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Sept. 17, 2008 - Rush Limbaugh Program
37:23
September 17, 2008, Wednesday, Hour #2
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And greetings to you, thrill seekers, music lovers, conversationalist all across the fruited plain.
This is the award-winning.
Thrill-packed, ever exciting, increasingly popular, growing by leaps and bounds, Rush Limbaugh program on the one and only excellence in broadcasting network.
It is great to have you with us.
Here's our telephone number, and we're going to get the phone calls this hour.
I uh I I assure you of that.
800 282-2882 and the email address L. Rushbo at EIBNet.com.
Can I ask you people a question?
Whatever happened to Sarbanes Oxley.
Sarbains Oxley, all these new accounting rules.
All these new proofs that were required, the CEO to be held personally responsible in case there were shenanigans played on tax returns and corporate financial statements.
And we were told that Sarbane Zocks says, nah, it's not going to impact the private sector.
No, no, no, no, no.
It's only it's only going to fix Wall Street.
That was just a few years ago, folks, seven or eight years ago, after Enron.
So it's another example.
You let these guys get involved in the private sector, regulating it and fixing it, as though there's not enough government, and they will destroy it.
They destroyed the black family.
With their new great society programs and anti-poverty programs, the war on poverty and so forth, didn't fix any of this.
Liberals unchecked, in charge of citizen states.
Look at what happened in New Orleans before Critique Katrina.
Certainly what happened after Katrina was an indictment of a place run unchecked by liberals for 60 years.
Look at sad to say this the state of Michigan.
The one state in this country that is in a recession, and who's been running it for all these years?
Liberal Democrats.
And yet they say there's not enough of them.
There's not enough government running around to fix these things.
The federal government now.
Oh, oh, you gotta hear a soundbite.
Gotta hear a soundbite.
I promise the soundbite.
Here it is.
This is uh last night in Beverly Hills at his fundraiser, the Messiah, the most merciful Lord Barack Obama.
We may be passing on America to our children that is less prosperous, maybe meaner, uh more to Biden than the comfort we inherited from our parents.
This is what he means to say if he loses.
He said, We're mean now, but we're gonna be meaner if we don't elect the Messiah.
Now who's we?
We may be passing on an America to our children that's less prosperous.
It's a good question.
Who is we?
Who the hell is he talking about?
We may be passing on an America to our children that's less prosperous, maybe meaner, and more divided than the country we inherited from our parents.
You know, that is such hogwash anyway.
You know, at 57 years old, I've been paying attention to this stuff for nine since I was nine years old.
And it was just as vicious during the Reagan years, and it was just as vicious aimed at Nixon.
It was just as vicious aimed at George W. Bush.
And who were the meanies?
Who are the extremists?
Who are the people trying to destroy other people's lives?
We could ask Robert Bork about that.
We could ask Justice Thomas about it.
We could ask Sarah Palin about it.
We could ask uh Miguel uh uh uh Estrada.
I was gonna say Enchilada, Miguel Estrada, we could I was I knew I'm just having a middle block.
We could ask any number of people whose lives have been targeted for destruction, who did all that?
And then we could ask Democrat nominees for the Supreme Court or the federal courts, any Republicans trying to destroy your life.
Anyone on the Senate committee on the Republican side, the Judiciary Committee try to destroy your life, besmirch your character, it doesn't happen.
So who is this we, Obama?
Uh by the way, this is not the first time Obama's used this line.
And that two-minute ad, by the way, I don't even think those are Obama's words.
I think David Axelrod wrote that.
So we know what Axlerod thinks, not Obama.
And this thing, he says he was uh he was a West Palm Beach, March 26, 2007.
Last year, not this year.
We have to recognize that if we don't make some fundamental changes right now, that we could be the first generation in a very long time, it leaves an America Behind that is a little poorer and a little meaner than the one we inherited from our parents, and that's unacceptable.
Six hundred supporters and a fundraiser in West Palm Beach.
It's a stock line.
A little poorer, a little meaner.
Let's go back.
A montage of Senator Obama and his wife, Michelle Obama, on the trail.
They get better and they cling to guns or religion or antipathy towards people who aren't like them.
Barack knows that there's a hole in our soul.
I know my country is not perfected itself.
It's easier to hold on to your own stereotypes and misconceptions.
It makes you feel justified in your ignorance.
That's America.
We're confronting the history and stain of slavery in this country.
We're confronting those scars.
For the first time in my adult lifetime, I'm really proud of my country.
America is no longer what it could be, what it once was.
So Obama continues the theme at his Hollywood fundraiser, nine million dollars last night, ripping his own country, as he did in Berlin, as he has done throughout this campaign.
And by the way, this line from Michelle My Bell is just a rehash of Rosalind Carter in 1980 running against Ronaldo's Magnus.
Michelle Obama says it's easier to hold on to your own stereotypes and misconceptions.
It makes you feel justified in your ignorance.
That's America.
She said of Ronald Reagan, he makes Republicans feel comfortable with their prejudices.
So there's nothing new.
It's the standard narrative, the same old playbook.
Just rework the words a little bit.
Here's what's important.
We are on the verge, ladies and gentlemen, of becoming a socialist country.
The federal government now owns 80% of AIG.
My insurer.
That means that you are going to be propping up the outfit that insures me.
I'm going to be too, but so are you.
If you want to fix AIG, put the guy who built it back in there, Maurice Hank Greenberg.
Not to be confused with Hank Ace Greenberg, who ran Bear Stearns.
Where's that now, by the way?
We have a socialist retirement system.
We have a socialist health care system for the elderly.
We have automobile and aviation companies on the verge of bankruptcy or government ownership due to legislation or regulation and oil prices that could be half what they are if Congress got out of the way.
Look at me.
The problem with General Motors and Ford and Chrysler and domestic auto manufacturers is not that they don't know how to run their business.
They are all kicking butt internationally.
Ford General Motors are selling cars out the Wazoo internationally.
You know what they don't face?
The same kind of onerous regulation they have here.
You want to fix the Ford auto industry, the general local domestic auto industry.
Just get rid of the cafe standards.
The idea that people that run the auto companies do not know how to make cars that people want has been obscured by the fact that they've been forced to make cars fitting mandates offered by government.
People in government who've never built a car, have never designed a car, who've never marketed nor sold a car.
Just get the government out of their way, and then let them sink or swim on their own.
But how is it that all three of them are up the creek?
All three of them face the same onerous regulations.
And what about oil prices and the effect on the price of a car and the mileage and the kind of car you want?
Get Washington out of the way on that, not this phony bill that Nancy Pelosi ushered through the House.
We can drill everywhere there isn't oil now.
That's what this.
And you know why they had to usher this through?
Because they knew it was a losing issue for them.
We had them right between the eyes.
We had them right in the palm of their hands.
They were on the wrong side of this drill drill drill right here, right now, business.
So they usher through this stupid thing.
This is same the gang of ten, gang of sixteen, now gang of twenty in the Senate.
Oh, yeah, we're gonna allow drilling, we're gonna drill, drill, drill.
But it's got to be further than fifty miles offshore.
Most of the oil is closer than that.
So big oil has been told, go ahead and invest and drill where there isn't any oil.
Which they won't do.
We are on the verge Of becoming a socialist country.
This election puts the private sector directly at odds with the public sector.
And we are about to find out which will control the vast majority of jobs and wealth creation in this country.
Committed liberals socialists are in charge of both houses of Congress.
The media is pushing them over the finish line in November, trying to.
They are salivating at the chance to keep this ball rolling.
Jana Techniques, 1967.
Barack Obama is not just the most liberal senator in the country.
Barack Obama is a committed socialist, trained by Marxists like Saul Olinski, who bows at the feet of Jeremiah Wright.
Democrats don't have solutions, my friends.
All they have is blame.
All they have is complaints.
Most of their complaints, as the Barack's economic plan is, is a complaint about capitalism.
And you might well why do they hate capitalism?
Because they don't control it.
Capitalism is where you have more freedom and liberty and they don't have any control, that's why they don't like it.
They just have blame for Republicans and big business.
They have been targeted for slaughter.
They don't tell us what they're going to replace all these things with, but by connecting the dots, it's a no-brainer.
By the way, uh how is the state of Illinois being run by Obama, Daly, Durban, etc.?
Let's let's look at some things here.
Change Chicago style, a body count.
In the last six months, 292 people have been murdered in Chicago.
221 have died in Iraq.
Senators Obama and Durbin, Jesse Jackson Jr., Governor Rod Blagoyovich, House Leader Mike Madigan, Attorney General Lisa Madigan, a daughter of Mike Madigan, Mayor Richard Daly, son of Mayor Richard Daly.
Our leadership in Illinois, all Democrats.
Look at the murder rate.
It's a combat zone in Chicago.
Of course, they're all blaming each other.
Can't blame any Republicans in Chicago because there aren't any.
State Pension Fund, Illinois, $44 billion in debt, worst in the country.
Cook County Chicago sales tax, 10.25% highest in the country.
Look it up if you want.
Chicago school system, one of the worst in the country.
The students there just protested.
This is the political culture that Obama comes from in Illinois.
And he is going to fix Washington politics.
I mentioned Michigan.
Look at Michigan.
Liberals wreak havoc with everything they touch.
They wrecked the mortgage industry.
They're wrecking the oil industry.
They have wrecked our retirement and elderly health care systems.
They are hellbent on wrecking the rest of the health care industry.
And for good measure, they actively try to humiliate our military and see to it that they lose.
We are playing for keeps, folks.
This is not just another election.
Events have brought us to where the government has become so invested in the affairs of the private sector that the next president will determine if the private sector or the public sector is going to be calling the shots.
And Barack Obama is one of the people who could be making those decisions.
It's crunch time in the big city.
A quick timeout, ladies and gentlemen.
We will continue after this.
One more way of saying what I just said, ladies and gentlemen, and then we will get to the phones.
I know it's going against the grain to say this, but these entities, Lehman Brothers, AIG, what have you, they need to fail no matter how big they may be.
No matter the frantic and overblown predictions of economic demise.
We've had many investment banks go south.
We've had a whole lot of we had a whole savings and loan industry go south.
And we're here in more prosperity, isn't that Obama's so full of it on?
America's better today than it was yesterday.
It's going to be better tomorrow than it was today when he says America's not what it was.
Tell me when it was better, sir.
Even for you.
You, sir, got rich during the Bush years.
The Clintons got rich during the Bush years.
And you whine and moan about the Bushiers.
You couldn't even afford a riddle car in LA in 1996.
You got kicked out of the Democratic Convention because you couldn't get a credential.
It took George Bush getting elected in year 2000 for you to actually arrive and have some money.
That in meeting Tony Resco.
But it happened during the Bush years.
All these companies we're talking about here are international companies.
We're not only bailing out American investors and customers, but investors, investors and customers worldwide.
The issue here, I don't think is regulation.
The issue is the wrong kind of regulation, the wrong kind of regulating.
To say that any industry in this country is free of regulations utterly ignorant.
You cannot build an extension on your home without receiving an endless number of permits from local government.
Hell half the time you can't build a house where you want to build it, because you got to walk a tightrope and a minefield of environmentalist wacko regulations, stupid tax laws from your local community.
In some places, you even have to get permission for the color of your house you're going to paint.
Some places you have to permit you have to submit plans for the interior decorations that you are going to have.
In some places, don't you dare fly an American flag.
And certain times of the year, don't you dare turn your lights on in your backyard because some turtles might head in the wrong direction.
Even when the turtles aren't there for three months, you can't turn your lights on in certain places in this country.
We are so overregulated, it's absurd.
And now they want even more regulation, not just more regulation, they want to run the outfits they have been regulating.
Unfortunately, liberals are demanding more and more low interest loans for college, more great sounding populist interference with market forces, all the while talking about we got to get tuitions down, but they'll never do that.
We never hear about the corrupt big university, big education.
They're ripping people off left and right, not only how they're not educating them, but what they're charging them not to be educated.
The liberals whine and moan about the high cost of tuition, but never do a damn thing about it because it's their buddies running the schools.
Part of the old boys' network, and they're going to continue to make sure those old boys get paid well.
The instructors, the professors, university presidents, and so forth.
Companies have to fail so that more capital doesn't follow bad capital, and more risk doesn't follow already bad decisions.
One of the reasons all this happened was that there was no risk.
Or there was thought to be no risk.
Government's going to bail everybody out here, thought these people, and so there was no responsibility.
The whole concept of risk was lessened considerably.
And when you go into a risky situation thinking there isn't any, then what's to stop you?
If you know on the back end that somebody's going to bail you out, then why even run the place responsibly?
Why not just bleed it dry?
Franklin Rains, Fannie Mae, hundred million bucks, now Obama's economic advisor.
Government has got to recede from the market.
Government must stop the imposition of political decisions in lieu of sound market decisions.
A lot of people have gotten very rich in all this and see that's dirty little secret.
Franklin Reigns, 100 million dollars in like seven years.
Running Fannie Mae into the ground, former Clinton administration official, now an Obama economic advisor.
As we sit here today, this is not American capitalism what you're watching as we sit here today, more and more areas of the economy are essentially being nationalized.
The government is taking over the responsibility for more and more of these businesses.
And I'll tell you, the auto companies, they're asking, they're knocking on the door.
The airline industry, they're gonna be next.
The sad thing is executives at these places might welcome all of this.
Get rid of the responsibility they have, they think.
This is the same government, though.
Keep this in mind, my good friends.
This is the same government that has imposed trillions and trillions of dollars in debt on our society through irresponsible and unsound entitlement programs, has no intention of stopping, and as I say, while they ran your mortgage industry into the ground while they sat by and watched because of their own actions the value of your house plummet, they attack big oil as corrupt.
They attack Walmart.
They attack big insurance.
They attack big fast food.
They attack big trans fat.
They attack big pharma.
Their enemies list is the private sector of this country where you work.
Their enemy, all of their enemies are your employers.
You have it.
You can see side by side, A B comparison.
Government runs mortgages, what happens?
Government gets in charge and runs health care.
What happens?
Government gets in charge, fixes poverty.
Great society.
What happens?
Affirmative action, feminism.
You talk about creating a meaner America.
It's liberal policies that pit groups of Americans against one another on purpose.
There needs to be a cleansing of this process at some point, folks.
Either we take control of events and address them now, or events will take control with disastrous consequences, if not for us, surely the next generation or two.
And all those people making these decisions today, the members of Congress and all that will be long gone, but your kids and grandkids will not.
Now the uh the latest daily tracking poll from Gallup has Obama back up by two forty seven forty-five.
This economy stuff works for him in the short run.
And it's it's about what's happening on Wall Street.
This I said this yesterday.
This this is just is it's a sitting duck issue for McCain and Palin to head down the path of blaming the Democrats for this.
You know, we can back them up on this, but they're gonna have to do it themselves.
The campaign is gonna have to get out there and start firing something other than blanks on this and stop worrying about offending Democrats.
The Democrats are the opponent in this whole thing, and we've got to we we uh McCain's out of a cotton pick in mind if he doesn't make this whole damn thing about Fannie Mae and Freddie Mac.
It's a sitting duck issue for him.
He doesn't need to go out and join the chorus and beat up on Wall Street and talk about investor greed and so forth.
Most Americans are investors.
And most Americans don't consider themselves greedy.
Obama's standing right there guilty up to his eyeballs in all of this.
I'll tell you, I d this this is the narrative is just waiting to be shaped out there as a singular campaign issue.
All right, people have been waiting patiently.
I want to go to the phones.
Uh, we'll start in Temecula, California says, Andy, nice to have you on the program, sir.
Hello.
Hi, Megadiddo's Rush, long time listener.
Thank you, sir.
Wanted to illustrate your brilliance today, having been in the lending industry for many, many years, and the fact that you're right, government is has been the problem.
In the late nineties, Fannie uh was given charge because the administration at the time wanted to expand home ownership to everyone.
And I acquired assets for large banks, and we did not do what's called conforming or Fannie Mae type product, but Fannie Mae was extending its portfolio and creeping into areas that we had traditionally bought.
We had higher yields, higher risk, and we're acquiring that.
And all of a sudden Fannie Mae was creeping into it, and it became a word in the industry.
Fannie may creep.
And those portfolios expanded.
The only way that the private groups and their securities could make any money was to expand the risk of their criteria given the yields.
And they're not to try and make it too technical.
The key is with the expanding portfolio characteristics of FANI, the private groups having to expand theirs, it created a very unrealistic and unsustainable demand.
Thus values went through the roof unrealistically.
Now they're coming back down to where they should have been in the first place.
Now, as part of the reason for that the money got so got to become so cheap.
I'm sorry?
Is part of the reason it just skyrocketed and had all these different leverages was that money was basically cheap to borrow?
Money was cheap.
The The yield spread that the guys on the street with the rating agencies could show was was worthwhile.
But as soon as the yield curve flattened when when the when the Fed raised rates, then it became uninteresting for the private securitizers.
I mean, the Fannie and Freddie have all the ability to securitize what they want because of the government backing.
The other guys found it not worthwhile to do anymore because the yield curve had gone flat.
At that point, appreciation did not drop.
It simply stopped.
But everyone was so highly leveraged in their homes that then they could not refinance, and then the snowball started coming back down.
Exactly.
And while all this is going on, Fannie Mae and Freddie Mack are doling out campaign contributions out the wazoo to who?
Democrats.
At the top of the list, Christopher Dodd.
Number two on the list, Barack Hussein, Obama.
I mean, this thing has been a little playground for Democrats in Congress for the express purpose of doling out money to their friends, fellow politicians, interest groups, and so forth.
It got to the point where you know being involved in the mortgage industry was a sidelight to the real purpose of all this.
Fast Dave, by the way, I want to go back here.
Thanks, uh, Andy for the phone call too.
Obama's two-minute ad is uh is uh presidential uh address to the nation.
He says here, let me find it to do to do something about Iraq.
Well, he's saying we need to do...
Uh well, no, I'm just hang on, I'm trying to read it too fast, and I'm skipping over it here.
We need a responsible end to the war in Iraq, he said, we need to stop spending oh yeah, here we is.
Bring a responsible end to the war in Iraq so we stop spending billions each month rebuilding their country when we should be rebuilding ours.
I have here, I'm holding it in my formerly nicotine-stained finger.
A piece from the uh for the weekly standard today, written by one of my favorite uh writers, Frederick W. Kagan.
And it was uh published uh yesterday.
This morning I had the honor of testifying before the House Budget Committee on the situation in Iraq.
The situation, the discussion was polite and civilized, was a reminder that even now it's possible for people who disagree about what to do in Iraq to argue without raised voices and disagreeable language apart from the code pink women yelling for those who think that shouting opponents down is preferable to arguing with them.
Congressman Brian Baird once again demonstrated it is possible, even for those who bitterly oppose the war, to recognize the importance of doing the right thing now, as well as the possibility of crossing the Republican Democrat sectarian divide on the issue.
One question came up repeatedly in the hearing that deserves more of an answer than it got, however.
Why?
This was the question in the hearing that Fred Kagan attended.
Why, after all the assistance we've given to Iraq over the past five years was the first major Iraqi oil deal signed with the ChICOMs and not with an American or even a Western company.
The answer is in part because three Democrat senators intervened in Iraqi domestic politics earlier this year to prevent Iraq from signing short-term agreements with Exxon Mobil, Shell, Total, Chevron, and BP.
The Iraqi government was poised to sign no bid contracts with those firms this summer to help make immediate and needed improvements in Iraq's oil infrastructure.
The result would have been significant foreign investment in Iraq, an expansion of Iraqi government revenues, and an increase in the global supply of oil.
One would have thought that leading Democrat senators, who claim to be interested in finding other sources of funding to replace American dollars in Iraq, helping Iraq spend its own money on its own people, as Obama says in his stupid ad, I'm sorry.
*sniff*
Would have all been for this.
Let Western or domestic oil companies get the first contracts on Iraqi oil instead.
Senators Chuck Schumer, John Kerry, Claire McCaskill wrote a letter to Secretary of State Rice asking her to persuade The government of Iraq to refrain from signing contracts with multinational oil companies until a hydrocarbon law is in effect in Iraq.
The Bush administration wisely refused to do so, but the resulting media hurrah in Iraq led to the cancellation of the contracts, and this helps to explain why Iraq is doing oil deals instead with China.
Either way, like Barack Obama's asking the Iraqi foreign minister to hold off on a strategic framework agreement until after the American election, it was nothing but harmful to American interest and our prospects in Iraq for these three senators to scrub the original Iraqi oil deal with Exxon Mobil, Shell, Chevron, and BP.
Do you remember hearing about this?
I do I w I remember uh when the news hit that the first Iraqi oil deal was with the Chicoms.
I blew gasket privately when I saw, what the hell is this?
I said, what's the Bush administration doing?
I had no idea these three senators had written Condi Rice and said, don't let him do this without having a hydrocarbon law, carbon, whatever it was.
So again, Chuck Schumer, John Kerry, Claire McCastlow wrote a letter to Rice asking her to persuade the government of Iraq to refrain from signing contracts with multinational oil companies until a hydrocarbon law is in effect in Iraq.
The Bush didn't do it, but then the media got into gear on this, and the pressure brought to bear the uh the Iraqis said, look, we we got enough trouble here.
We'll just forget these guys and we'll move on with the Chicoms.
They're just service contracts.
I mean, they're they're just service.
It was these contracts designed to modernize and and rebuild the uh infrastructure, the infrastructure of oil, and here's Obama out talking how we need a responsible exit, and we need to find ways for the Iraqi government to start paying us back.
And all because three senators had to impose some stupid wacko environmental restriction on them.
The Iraqis said the hell with it.
This is Frederick W. Kagan today in the Weekly Standard.
We'll take a brief time out, be right back after this.
Tell me something, folks.
I know these are rhetorical questions, but I want to ask them anyway.
In his nearly four years in the Senate, with a total of 143 working days in the Senate, did Barack Obama propose anything at all to deal with uh Fannie Mae and Freddie Mack.
Let's get beyond a fluff here, and let's put it to this phony.
Did he lift a finger to address what so many others saw as a huge and looming problem?
McCain saw it.
McCain supported some legislation on it.
All this crap.
Sorry, but that's what it is.
All this crap about reform and change.
What the hell did Obama do?
He says he has experience.
He says we should not put down his experience to do so as racist.
He says his experience in ways others are not.
Okay.
143 working days in the Senate.
What did he do about this?
Zilch, zero, nutda.
He tells us what he's going to do now, and he's pointing a finger of blame at everybody but his circle of political hacks.
The people who are responsible for this.
I will tell you what Obama did during his 143 days in the Senate while all this was bubbling up and all of the House of Cards is about to crumble.
I'll tell you exactly what Obama did.
He took money from Freddie Mac.
He took contributions from Fetty Mac and Fannie Mae.
He spent his entire time in the Senate planning his run for president, taking money out of these institutions.
He is a do-nothing left-wing, self-absorbed man child being passed off as some sort of savior, messiah, anointed one.
And it's all a full-fledged crock.
All right, back to the phones now.
Gene in um Morongo Valley, California.
Great to have you on the program.
Hi.
Hi, Rush.
Megaddo.
Thank you.
Longtime listener, first-time caller.
Great to have you here.
I am livid.
All this crap.
I got a hold of Ronnie Frank the other day.
When this Fannie Mae Freddy Mac thing came out, where these people rocked off with all this money in their pockets?
Yeah, yeah, yeah.
And anyway, he started yelling at me when I started to question him.
He raised it.
Wait a minute.
You actually got through.
I got true to Barney Frank Frank.
Well, what did you say to him?
He I upset him when I asked him, what you what were you doing when all this is going on?
Aren't you on the regulatory committee?
And he said he raised his voice.
I said, whoa, whoa, whoa, back off.
I called you.
I want some answers.
And they saw the high.
Wait a minute.
You mean you mean he started yelling at you?
Oh, yeah.
He raised his voice about four options.
Well, you know, Barney's one of his elitists.
He is a smart guy, but he thinks you're stupid while he's.
Oh, of course.
Of course.
Anyway, he said they were going to see what they could do about it.
Ain't that something else?
Gonna see what they could do.
But well, we've seen what they've taken over now.
Well, I'm telling you, I don't know why there aren't people marching in the streets on the way to Washington.
Well, the ones that would march are busy working.
The ones uh the in this case, the ones that would usually march are not upset with this.
The government's taking over, and that's exactly what socialism is.
Unbelievable.
I cannot believe that people can be so damn stupid, excuse me, so stupid, to believe this crap that he's had it not.
Well, look, listen, this is a battle we face out there, Gene.
We've had 50 years of the of of people being told the government's the saber, the salvation, the government will fix what's wrong, and despite the evidence that government screws it all up, people want the government to do it again.
It's the age-old battle.
It's okay to get mad, get fired up, but understand that this is a battle has to be fought every day because ignorance is easy.
Intelligence is tough.
Ignorance is very easy.
It's the most expensive commodity we've got.
And being informed and using your brain is a tough thing to do.
A lot of people don't like to do it.
Except when they're, you know, watching Captain Planet.
The uh Wall Street Journal today has an interesting column called Barney's Rubble.
And it it what what they point out uh is that Barney Frank intended that he favored very strong reform of Fannie Mae and Freddie Mac, even before the Democrats took over Congress in uh 2007.
To adapt a famous phrase, this depends on what the meaning of reform is.
Frank did support a bill that he and others on Capitol Hill described as reform, but on the threshold reform issue, limiting the size of the portfolios and mortgage back securities that the two companies can hold, uh, he was an opponent.
He was not for reform.
He wanted to increase the size of Fannie Mae and Freddie Mac right up until a bailout.
And for him, for Barney, it's all about affordable housing.
What was that bailout?
$200 billion?
Affordable housing for who?
Affordable housing is nothing more than code words.
And by the way, how can it be a code when we know the code?
But it's still a code.
We know the code.
We know the liberal code.
Affordable housing means government-paid housing.
Welfare state homes, affordable housing is welfare state homes.
What was Fannie Mae doing?
Basically giving people houses that they couldn't pay for the mortgages.
It's exactly what affordable housing is when liberal constituents get a house for nothing and don't have to pay it back when they can't pay it back.
Barney's rubble.
Developers get paid to, of course, a developer every everybody gets paid in this.
Taxpayer has to pay to keep constituent Democrats in their houses that they didn't have to pay for.
That's affordable housing.
Got an email last night, Dear Rush.
It's him a guy named Doug.
Well, how much of this later?
Doug Fiedler.
He said, Carbonite is terrific.
My hard drive crashed on Thursday from a Trojan horse virus.
New hard drive came on Monday.
Carbonite reinstalled Tuesday.
I'm back up and running seamlessly.
I love it.
Thank you for telling me about It.
Doug Fiedler here proves what I contend.
You have a computer, especially a PC.
Especially a PC.
Your hard drive is going to crash or it's going to get infected with a countless number of viruses out there.
And if you're a computer novice and you don't do backups, you don't understand why to do backups, you don't understand it, don't have to understand it.
Just log on to Carbonite.com.
You can back up.
It's private, it's secure, password protected, all that back up all of your data, your pictures, whatever important emails and other documents that you have that you've put on your computer, back them up offline on the Carbonite servers.
And then when your PC crashes, it will, or when it gets infected by a virus.
You just go back online with your gut your new hard drive and download what's what's uh what you backed up, and it's like you were never without your computer.
They have uh backed up over 11 billion files.
So you go to Carbonite.com, use the offer code rush, find out how it works, a risk-free attempt to try this here at Carbonite.com.
Don't even need to give them a credit card.
Carbonite.com offer code rush.
Special goodies await you there.
Two hours down on the fastest three hours in media.
And we have uh one more coming up.
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