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Sept. 18, 2008 - Rush Limbaugh Program
36:36
September 18, 2008, Thursday, Hour #1
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Welcome to today's edition of the Rush 24-7 podcast.
Is this not juicy?
Folks, so much is being revealed right before our very eyes.
Here we are in the midst of what I think is actually going to be a tremendous buying opportunity on Wall Street, being portrayed as a financial crisis.
And Dingy Harry says, nothing we can do.
Never seen anything like this before.
And they're getting out of town.
Congress is leaving town.
They don't want to deal with this in any way, shape, manner, or form.
And why would they?
They caused it.
They led to this.
And then we got Joe Biden back on the gaff trail paying higher taxes is patriotic.
If you're wealthy, paying higher taxes is patriotic.
He's talking to some city council members.
You know what?
I was a city councilman once.
And then I got elected to the Senate.
Let me tell you something.
Your job is harder than mine.
And then, of course, Obama, folks, is showing who he really is.
The community organizer, the street agitator, the Chicago thug, clear the playing field is finally being done.
It's on display for everybody to see.
Sarah Palin's emails, personal emails have been hacked, no doubt by Obama thugs.
They dropped 30 people up there in Alaska trying to dig up dirt on her.
Now they got some thugs that found her personal email address.
And the reaction to this is stunning.
The drive-bys are not upset about this at all.
In fact, ABC, get this headline.
Palin's email habits echo worst practices of Bush administration.
Expert says.
So we have the vice presidential candidate on the Republican ticket's personal email is hacked.
They post screenshots on the internet of her personal emails.
She's now being criticized for using a personal account to conduct state business.
This is why, by the way, presidents and vice presidents do not use email, be it personal or business.
And now we've got people coming around saying that she just seems irresponsible here in the way she is, though the hackers have uncovered some fraud on her part.
Do we live in a sick era or what?
And then, of course, there's good old Josh Howard, Obama's supporter, Dallas Mavericks, an African-American.
This is July of this year at Alan Iverson's charity football game.
Dallas Mavericks forward Josh Howard.
What he said was Star Spangled Banner is going on right now.
I don't even...
I don't even celebrate that bleep because I'm black.
God blank national anthem.
And then the unidentified male voice at the end of the call says Obama 08.
And Howard says Obama and all that blank.
Did not leave out.
Well, they left out the Obama part of the news story.
Well, play the audio soundbite again.
Now that you know, now that you know, and you've heard me read the transcript, listen to this again.
It's a phone call.
It's a cell phone, cheap cell phone, by the way, which starts out with a woman singing a national anthem at a charity football game Allen Iverson's putting on.
There you heard it.
Did you hear it?
Obama 08.
So here's an Obama supporter.
Another one, in addition to Reverend Jeremiah Wright saying, God blank America.
This man has become wealthy in this country.
Josh Howard has.
So we have, and by the way, it's not just black athletes.
There's certain black singers who are refusing to sing the national anthem at black events.
They're singing the black national anthem, whatever that is.
So, what's happened here, folks, is damn panic has set in on the Obama side.
I've got a piece here by Howard Feynman, and we've had these pieces all week long of his supporters.
You got to get tough out there.
You're too cool.
You're too laid back.
You got to start firing back.
And he is.
He's lying about people in television ads.
He is dredging up and he is fomenting racism.
He is behaving like a segregationist from the 1950s.
Barack Obama is a disgrace.
So much for all this post-racial, post-partisan change future mantra.
So much for the Messiah, the one who's going to lower the levels of the sea.
He is nothing more than a Chicago thug street organizer in the mode of Saul Alinsky.
And by the way, Saul Alinsky's kid works for public television in Boston and wrote an op-ed congratulating Obama on executing Alinsky tactics to the T. Said it was great honor to his father.
Yeah, I had it in yesterday's stack.
And now let me tell you what happened here.
After Sarah Palin was chosen and Obama started dropping in the polls, he and his hacks got together and they said, Look, we got to do whatever we have to do, unleash whatever we have to unleash, say whatever we have to say, crush whomever we have to crush.
This is war.
Take no enemies.
Do it now because Obama, the bloom is off your rose.
People do not see you the way you want them to see you.
They don't see you the way they saw you six months ago.
And so we're back to barroom politics here.
Forget that you're going to be called a hypocrite.
Doesn't matter.
People won't remember.
We're going to so distract them by attacking them that you'll get away with it.
Obama has been running commercials, get this in Northern Virginia, saying that McCain wants to overturn Roe versus Wade.
And the ad says which would prevent women from getting abortions.
Now, the truth is that if that ever happened, it would mean that the states would decide the issue, or even Congress for that matter.
Reversing Roe versus Wade would not end abortions, to my great disappointment.
But nevertheless, that's the case.
Now, this guy is supposed to be a constitutional scholar.
Don't forget his resume.
Constitutional scholar.
He taught law.
He was head of the Harvard Law Review.
So you'd think he would know this.
And of course, he does know this, but he's a pathological liar.
He is a schemer.
He is a street agitator.
He doesn't want to persuade people to agree with him.
He doesn't want to even try to tell them why they should elect him.
And he's making a mistake about this because this election is going to be a referendum about him.
This is not going to be an up or down on McCain.
It's going to be a referendum on Obama.
And the more he continues to attack McCain and Palin, the more damage he is doing to himself.
I got a story from a North Carolina website yesterday.
They've run some numbers there just for North Carolina.
And they have concluded that if given Obama's going to get all the black vote, and by the way, that's, of course, not racist.
All the black vote going to the black guy.
That's not racist.
No, we should expect that.
I mean, if all the white vote went to a white candidate, that would be racist, right?
Anyway, they've run the numbers and they have discovered if he gets, this is his North Carolina, but you might be able to extrapolate this to the nation at large.
They have discovered out there that if he gets all the black vote, which he will, he's going to need 36% of the white vote to win North Carolina, given turnout projections and this sort of thing.
36% of the white vote in order to win in North Carolina.
And they run the numbers, and right now he's not even near 30 in North Carolina.
So let's recap here.
He's running ads in Hispanic communities that are full of lies in hoping of inflaming racial hatred.
This is exactly what he's doing, and it's really cheap, and it's low down to run them in Spanish.
It is an insult to Hispanics who live in this country.
He is running ads in the South, highlighting the white side of his family in hopes of using race to connect with those voters.
He's running ads in other parts of the country lying about abortion in hopes of gaining support with certain women.
He is also lying about his role in pushing for financial reforms.
And he's also lying about his role in the stimulus package, claiming it was his bill when he wasn't even there to vote on it.
In addition, he's just a fraud.
Barack Obama is a fraud.
He is using commercials.
He is using media.
And he is using his own speeches to promote a hoax.
Did you see, by the way, the New York Times announced that in August revenues from continuing operations decreased another 8.8%?
What's next?
We're going to bail out the New York Times.
And by the way, we're not talking about this financial mess, folks.
It's going to be integrated as all part of the program today.
But I just want to tell you this: if some group had hacked into Obama's or Biden's private email account and those of their family members, I'm just guessing here.
I'm just guessing.
But I think the reaction would be a full-throated outrage.
There would be congressional hearings.
The Democrats would be having cows and other animals.
They would be all over the place in anger and outrage.
And what are we getting?
Palin's email habits echo worst practices of Bush administration, say expert.
So you go out, ABC picks some liberal hack, calls him an expert, and runs this garbage about her hacked emails.
And one other thing about this ad featuring me, which a couple of pieces in the drive-by media have been awesome on this.
Jake Tapper at ABC nuked it, so did Jonathan Martin at the Politico.
But the thing about this ad, aside from taking me out of context and lying about him, and I've been in a rough and tumble of politics in a long time, I understand that.
But this, you know, this using these kind of lies, and they know they knew they had to see the whole transcripts here.
They knew they were taking this out of context.
They are insulting the intelligence of Hispanics.
But the ad's also going to run in Florida, by the way, as well as New Mexico, Colorado, and Nevada, I believe.
In fact, Obama's going to be in New Mexico this afternoon making a speech.
But what's really insulting about this is that he links me with McCain.
You know, everybody knows, even in the drive-bys, everybody knows I am not a huge fan of Senator McCain.
And when it comes to amnesty and comprehensive immigration reform, Senator McCain are not even in the same room, much less on the same page.
And yet they run this ad claiming to associate me with McCain.
Now, the drive-bys don't question that.
They promote it.
But at the same time, the drive-bys are not interested in Obama's relationships with Jeremiah Wright, William Ayers, the freak father of Flager, and of course, Bernadine, Bernard, yeah, Bernadine Dort.
It's just, it's all unfolding before our very eyes.
The genuine, mean, spirited, extreme radicalism of Barack Obama.
And by the way, may I ask another question?
I keep seeing Sarah Palin all over television.
I see Cindy McCain all over television.
I mean, there's Sarah Palin right now in Cedar Rapids, Iowa.
Anybody seen Michelle Mybelle Obama lately?
Is anybody seen watching the kids?
Right.
She's watching the kids.
Why is she not in public?
Why is she not running around with Obama?
Why is she not?
What's the problem here?
What are they trying to hide?
This whole campaign is one of deception, deceit, and fraud.
I love it.
I absolutely love it.
This guy is unqualified.
He is not a presidential candidate.
He is a presidential operative.
They found somebody from an opposition research war room, and they made him the candidate.
We'll be back after a bit.
Hi, welcome back.
Rush Limbaugh here on the cutting edge of societal evolution.
Once again, a focal point in a presidential campaign.
Now, this is interesting, too.
I got a couple of emails, say, just two, in the Rush 24-7 account today saying, Rush, please, we know the truth about this ad with you and Obama and McCain of the Southwest.
Don't waste your time on this.
Don't let them distract you.
You've got to keep hammering this financial thing.
You've got to keep hammering this.
Don't let them just, they're just trying to distract you with this.
And I thought about this and I said, either these two people are Obama's supporters that have gotten in or they're being too smart by half because you want to keep getting the message, this is an election.
The referendum is going to be up or down on Barack Obama, and he's telling us who he is now.
And I have to tell you, this ad, it's disappeared from the major dailies.
The only place I can find any reference to it that doesn't correct it is an AP story, not surprisingly an AP story, in the San Francisco Chronicle.
But I just, I do have a few things to say about this because this ad, you know, look at, I understand the rough and tumble of politics.
I've been around a few decades.
I've been the target of my share of stuff.
This isn't just about me.
This is an attack on you and tens of millions of other Americans who dare to legitimately and civilly raise objections to illegal immigration.
This is a pandering ad insulting the intelligence of Hispanics living in Florida, New Mexico, Nevada, and Colorado.
Is that right?
I think those are the four states.
Yeah, and it's cheap that it's done in the Spanish language.
I'm sure Obama thought this would be under the radar and that nobody would ever hear about it and he'd get away with it.
But this is something that goes far beyond me.
This is an insult to a whole lot of people.
Obama is lying to Hispanics.
He is treating Hispanics with disrespect.
He's assuming they're not bright enough to know or to learn the truth.
The truth is that Barack Obama is not a unifier.
He is not somebody that, I mean, what happened?
We just had this two-minute ad yesterday in which he decried the old partisan politics of the past.
And he said, we've got to move beyond that.
People don't want that.
What's he doing?
He is getting into the partisan politics of the past right out of the Democrat Party and leftist drive-by media playbook.
So he says one thing in public is cool hand Luke and so forth.
And they swoon.
And down in the trenches, it's the community agitator Saul Alinsky trained Barack Obama trying to manipulate Hispanics as he has manipulated blacks.
He has manipulated whites.
He manipulated the middle class.
He doesn't try to persuade people to agree with him.
He doesn't try to persuade people and uplift people anymore.
No, no, this is about search and destroy.
What kind of presidential candidate would have such contempt for his fellow citizens?
What kind of presidential candidate would have such contempt for the Hispanic community that he would target them with lies because he thinks they'll be too ignorant to learn or understand the truth?
The fact is, he can't stand for them.
He can't run the risk that they will learn the truth.
They have to be lied to, just as you have to be lied to.
Liberalism is a lie.
The only way liberalism can prosper is if it gets away with its lies.
It has gotten away with lies in this financial mess.
It's gotten away with lies in Fannie Mae and Freddie Mac.
It's gotten away with lies in a great society.
Liberalism is a continuing, ongoing lie.
They mask it well sometimes.
Other times they blow it.
In this case, Obama has blown it.
It is obvious that this ad is a full-fledged, 100% lie because he thinks the very people he wants to represent are too stupid and too ignorant to learn or understand the truth.
Now, what kind of legitimate presidential candidate disrespects people this way?
What kind of presidential candidate spends millions in Spanish language ads trying to manipulate people, to upset them, to anger them for the sole purpose of trying to seize their votes?
These, you've heard the name Saul Olinski, and you've heard all this being banded up.
These, if you don't know who Saul Olinski is and you're still confused, you're watching Saul Olinski if you pay attention to Barack Obama.
To take part of a comment such as mine completely out of context knowingly, then to insert it into an ad to completely misstate its meaning and context.
And to do so for the purpose of inflaming racial hatred.
This is what Obama is doing.
He wants the audience in these four states that hear this ad to end up hating Senator McCain.
All this in the hopes of gaining votes.
This is as low and loathsome as it gets.
Barack Obama is stoking racism in this country.
There can't be any legitimate disagreement of views.
There is no other side.
The other side just has to be gotten away with, gotten rid of.
He is a disgrace.
Barack Obama wants the public to think he's Mr. Nice Guy.
Soft-spoken, erudite, a new kind of politician, new, fresh, unique, uniter, uniter.
He's going to come around and he's going to just wave his hand and all of these partisan feelings of rancor are going to vanish.
He is inciting partisan feelings of rancor.
He is inciting hatred.
He is inciting racism.
He is using every tactic he can to make people as mad as he can make them, all for the purpose of manipulating them for their support.
He's Mr. Nice Guy.
While his thugs are in Alaska looking for dirt on Sarah Palin, hacking into her personal email account, while he runs race-baiting ads and lies about what he's done and lies about what Senator McCain has done, he is running a two-tier campaign.
Chicago tactics behind the scenes, new politics imagery in front of the cameras.
Barack Obama, a man whose mask has been removed.
There can be no mistake who he is now.
There can be no conclusion other than he is just an average Chicago thug, typical liberal Democrat politician, when you strip everything else away.
And we'll be back.
We'll continue.
Your phone calls are coming up as well, so sit tight.
You know, we can call this the phantom of Obama.
The mask is coming off.
And the view is not pretty.
Welcome back, folks.
El Rushbo here on the Excellence in Broadcasting Network, just now starting to hit the wires.
The McCain camp is accusing Obama of cheering on this discord on Wall Street, cheering on the financial mess, trying to actually make it worse, trying to make people feel more upset.
Of course, what's hard to understand about that?
They want you suffering.
They want you in panic.
They want you hurting, ladies and gentlemen.
That's the nature of liberalism.
And they asked Obama, what do you think about the AIG bailout?
He didn't have a word to say.
He had nothing to say about it.
He didn't want to say a word.
He didn't.
He had no comment on it.
McCain's out there right now speaking someplace in Iowa, proposing some commission that would, some the mortgage financial institution trust that would work with the private sector in identifying areas here that need to be looked at and so forth and so on.
They ask Obama about this.
He has nothing to say.
He has no answer whatsoever.
If you want to explain the financial market turmoil from Obama, you want his explanation.
He just points his skinny finger of blame at President Bush, which is simplistic.
This whole campaign, issue-wise, is simplistic.
Let's review a little history here.
Long before the subprime crisis, the Bush administration not only warned of impending calamity, they had a plan to avert it.
Fannie Mae, under the leadership of Clinton appointee Franklin Raines, who's now an Obama insider economic advisor, and Freddie Mac had issued over $1.5 trillion in loans, but their accounting was in shambles.
The agency that Congress set up to monitor them had failed to rein them in.
So on September 11, 2003, this is five years ago, President Bush proposed the agency that Congress set up to monitor them.
He proposed what the New York Times called the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis.
The New York Times called it that.
Central to Bush's proposal was creating a new agency to oversee Fannie and Freddie.
Now, a little bit about that.
Why do we need somebody to oversee Fannie and Freddie?
Why do we need somebody to oversee every damn government program?
Why do we need somebody to oversee every government operation?
Why do we need a blue-ribbon commission to handle base closings?
Why do we have a blue-ribbon commission to find fraud in Medicare?
Because they all are fraudulent.
Because they all are financial sibs.
You know, we were talking about this yesterday here at the EIB network.
Snurdley is always asking me, how in the hell do these guys end up with millions of dollars in lots of homes when they work for the government at a GS13 salary of $140,000, $150,000?
I said, wait a second.
We all make the mistake of assuming these people are going to Washington for their salaries that they make, the GS13s and 14s, whatever the pay scale is.
I said, Snerdley, where do you find the largest pile of money in this country?
It ain't Fort Knox, and it's not in the Federal Reserve Banks.
It's in Washington.
The largest single stash of money is in Washington, D.C.
And where do these liberals target their lives?
Washington, D.C. That's what Yale, that's what Harvard, all these Ivy League institutions are about, and in many cases, creating a network of people, alums who know each other, take care of each other.
They get themselves entrenched, like Franklin Reigns, ends up at the Clinton administration.
We now know why there haven't been any tell-all books written about the Clintons.
Jamie Gorellik has scored gazillions of dollars from government, not from her salary, but from other ways.
Same Franklin Reigns, $100 million over, I think, seven years working at Fannie Mae while running it into the ground.
He was also OMB director for Clinton, making his usual $150,000 a year.
That's chump change.
These people go to Washington and they siphon stuff.
All of these programs are fraudulent.
How many congressmen have we heard about these stories?
They arrive with nothing and they leave with a net worth of millions.
There's only one way this can happen, and that is deals with contributors, lobbyists, and so on.
The largest stash of money that's just waiting to be taken in the form of legitimate grants, commissions, fees, you know, personal fees for what have you.
It's just waiting there to be grabbed.
And guess where liberals gravitate?
Washington, D.C. You know, we conservatives look at Washington as someplace and we're going to want to make it smaller.
We don't target our lives to take control of government.
We target our lives to try to limit its size and influence.
Liberals' government is God.
Government is religion.
Government is their nirvana.
They seek jobs there for the purpose of infesting the place with each other in lifetime appointed positions so as to forever control of much of life in this country as possible.
And when they can, grab a little from the till.
And they do it.
So now, back in 2003, President Bush, because I've got a story here in the stack, Jim Leach, who was chairman of the Republican, yeah, here it is.
This is the New York Times, 1997, April, 1997.
This, my friends, is 11 years ago.
The chairman of the House Banking Committee today called for an investigation into the investment practices of Freddie Mac, the congressional chartered shareholder-owned mortgage finance company, saying it had abused the preferential borrowing terms it enjoys through its ties to the government.
Representative Jim Leach, Republican of Iowa, said Freddie Mac, short for the Federal Home Loan Mortgage Corporation, had borrowed $125 million in the bond markets on Monday at 6.99%, an interest rate reflecting the market's belief that the Treasury had effectively guaranteed repayment.
Freddie Mac, whose charter calls for it to invest primarily in mortgages and mortgage securities, then used the $125 million to buy corporate bonds issued by the Philip Morris companies with identical 10-year maturity yields of 7.68%.
Leach said that such an investment strategy might be legal, but it wasn't appropriate.
Freddie Mac was established by an act of Congress for a specific purpose to advance homeownership, not to facilitate tobacco sales.
What Freddie Mac's action amounts to is taxpayer subsidization of corporate arbitrage and implicitly the tobacco.
So all these people who hated tobacco, running down big tobacco, we got to kill big tobacco.
Here they are investing in it with your mortgage money.
1997.
Run by Democrats at the same time.
And Jim Leach, problem for Jim Leach is so boring, nobody heard him say this except the New York Times.
So it kept getting worse and finally in 2003, President Bush proposed the most significant regulatory overhaul of the housing finance industry since the savings and loan crisis, which was a new agency to oversee Frannie and Fetty, which is an admission that it was a bunch of thieves running the place.
Why do you need a commission to oversee them?
Why can't you just apply the law to them?
If there are people in there violating the charter with Congress, then get the hell rid of them.
Have investigations.
Well, here's what happened.
Even though Bush proposed a new oversight committee, the Democrats said, no way!
They cried foul.
Barney Frank said these two entities, Fannie Mae, Freddie Mac, they're not facing any kind of financial crisis.
This is 2003.
After 1997, they were already having trouble.
Barney Frank, they're not facing any kind of financial crisis.
Melvin Watt, Democrat, North Carolina, he agreed.
He accused Bush of wanting this oversight committee so he could weaken the bargaining power of poorer families.
Weaken the bargaining power.
You as a family member never interact with Fannie Mae or Freddie Mac unless you're not putting enough down, in which case, Fannie Mae, Freddie Mac may not buy your mortgage.
A bank might tell you, you got to throw a little more in here or Freddie Mac, Fannie Mae won't buy it.
And we don't want it if they won't buy it.
Because all we want is to sell you is to give you this mortgage and get rid of it.
We want to dump it somewhere else.
We're going to package it with other mortgages, which your good old SNL would do or your bank.
But Freddie Mac, Fannie Mae, they had some requirements on these mortgages.
And if you as the mortgage lender did not, or borrower, didn't meet them, then you weren't going to.
So you did have some interaction with Freddie Mac and Fannie Mae, but you didn't deal with them.
And Freddie Mac and Fannie Mae were not weakening the bargaining power of poorer families unless you could say the poorer families didn't have enough money to put enough into their down payment or whatever so Freddie Mac or Fannie Mae would buy it.
But it didn't matter by this time because we were lending money to people who couldn't pay it back anyway.
So this was nothing more than Barack Obama type cynicism and racism, Melvin Watt accusing Bush of weakening the bargaining power of poor families.
So Democrats did not pay any attention to any of the problems going on.
They looked the other way.
In fact, they made the problems even worse by extending loans to people in greater numbers who couldn't pay them back.
So instead of solving the problem, Democrat insiders kept using Fannie Mae and Freddie Mac as personal piggy banks.
Clinton-era policies fueled the giveaway that is now, in the famous words of Jeremiah Wright, coming home to roost.
Democrats fought every effort at reform, and now they're rewriting history.
It's just a sitting duck.
It's just a sitting duck issue.
And I have to express some frustration, folks.
I have to express a little frustration.
I was flying back last night from Austin, Texas.
I went out there.
It's the National Association of Broadcasters annual convention, and we threw a big party for our radio station affiliates because our 20th anniversary.
I had H.R. with me, and he's working on this computer doing stuff.
We're shooting the garbage about it.
I had Hannity and Combs on, and I'm doing some work on my own computer, and I'm reading the closed captioning.
And he was an interview that Hannity did with Sarah Palin.
Now, I know that as the vice presidential nominee, she has to echo McCain.
And I don't want to raise too big a red flag here because at the same time that this happened, they did a Boffo town meeting together, and it was just kickbutt.
I mean, it was perfect kickbutt.
And I, you know, I'm not an alarmist, like some of you people are, and some of you in there on the other side of the glass are, and like some of you who email me every day are.
I am not an alarmist, but I did notice something.
This is not the time for Senator McCain to tell Governor Palin to start bashing Wall Street on this.
It's time to bash the Democrats.
Sarah Palin is known for a number of things.
She reformed a state.
She went against corrupt state officials and beat them.
She did not run against corporate thieves or whatever.
She did not reform businesses in Alaska.
Do not destroy what she has created.
If Senator McCain wants to run around and do the populist thing and, you know, bash Wall Street and greed bears, don't, please, I beg you in the McCain campaign.
No, I don't have any chits with you, and I know you people don't particularly care for me, but please, it's crucial here that you let Sarah be Sarah.
Don't morph her into, don't make her run around and start pandering and sounding like the Democrats.
Don't get into a competition with the Democrats on who can beat up Wall Street, the bill.
We know who the problem is here.
And the problem, this all started with Democrats.
You're running against Democrats.
I mean, McCain was toast, okay?
For all intents and purposes, in a lot of people's minds, he was finished.
And then he did a brilliant thing.
Turned into John McBrillian.
He chose Sarah Palin out of nowhere, saved him, saved the party, possibly secured the White House.
He sees the crowds.
He sees the excitement.
He's got to know why.
Don't shape Sarah Palin into McCain.
I mean, I know she has to parrot some things here for staying on message and so forth.
This is such a political goldmine-like energy.
You can hang this high around the Democrats' necks.
This whole financial Harry Reid out of town, he doesn't know what to do about it, doesn't want to be there.
Pelosi out of town, doesn't want to be there, doesn't want to have anything to do with it, doesn't know what to do about it.
Because anything that seriously investigates this is going to find Democrats at the front of the line.
People have said to me, Rush, the Democrats in a class all their own.
I've said, well, I don't know about that.
But when it comes to this financial scandal, it sure wouldn't take long to call a roll because most of them are Democrats, and you can just wrap it up like, why?
It's her image with his experience and background that is the winner.
So it's look at, it's just one instance.
You know, I'm not an alarmist.
Just one instance.
But turn her loose on the liberals in government.
Turn her loose on him.
If he doesn't want to do it, it's just, it's a sit-and-duck.
We're on the verge of a possible landslide here.
There's a letter to the editor today in the Financial Times by a guy named John Kay.
He says Fannie Mae and Freddie Mac were probably the world's most heavily supervised financial institutions.
They already had this massive oversight agency examining what they do.
That's what makes this even more outrageous.
They were subject to a specialist agency.
It's called the Office of Federal Housing Enterprise Oversight.
The office employed 236 people at the time of its last annual report.
The Office of Federal Housing Enterprise Oversight did not fail because it was understaffed or not well informed about Fannie Mae's activities, but because it lacked authority.
The entire staff earned less in aggregate than Franklin Rains, the CEO who masterminded the expansion.
See, he had an oversight agency that had no authority.
Let's go to the audio sound.
This is Daniel Mudd, 2005 on Capitol Hill, Fannie Mae, interim CEO.
I am humbled to come here today to reaffirm the friendship and the partnership between Fannie Mae and the Congressional Black Caucus.
Fannie Mae is determined to keep tearing down the barriers to deliver on the American dream.
And that means we need to work together with CBC.
So many of you have been good friends to Fannie Mae and our mission.
You've been friends through thick and thin.
We have indeed come upon a difficult time for Fannie Mae.
There is much to be done inside my company, and I humbly ask you because I got a follow-up bite.
I want to go to number eight next.
This is his interim swearing-in ceremony.
Daniel Mudd is praising the Congressional Black Caucus for helping save Fannie Mae.
This is a sound bite from his same remarks.
We will work hard inside our company to resolve the serious matters before us, to put our house in order, and to forge a new future.
And all the while, you will see Fannie Mae reaching out and listening to the caucus.
Black caucus.
Over a century of endeavor, you have earned the reputation as the conscience of Congress.
In many ways, I want to tell you today you're also the conscience of Fannie Mae, keeping us on course to serve those who need serving the most.
There you have it.
The Congressional Black Caucus, the conscience of Fannie Mae.
You figure it out, folks.
I'm out of time.
You should be able to.
All right, folks, that's it.
But we just, we've barely lit the fuse here.
It's got a little while to go before it blows.
Hang around.
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