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A day to remember

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Posted: Sunday, October 21, 2012 12:00 pm | Updated: 2:17 pm, Tue Jul 8, 2014.

Some things to keep in mind: on Oct. 9, 2007, 11 months before our “economic crisis” occurred (that was actually created), the Dow hit its highest point ever, closing at 14,164.53. After that, the wheels fell off.

Unemployment was steady at 4.7 percent. But things were already being put in place to create the havoc we’ve seen since then. And it all started on Jan. 3, 2007.

The day the Democrats took over was not Jan. 22 2009, it was actually Jan. 3 2007, which was the day the Democrats took over the House of Representatives and the Senate, at the 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. And this continued through the first two years of the Obama administration.

For those who are listening to the liberals promoting the lie that everything is “Bush’s Fault,” please remember, Jan. 3, 2007 was the day the Democrats gained control of the House and the Senate.

At that time: the DOW Jones closed at 12,621.77, the GDP for the previous quarter was 3.5 percent, and the unemployment rate was 4.6 percent.

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 occurred in what part of the economy? Banking and financial services.

Unemployment began to deteriorate... then, to this crisis, the dumping of $5-6 trillion of unstable loans on the economy from the Fannie Mae and Freddie Mac fiascoes made things worse.

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 for his campaign funding? Obama. And who fought against reform of Fannie and Freddie? Obama and the Democrat Congress.

So, when someone tries to blame Bush, remember Jan. 3, 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 from January 2007 to January 2011 is the Democrat Party. They still control the Senate. If memory serves, the Democrat Senate still hasn’t passed a budget in three years.

Think of that. The Democrats controlled the budget process for 2008, 2009, 2010 and 2011.

In that first year, they had to contend with George Bush, who caused them to compromise on spending, when Bush belatedly got tough on spending increases.

For 2008 though, Nancy Pelosi and Harry Reid bypassed Bush entirely, passing continuing resolutions to keep government running until Barack Obama could take office. At that time, a massive omnibus spending bill was passed to complete the 2009 budget.

And where was Barack Obama all this time? He was a member of that very Congress that passed all of these massive spending bills, and, as President, he signed the omnibus bill to complete the 2009 budget.

If the Democrats inherited a 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 Obama, who voted for the budgets.

If Obama inherited anything, he inherited it from himself. Essentially, what Obama is saying is he inherited a deficit that he voted for and then supported a four-fold expansion since Jan. 20, 2009.

Thanks to Frank Encarnacion for the above data.

Don Kennedy is a graduate of Dartmouth College with a degree in sociology. He has been a resident of Ahwatukee Foothills since 2002.

A day to remember

Some things to keep in mind: on Oct. 9, 2007, 11 months before our “economic crisis” occurred (that was actually created), the Dow hit its highest point ever, closing at 14,164.53. After that, the wheels fell off.

Unemployment was steady at 4.7 percent. But things were already being put in place to create the havoc we’ve seen since then. And it all started on Jan. 3, 2007.

The day the Democrats took over was not Jan. 22 2009, it was actually Jan. 3 2007, which was the day the Democrats took over the House of Representatives and the Senate, at the 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. And this continued through the first two years of the Obama administration.

For those who are listening to the liberals promoting the lie that everything is “Bush’s Fault,” please remember, Jan. 3, 2007 was the day the Democrats gained control of the House and the Senate.

At that time: the DOW Jones closed at 12,621.77, the GDP for the previous quarter was 3.5 percent, and the unemployment rate was 4.6 percent.

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 occurred in what part of the economy? Banking and financial services.

Unemployment began to deteriorate... then, to this crisis, the dumping of $5-6 trillion of unstable loans on the economy from the Fannie Mae and Freddie Mac fiascoes made things worse.

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 for his campaign funding? Obama. And who fought against reform of Fannie and Freddie? Obama and the Democrat Congress.

So, when someone tries to blame Bush, remember Jan. 3, 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 from January 2007 to January 2011 is the Democrat Party. They still control the Senate. If memory serves, the Democrat Senate still hasn’t passed a budget in three years.

Think of that. The Democrats controlled the budget process for 2008, 2009, 2010 and 2011.

In that first year, they had to contend with George Bush, who caused them to compromise on spending, when Bush belatedly got tough on spending increases.

For 2008 though, Nancy Pelosi and Harry Reid bypassed Bush entirely, passing continuing resolutions to keep government running until Barack Obama could take office. At that time, a massive omnibus spending bill was passed to complete the 2009 budget.

And where was Barack Obama all this time? He was a member of that very Congress that passed all of these massive spending bills, and, as President, he signed the omnibus bill to complete the 2009 budget.

If the Democrats inherited a 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 Obama, who voted for the budgets.

If Obama inherited anything, he inherited it from himself. Essentially, what Obama is saying is he inherited a deficit that he voted for and then supported a four-fold expansion since Jan. 20, 2009.

Thanks to Frank Encarnacion for the above data.

 

Don Kennedy is a graduate of Dartmouth College with a degree in sociology. He has been a resident of Ahwatukee Foothills since 2002.

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