In November of 2006 a Democrat tsunami, sweep the country putting the Democrats in veto proof control of Congress. This effectively made President George W. Bush a Lame Duck President starting January 1, 2007.
The consequences of this were the Democrats, in particular Senator Chris “Countrywide” Dodd and US Representative Barney “Nothing Wrong with Fannie and Freddie” Frank in charge of the Banking and Finance committees. It was their job to oversee the actions of Fannie Mae and Freddie Mac as well as all banks and investment companies. Representative Frank had a conflict of interest because his “Boyfriend/Lover” was a highly paid staffer at Fannie Mae. Senator Dodd received special mortgages from Countrywide Mortgage company who later went bankrupt from the fraudulent mortgages they were promoting.
It was Senator Dodd who proudly proclaimed when asked about restricting mortgages from Fannie and Freddie by requiring down payments “that would cause people who can’t afford them to be unable to purchase homes”. Representative Frank insisted Fannie and Freddie were fine and he should know as his live-in lover was receiving millions in salaries and bonuses! No actions were taken to stabilize the housing markets.
The EPA became emboldened, with the Democrats pushing the fraud known as “Global Warming” giving the EPA far reaching powers to regulate the energy industries and put the ones they disliked out of business! This led to increased costs for energy products, in particular gasoline.
The downward spiral had begun and the Democrat policies were making it worse at every turn. In mid 2008 it became obvious that Senator Obama was the presumptive nominee for President, of the Democratic party. Senator Obama was promising to use the considerable powers of the President to go even further to prevent Global Warming, even though “Global Warming” fraud had been uncovered. Now they were going to prevent “Climate Change”!
By July of 2008 gasoline prices had reached $4/gallon. Companies were contracting and laying off workers due to the increased cost of doing business. Laid off workers couldn’t meet their mortgage payments and the recession began in full!
Yes, President Obama, as Senator Obama you contributed to and helped to cause the recession, you have deepened it with your lame Keynesian policies. You are driving the country into unrecoverable debt crisis, monetizing the debt causing steep inflation, while holding the economy back from growth. Classic Stagflation!
I know you would like to deny your role in all this but then you would have to renounce the only qualifications you had to be President, 2/3 of one term as a US Senator!
Work Hard Have Fun!