Short Lesson on OKenyan Economics

Carl Spitzer Winblows at LAVABIT.COM
Mon Oct 18 22:14:24 MDT 2010


-------- Forwarded Message --------
From: Bruce Marshall <bmarsh at bmarsh.com>

Here’s A Short Civics Lesson For You

The Washington Post recently babbled again about Obama inheriting a huge
deficit from George Bush. Let’s look at the facts.

Budgets do not come from the White House. They come from Congress and
the Democrats have controlled it since January, 2007. They controlled
the budget process for FY 2008 and FY 2009 as well as FY 2010 and FY
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 FY 2009 though, Pelosi and Reid bypassed Bush entirely, passing
contuing resolutions to keep government running until Obama could take
office. At that time they passed a massive omnibus spending bill to
complete FY 2009 budgets .

Where was Obama during this time? He was a mem-ber of that very
Congress.

If Democrats inherited any deficit, it was the FY 2007 deficit, the last
of the Republican budgets. The deficit was the lowest in five years and
the fourth straight decline in deficit spending. If Obama inherited
anything, he inherited it from himself.

IN A NUTSHELL, what Obama is saying is, “I inherited a deficit that I
VOTED for and then I proposed to expand that deficit four-fold since
January 20, 2009

+ + + + + + + +

In a bid to stem taxpayer losses for bad loans guaranteed by federal
housing agencies Fanny Mae and Freddy Mac, Senator Bob Corker proposed
that borrowers be required to make a 5% down payment in order to
qualify. His proposal was rejected 57-42 on a party-line vote because,

As Senator Chris Dodd explained,

“passage of such a requirement would restrict home ownership
to only those who can afford it.”

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