10 percent unemployment (much more in certain places), insane debt and still...MORE SPENDING - this time $1 BILLION...with a B. I wonder how many shovel ready jobs this will save or create? The administration obviously couldn't care less, since Michelle Obama is partying it up in Spain with 60 rooms reserved at The Hotel Villa Padierna (a Ritz Carlton hotel).

http://www.ritzcarlton.com/en/Properties/VillaPadierna/Default.htm

Michelle Obama Criticized as "Modern-day Marie Antoinette" Over Spain Vacation
http://www.cbsnews.com/8301-503544_162-20012789-503544.html

Bush added $6000 billion to the debt with nothing to show for it but two wars, 5000 dead and 50,000 seriously injured. I think the spending during this administration is in the right places.

"One way or the other, we are determined to deny Iraq the capacity to develop weapons of mass destruction and the missiles to deliver them. That is our bottom line."
- President Clinton, Feb. 4, 1998

"If Saddam rejects peace and we have to use force, our purpose is clear. We want to seriously diminish the threat posed by Iraq's weapons of mass destruction program."
- President Clinton, Feb. 17, 1998

"Iraq is a long way from [here], but what happens there matters a great deal here. For the risks that the leaders of a rogue state will use nuclear, chemical or biological weapons against us or our allies is the greatest security threat we face."
- Madeline Albright, Feb 18, 1998

"He will use those weapons of mass destruction again, as he has ten times since 1983." S
- Sandy Berger, Clinton National Security Adviser, Feb, 18, 1998

"[W]e urge you, after consulting with Congress, and consistent with the U.S. Constitution and laws, to take necessary actions (including, if appropriate, air and missile strikes on suspect Iraqi sites) to respond effectively to the threat posed by Iraq's refusal to end its weapons of mass destruction programs."
- Letter to President Clinton, signed by Sens. Carl Levin, Tom Daschle, John Kerry, and others Oct. 9, 1998

"Saddam Hussein has been engaged in the development of weapons of mass destruction technology which is a threat to countries in the region and he has made a mockery of the weapons inspection process."
- Rep. Nancy Pelosi (D, CA), Dec. 16, 1998

"Hussein has ... chosen to spend his money on building weapons of mass destruction and palaces for his cronies."
- Madeline Albright, Clinton Secretary of State, Nov. 10, 1999

"There is no doubt that ... Saddam Hussein has invigorated his weapons programs. Reports indicate that biological, chemical and nuclear programs continue apace and may be back to pre-Gulf War status. In addition, Saddam continues to redefine delivery systems and is doubtless using the cover of a licit missile program to develop longer-range missiles that will threaten the United States and our allies."
- Letter to President Bush, Signed by Sen. Bob Graham (D, FL,) and others, December 5, 2001

"We begin with the common belief that Saddam Hussein is a tyrant and a threat to the peace and stability of the region. He has ignored the mandated of the United Nations and is building weapons of mass destruction and the means of delivering them."
- Sen. Carl Levin (D, MI), Sept. 19, 2002

"We know that he has stored secret supplies of biological and chemical weapons throughout his country."
- Al Gore, Sept. 23, 2002

"Iraq's search for weapons of mass destruction has proven impossible to deter and we should assume that it will continue for as long as Saddam is in power."
- Al Gore, Sept. 23, 2002

"We have known for many years that Saddam Hussein is seeking and developing weapons of mass destruction."
- Sen. Ted Kennedy (D, MA), Sept. 27, 2002

"The last UN weapons inspectors left Iraq in October of 1998. We are confident that Saddam Hussein retains some stockpiles of chemical and biological weapons, and that he has since embarked on a crash course to build up his chemical and biological warfare capabilities. Intelligence reports indicate that he is seeking nuclear weapons..."
- Sen. Robert Byrd (D, WV), Oct. 3, 2002

"I will be voting to give the President of the United States the authority to use force-- if necessary-- to disarm Saddam Hussein because I believe that a deadly arsenal of weapons of mass destruction in his hands is a real and grave threat to our security."
- Sen. John F. Kerry (D, MA), Oct. 9, 2002

"There is unmistakable evidence that Saddam Hussein is working aggressively to develop nuclear weapons and will likely have nuclear weapons within the next five years ... We also should remember we have always underestimated the progress Saddam has made in development of weapons of mass destruction."
- Sen. Jay Rockefeller (D, WV), Oct 10, 2002

"He has systematically violated, over the course of the past 11 years, every significant UN resolution that has demanded that he disarm and destroy his chemical and biological weapons, and any nuclear capacity. This he has refused to do" Rep.
- Henry Waxman (D, CA), Oct. 10, 2002

"In the four years since the inspectors left, intelligence reports show that Saddam Hussein has worked to rebuild his chemical and biological weap ons stock, his missile delivery capability, and his nuclear program. He has also given aid, comfort, and sanctuary to terrorists, including al Qaeda members .. It is clear, however, that if left unchecked, Saddam Hussein will continue to increase his capacity to wage biological and chemical warfare, and will keep trying to develop nuclear weapons."
- Sen. Hillary Clinton (D, NY), Oct 10, 2002

"We are in possession of what I think to be compelling evidence that Saddam Hussein has, and has had for a number of years, a developing capacity for the production and storage of weapons of mass destruction."
- Sen. Bob Graham (D, FL), Dec. 8, 2002

"Without question, we need to disarm Saddam Hussein. He is a brutal, murderous dictator, leading an oppressive regime ... He presents a particularly grievous threat because he is so consistently prone to miscalculation ... And now he is miscalculating America's response to his continued deceit and his consistent grasp for weapons of mass destruction ... So the threat of Saddam Hussein with weapons of mass destruction is real ..."
- Sen. John F. Kerry (D, MA), Jan. 23. 2003

What They Said About Fan And Fred
http://online.wsj.com/article/NA_WSJ_PUB:SB122290574391296381.html#printMode

(Part I)

House Financial Services Committee hearing, Sept. 10, 2003:

Rep. Barney Frank (D., Mass.): I worry, frankly, that there's a tension here. The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disaster scenarios. . . .

Rep. Maxine Waters (D., Calif.), speaking to Housing and Urban Development Secretary Mel Martinez:

Secretary Martinez, if it ain't broke, why do you want to fix it? Have the GSEs [government-sponsored enterprises] ever missed their housing goals?

* * *
House Financial Services Committee hearing, Sept. 25, 2003:

Rep. Frank: I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing. . . .

* * *
House Financial Services Committee hearing, Sept. 25, 2003:

Rep. Gregory Meeks, (D., N.Y.): . . . I am just pissed off at Ofheo [Office of Federal Housing Enterprise Oversight] because if it wasn't for you I don't think that we would be here in the first place. And Freddie Mac, who on its own, you know, came out front and indicated it is wrong, and now the problem that we have and that we are faced with is maybe some individuals who wanted to do away with GSEs in the first place, you have given them an excuse to try to have this forum so that we can talk about it and maybe change the direction and the mission of what the GSEs had, which they have done a tremendous job. . .

Ofheo Director Armando Falcon Jr.: Congressman, Ofheo did not improperly apply accounting rules; Freddie Mac did. Ofheo did not try to manage earnings improperly; Freddie Mac did. So this isn't about the agency's engagement in improper conduct, it is about Freddie Mac. Let me just correct the record on that. . . . I have been asking for these additional authorities for four years now. I have been asking for additional resources, the independent appropriations assessment powers. This is not a matter of the agency engaging in any misconduct. . . .

Rep. Waters: However, I have sat through nearly a dozen hearings where, frankly, we were trying to fix something that wasn't broke. Housing is the economic engine of our economy, and in no community does this engine need to work more than in mine. With last week's hurricane and the drain on the economy from the war in Iraq, we should do no harm to these GSEs. We should be enhancing regulation, not making fundamental change.

Mr. Chairman, we do not have a crisis at Freddie Mac, and in particular at Fannie Mae, under the outstanding leadership of Mr. Frank Raines. Everything in the 1992 act has worked just fine. In fact, the GSEs have exceeded their housing goals. . . .

Rep. Frank: Let me ask [George] Gould and [Franklin] Raines on behalf of Freddie Mac and Fannie Mae, do you feel that over the past years you have been substantially under-regulated?

Mr. Raines?

Mr. Raines: No, sir.

Mr. Frank: Mr. Gould?

Mr. Gould: No, sir. . . .

Mr. Frank: OK. Then I am not entirely sure why we are here. . . .

Rep. Frank: I believe there has been more alarm raised about potential unsafety and unsoundness than, in fact, exists.

* * *

Ultimately our great recession can be traced back to the subprime loan policies encouraged via Fannie and Freddie, thanks to Chris "Countrywide" Dodd, Maxine Waters and Barney "Banking Queen" Frank. They should be in prison.