Subscribe | E-Editions | River News 75˘ | Super Shopper - FREE | About Us | Contact Us | FREE Classified – Items Under $50
The Northwoods River News | Rhinelander, Wisconsin

Flanders Realty Group

home : opinions : letters to the editor April 30, 2016

10/16/2012 7:30:00 AM
Take note of Jan. 3, 2007

To the editor:

Remember that on Oct. 9, 2007, 11 months before our "economic crisis" occurred - which was actually created - the Dow hit its highest point ever, closing at 14,164.53 and reaching 14,198.10 intra-day level two days later.

Unemployment was steady at 4.7 percent. But things were already being put in place to create the havoc we've all been experiencing since then. And it all started on Jan. 3, 2007.

This tells the story of why President Bush was so "bad" at the end of his term. The day the Democrats took over was not Jan. 22, 2009, it was actually Jan. 3, 2007. That was the day the Democrats took over the House and the Senate at the very start of the 110th Congress. The Democratic Party controlled a majority in both chambers for the first time since the end of the 103rd Congress in 1995.

For those who are listening to the liberals propagating the fallacy that everything is Bush's fault, think about Jan. 3, 2007. At the time, the Dow Jones closed at 12,621.77. The GDP for the previous quarter was 3.5 percent. The unemployment rate was 4.6 percent. President Bush's economic policies set a record of 52 straight months of job growth.

Jan. 3, 2007 was the day that Barney Frank took over the House Financial Services Committee and Chris Dodd took over the Senate Banking Committee. The economic meltdown that happened 15 months later was in what part of the economy? Banking and financial services.

Unemployment was added to this crisis by dumping $6 trillion of toxic loans on the economy from the Fannie Mae and Freddie Mae fiascos.

Bush asked Congress 17 times to stop Fannie and Freddie - starting in 2001 because it was financially risky for the U.S. economy.

And who took the third highest pay-off from Fannie Mae and Freddie Mac? Obama. And who fought against reform of Fannie and Freddie? Obama and the Democratic Congress.

So when someone tries to blame Bush, remember Jan. 3, 2007, the day the Democrats took over. Budgets do not come from the White House. They come from Congress and the party that controlled Congress since January 2007 is the Democratic Party.

Furthermore, the Democrats controlled the budget process for 2008 and 2009 as well as 2010 and 2011. In that first year they had to contend with George Bush, which caused them to compromise on spending, when Bush somewhat belatedly got tough on spending increases.

For 2009 though, Nancy Pelosi and Harry Reid bypassed George Bush entirely, passing continuing resolutions to keep government running until Obama could take office. At that time, they passed a massive omnibus spending bill to complete the 2009 budgets.

And where was Obama during this time? He was a member of that very Congress that passed all of these massive spending bills, and he signed the omnibus bill as president to complete 2009.

If Obama inherited anything, he inherited it from himself.

Marlene Jakubowski


Reader Comments

Posted: Friday, October 26, 2012
Article comment by: Ken Pazdernik

The top five recipients of Fannie Mae and Freddie Mac campaign contributions through 2008 were as follows:

1. Chris Dodd $133,900
2. John Kerry $ 111,000
3. Barack Obama $ 105,849
4. Hillary Clinton $ 75,550
5. Paul Kanjorski $ 65,500

All from the same political party, what a surprise.

Posted: Friday, October 26, 2012
Article comment by: Chuck Brack

The folks who run this "paper" have certainly shown their integrity running this phony letter to the editor. What happened to the days of Dick Timmons?

Odds this gets approved and posted? Slim.

Posted: Tuesday, October 23, 2012
Article comment by: Craig Strid

Fraud is a very viable option when your sole goal is to oust the black president out of his office. Don't deny it because this has more credibility than the Romney-Ryan platform.

Posted: Thursday, October 18, 2012
Article comment by: John Bogusz

I found this same barrel of hogwash at “Tea Party Command Center” a Tea Party social network site from Aug. 20 of this year. sys?commentId=4301673%3AComment%3A902768&xg_source=activity

Not only is it mythical and just silly it’s certainly not a “letter to the editor.” I’m not sure how it got by your normally ever-vigilant editors but rest assured that there are those of us out here that won’t let this kind of bilge water go by unremarked.
John Bogusz

Posted: Thursday, October 18, 2012
Article comment by: Frances Thomas

This isn't the first time, Joy. Are you sure this isn't true -- after all, it was on the Internet...

Posted: Tuesday, October 16, 2012
Article comment by: Joy Neeley

Since when are email forwards considered to be letters to the editor? This has been popping up all over the Internet, skewed facts and half truths. Prove that Bush decried Freddie and Fannie 17 times, because I can't find the proof anywhere.

Article Comment Submission Form
Please feel free to submit your comments.

Article comments are not posted immediately to the Web site. Each submission must be approved by the Web site editor, and meet the comment guidelines (see "Comment Guidelines" at right). There may be a delay of 24-48 hours for any submission while the web site editor reviews and approves it.

Note: All information on this form is required. Your telephone number and email address is for our use only, and will not be attached to your comment.
Submit an Article Comment
First Name:
Last Name:
Anti-SPAM Passcode Click here to see a new mix of characters.
This is an anti-SPAM device. It is not case sensitive.

Advanced Search
search sponsored by

Subscription Login

Today's Circulars
Print-N-Save Coupons
Order photo reprints

Advertising Information

Community Connections
Submit to Newspaper...

Ced Vig's books for sale
Kris Gilbertson's 'I Recall...'

Marshfield Clinic - 1

Facebook | All Things | Wisconsin Lottery | The Lakeland Times - affiliate | Winter Road Conditions | Snow/Trail Conditions

The Northwoods River News | Walker Communications, LLC
232 S. Courtney Street, Rhinelander, WI 54501 | Office (715) 365-6397 | Fax (715) 365-6361

Corporate billing office: The Lakeland Times / Lakeland Printing Inc. | P.O. Box 790, Minocqua, WI 54548 | (715) 356-5236 | Fax (715) 358-2121
Members of the Wisconsin Newspaper Association, Wisconsin Community Papers, Rhinelander Area Chamber of Commerce, Minocqua Area Chamber of Commerce

Site Design and Content | Copyright 2016 1up!

Software © 1998-2016 1up! Software, All Rights Reserved