BUSH-REPUBLICANS DESTROYED AMERICA, AND OBAMA IS DOING A GREAT JOB FIXING IT
Between Jan 20 2001-2009 under president bush's policies and leadership:
Unemployment doubled from 4% to 8.8%
National debt doubled from 5.7 trillion to 10.6 trillion
Yearly budget went from a 236 billion surplus to a 1.2 TRILLION deficit (a 1.4 trillion drop)
Dow Jones plunged 25% from to 10,587 to 7949
Gasoline tripled from 1.44 to 4.11 per gallon on July 11, 2008
Losing 700,000 jobs monthly
Economy in total freefall
(Republicans try to confuse people by saying democrats took over in Jan 2007 and started the recession, but they can not name one thing democrats did to hurt the economy. By Jan 2007, all subprime loans had already been made)
BUSH MORE THAN DOUBLED UNEMPLOYMENT FROM 4% TO 8.8% -----(Jan 2001-2009)
(Source: US Dept of Labor - Bureau of Labor Statistics-)
BUSH DOUBLED OUR DEBT FROM 5.7 TRILLION TO 10.7 TRILLION
(Source: US Treasury Dept - Bureau of Public Debt - http://www.treasurydirect.gov/NP/BPDLogin?application=np)
BUSH TURNED A 236 BILLION BUDGET SURPLUS INTO A 1.2 TRILLION DEFICIT (A 1.4 TRILLION DROP)
(Source 1: CBO - Congressional Budget Office - Historical Budget data - Shows the 236 billion surplus in 2000)
(Source 2: Congressional Budget Office - Annual budget and economic report and testimony before Congress on Jan 8, 2009) (Declares 1.2 trillion deficit for fiscal year 2009 ---2 weeks before obama takes office)
(Please note: The fiscal year 2009 started Oct 1, 2008 under president bush. At that time, the 2009 deficit was projected at 600 billion. Then the banking crisis occured in Oct 2008 and bush started a 700 billion TARP bailout program which was added to the 600 billion deficit which left obama with a 1.2 Trillion deficit the day he took office according to the CBO)
BUSH OVERSAW A DOW JONES THAT PLUNGED 25% OVER 8 YEARS
GASOLINE TRIPLED UNDER BUSH ENERGY POLICY
(Source: US Dept of Energy- Energy Information Administration) (http://tonto.eia.doe.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MG_RT_US&f=W)
OBAMA IS DOING A GREAT JOB FIXING THE BUSH DEPRESSION
The dow jones rose 33% in his first year from 7949 to 10,600 on Jan 20, 2010
The job loss rate plunged 97% from 700,000 jobs lost in Jan 2009 to 20,000 jobs lost in Jan 2010
The GDP rate rose to 5.7% in 4th quarter of 2009 - the highest in 6 years
Existing home sales up 27% in 4th quarter of 2009
Jan 10 Home construction up 2.8% (up 23% since april 09 low)
Jan 10 Industrial production up 1%
Jan 10 Retail sales up .5%
In 2002, why did Bush ask his fannie mae appointees to "make 440 BILLION in subprime loans to minorities"?
In 2002, republicans controlled congress and the white house. You can't blame this on barney frank.
Here is the video...go to the 4 minute mark to hear him say it.
Here is the offical white house text of that speech he gave in atlanta.
Here is the offical white house fact sheet:
Bush said "...That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge.
And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts."
(please note that bush appoints Leland and Franklin to their jobs at fannie mae and freddie mac so when he asks for 440 BILLION that is basically a presidential order)
Also note: The govt can not force a bank to make a bad loan. And surely, an ALL REPUBLICAN GOVT would not force a bank to make a bad loan.