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Title: Democratic Congress led nation to financial ruin (Damn Straight)
Source:
http://www.dnj.com/article/20100909/NEWS01/100909005/1002/rs
URL Source: http://www.dnj.com
Published: Sep 10, 2010
Author: Thomas Sowell
Post Date: 2010-09-10 00:38:41 by Nebuchadnezzar
Keywords: None
Views: 67752
Comments: 81
OPINION: Democratic Congress led nation to financial ruin
BY THOMAS SOWELL • September 9, 2010
President Barack Obama boldly proclaims, “The buck stops here!” But, whenever his policies are criticized, he acts as if the buck stopped with George W. Bush.
The party line that we are likely to be hearing from now until the November elections is that Obama “inherited” the big federal budget deficits and that he has to “clean up the mess” left in the economy by the Republicans. This may convince those who want to be convinced, but it will not stand up under scrutiny.
No president of the United States can create either a budget deficit or a budget surplus. All spending bills originate in the House of Representatives and all taxes are voted into law by Congress.
Democrats controlled both houses of Congress before Barack Obama became president. The deficit he inherited was created by the congressional Democrats, including Sen. Barack Obama, who did absolutely nothing to oppose the runaway spending. He was one of the biggest of the big spenders.
The last time the federal government had a budget surplus, Bill Clinton was president, so it was called “the Clinton surplus.” But Republicans controlled the House of Representatives, where all spending bills originate, for the first time in 40 years. It was also the first budget surplus in more than a quarter of a century.
The only direct power that any president has that can affect deficits and surpluses is the power to veto spending bills. President Bush did not veto enough spending bills but Sen. Obama and his fellow Democrats in control of Congress were the ones who passed the spending bills.
Today, with Barack Obama in the White House, allied with Harry Reid and Nancy Pelosi in charge in Congress, the national debt is a bigger share of the national output than it has been in more than half a century. And its share is projected to continue going up for years to come, becoming larger than national output in 2012.
Having created this scary situation, President Obama now says, “Don’t give in to fear. Let’s reach for hope.” The voters reached for hope when they elected Obama. The fear comes from what he has done since taking office. (2 of 2)
“The worst thing we could do is to go back to the very same policies that created this mess in the first place,” he said recently. “In November, you’re going to have that choice.”
Another political fable is that the current economic downturn is due to not enough government regulation of the housing and financial markets. But it was precisely the government regulators, under pressure from politicians, who forced banks and other lending institutions to lower their standards for making mortgage loans.
These risky loans, and the defaults that followed, were what set off a chain reaction of massive financial losses that brought down the whole economy.
Was this due to George W. Bush and the Republicans? Only partly. Most of those who pushed the lowering of mortgage lending standards were Democrats — notably Congressman Barney Frank and Sen. Christopher Dodd, though too many Republicans went along.
At the heart of these policies were Fannie Mae and Freddie Mac, who bought huge amounts of risky mortgages, passing the risk on from the banks that lent the money (and made the profits) to the taxpayers who were not even aware that they would end up paying in the end.
When President Bush said in 2004 that Fannie Mae and Freddie Mac should be reined in, 76 members of the House of Representatives issued a statement to the contrary. These included Barney Frank, Nancy Pelosi, Maxine Waters and Charles Rangel.
If we are going to talk about “the policies that created this mess in the first place,” let’s at least get the facts straight and the names right.
The current policies of the Obama administration are a continuation of the same reckless policies that brought on the current economic problems — all in the name of “change.” Fannie Mae and Freddie Mac are still sacred cows in Washington, even though they have already required the biggest bailouts of all.
Why? Because they allow politicians to direct vast sums of money where it will do politicians the most good, either personally or in terms of buying votes in the next election.
President Barack Obama boldly proclaims, “The buck stops here!” But, whenever his policies are criticized, he acts as if the buck stopped with George W. Bush.
The party line that we are likely to be hearing from now until the November elections is that Obama “inherited” the big federal budget deficits and that he has to “clean up the mess” left in the economy by the Republicans. This may convince those who want to be convinced, but it will not stand up under scrutiny.
No president of the United States can create either a budget deficit or a budget surplus. All spending bills originate in the House of Representatives and all taxes are voted into law by Congress.
Democrats controlled both houses of Congress before Barack Obama became president. The deficit he inherited was created by the congressional Democrats, including Sen. Barack Obama, who did absolutely nothing to oppose the runaway spending. He was one of the biggest of the big spenders.
The last time the federal government had a budget surplus, Bill Clinton was president, so it was called “the Clinton surplus.” But Republicans controlled the House of Representatives, where all spending bills originate, for the first time in 40 years. It was also the first budget surplus in more than a quarter of a century.
The only direct power that any president has that can affect deficits and surpluses is the power to veto spending bills. President Bush did not veto enough spending bills but Sen. Obama and his fellow Democrats in control of Congress were the ones who passed the spending bills.
Today, with Barack Obama in the White House, allied with Harry Reid and Nancy Pelosi in charge in Congress, the national debt is a bigger share of the national output than it has been in more than half a century. And its share is projected to continue going up for years to come, becoming larger than national output in 2012.
Having created this scary situation, President Obama now says, “Don’t give in to fear. Let’s reach for hope.” The voters reached for hope when they elected Obama. The fear comes from what he has done since taking office.
“The worst thing we could do is to go back to the very same policies that created this mess in the first place,” he said recently. “In November, you’re going to have that choice.”
Another political fable is that the current economic downturn is due to not enough government regulation of the housing and financial markets. But it was precisely the government regulators, under pressure from politicians, who forced banks and other lending institutions to lower their standards for making mortgage loans.
These risky loans, and the defaults that followed, were what set off a chain reaction of massive financial losses that brought down the whole economy.
Was this due to George W. Bush and the Republicans? Only partly. Most of those who pushed the lowering of mortgage lending standards were Democrats — notably Congressman Barney Frank and Sen. Christopher Dodd, though too many Republicans went along.
At the heart of these policies were Fannie Mae and Freddie Mac, who bought huge amounts of risky mortgages, passing the risk on from the banks that lent the money (and made the profits) to the taxpayers who were not even aware that they would end up paying in the end.
When President Bush said in 2004 that Fannie Mae and Freddie Mac should be reined in, 76 members of the House of Representatives issued a statement to the contrary. These included Barney Frank, Nancy Pelosi, Maxine Waters and Charles Rangel.
If we are going to talk about “the policies that created this mess in the first place,” let’s at least get the facts straight and the names right.
The current policies of the Obama administration are a continuation of the same reckless policies that brought on the current economic problems — all in the name of “change.” Fannie Mae and Freddie Mac are still sacred cows in Washington, even though they have already required the biggest bailouts of all.
Why? Because they allow politicians to direct vast sums of money where it will do politicians the most good, either personally or in terms of buying votes in the next election. ——— Thomas Sowell is a senior fellow at the Hoover Institution, Stanford University. Next Page
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No president of the United States can create either a budget deficit or a budget surplus. All spending bills originate in the House of Representatives and all taxes are voted into law by Congress.
Here you go War. A little lesson in the Constitution has just been given to you.
I take it, War, you went to public school?
Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554
#2. To: All, War (#0)
When President Bush said in 2004 that Fannie Mae and Freddie Mac should be reined in, 76 members of the House of Representatives issued a statement to the contrary. These included Barney Frank, Nancy Pelosi, Maxine Waters and Charles Rangel.
Hmmmm....kind of contradicts, again, your narration that Bush alone is to blame, War.
Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554
#3. To: All (#0)
No president of the United States can create either a budget deficit or a budget surplus. All spending bills originate in the House of Representatives and all taxes are voted into law by Congress.
It's called "The Constitution" War, you might want to review it before coming to LF where you constantly get you ASS kicked on a daily basis.
Clinton and Cuomo are the true bandits who lit the fuse to this economic crisis we're now in. All in the name of getting more minorities in houses: http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=12554
#4. To: Nebuchadnezzar, dwarf (#1)
I take it, War, you went to public school?
In which country?
#5. To: Nebuchadnezzar (#2) (Edited)
When President Blunder said in 2004 that Fannie Mae and Freddie Mac should be reined in
That isn't what he said...they said that they should continue to capitalize. As he was saying that, his HUD was making it easier for FN and FM to get into the sub prime market. ShallI post that report from 2003 again?
Tull Comes Home: "HI honey...I'm home..."Where have you been?" "Boinking my fellow moderator...now shut up and make me dinner..."
#6. To: Nebuchadnezzar (#1)
No president of the United States can create either a budget deficit or a budget surplus.
The President spends...the Congress appropriates...
All spending bills originate in the House of Representatives and all taxes are voted into law by Congress.
Actually, all bills for RAISING REVENUE - taxes, fees, tarifss etc etc etc - originate in the House.
BTW, Kemp-Roth originated in the Senate.
Tull Comes Home: "HI honey...I'm home..."Where have you been?" "Boinking my fellow moderator...now shut up and make me dinner..."
#7. To: Nebuchadnezzar (#0) (Edited)
The deficit he inherited was created by the congressional Democrats...
One word: Veto.
Secondly, when the economy turned down. revenues decreased. The 06 to 09 growth assumptions Boy Blunder made when he, as he is required to under the law, created his budgets were GROSSLY over estimated.
Tull Comes Home: "HI honey...I'm home..."Where have you been?" "Boinking my fellow moderator...now shut up and make me dinner..."
#8. To: Nebuchadnezzar (#0)
This was already posted
the era of big government is over -- Bill Clinton
#9. To: jwpegler (#8)
Needed to be repeated IMHO.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
#10. To: Badeye, jwpegler (#9)
Needed to be repeated IMHO.
And the Conservative plan to create jobs is......?????
#11. To: Nebuchadnezzar (#3)
No president of the United States can create either a budget deficit or a budget surplus. All spending bills originate in the House of Representatives and all taxes are voted into law by Congress.
WHAT? When did the president lose the power of the veto??
#12. To: lucysmom (#11)
WHAT? When did the president lose the power of the veto??
that only counts for Democrats.
I guess we're just supposed to ignore the fact that the GOP, when it controlled Congress, created massive new spending programs, launched two wars without paying for them, and instituted massive tax cuts?
And the Conservative plan to create jobs is......?????
#13. To: go65 (#12)
I guess we're just supposed to ignore the fact that the GOP, when it controlled Congress, created massive new spending programs, launched two wars without paying for them, and instituted massive tax cuts?
Yes.
Tull Comes Home: "HI honey...I'm home..."Where have you been?" "Boinking my fellow moderator...now shut up and make me dinner..."
#14. To: Nebuchadnezzar (#2)
Hmmmm....kind of contradicts, again, your narration that Bush alone is to blame, War.
Let's see - what did the fiscally conservative Republican Senate, House and President do when they were in control?
Those surpluses, however, ended during the administration of President George W. Bush. The Bush administration announced a record $304 billion deficit in 2003 and projected that the deficit in 2004 would be about $307 billion.
legal-dictionary.thefreedictionary.com/Federal+Budget
#15. To: go65 (#12)
that only counts for Democrats.
Must be special rules created for George W. as they did not apply to the boy king's father.
In October 1990, when Democrats in Congress sought to reduce the federal deficit by implementing a surtax on the income of millionaires, Republican President George H. W. Bush followed through on a threat to Veto any budget legislation that included tax increases. The veto effectively shut down several federal agencies.
legal-dictionary.thefreedictionary.com/Federal+Budget
#16. To: Nebuchadnezzar, war, go65 (#3)
It's called "The Constitution" War, you might want to review it before coming to LF where you constantly get you ASS kicked on a daily basis.
Well Neb, looks like your behind has taken a beating this morning.
#17. To: Badeye (#9) (Edited)
Needed to be repeated IMHO.
Ok, then I'll repeat what I said on the other thread:
Bush vetoed 12 bills in his 8 years in office -- far fewer than any modern President. In contrast, Jerry Ford vetoed 66 bills in two years.
Bush didn't veto these big spending bills because he was a socialist nincompoop who LOVED big government every bit as much as the Democrats.
You can spin yourself into the ground all you want, but that's the bottom line.
the era of big government is over -- Bill Clinton
#18. To: jwpegler (#17)
You can spin yourself into the ground
He will...
Tull Comes Home: "HI honey...I'm home..."Where have you been?" "Boinking my fellow moderator...now shut up and make me dinner..."
#19. To: war, lucysmom, Nebuchadnezzar, (#0)
Today, with Barack Obama in the White House, allied with Harry Reid and Nancy Pelosi in charge in Congress, the national debt is a bigger share of the national output than it has been in more than half a century. And its share is projected to continue going up for years to come, becoming larger than national output in 2012.
Which part of this statement do you find false?
#20. To: Nebuchadnezzar, war (#0)
At the heart of these policies were Fannie Mae and Freddie Mac, who bought huge amounts of risky mortgages, passing the risk on from the banks that lent the money (and made the profits) to the taxpayers who were not even aware that they would end up paying in the end.When President Bush said in 2004 that Fannie Mae and Freddie Mac should be reined in, 76 members of the House of Representatives issued a statement to the contrary. These included Barney Frank, Nancy Pelosi, Maxine Waters and Charles Rangel.
If we are going to talk about “the policies that created this mess in the first place,” let’s at least get the facts straight and the names right.
I loooove the way war ignore this Inconvenient Truth.
#21. To: Liberator (#19)
Which part of this statement do you find false?
The part that leaves out how we got here - sin of omission.
#22. To: lucysmom (#21)
Sorry Luce - you can'r weasel your way out of this. REMINDER: The House was controlled by the Dems in 2006.
#23. To: go65 (#10)
Its revealing you have to resort to a well known error filled website.
Amusing as hell, GO65.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
#24. To: jwpegler (#17)
Bush vetoed 12 bills in his 8 years in office -- far fewer than any modern President. In contrast, Jerry Ford vetoed 66 bills in two years.Bush didn't veto these big spending bills because he was a socialist nincompoop who LOVED big government every bit as much as the Democrats.
You can spin yourself into the ground all you want, but that's the bottom line.
I don't have to spin it, I KNOW IT. One of the reasons I voted against the GOP in 2006.
That has NOTHING however, to do with THIS POTUS, and THIS CONGRESS. They tripled the deficit, bankrupted the nation, and got nothing for it other than payoffs to various unions and leftwingnut organizations.
Which is why a landslide is coming in November, and why Owe-bama is a failed one term President.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
#25. To: Liberator (#19)
And its share is projected to continue going up for years to come, becoming larger than national output in 2012.
When Bush took office, the projection was that the debt would be PAID OFF by 2012. Bush and his Republican Congress killed that possibility with his tax cuts and wars.
#26. To: Liberator (#22)
REMINDER: The House was controlled by the Dems in 2006.
Bush and the Republican Congress produced record budget deficits in 2003 and 2004.
REMINDER back atcha.
#27. To: lucysmom (#26)
The House wasn't controlled by dems in 2006.
Tull Comes Home: "HI honey...I'm home..."Where have you been?" "Boinking my fellow moderator...now shut up and make me dinner..."
#28. To: lucysmom (#25)
When Bush took office, the projection was that the debt would be PAID OFF by 2012.
Name one (1) 'projection' along these lines that proved to be accurate in the post world war two era, goofy.
Just ONE.
Good luck with that...
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
#29. To: lucysmom (#26)
REMINDER: The House was controlled by the Dems in 2006. Bush and the Republican Congress produced record budget deficits in 2003 and 2004.
REMINDER back atcha.
And Owe-bama and company TRIPLED IT.
Remember this when the landslide is counted in November, goofy.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
#30. To: lucysmom (#21)
Have you or dwarf a refutation regarding the following?:
When President Bush said in 2004 that Fannie Mae and Freddie Mac should be reined in, 76 members of the House of Representatives issued a statement to the contrary. These included Barney Frank, Nancy Pelosi, Maxine Waters and Charles Rangel.
#31. To: lucysmom (#26)
Bush and the Republican Congress produced record budget deficits in 2003 and 2004.
And what attributed to it?
Was it the war that the Dems ALSO supported, the Fannie Mae/Freddy Mac debacle that the Dems denied was a fiscal disaster? Or the social programs Dems begged for?
And why after 2006 was the budget BUSTED?
And why has 0bama's 2009 trillion dollar "STIMULUS" been a complete EPIC FAIL?
#32. To: Badeye, lucysmom, dwarf (#29)
And Owe-bama and company TRIPLED IT [the budget].
HELLO!! Anybody home??
#33. To: war (#27)
The House wasn't controlled by dems in 2006.
The 2006 US House election was held on November 7, 2006 to elect members to the United States House of Representatives.
Those elected served in the 110th United States Congress from January 3, 2007 until January 3, 2009.
On election day, 2006 Democrats gained 31 seats in the House, enough to take control, and thus from the day Dems infested a House majority, they've totally f**ked up the budget, the economy, and the country.
#34. To: Badeye (#24) (Edited)
Which is why a landslide is coming in November
Undoubtedly, the Obama is utterly incompetent and the current Congress is filled with mindless leftists.
However, I'm still betting the GOP will under perform in November because polls show that most people still distrust the GOP.
Given current conditions they should pick up 60+ seats in the House. My bet is that they will pick up between 30 and 40.
They need Washington and California to win the Senate. They won't get both of them.
They could pick up 8 Governorships, but my guess is more like 6 to 7.
They could pick up 300 or more state legislative seats.
the era of big government is over -- Bill Clinton
#35. To: Badeye (#23)
Its revealing you have to resort to a well known error filled website.
This comes from a well known, error filled poster?
OK.
And the Conservative plan to create jobs is......?????
#36. To: Liberator (#32)
And Owe-bama and company TRIPLED IT [the budget]. HELLO!! Anybody home??
You mean besides the record number of unemployed?
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
#37. To: Badeye (#36)
If you spent less time on the internet when you did have a job maybe you wouldn't be posting from home.
"Were you ever in the music or song writing business?" ... e_type_jagoff to Mudboy lol ..... AND ....... "But his decent into vile absurdity is still actually kind of sad and pitiful really" .... mad doggie
#38. To: All (#37)
Just noting you add nothing to this website.
"Were you ever in the music or song writing business?" ... e_type_jagoff to Mudboy lol ..... AND ....... "But his decent into vile absurdity is still actually kind of sad and pitiful really" .... mad doggie
#39. To: All (#37)
ABBA
(laughing)
"Were you ever in the music or song writing business?" ... e_type_jagoff to Mudboy lol ..... AND ....... "But his decent into vile absurdity is still actually kind of sad and pitiful really" .... mad doggie
#40. To: jwpegler (#34)
The 'mistrust' the polls show is a good thing in my opinion. The GOP reads the same polls. And they know they lost the majority primarily because Conservatives and Indies left them in disgust in 2006. I was one of those voters.
They screw up again, we fired them again. Its that simple.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
.
.
.
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