Playing You to the Bitter End

October 27, 2010 10:10

No one so close to the radical left front group ACORN as President Obama was should ever have been allowed anywhere near any federal office, let alone the presidency of the United States.

By at American Spectator


Despite Bush’s “failed economic policies of the past,” the economy continued to grow for another 73 months. After the rate cuts were all fully implemented in 2003, the economy created 7.8 million new jobs and the unemployment rate fell from over 6% to 4.4%. In response to the rate cuts, business investment spending, which had declined for nine straight quarters, reversed and increased 6.7% per quarter. That is where the jobs came from. Manufacturing output soared to its highest level in 20 years. The stock market revived, creating almost $7 trillion in new shareholder wealth. From 2003 to 2007, the S&P 500 almost doubled.

What President Obama is treating us to is effectively a historical reenactment of the 1970s, if not the 1930s, so we can all see first hand how those economic tragedies happened. All the more so now that Bernanke has embraced the monetary policy fallacies of the 1970s in trying to use inflation to stimulate economic recovery.

What these numbers are telling us is that it is Obama’s own supporters who are suffering the most. Unemployment among African Americans has been at Depression levels for a year, with the September rate at 16.1%. Hispanics are suffering almost as much with over a year of double digit unemployment at 12.4% in September.

Are Republicans responsible for Barney Frank’s decision to “roll the dice some more” with federal “affordable housing” policies? Are Republicans responsible for President Clinton’s subprime mortgage bubble up Fannie Mae and Freddie Mac? Are Republicans responsible for Janet Reno’s discrimination lawsuits against banks that would not provide mortgages to people who could not afford them? Are Republicans responsible for ACORN’s extortion of banks for billions in low income housing loans?


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