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In the past year, the Socialists and particularly Barack Obama, Barney Frank and Chris Dodd have been placing the blame for the downfall of the Housing Fiasco on George W. Bush. Some disinformed Conservatives have been conceding that it does go back to the Bush Presidency. It really does not, if you were to know the facts the way I know them now.
On January 3rd, 2007, while President Bush was in his last year of the Presidency, the Democrats took over control of both the House of Representatives and the Senate. That gave control of the House to Nancy Pelosi as Speaker and Harry Reid as Senate Majority Leader. At the same time, Democrat Barney Frank took control of the House of Financial Services, in charge of the affairs of Fannie Mae.
Christopher Dodd also took over the Senate Banking Committee in charge of Freddie mac.
This also was the time when the minority Republicans no longer had any say in the matter.
The unrelenting, uncompromising House and Senate set out to show the Electorate how they were going to whip this Country into their idea of order. Let me give you the condition of affairs at exactly that point in time.
George Bush's Economic policies had just set a record of 52 straight months of job growth in Private Industry.
The Dow Jones was at a modest 12.621.77
G.D.P. for the last Quarter was at 3.5 %
Unemployment was at 4.6 %.
After 15 months of Obama and Democratic control, the economic meltdown occurred with the Democrats dumping upwards of 6 trillion dollars into toxic,risky loans to keep the foolish Lenders afloat and threatening the very heart of this country's financial system.
Starting back in 2001, President Bush foresaw the problem starting and warned Congress and the Lending Industry to stop the risky loans. He warned the Democratic controlled Congress 16 more times
before leaving office. Barney Frank blocked his proposal, calling it a "Chicken Little" philosophy.
Congress controlled the money all the while, not President Bush! They also controlled the budget.
Remember who was a member of the Senate at the time these spending bills were passed. Barack Obama. He gave his approval to every one of them, before he became President.
Who fought against reform of Fannie Mae and Freddie Mac during this risky lending spree?
Barack Obama, Chris Dodd and Barney Frank. Who received the 3rd highest pay-off from those crippled Institutions? Barack Obama.
Barack Obama as a Senator, voted for the very deficit he inherited as a President and profited from it as well! What??? And he's trying to pass it off on President Bush?
The Conservative contributors would be well advised to quit conceding that the problem started during the Bush days and start referring to it as the Socialist takeover days. The Socialists don't need any more concessions, friends, they've already granted themselves enough! Just sayin'.
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