Letter to the Editor

Edi­tor,

On Octo­ber 9, 2007, 11 months before our eco­nomic cri­sis occurred, the Dow hit its high­est point ever, clos­ing at 14,164.53. Unem­ploy­ment was steady at 4.7%.

Accord­ing to our cur­rent pres­i­dent, Obama, Bush was to blame for the cur­rent mess we are in.

The day the Democ­rats took over was not Jan­u­ary 22, 2009, it was Jan­u­ary 3, 2007, when they took over con­trol of the House of Rep­re­sen­ta­tives and the Sen­ate. This was the first time they had con­trolled both cham­bers since 1995.

At the time the Democ­rats took con­trol, the Dow Jones closed at 12,621.77; the GDP for the pre­vi­ous quar­ter was 3.5%; unem­ploy­ment was at 4.6% and Bush’s eco­nomic poli­cies recorded 52 straight months of job growth.

Jan­u­ary 3, 2007 was the day Bar­ney Frank took over the House Finan­cial Ser­vices Com­mit­tee and Chris Dodd took over the Sen­ate Bank­ing Com­mit­tee. These are the areas that caused the melt­down in our coun­try 15 months later. 5 to 6 TRILLION dol­lars of toxic loans dumped on the econ­omy by the Fan­nie Mae and Fred­die Mac fias­coes. Bush asked 17 times to stop Fan­nie Mae and Fred­die Mac to pre­vent an eco­nomic dis­as­ter to our coun­try. Who took the third high­est pay-off from Fan­nie Mae and Fred­die Mac and fought against their reform? OBAMA and the Demo­c­ra­tic Con­gress, that’s who.

Bud­gets do NOT come from the White House – they come from Con­gress and the Democ­rats con­trolled Con­gress since Jan­u­ary of 2007. They also con­trolled the bud­get process for 2008, 2009, 2010 and 2011. In the first year they had to con­tend with Bush which caused them to com­pro­mise on spend­ing. After that though, Nancy Pelosi and Harry Reid bypassed Bush entirely, con­tin­u­ally pass­ing res­o­lu­tions to keep gov­ern­ment run­ning until Obama could take office and they passed a mas­sive omnibus spend­ing bill.

And where was Obama dur­ing this time? He was a mem­ber of that Con­gress who passed all of these mas­sive spend­ing bills.

If the Democ­rats inher­ited any deficit, it was the 2007 deficit, the last of the Repub­li­can bud­gets which was the low­est in five years and the fourth straight decline in deficit spend­ing. After that, Democ­rats took con­trol (includ­ing Obama) and voted for the bud­gets. If Obama inher­ited any­thing, he inher­ited it from him­self and basi­cally what he has been say­ing is “I inher­ited a deficit that I voted for and then voted to expand it four-fold” since his inauguration.

Remem­ber all this Novem­ber 6th.

Daniel A. Derfler

Galion

Posted by Guest 2 Columnist on Oct 29 2012. You can follow any responses to this entry through the RSS Feed. Both comments and pings are currently closed.