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GOOD READING. – ALL AMERICANS SHOULD READ THIS

Discussion in 'Off Topic' started by fredball, Oct 15, 2012.

  1. fredball

    fredball Vancouver, WA Well-Known Member

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    GOOD READING. – ALL AMERICANS SHOULD READ THIS AND UNDERSTAND HOW WE GOT TO WHERE WE ARE NOW.

    REMEMBER JANUARY 3, 2007 ? ? ?

    This tells the story, why the economy was so bad at the end G. W. Bush's last term.

    Don't just skim over this, it's not very long, read it slowly and let it sink in. If in doubt, check it out!!!

    The day the democrats took control of Congress was not January 22nd 2009, it was actually January 3rd 2007. On that day the day the 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 control of BOTHthe Senate and the House of Representatives.

    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 W. Bush's Economic policies had SET A RECORD of 52 STRAIGHT MONTHS of JOB GROWTH
    Remember the day...

    January 3rd, 2007 - was the day that Democrat Barney Frank took over the House Financial Services Committee and Democrat Senator 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 soared due 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? BARACK HUSEIN OBAMA.

    And who fought against reform of Fannie and Freddie? BARACK HUSEIN OBAMA and the Democrat Congress.

    So when someone tries to blame Bush . . .

    REMEMBER JANUARY 3rd, 2007.... THE DAY THE DEMOCRATS TOOK OVER CONTROL OF CONGRESS!"

    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 the first part of 2008, until the November election, they had to contend with George Bush, which caused them to compromise on spending, when Bush somewhat belatedly got tough on spending increases.

    Beginning on November 5, 2008 (after the Presidential election), 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 same 2008 Congress that passed all of these massive spending bills, and then 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, 2009."
     
  2. Robo

    Robo Olympic Peninsula Active Member

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    Huh?
     
  3. Guilty

    Guilty Salem, Oregon Active Member

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    CliffsNotes: It wasn't Bush's fault, it was the corrupt Democrat congress that screwed the economy and they still refuse to take any responsibility for the financial mess they created.
     
  4. zers

    zers Portland Member

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    [Citation needed]
     
  5. Jamie6.5

    Jamie6.5 Western OR Well-Known Member

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    And if obama is re-elected,...



    Just think of the mess he'll inherit this time! :D
     
  6. Stomper

    Stomper Oceania Rising White Is The New Brown Silver Supporter

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    Pay no attention to those guys behind the curtain... Stay calm, nothing to see here folks, go about your business...
     
  7. fredball

    fredball Vancouver, WA Well-Known Member

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  8. Robo

    Robo Olympic Peninsula Active Member

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    Hate mongering crap!!
     
  9. ZA_Survivalist

    ZA_Survivalist Oregon AK's all day.

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    How so?
     
  10. dmancornell

    dmancornell Portland, OR New Member

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    Probably because it's a bit unfair to depict obambi stepping on the Constitution when some of his predecessors are guilty of far worse depredations.

    I'm waiting for a painting of most of the presidents in the last 150 years (with a few notable exceptions) gang-raping Lady Liberty.
     
  11. Father of four

    Father of four Portland, Oregon Well-Known Member

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    I LOL'ed.
     
  12. fredball

    fredball Vancouver, WA Well-Known Member

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  13. Mark W.

    Mark W. Silverton, OR Bronze Supporter Bronze Supporter

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    Not sure about everything in the first post but a good portion of it I already knew the barney frank Freddy Mac Fanny May stuff anyway. Our 401K Manager at work alid it all out for us. As well as how the interbank exchange rate that went insane was a major trigger to start the collapse after the US Congress had set it up.
     
  14. MikeE

    MikeE Portland Well-Known Member

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    This is so stupid it's funny.
    All bubbles explode, the spark that lights the particular explosion is irrelevant.
    Here's how the real estate bubble happened:
    1. Repeal of Glass-Seagle act allowed commercial banks to operate as investment houses.
    2. After the Tech-Stock bubble burst, the Fed dropped interest rates and encouraged 'alternative' mortgage lending .
    3. Securitization of mortgages - bundling mortgages together as bonds, with a notion to 'spread out risk', which spread the plague.
    4. Corruption of bond-rating firms, which put the AAA rating to dangerous securities.
    5. Exponentially massive sale of derivatives as a form of 'insurance' against security risks.
    6. Mass-belief/propaganda that real-estate values always go up.
    7. Massive US trade imbalance prompts US Treasury to encourage foreign purchase of US mortgage bonds, implying US taxpayer guarantees.
    Once these pieces were in place, the actual bursting of the bubble of massively-overpriced US real estate was just a matter of time and coincidence.
    Politically, this was a bi=partisan effort from the get-go, with Democrats like Clinton working with Republicans like Phil Grahm to repeal Glass-Seagle. Republicans like Alan Greenspan and Hank Paulson working with Democratic supporters of Freddy Mack and Fanny Mae like Barney Frank. Bush's so-called 'efforts' to reign in Fanny and Freddy were just another one of his b.s. political theater pieces since at the same time his Treasury Secretary was busy peddling these Freddy and Fannie Mae originated bonds to the Chinese who were getting tired of buying our low-interest Treasury bonds.
    Our political system failed, and Finance Capitalism failed. The only thing that didn't fail was the supply of useful right-wing idiots willing to believe whatever comes down from their conservative apparatchiks.
    In the interest of fairness, the useful liberal idiots believe that 'it's all fixed up now' by Obama, and 'we are in a recovery'.
    At some point, we are in for another dose of unpleasant reality.
     
    locobob and (deleted member) like this.
  15. dmancornell

    dmancornell Portland, OR New Member

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    ^

    Glass-Steagall was already functionally dead for many years leading up to 1999, you have to wonder why the real estate bubble popped up in the mid 2000's, but not before. Oh right, it's because the fed was too busy pumping up other bubbles in the past.

    As always, the state is the root cause of all modern economic problems. Once the state has assumed risk for the banks or investment firms, no law will prevent economic disaster. That is even more true when the state stands to reap vast benefits regardless of the outcome. If things go well, the state gets money to fund their murder-theft machine. If not, they spread propaganda to blame the disaster on the private sector then gain power and control. The house always wins.
     
  16. MikeE

    MikeE Portland Well-Known Member

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    No, as always the state is the rent-a-cop and elephant parade street sweeper of the ruling class.
     
  17. dmancornell

    dmancornell Portland, OR New Member

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    Right, a rent-a-cop that has a monopoly on violence, and the ability to print as much money as it wants.

    I wonder what the ruling class prefers, having to actually manufacture products and convince people to buy them, or just to use government violence to steal from everyone and murder anyone who resists.

    You lefties are so confused about priorities, it'd be funny if it wasn't so pathetic.
     
    fredball and (deleted member) like this.