DEMOCRATS Set Up America For 2008 Collapse, And Barack Obama Became Their KING

Let me begin with the immediate Obama present, compare that dismal reality to what Republican states/governors are doing right now, and then work my way backward to document that it was DEMOCRATS who set this country up for failure, even as they are the ones leading this nation deeper and deeper into failure right now.

Good old Barry Hussein and his basically Marxist polices.  He sure has helped people with all his Keynesian-communist commissar crappola.

Or not.

August 10, 2011, 1:28 PM ET
Vital Signs: 4.5 Unemployed for Each Job Opening
By Justin Lahart

Work is hard to find. For each U.S. job opening at the end of June, there were 4.5 people looking for work, according to Labor Department figures. That was down from a year earlier, when there were 5.4 job seekers for every opening. But in 2007, there were about two job openings for every three unemployed workers.

In 2007 there were two job openings for every three unemployed persons.  Doing the math to get the relevant ratio, that’s 3 unemployed persons divided by 2 jobs, or 1.5 jobs for every unemployed person.  Versus Obama’s 4.5 figure now.

I’m trying to think but I can’t remember; who was president when REAL UNEMPLOYMENT WAS ONE-THIRD WHAT IT IS NOW?

Barack Obama has TRIPLED real unemployment.  And that is a FACT.

At some point the people are either going to realize that the mainstream media, the Democrat Party and Barack Obama have told so many giant lies to sell their leftwing narrative it is positively unreal.  Or they will go the way of the Dodo bird.  It’s that simple.

Obama is a demon-filled demoniac who keeps demonizing conservative policies for driving America into a ditch.  BUT LOOK AT WHAT IS HAPPENING RIGHT NOW:

Wisconsin Republicans just survived a recall election funded by tens of millions of dollars in out-of-state big union money.  Good thing, because their policies that sent liberals into evil and vile fury WORKED and Wisconsin is CREATING JOBS:

Here’s the thing that every American ought to know: the Republican initiatives WORKED:

According to new jobs figures, Wisconsin created 12,900 new private-sector jobs in June, almost as many as the 18,000 new jobs created nationwide last month. This represents the largest one-month gain of private-sector jobs in Wisconsin since 2003, according to the state Department of Workforce Development.

Because of Governor Scott Walker and the Republican Party initiatives that made the left go absolutely batpoop, Wisconsin is a JOB ENGINE.

Is OBAMA created jobs?  No.  He has destroyed jobs by the MILLIONS while offering a continuous stream of incredibly deceitful statistics and excuses.

Governor Rick Perry of Texas is about to announce his campaign to take Obama’s job away from him (and I am about to put my efforts behind his campaign when he does).  How about Rick Perry’s job creation in Republican Texas?

From a liberal writing in the Los Angeles Times:

For the last few weeks, I’ve been unable to get a startling statistic out of my head: Since the recession officially ended, Texas has created more than 4 of every 10 new jobs in America.

That’s right, Texas: the reddest of red states, home to gun lovers and school textbooks that openly question whether the Founding Fathers intended for the separation of church and state. I am no ideologue. Still, whenever I get political, I tend to tilt reflexively to the left, making the jobs figure a bit disconcerting at first.

But there’s no escaping it. The number is real. Which means that if you care about putting people back to work at a time when nearly 14 million in this country are unemployed, maybe Texas has something to teach us.

[…]

According to the Dallas Fed, Texas generated 43% of the net new jobs in the U.S. from June 2009 through May 2011 — an enormous share when you consider that the Lone Star State accounts for about 8% of the nation’s economy.

We just discovered that the United States of America has crossed the ridiculous tipping point of having our borrowing/debt EXCEED 100% of our GDP.  And how are conservative policies working out RIGHT NOW while Obama and his liberal policies are ruining America job by job by job?

Nebraska, a state governed by Republican conservative Dave Heineman.

First there’s the unemployment rate of 4.1%. Second lowest in the entire nation (behind fellow Republican state North Dakota, for what that’s worth):

LINCOLN, Neb. (AP) — Authorities say Nebraska’s unemployment rate dropped to 4.1 percent in May, a drop of a tenth of a point from April’s 4.2 percent.

Then there’s the fact that this Republican state has a balanced budget. And how did it balance the budget and get low unemployment?

[M]aybe there is something Washington can learn from Nebraska. How did Nebraska, with an estimated budget shortfall of almost $1 billion November 2010, get to a unanimous decision May 2011 and approve a balanced biennial budget of $6.9 billion? A balanced budget that does not raise taxes and leaves nearly $300 million in the state’s cash reserves.

Some might presume that life is difficult for Nebraskans, what with their state government required to balance the budget and not allowed to borrow. Actually Nebraska is ranked #10 by Lifestyle Statistics, it was 3rd in top jobs behind North Dakota and Texas, and to top it off, the unemployment rate for Nebraska is 4.1%.

How did it happen? Strong leadership. A state constitution that requires a balanced budget and doesn’t allow for borrowing. Tough decisions made during tough times, not delayed. Priorities identified. Discussions. Debates. Negotiations…and the use of a red line.

An interesting quote from Gov. Dave Heineman occurs midway through this snippet from an article entitled, “Caterpillar Threatens To Leave Illinois Over Taxes“:

“If Illinois doesn’t want your business, Texas does,” wrote Rick Perry, the governor of that state.

The governor of Nebraska, Dave Heineman, wrote: “In Nebraska, we balance our budget by controlling spending, not by raising taxes.”

An official in the South Dakota governor’s office chimed in: “In South Dakota, you make a profit, and you keep your profit.”

The Illinois tax increase will cost Caterpillar’s 23,000 employees in the state about $40 million this year, said Jim Dugan, the company’s chief spokesman. Higher taxes make it harder for Caterpillar to attract and retain engineers, accountants and other employees, Dugan said. He added that Caterpillar’s corporate taxes in the state also will increase but provided no estimate on the added cost.

“The state unfortunately continues to put off the tough decisions” about potential reductions in government spending and pension costs, Dugan said. He said Caterpillar was offering to advise the governor on cost-cutting based on the company’s own experience chopping pay and laying off workers during the 2008-09 recession

First, liberal Democrat Illinois is a hellhole. And that’s because Democrats own that state. Some interesting figures: 4 out of the last 7 governors of Illinois are convicted felons. It’s government union pension program is the biggest disaster in the nation. It’s major city Chicago is so filled with gang violence that even Democrats have been pleading for the National Guard to come in. And, if that isn’t bad enough, Democrats are so dishonest that they just altered their congressional map to undo the clear will of the people. That’s what Democrats bring.

All over the nation we’ve got cities that have voted Democrat for a hundred years. And they are all hell holes. While a jackass is in many ways an accurate symbol of what it means to be a Democrat, it would really be far more fitting if the symbol of the Democrat Party was a black hole surrounded by the white-hot fires of hell. Because “Democrat” is really a portmanteau for “Demonic Bureaucrat.” And hell is what demonic bureaucrats invariably bring. Along with socialism and totalitarian control.

In 2008, Barack Obama, the Democrat Party and the mainstream media sold you a blatantly false narrative.  The same people who assured you that George Bush was completely to blame because he was president in 2008 refuse to assign Barack Obama ANY responsibility WHATSOEVER even when he has been president for THREE YEARS of UNMITIGATED DISASTER.  The same Democrats and the same media that now blame Republicans because they took control of the House early this year REFUSED to blame Democrats who took control of BOTH THE HOUSE AND THE SENATE in November 2006.  When Nancy Pelosi took control of the House of Representatives and when Harry Reid took control of the Senate from Republicans, the unemployment rate was 4.4 PERCENT.

And what horror they then wrought.  But the same media propaganda machine that now blames Republicans for controlling only HALF of Congress refused to assign Democrats any blame even though they controlled THE WHOLE THING.

And let’s look at spending when we can compare the “failed” policies of Republicans to the “oh so successful” policies of Democrats:

Consider the last three plus years’ worth of reckless spending. The Bush administration has been blamed for much of this reckless spending, but it was actually a Democrat Congress that swept into power in 2006 (largely due to what we can now readily see was hypocritical demagoguery over the Iraq War and Hurricane Katrina rather than any economic issue) which proceeded to spend America into the stratosphere:

For the record, the last budget from a Republican President AND a Republican Congress – FY-2007 (passed in 2006) – resulted in a$161 billion deficit at a time when unemployment was 4.6%. That’s what happened the last time the GOP was in control.

What happened when the Democrats took control in January 2007? Harry Reid and Nancy Pelosi passed a FY-2008 budget that had a $459 billion deficit – nearly three times the deficit in the immediately previous Republican-passed budget. Three times. And this before the financial crisis that somehow “necessitated” all this massive spending.

Now, that’s a pretty crazy increase under Democrat control. But you aint seen nothin’ yet.

The Democrats passed a FY-2009 budget with a staggering, mind-boggling, totally reckless $1.42 TRILLION deficit.

The FY-2010 budget approved by Reid and Pelosi and signed by Obama had an estimated $1.6 TRILLION deficit.

The deficit has increased from $161 billion in the last budget before Democrats took control of the Congress (FY 2007) to $1.42 trillion in the most recent fiscal year (FY 2009)—an increase of $1.26 trillion or 782%.

With three months remaining in the fiscal 2009 budget, the federal deficit just officially passed the $1 trillion mark. Worse yet, Obama borrowed more than forty cents for every single dollar he spent.

We also suffered a budget shortfall of $94 billion in the month of June, which marks the first June in more than ten years (read, “encompassing the entire Bush presidency”). Bush’s success in raising revenues is bookended by two Democrat presidents who failed.

And now the Democrats aren’t even bothering to pass a budget for the next fiscal year, so they can simply spend without any accountability whatsoever.

The old annual deficits under Republicans have now become the monthly deficits under Democrats:

In the 12 years that Republicans controlled the House, the average deficit was $104 billion (average of final deficit/surplus FY1996-FY2007 data taken from Table F-1 below). In just 3 years under Democrats, the average deficit is now almost $1.1 trillion (average of final deficit/surplus FY2008 and 2009 data taken from Table F-1; FY2010 data taken from Table 1-3). Source: CBO January 2010 Budget and Economic Outlook

Rep. Eric Cantor (R-Minority Whip) rightly pointed out on ABC’s “This Week”:

“If you look at the kind of deficit that we’ve incurred over the last three years that the Democrats have been in control of Congress, 60% of the overall deficit from the last ten years has occurred in that period. And frankly with the incurrence of the debt, we’ve seen very little result. That’s why we think we ought to choose another way.”

And yet the media falsely blame BUSH and Republicans for that spending, rather than Nancy Pelosi, Harry Reid, and the Democrat-controlled House and Senate, even though factually speaking the Democrats were ENTIRELY to blame for every single penny that was spent from January 2007 on. Because our Constitution forbids a president from spending; it is CONGRESS that spends.

I also point out in that article (and many others such as this one) that Democrats were primarily responsible for the disastrous policies that led to the 2008 collapse. They were basically completely responsible for Fannie Mae and Freddie Mac and their reckless policies, and then utterly refused to allow any reforms that would have averted the ensuing disaster.

For the record, as I write this on Wednesday, August 10, it has now been 834 days since the Democrat Party bothered to pass ANY BUDGET AT ALL.  But again, the only people who are “responsible” for the total fiscal disaster we are now in are Republicans.  And that is because the mainstream media has degenerated into a propaganda tool that one has to go back to Joseph Goebbels and his Ministry of Propaganda to surpass in its sheer determination to report lies as truth.

Obama is spending $5 billion a day, versus George Bush’s $1.6 billion a day. But it was all George Bush and his “reckless spending” that “got us into this ditch we’re in.”

Obama promised us if his $862 (actually $3.27 TRILLION, according to the CBO analysis) stimulus unemployment would be 6.5% by now.  In reality it is over 9 percent.  And the ONLY reason it dropped from 9.2 to 9.1% is because MORE PEOPLE just plain gave up bothering to even TRY to look for work than actually got any jobs.  100,000 jobs were added, versus 200,000 people who gave up looking for work.

This has been a regular trend, as my February article “Unemployment Rate: At ‘Rate’ We’re Going, We’ll Have 0% Unemployment But No One Will Have An Actual Job” ought to prove.

The economy is in the worst shape since the LAST time a socialist and his Democrat Party got complete control of our economy.  And the housing market (which collapse created the disaster in 2008) is actually now WORSE than it was during the Great Depression.

Democrats live in a realm of absolute lies.  They are poisonous serpents who trick gullible and ignorant people into making terrible choices – just like the serpent and Eve in the Garden.

They have poisoned this economy.  And the ONLY thing they have done well is demonize Republicans for DEMOCRAT mismanagement.

By the way, here are some articles on why it was DEMOCRATS who created the conditions that caused our 2008 economic collapse:

More Proof Democrats Destroyed The Economy In 2008: The Ongoing Fannie Mae/Freddie Mac Disaster

Why Did Our Economy Melt Down In 2008? (Email This To Your Friends)

US Is in Even Worse Shape Financially Than Greece. And Why Is That In The Age Of Obama???

How Should Democrats Eat The Half-Trillion $ Monsters Fannie And Freddie? One Bite At A Time

It Was DEMOCRATS Who Blew Up Our Economy In 2008

And that last article above contains the links and titles to six more articles on the subject of why an intelligent and informed people would have blamed DEMOCRATS for the 2008 collapse.

But in short, just take a look at the following timeline of our 2008 collapse and see which (Democrat) entity led the nation into implosion:

• September 7: Federal takeover of Fannie Mae and Freddie Mac, which at that point owned or guaranteed about half of the U.S.’s $12 trillion mortgage market, effectively nationalizing them. This causes panic because almost every home mortgage lender and Wall Street bank relied on them to facilitate the mortgage market and investors worldwide owned $5.2 trillion of debt securities backed by them.^[199][200]
• September 14: Merrill Lynch is sold to Bank of America amidst fears of a liquidity crisis and Lehman Brothers collapse^[201]
• September 15: Lehman Brothers files for bankruptcy protection^[202]
• September 16: Moody’s and Standard and Poor’s downgrade ratings on AIG‘s credit on concerns over continuing losses to mortgage-backed securities, sending the company into fears of insolvency.^[203][204] In addition, the Reserve Primary Fund “breaks the buck” leading to a run on the money market funds. Over $140 billion is withdrawn vs. $7 billion the week prior. This leads to problems for the commercial paper market, a key source of funding for corporations, which suddenly could not get funds or had to pay much higher interest rates.^[205]
• September 17: The US Federal Reserve lends $85 billion to American International Group (AIG) to avoid bankruptcy.
• September 18: Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke meet with key legislators to propose a $700 billion emergency bailout through the purchase of toxic assets. Bernanke tells them: “If we don’t do this, we may not have an economy on Monday.”^[206]
• September 19: Paulson financial rescue plan is unveiled after a volatile week in stock and debt markets.
• September 23: The Federal Bureau of Investigation discloses that it had been investigating the possibility of fraud by mortgage financing companies Fannie Mae and Freddie Mac, Lehman Brothers, and insurer American International Group, bringing to 26 the number of corporate lenders under investigation.^[207]
• September 25: Washington Mutual is seized by the Federal Deposit Insurance Corporation, and its banking assets are sold to JP MorganChase for $1.9 billion.
• September 29: Emergency Economic Stabilization Act is defeated 228-205 in the United States House of Representatives; Federal Deposit Insurance Corporation announces that Citigroup Inc. would acquire banking operations of Wachovia.^[208]
• September 30: US Treasury changes tax law to allow a bank acquiring another to write off all of the acquired bank’s losses for tax purposes

Now allow me to quote the New York Times from September 30, 1999:

“Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.”

Fannie Mae and Freddie Mac collapsed first.  And when these mammoth entities that controlled more than half of America’s mortgages proved rotten, all of the Wall Street firms that had purchased tainted GSE mortgage backed securities immediately began to topple.  George Bush and Republicans in Congress had tried SEVENTEEN TIMES to reform Fannie Mae and Freddie Mac.  But Democrats used every procedural gimmick in the book to block them at every turn.

When Bush first tried to reform these massive “government sponsored enterprises” that had dived into subprime loans to provide “the right to own homes” to favored Democrat voting bases –

WASHINGTON, Sept. 10— The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago. (New York Times, September 11, 2003)

– powerful Democrat Rep. Barney Frank said:

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

If you read this article you will see that economists predicted as early as 1999 that Fannie Mae and Freddie Mac would implode and take our economy with it.  But here’s enough proof.  Again from the New York Times, September 30, 1999:

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980′s.

”From the perspective of many people, including me, this is another thrift industry growing up around us,” said Peter Wallison a resident fellow at the American Enterprise Institute. ”If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.”

And yet JUST before Fannie and Freddie collapsed and brought down the entire housing mortgage industry with it creating the economic meltdown, Barney Frank – continuing to stop any regulation of Fannie and Freddie – said this:

REP. BARNEY FRANK, D-MASS.: I think this is a case where Fannie and Freddie are fundamentally sound, that they are not in danger of going under. They’re not the best investments these days from the long-term standpoint going back. I think they are in good shape going forward.

And then Fannie Mae and Freddie Mac – protected entirely by Democrats – collapsed.  And took our entire economy to hell with it like two gigantic boulders that crushed everything on their way down.

Fannie Mae and Freddie Mac went completely bankrupt, and had to be bailed out by the government in THE LARGEST BAILOUT OF THE ENTIRE CRISIS.  From the Associated Press, August 9, 2011:

The government rescued McLean, Va.-based Freddie Mac and sibling company Fannie Mae in September 2008 after massive losses on risky mortgages threatened to topple them. Since then, a government regulator has controlled their financial decisions.

Fannie and Freddie own or guarantee about half of all U.S. mortgages and nearly all new mortgage loans. The mortgage giants buy home loans from banks and other lenders, package them into bonds with a guarantee against default, and then sell them to investors around the world.

Taxpayers have spent roughly $150 billion to rescue Fannie and Freddie, the most expensive bailout of the 2008 financial crisis. The government estimates the final cost for rescuing the firms could go as high as $259 billion.

It had been Fannie and Freddie which had the sole authority to buy mortgages, bundle them into the mortgage-backed securities which ultimately exploded, and then sell those gigantic bundled securities to private companies that believed that these securities were backed by the federal government. Just as it was Fannie and Freddie which had been the seller of subprime loans.

Now let me point out that Barack Obama took more campaign money in less time from corrupt Fannie and Freddie and from dirty crony capitalist Wall Street players like Lehman Brothers THAN ANYBODY.  Which is to say you literally voted for the devil in 2008, America.

And what is true about reckless spending is just as true about reckless voting: when you realize that you are digging yourself into a hole, PLEASE STOP DIGGING.

Vote for conservative Republicans to save America.  Or vote for America’s extinction.  It’s your choice, America.

Tags: Bush, collapse, Fannie Mae, spending, unemployment, versus