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How the economy got this bad: A reality primer. First in the series of FACTS vs. the MSM (Main Street Media)

The Democratic Congress and Senate's part

 

1.                  Constitutionally, the House controls spending proposals and the purse strings of government.

2.                  The Democrats took over the House and the Senate on January 3rd, 2007, two years before Bush left the White House.

3.                  Beginning in 2007, they (not Bush) exploded federal government spending by $1 trillion in just two years--the 2008 and 2009 budget years. All of this helped exacerbate the housing and banking collapse of September 18, 2008. Many suggest that this was done to make Bush look bad during the 2008 election.

The housing and banking crises

1.                  President Clinton and members of both houses set the stage for the housing crises by repealing the Glass-Steagall act (separated banking from investment and vs. versa) in 1999.

2.                  When the Democrats took control of Congress on January 3rd, 2007, Barney Frank, took over the House Financial Services Committee.

3.                  When the Democrats took control of Congress on January 3rd, 2007, Christopher Dodd took over the Senate Banking Committee. All the pieces were in place. A short but infamous history since then:

·                     For years Democrats worked to fully implement CRA, the Community Investment Act, and, with Frank/Dodd in control its infamous provisions became reality.

·                     Starting in 2001, Bush and other conservatives asked Congress to stop irresponsible lending by Fannie & Freddie 17 TIMES!

·                     In 2004, the Bush Administration, investigated Fannie Mae and Freddie Mac and found massive fraud. Congress failed to penalize or prosecute anyone.

·                     On Sept 11, 2003, the Bush Administration submitted plans to Congress for a "New Regulatory Agency," run by the Treasury, to monitor Fannie Mae and Freddie Mac.

·                     The Democrats blocked this effort led by Frank, Dodd, Obama, Clinton, Shumer, and the Progressive Caucus.

·                     The then Senator BARACK OBAMA took the third highest payoff from Freddie Mac.

·                     And who fought against reform of Fannie and Freddie? Why it was BARACK OBAMA and the Democrat Congress.

·                     Also, Franklin Raines, Head of Freddie Mac, earned $100 million bonus in 1999 and later became an advisor to the 2008 Obama Presidential Campaign. Coincidence? You be the judge.

·                     Using Acorn for intimidation of reluctant lending institutions, the way was clear for banks to make sub-prime loans, (loans to people that had little probability of paying them back) bundle them, and sell those baskets of loans to unsuspecting domestic and international investors. Many were "non-performing," or worthless loans.

·                     More than anything else, it was the Community Investment Act and de-regulation of the banks by repeal of Glass-Steagall that caused the housing bubble and the economic crises we find ourselves in today.

·                     For a complete discussion of the housing crisis see: http://fttf.sharepoint.com/Pages/EFFECTIVECOMMUNICATIONS.aspx

The rest

1.                  Since January 3rd, 2007, the Democrats have proposed no budget as required by law.

2.                  The last time the Republicans controlled the government in 2007, unemployment was at 4.6%, gas was about $2 a gallon, and there had been 52 straight months of economic growth.

3.                  Since January 3rd, 2007, the Democrats have created the greatest deficits, recession and potential financial disaster in the history of the country.