Friday, September 10, 2010

Almost Too Funny

As I listened intently to President Obama's speech today, it struck my funny bone when he said we should give Democrats more time to fix the economy.

Why did I find that humorous? Because the recession officially began in December, 2007. And the Congress - the lawmaking body - has been in Democrat hands since a year before that.

The Democrats have had control of the Congress for 4 years - one year longer than the recession. Tell me, Mr. President, just how much more time should we give them? In that 4 years the deficit has gone from $400 billion to over $1.5 trillion. Unemployment has gone from 6.5% to 9.6%. The Dow went from 14,000 to 10,000. And all of it since the Democrats took control of the wheel.

Mr. Obama likes to say Republicans drove us into the ditch. Frankly, that is not even close to the truth. We did not hit the ditch until a year into the Democrat Congress. More to the point, even Obama stated - three times - that Fannie Mae was the primary cause of the economic disaster.

Assuming Obama was telling it right...

Fannie Mae was created by FDR (D) in 1937. In 1967, LBJ (D) privatized it, giving it unlimited power to grow. In 1977, Carter (D) passed the Community Reinvestment Act (as put forth by ACORN and its "community organizers") that forced banks to make risky loans. In 1998, Clinton (D) signed the Bliley Bill that forced banks to make even more risky loans. In 2004, republicans tried to pass a bill to rein in Fannie Mae, but it was blocked by Frank (D) and Dodd (D), both of whom are on record as saying Fannie Mae was sound.

Considering Obama says Fannie Mae is the culprit, and every part of Fannie Mae was courtesy of Democrats, and considering Democrats have been in control since January 2007, I fail to see how it was the Republicans that drove the economy into the ditch.

But even if they did, that is no excuse for the Democrats to drive it out of the ditch and over the cliff...


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