle down! The top 2 percent of the “wealthiest taxpayers” pay 78 percent of all income taxes, contribute millions to charities and foundations and are responsible for millions of our jobs.
Jan. 3, 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 Congress for taking us from 13,000 Dow, 3.5 GDP, 4.6 percent unemployment to this crisis of dumping 5-6 trillion dollars of toxic loans on the economy from Fannie Mae and Freddie Mac fiascos. George Bush asked Congress 17 times to stop Fannie and Freddie – starting in 2001, because it was financially risky for the U.S. economy – but no one was listening.
And who fought against reform of Fannie and Freddie? Obama and the Democratic Congress. In fact they coerced banks to make their sub-prime loans, so that “all Americans could be homeowners” whether they could afford the mortgage and even whether they had a job?
And who took the third highest pay-off from Fannie Mae and Freddie Mac? Obama.