just posting what a friend sent me.......
Not a Republican point of view or Democrat, simply the facts... There have been many foreign influences on the social networking sites spouting garbage. this is in answer to that crap.
You probably don’t remember so to refresh your recollection of the important facts on that date, read the following message.
This is NOT a political message, but rather a clarification to remind us all of the correct details in the past… this is history; not empty rhetoric.
Remember that on October 9, 2007, 11 months before our “economic crisis” occurred, the Dow hit its highest point ever, closing at 14,164.53 and reaching 14,198.10 intra-day level 2 days later.
Unemployment was steady at 4.7%, but things were already being put in place to create the havoc we’ve all been experiencing since then and it all started on January 3, 2007.
The day the Democrats took over the government was not January 22, 2009, it was actually January 3rd 2007, at the very start of the 110th Congress.
The Democrat Party controlled a majority in both the House of Representatives and the Senate 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.
Now think about this; 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? That’s right; BANKING AND FINANCIAL SERVICES!
President Bush, John McCain and many Republicans warned of the impending danger if Congress passed the housing and financial laws that the Democrats proposed. But Barney Frank, Chris Dodd, Maxine Waters, Gregory Meeks, Nancy Pelosi, Charles Schumer and many other Democrats declared that Fannie Mae and Freddie Mac were in great condition and there was NO PROBLEM! The Democrats accused the Republicans of using scare tactics to deprive low income people from homeownership.
A financial CRISIS was created by dumping almost 6 TRILLION Dollars of toxic loans on the economy from Fannie Mae and Freddie Mac from the unsecured loans.
President George W. Bush asked Congress 17 TIMES to stop Fannie Mae & Freddie Mac; actually starting in 2001 because it was financially risky for the US economy.
And who was the CEO of Fannie Mae at the time? Franklin Raines, who absconded with millions of dollars and was indicted for illegal activities.
And who is Franklin Raines? Barrack Obama’s financial advisor.
And who took the THIRD highest pay-off from Fannie Mae and Freddie Mac? BARRACK OBAMA!
And who fought against reform of Fannie and Freddie? Senator 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 even with the massive costs of the Iraq war. After that, Democrats in Congress took control of spending, and that includes Barack Obama, who voted for the budgets. Obama even voted against raising the debt ceiling and stated that it was un-American to run up such a deficit.
If Obama inherited anything, he inherited it from himself. In a nutshell, what Obama is saying is I inherited a deficit that my fellow Democrats proposed and I voted for and then I voted to expand that deficit four-fold since January 20th.
And don’t forget that unemployment is higher today than it was on Barrack Obama’s first day in office almost 4 years ago. Where is the hope?
We’ve seen the change… Socialism!
Now that my friends; are the facts!