- May 13, 2010
- Reaction score
- Los Angels, USA
- Political Leaning
- Slightly Conservative
The Administration has manages to control the housing market. Fannie and Freddie bought those risky loans for $156 billion, and now they are charging back bad paper to banks in violation of their contracts. That is the main reason for the foreclosures and bank failures.Political FablesPolitical Fables - Thomas Sowell - Townhall Conservative
President Barack Obama boldly proclaims, "The buck stops here!" But, whenever his policies are criticized, he acts as if the buck stopped with George W. Bush.
The party line that we are likely to be hearing from now until the November elections is that Obama "inherited" the big federal budget deficits and that he has to "clean up the mess" left in the economy by the Republicans. This may convince those who want to be convinced, but it will not stand up under scrutiny.
No President of the United States can create either a budget deficit or a budget surplus. All spending bills originate in the House of Representatives and all taxes are voted into law by Congress.
Democrats controlled both houses of Congress before Barack Obama became president. The deficit he inherited was created by the Congressional Democrats, including Senator Barack Obama, who did absolutely nothing to oppose the runaway spending. He was one of the biggest of the big spenders.
The last time the federal government had a budget surplus, Bill Clinton was president, so it was called "the Clinton surplus." But Republicans controlled the House of Representatives, where all spending bills originate, for the first time in 40 years. It was also the first budget surplus in more than a quarter of a century.