Monday, September 27, 2010
Ladies and Gentlemen of the Jury....
Let me set the record straight. You have heard a lengthy summation from my esteemed colleagues concerning their roll in this crime. However, let me remind you of the facts before you retire to deliberate.
Since taking over the White House, and both houses of Congress on January 22, 2009 the Democrats would have you believe they inherited a big mess from George W. Bush and the Republicans. But, I would remind you that they have left out a few important facts.
First, it was actually January 3, 2007 when the Democrats took over the House of Representatives and the Senate. It was the start of the 110th Congress. This was the first time the Democrat Party controlled a majority in both chambers since the end of the 103rd Congress in 1995.
So, what did these spin doctors actually inherit in January of 2007?
On this date, the DOW Jones closed at 12,621.77.
The GDP for the previous quarter was 3.5%.
The unemployment rate was 4.6%.
On this date Barney Frank took over the House Financial Services Committee, and Chris Dodd took over the Senate Banking Committee. Fifteen months later we had a meltdown in our Banking and Financial Services.
This Democrat led Congress ruined a strong economy by dumping from five to six trillion dollars of toxic loans on the economy from Fannie Mae and Freddie Mac.
George W. Bush asked Congress seventeen (17) times to stop Fannie and Freddie starting in 2001 because they were too financially risky for the U. S. economy.
Who was fighting these reform efforts? Barack Hussein Obama, and the Democrat members of Congress.
Now that you have all the facts, I think you will be able to properly assess blame in this case.
The Defense rests your honor.
A lot of people mistake a short memory for a clear conscience.
- Doug Larson