Blame BushPublished 11:10am Thursday, September 27, 2012
By DR. SCOTT DAVIS
I blame both the Republicans (R’s) and Democrats (D’s) for the debt and economic crisis. It’s what it is and we must deal with it. I get really tired of revisionist history blame games though. Here’s some information found online for anyone that wants to know the truth.
Remember: October 9, 2007, 11 months before our “economic crisis” was created, the Dow hit its all-time high of 14,164.53 and reached 14,198.10 briefly two days later. Unemployment was 4.7 percent, but things were being done to create the economic crisis.
Remember: Jan. 3, 2007, the D’s took over the 110th Congress, the House of Representatives and the Senate. President Bush was still in office, but the Democrat Party controlled a majority in both chambers for the first time since the end of 1995. For those who “Blame Bush,” on Jan. 3, 2007:
• The DOW was 12,621.77.
• The GDP growth for the last quarter was 3.5 percent.
• The unemployment was 4.6 percent.
• We had a record 52 consecutive months of job growth.
Remember: Jan. 3, 2007, Rep. Frank took over the House Financial Services Committee and Sen. Dodd took over the Senate Banking Committee, which oversaw Fannie Mae and Freddie Mac. The economic meltdown hit 15 months later from the Banking and Financial Services Sector with these two top D’s directly involved in pushing Fannie and Freddie to loosen loan requirements.
President Bush sent his Treasury reps 17 times to the two committees to plead with them to stop Fannie & Freddie with these risky loans — starting in 2001 — because those loans were dangerous for the US economy. Fannie and Freddie were big campaign donors to “guess who?” and gave sweetheart loans to some in control.
So, President Obama still blames Bush. Remember: on Jan. 3, 2007, it was the D’s in control of the Senate and House. Budgets come from Congress and the D’s controlled Congress from January 2007 to January 2011, not the R’s. The D’s still control the Senate, but since January 2011, R’s control the House.
The Democrats also controlled the budget process for 2008, 2009, 2010 and 2011. In that first year, they dealt with President Bush, who compromised with them on spending. We wanted a balanced budget in 2008, and truly believed it would happen, but the compromise blew it.
Do you remember then candidate Obama saying the debt was dangerous and unpatriotic?
The Pelosi/Reid Congress completely bypassed the 2009 budget, using “Continuing Resolutions” (CR’s) to keep our government running. They also passed the 2009 Omnibus Spending Bill, which helped coalesce the Tea Party and 9/12 Projects.
Remember: then, Sen. Obama was a member of that very Congress and he signed the Omnibus Spending Bill into law as President so they could complete spending in 2009, not President Bush.
The last R’s budget deficit was 2007, the lowest in five years. We the people wanted a balanced budget in 2008. However, the D’s took control of spending with CR’s. President Obama has yet to pass a single budget. Remember Dec. 31, 2007: $9.2 trillion then; October 2012: $16.1 trillion now, and 8.3 percent unemployment.
Tags: Dr. Scott Davis