This Chain Email tells the truth that Bush is not the total blame for the economic crisis that President Barack Hussein Obama “inherited”. I have maintained that Democrat majorities in Congress refused to Republican efforts to reform Freddie and Fannie, the taxpayer supported moneylenders for housing for poor people.
Freddie and Fannie made loans to people that had no resources to keep the loans up. The bad loans crashed Freddie and Fannie and started the dominoes to fall on other “too big to fail” corporations.
Here are a couple of videos validating Chain Email:
The next time you hear Obama blame Bush for the America’s financial mess in defense of making it worse, remember it was the Democrats that had the biggest hand in the financial crisis origination.
JRH 10/19/12 (Hat Tip Vicki)
The Mess and how Obama inherited it
Sent: Oct 14, 2012 at 4:29 PM
A short history lesson to set the record straight!!!
Begin forwarded message:
The Mess and how Obama inherited it – read it slowly and let it sink…
This tells the whole story, why Bush was so bad at the end of his term.
Don’t just skim over this, it’s not long, but read it slowly and let it sink in. If in doubt, check it out!
The day the democrats took over was not January 22nd 2009, it was actually January 3rd 2007, and the day 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.
There is no way this will be widely publicized, unless each of us sends it on!
Spellcheck and I have edited the original Chain Email.