January 3rd 2007 was the day the Democrats took over the US House of Representatives and the US Senate at the start of the 110th Congress. This marked the first time that the Democratic Party controlled a majority in both chambers since the end of the 103rd Congress in 1995.
For those who are listening to the fallacy that everything today is “Bush’s Fault”, think about this:
On January 3rd, 2007, the day the Democrats took over the Senate and the Congress:
The DOW Jones closed at 12,621.77
The GDP for the previous quarter was 3.5%
The unemployment rate was 4.6%
The US deficit was below historic norms as a % of GDP
The USA, based on George W. Bush’s economic policies, had just SET A RECORD of 52 STRAIGHT MONTHS of JOB CREATION!
Then on January 3rd, 2007 Barney Frank took over the House Financial Services Committee and Chris Dodd took over the Senate Banking Committee.
15 months later we experienced a meltdown of US BANKING AND FINANCIAL SERVICES!!!
PS: from 2001 through 2008, George W Bush asked Congress 17 times to increase regulations on Fannie & Freddie – stating current policies with regard to both were financially risky for the US economy.
PPS: Republicans have controlled the Senate for all the increases to employment over the last 18 years (23 million new jobs). Democrats have controlled the Senate for all the decreases to employment over the last 18 years. Democrats have controlled the entire Congress for the last 4 years (loss of 7 million jobs).
