How the economy got this bad: A reality primer

Facts

1. The House and the Senate control the purse strings of government. Constitutionally, budgets do not come from the White House.

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

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

The Housing Crisis

On January 3rd, 2007, Barney Frank, took over the House Financial Services Committee.

On January 3rd, 2007, Christopher Dodd took over the Senate Banking Committee. For years the Democrats had striven to fully implement the Community Re-Investment Act, and with Frank/Dodd in control its provisions became reality.

Starting in 2001, Bush and others asked Congress to stop Fannie & Freddie 17 TIMES!

• 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, the Progressive (and Black) caucus.

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

• And who took the THIRD highest pay-off from Fannie Mae AND Freddie Mac? Why, it was then Senator BARACK OBAMA.

• 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 a $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.

• Fanny Mae and Freddy Mac were prime lenders during the housing bubble.

o More than anything else, it was the Community Re-Investment Act and de-regulation of the banks that caused the housing bubble and the economic crises we find ourselves in today. Since January 3rd, 2007, the Democrats have created the greatest deficits, the recession, and set us up for the greatest financial disaster in the history of this country.

Sources: Any Google search