All Episodes
Previous Next
Sept. 22, 2008 - Rush Limbaugh Program
37:14
September 22, 2008, Monday, Hour #1
| Copy link to current segment

Time Text
Welcome to today's edition of The Rush 24-7 Podcast.
Well, we've learned quite a bit over the weekend, ladies and gentlemen, and it will take the entire three-hour excursion into broadcast excellence today for me to impart it to you.
Believe me, the whole thing will be worth it.
Lots to do today.
Great to have you with us as we kick off a brand new week of broadcast excellence from the EIB Southern Command, Rush Limbaugh here behind the golden EIB microphone with rhetoric and resonance and dulcet tones echoing from coast to coast.
Telephone number is 800-282-2882, the email address, L Rushbo at EIBNet.com.
Gonna lead off with the uh the bailout.
There's an idea at stake here, folks, a very, very precious and important idea that's about to be blown away.
And we're gonna lead with that.
Well, not technically, but it's gonna be the first uh major thing we get into.
There are a couple other program notes I want to uh impart to you.
Uh when we left on uh on Friday, I mentioned to you that today we were gonna have Spanish language translations of all relevant commentaries and monologues that have been distorted by Obama in his campaign ad that runs in four states.
The uh I don't they've not pulled the ad, they're continuing to run it.
The Democrat strategists say that hey, the ad worked, it tied Limbaugh and then tied McCain rather to the right wing.
So what we've done, uh Joe Muniz on our staff has um has recorded all of what I said in Espanyol in Spanish.
Well, probably I originally thought we're gonna be able to get to this in the first hour today, but I don't think so.
We'll probably get to it in the second hour.
I'm gonna broadcast this all over the continental United States and Alaska and Hawaii in Spanish, so that Hispanics can uh can get the truth of this.
A couple of uh news update items.
When we last spoke on Friday, we talked about the Conference of Presidents, major American Jewish organizations, two other Jewish organizations, and their anti-Iran rally today.
Remember Hillary Clinton was invited.
Sarah Palin was then invited, Hillary Clinton said, Well, I'm not showing up if she's there.
I mean, she she doesn't measure up to my stature.
So Hillary pulled out.
Palin didn't.
At that point, uh, the Conference of Presidents and the other two organizations, it was uh it appeared, uh, buckled to some pressure and disinvited Sarah Palin, and everybody was up in arms about the gutlessness of this.
What we have learned since we were last together, and this is uh was I got the story first reported on WCBS TV in New York, the Democrat Party.
That means Obama and his operatives threatened to attack these three Jewish groups' tax exempt status if they did not disinvite Sarah Palin.
They were threatened with lawsuits that would result in the end of their tax exempt status, and so they were blackmailed essentially to get rid of Sarah Palin, and they uh and they saw that they felt they had no choice.
Tax exempt status is uh the basis on which they uh they operate.
Malcolm Honline, who is the executive vice president of the Conference of Presidents, major American Jewish organizations that I mentioned to you on Friday was the man who arranged, assembled, and accompanied me on that great wonderful trip I had to Israel in 1993, was just you know devastated by this.
He's been taking a lot of hits, a lot of incoming fire, uh, because they, the these three organizations did not actually make it known uh at first that they were threatened with lawsuits from the Democrat.
The American left, I'll tell you the it's not just the American left, the worldwide left is uh is in the process of destroying the country.
They're in the process of of uh really changing and that and that the this bailout, folks, is uh uh it's frightening what's what is going on here.
It really is, because aside from the details, this is a Democrat Party mess.
This is an elected Democrat mess.
And the very Democrats that made the mess are asking now to be put back in total control of this.
Barney Frank, even out there saying that this is a private sector problem, and we gotta it's just the exact opposite.
It is so the exact opposite.
What needs to happen here is that Barney Frank and Chris Dodd need to be thrown out of Congress.
That is what needs to happen here.
Those two guys since 2006, when they took over their committees, Banking in the Senate, whatever, whatever Barney's is in the in the house.
These two guys and if Pelosi's running that Congress, the Democrats in charge of things, it has just been a nightmare and a disaster.
But the roots of this trace all the way back to the Clinton administration, Janet Reno threatening lending institutions.
If they didn't get rid of redlining and make loans to people who couldn't pay them back, they're going to be targeted by justice.
This is a classic example of some of these institutions saying hell, we don't want to be bothered, or we'll do what you want.
It's the way affirmative action was used in other federally regulated businesses, such as this one, such as broadcasting.
The uh, you know, back in the 70s, they said you better start hiring some women.
They said, Well, there aren't any qualified here, and we're talking about major markets.
Well, you better do it anyway, or we're gonna come down real hard on you next license renewal.
So it's it's it's the same process that was uh that was that was being used then is used now.
Details on all this here in just a second.
One final thing.
Remember George Bun Young Obama, uh, the half-brother of uh of uh Barack Obama living in a hut outside some um what Nairobi or something, living on twelve dollars a year.
Obama at his acceptance speech in Denver says, I am my brother's keeper.
But George Bongyoung Obama still living in the hut.
Not even a Hut Sweet Hut sign, no help from Obama whatsoever.
Do you realize a $20 bill would would have the effect of almost doubling this guy's annual income?
He wants to become an auto mechanic.
So here's what happened to uh Dinesh D'Souza has started a fund for the um the George Obama Get Him Out of the Hut campaign.
I don't know what it's actually called here, but uh there is an official get him out of the hut campaign.
Uh Dinesh D'Souza has chipped in his the first thousand dollars here, says he's received more than a thousand dollars in small contributions.
So right now, George Bongyang Obama has uh has two thousand dollars headed his way thanks to the Nesh D'Souza and America's uh conservatives.
And the North Carolina mistress said she's gonna send the Hut Sweet Hut sign as uh along along with her donation.
And of course, when you talk about huts, I can't escape the football games this weekend.
I have to, you New England fans, and I love you, but I gotta tell you, I uh it was it was not enjoyable watching you lose.
That's that's not the point that happens.
But I'm I'm channel surfing around yesterday, and Matt Castle, the backup quarterback for the Patriots, get sacked a bunch of times, and the cameras cut to the to the crowd, which they always do after some play, rather than staying on the field to see if the guy can get up.
They c they go away to the audience, this the fans, and these New England fans look dumbfounded.
They they look the quarterback just been sacked and they're looking at each other and say, Well, what was that?
We haven't seen that in two years.
Well, what just happened out there?
Had no idea.
The quarterback never gets sacked at home.
They haven't seen it in two years.
They started streaming out of there in uh early in the third quarter.
Ben Rothlisberger, Pittsburgh Steelers, ought to sue his own team for attempted murder.
She whiz against the McNabbs in Philadelphia.
The Steelers look like a sandlot team yesterday.
And you know, I'm uh I'm a I'm a huge big Steelers fan, but my lord.
I mean, they talk about the Sacks.
Roth Rothesburger ate sacks.
It wasn't the sacks, it was the hurries, the knockdowns.
This guy, you'd think it was bad watching this.
Imagine Rothsberger playing in that game.
You know how nervous you Steelers fans were every time he took a snap and a shotgun?
Imagine him and the way he felt.
And the coaches did nothing to correct this.
They had where were the screen passes?
Where were the draws?
There's all kinds of things you can do to nullify the pass rush.
But they um they didn't do it.
And the meanwhile, Rotlasberg's got a bad hand, probably gonna be able to play, but it's gonna get worse.
The Baltimore Ravens and that thug defense of theirs, they see what happened out there.
I guarantee you, those guys, Ray Lewis, Ed Reed, these they just can't wait.
They wish the game were tonight.
It's a week from tonight on uh ESPN's Monday Night Football, which means we might not see much of the game.
Uh they don't televise much of the game, even though they broadcast the game.
They uh Bozo's in the Klan of Booth there, you know.
They'll they'll show graphics of plays that happened 30 minutes ago to show you why it worked while a current play is happening.
Anyway, a quick uh quick timeout here.
We'll come back and start.
Well, what's to say about the cowboys?
The only thing you say uh don't give me the cowboys talk, they're playing great, there's no question.
Cowboys are playing great.
Terrell Owens looks like he's matured into a team player.
Happy to see it.
I mean, there's there's a lot of a lot of surprises in the NFL this year, but that's what makes it uh great.
Also, there's another topic here, folks, that I cannot, and you're this is gonna it's gonna take me all three hours to get to all this.
There's a topic out there that I cannot let go uncommented on, and that is this outrageous AP poll, AP story ipsos poll that hit Friday afternoon when we were out of here.
And it's the most amazing thing.
They are concerned as hell.
They're already setting the table here for Barry losing on the basis of race.
They went out there and they served surveyed a bunch of blue cra uh blue-collar Democrats.
The kind Barry needs, and they found out that one-third of them will not vote for him because he's black.
Now you ask yourself, why run a story like this?
Why run a story insulting so large a contingent of the Obama constituency?
Why do this?
I think it's to shame them into action, but it's also setting up the excuse down the road.
Why not run a poll on how many Republicans won't vote for Obama because he's black?
Well, the answer to that's very simple.
That would just mobilize the Republican base even more.
You start putting that kind of garbage out there because the racism in this campaign's all been found on the left.
And here's this poll now, document.
One third of Democrats, blue-collar these, by the way, Reagan Democrats.
These these are, see, they're setting this up.
These are conservative, so-called conservative Democrats.
And uh and they're in Pennsylvania, Ohio, and Texas, these places Obama bombed out in the latter stages of the primaries, and they're and they're saying that uh they're they're gonna vote against Obama simply because he's black.
God can't let this one pass.
Lots to say about me.
95% of blacks are gonna vote for Obama.
Where's the racism?
What would you say, AP, if this is our buddy Ron Fournier?
What if 95% of whites said they were going to vote McCain?
You know, would there would there be a similar uh how about the racism charge there?
Anyway, quick timeout.
We'll come back, we'll get started with all the rest of today's program right after this.
Okay, as to the bailout here, folks.
Um, a lot of people over the email are people are very confused about this.
Uh, even some of my closest circle, because they they think, well, bailout's a bad idea, but go what what if we don't?
I mean, is everything gonna crash around it?
We gotta we gotta really this is not this is more nuanced than just you know cut and dried uh up or down liberalism versus conservatism.
And I think uh folks, a lot of people say, you know, it says we're beyond the point of assigning blame here.
That's not the problem.
What we have to do is understand what to do in the future.
Well, you can't understand what to do in the future unless you properly assign blame.
And there is so much blame here.
All of this could have been avoided, were it not for liberal social engineering brought about by the Clinton administration.
Actually started with Jimmy Carter, but it intensified during the Clinton years, and the whole purpose of it, of course, was to play the race card to get into class envy, and to go out and buy votes.
There's a piece at Bloomberg.com today by Kevin Hassett.
Kevin Hassett's director of economic policy studies at the American Enterprise Institute.
He's also a Bloomberg News columnist, and he is an advisor to McCain.
Now let's let's be upfront about this in this uh presidential campaign.
How the Democrats created the financial crisis.
He says it's not complicated.
It really isn't complicated.
Enough cards on this table have been turned over that the story is now clear.
Economic history books will describe this episode in simple and understandable terms.
Fannie Mae and Freddie Mack exploded.
Many bystanders were injured in the blast, some of them fatally.
Fanny and Freddie did this by becoming a key enabler of the mortgage crisis.
They fueled Wall Street's efforts to securitize subprime loans by becoming the primary customer of the triple A-rated subprime mortgage pools.
Now there's no triple A subprime is uh.
Well, it's this it's it's a little bit of an of an oxymoron.
In addition, they held an enormous portfolio of mortgages themselves.
In the times that Fannie and Freddie couldn't make the market, they became the market.
Over the years, it added up to an enormous obligation.
As of last June, Fannie Mae alone owned or guaranteed more than $388 billion in high-risk mortgage investments.
Their large presence created an environment within which even mortgage-backed securities assembled by others could find a ready home.
The clear gravity of the situation pushed the legislation forward.
Back in 2005, Fannie and Freddie, after years of dominating Washington were on the ropes.
They were enmeshed in accounting scandals that led to turnover at the top, Franklin Reigns out.
At one telling moment in late 2004, captured in an article by American Enterprise Institute Peter Wallaceon, the SEC's chief accountants told the Fannie Mae chief Franklin Reigns that Fannie's position on the relevant accounting issue was not even on the page of allowable interpretations.
Then legislative momentum emerged for an attempt to create a world-class regulator that would oversee the pair of Fannie Mae, Freddie Mac, more like banks.
I also have a list here of the twelve different efforts made since 2001 by the Bush administration to enact new oversight over Fannie Mae and Freddie Mack, and at every turn they were the the the attempts at more oversight were stalled by Democrats.
Barney Frank and Chris Dodd.
In 2005, Alan Greenspan told Congress how urgent it was for it to act in the clearest possible terms.
If Fannie and Freddie continue to grow, continue to have the low capital that they have, continue to engage in the dynamic hedging of their portfolios, they potentially create ever growing potential systemic risk down the road, replacing the total financial system of the future at a substantial risk.
Fannie Mae, Freddie Mac.
What happened next was extraordinary.
For the first time in history, a serious Fannie and Freddie reform bill was passed by the Senate banking committee.
The bill gave a regulator power to crack down and would have required the companies to eliminate their investments in risky assets.
If that bill had become law, then the world today would be different.
In 2005, 2006, and 2007, a blizzard of terrible mortgage paper fluttered out of Fannie and Freddie, burying many of our oldest and most venerable institutions.
And without their checkbooks keeping the market liquid and buying up excess supply, the market would likely have not existed.
But the bill didn't become law.
For a simple reason, Democrats opposed it on a party line vote in the committee, signaling that this would be a partisan issue.
Republicans tied in knots by the tight Democrat opposition couldn't even get the Senate to vote on the matter.
And it goes on to mention here many of the senators who protected Fannie Mae and Freddie Mack, Barack Obama, Hillary Clinton, Christopher Dodd have received mind-boggling levels of financial support from them over the years.
It's interesting, too.
You've seen the list of donations that have gone to all these Democrats and Fannie Mae.
At the top of the list, of course, is Chris Dodd, number two is Obama.
However, if you reorder that list and look at the people who have received the most in the least amount of time, Obama's at the top of the list by far and away.
He's been in the Senate two and a half years, and he's the leader.
Dodd got his money over the course of many years.
So you have to ask why in the hell was Obama given so much money by Freddie Mac so fast, so quickly.
The tentacles.
My friends, the tentacles here, and I say this with all candor, reach deep into the Democrat Party.
Let's talk change for a moment.
The most important and far-reaching change needed has been brought home definitively by all this turmoil in the financial markets, precipitated by the subprime mortgage crisis.
There is a singular culprit here, and that is it.
And there's a great idea at stake here, too.
And the idea is that the free market measures itself and handles itself better than the government running it.
The great idea that we're about to throw away with this bailout is that the government can run things better.
The government can take care of you, the government can ensure you.
The government can protect you, the government can provide for you.
This is an idea which has been shown to fail around the world.
We are about to incorporate it here if this bailout goes through as designed.
Last week, this should not be a mystery anymore to anybody, but the drive-by media refuses to do its job.
Last week, the roots of this crisis were explained and its authors were identified.
Long-serving congressmen and senators, overwhelmingly Democrats, working in concert with liberal allies and the bureaucracies, and the management of these so-called companies, really government agencies, Freddie Mack and Fannie May.
They're government agencies.
They always have been.
And a liberal special interest and advocacy advocacy groups hijacked federal housing policies and turned them into patronage programs.
The quasi governmental entities were at the root of this problem because what they did forced the hand of genuine private mortgage companies to conform to the same irresponsible lending policies as Fannie and Freddie had adopted if they were to survive.
And it also fostered creation of sleazy mortgage companies whose business model was making lousy loans in the expectation of being able to dump them later through new financial instruments that had been created just to do that.
And I have just gotten started.
How about Saturday Night Live?
I didn't see it, and not too many people did either.
The ratings are pretty low for it.
But they did a bit with a joke about Sarah Palin's husband Todd having sex with his daughters.
Yeah, because that's what happens in Alaska, and these are hay seed hick.
They did a they did a skit on incest in the Palin family with Todd Palin having sex with his daughters on Saturday Night Live.
And uh they've they that you cannot find the video clip of it online anywhere.
They've they've uh they've pulled it down, at least not officially on NBC.
I haven't heard any incest jokes in a long time, have you?
I haven't heard any incest jokes in a long time.
There it was right there on Saturday Night Live.
This is just, you know, this is over the line.
It is just over the top.
So were the Emmys last night.
Nobody saw them either.
I'm telling you, uh, despite all this with the with the bailout and everything else, I have this, I have this feeling that Democrats are just imploding.
The American left is simply imploding and they don't know it, and they're they're just rubbing everybody raw here while thinking that they're being a positive influence for their guy.
At any rate, this bailout crisis, my friends, it is it is crucial, I think here to understand the truth.
The policy perversions that led to this mess began with the active connivance of the Clinton administration and were perpetuated by leading Democrats in the House and Senate.
There were some responsible Republicans, supported by the Bush administration who time and again attempted to avert the disaster they saw coming.
They wanted new regulatory agencies and so forth, but their reform efforts were defeated in the House and the Senate.
Barney Frank, in fact, saying, There's nothing wrong.
Now, this emergency bailout uh friends can go either way.
It can fix the underlying problem or merely represent an opportunity for another leftist hijacking, and Obama and Pelosi are out there saying they want oversight over this.
You know what that means?
Whenever this kind of money is going to be spent by the government on something, Democrats are going to get their hands in it, and they're going to reward people like Acorn.
They're going to try to.
They're going to try to build on their social programming and networking here with this kind of money outstanding that supposedly aimed at at shoring up the um the U.S. economy.
Now, McCain and Palin can claim to recognize the problem, and they can commit themselves to fixing it.
But they can't deliver the needed change on their own.
They need support in the House and Senate to do that.
And right now, there is no prospect of them getting that help, not with Pelosi.
And that odious and compromised Barney Frank, Henry Waxman, Chuck Schumer, Christopher Dodd in the House and Senate leadership.
The names I just gave you have their fingerprints all over this.
Plus names that you were told of last week and identified last week.
Franklin Reigns, Jim Johnson, Janet Reno, Jamie Garellick.
This is it is a stain.
It is a stench.
And it is directly traceable to liberal Democrat policies and desires.
We know who caused the problem.
We know that we can only expect the change we need by replacing them.
With Congressmen and Senators pledged to a different course with a fundamentally different concept of how the federal government can best serve the interests of the American people.
That's the change we need.
The change we need is bye-bye Barney Frank.
The change we need is get rid of Chris Dodd, get rid of Nancy Pelosi, get rid of all of these demos, Chuck Schumer, get rid of all of these people.
That's the change we need.
Pure and simple.
Isn't it interesting that the mortgage debacle and the resulting impact in our financial markets is said to have begun with deregulation?
And isn't it interesting that no one in the administration challenges this?
And of course, nobody in the drive-by media doesn't challenge, and McCain doesn't even challenge it.
The reason is that we are witnessing the biggest nationalization of our economy since the Great Society and the New Deal.
And we are all on the sidelines as it happens.
And this is what I'm talking about about this very important idea.
An idea that defines the greatness of this country on the line.
And that idea is that government is not the provider, the guarantor, the protector, and the redeemer for every living soul and institution in the country, particularly in this case when the problems can be traced back to people in government.
And now the very people who created the problem have set themselves up to be in charge of the whole program, now blaming capitalism, blaming the private sector for this.
The fact is this.
When Jimmy Carter was elected his first year in 1977, he and the Democrat Congress put in place the Community Development Act, and the purpose of this act was to pressure private financial institutions to make risky loans to poor people.
That was the purpose.
These loans would not have been made based on any common-sense business model, but the Carter administration decided to hell with business models and use the law to pressure the issuance of these loans for the typical reasons liberals do these things.
To buy votes, to create dependence, and to create love and respect and devotion to the Democrat Party.
Groups like Acorn, which exists, by the way, in Acorn's case, exists for the express purpose of committing voting fraud.
That's one of the groups that Obama worked with as a street organizer in Chicago.
Groups like Acorn and others were also behind this.
They allied themselves with the Democrats in the administration in Congress.
Now, Acorn's a grassroots group that backing Obama for president now.
They're close to him.
They were close to him when he was a man of the street, agitating things in Chicago.
But none of this was good enough for the Clinton administration in 1995.
A renewed and more vigorous emphasis was made on making these loans.
Janet Reno and Roberta Ochtenberg, who was a former radical member of the San Francisco Board of Supervisors and an assistant secretary at HUD, Housing and Urban Development, put enormous pressure on financial institutions to make more and more risky loans, and they began accusing banks of redlining when they didn't meet the level of risky loans that they had imposed on them.
They then prevente these financial institutions from expanding and merging unless they met a certain level of community redevelopment loan making.
And they threatened these institutions with government action.
Reno herself, there will be investigations if you do not follow these regulations.
If you don't make loans to these people who have essentially can't pay them back, we're going to investigate you and we're going to tie you up.
We got the quotes from a Cybercast news service story.
Subprime mortgages and things like them.
There are mortgages given to people who can't afford traditional mortgages.
They can't afford down payments.
They can't afford to make the going rate of interest payments.
So new types of loans were invented that would get these people into homes, but which were extremely risky.
There were no down payments, low introductory rates, as on case no closing costs.
Fannie Mae and Freddie Mac, in order to show ever increasing assets on their balance sheets, would buy up these subprime loans.
But the greater the asset, the executives at these government run companies would show more assets.
But they're worthless.
One of the problems now is you got a mark to market, but nobody knows what the market is.
There isn't a market right now.
It's tumbled.
Some people are saying that there's an outside chance that the market's so low that the taxpayer, i.e.
the treasury, could really win big with this bake uh uh bailout, uh, given how low they're gonna have to how little they're gonna have to spend to buy up all these uh these assets.
But the way it worked inside Fannie Mae and Freddie Mack was this.
They loaded up on these worthless assets, they would put them predate them into prior years so they show fantastic asset growth.
It was on that asset growth that their bonuses were determined, such as Franklin Rains and Jim Johnson and all the other people, Daniel Mud, who worked at these places, who walked out of there with anywhere between 75 and 90 to 100 million dollars.
Now, this is the short story behind much of the debacle that we're dealing with today.
I mean, there are other issues out there, but this is the systemic underpinning of the crisis.
All roads lead to Fannie Mae and Freddie Mack.
Contrary to what they are trying to make you believe, and this is what really infuriates me and and and uh makes me passionate to get through to everybody I can.
The issue is not a runaway unregulated free market.
The issue is not the failure to regulate.
The issue is not stupid and crooked executives throughout the banking industry doing stupid and crooking things.
Although there was some of that.
There's some of that in every area of life, but that's not the cause.
What you need to understand, my good friends, is that this situation has occurred and is occurring as a direct result of government policies, liberal government policies that were used to force the issuance of trillions of dollars in risky loans that people could not pay back.
And when they couldn't pay them back, people couldn't get the asset value that they had sold and packaged the mortgages for, and everything crashed, everything crumbled.
And about this bailout, I want to call to your attention, sir.
How many times in the last six months have we read stories about the Fed adding to liquidity here or helping this institution there?
We've already had a bunch of bailouts.
We've already had a government stimulus package to help the U.S. economy.
And now Obama's talking about wanting another one.
These things have a history of not working.
They may show short-term relief, but over the long haul, world history is replete.
With example after example after example.
That centralized economic planning does not work.
The Democrats on Capitol Hill, and primarily I'm talking here about Chris Dodd and Barney Frank were in the middle of this from day one.
They supported the Carter and Clinton administrations when they pressured the private sector to make these risky loans.
They protected Fannie Mae and Freddie Mac when they bought up these risky loans, and in 2003, when the Bush administration attempted to impose some accountability on Fannie Mae and Freddie Mac, when they tried to force them to accept outside auditors, require better capitalization.
You know what?
You know what the leverage rate was?
They only had to have a dollar of cash on hand for every 30 bucks they had borrowed.
That kind of leverage is just obscene.
And so they wanted to change that.
They wanted more capitalization.
But guess who blocked it?
Good old Barney Frank and Chris Dodd stood right smack dab in the way.
When in 2005, Republicans in Congress tried to do the same thing, they were obstructed as well.
In fact, uh Chris Dodd Barney Frank said that there was nothing wrong with these government run companies and the Republicans were trying to scare people.
We have now, uh, ladies and gentlemen, a clear definition of affordable housing, according to Barney Frank.
Affordable housing is giving people houses that you and I pay for.
That's affordable housing.
And I'm not talking about, you know, tenements and housing projects.
This is I've heard Barney Frank talk about this enough times.
Every time he we talk about this, he says we can't get rid of the affordable housing.
Affordable housing.
Affordable housing to Barney Frank and to liberals, is making sure that every liberal Democrat in this country who can't afford a house gets one.
And then affordable housing, after they have been given the house, under the under the pretext of buying it, of course.
But when they can't pay it back, guess what Barney Frank and Chris Dodd want to do?
Let them stay in the house.
In this new bailout legislation, Barney Frank says you can't kick them out of the house.
And we want limits on CEO pay.
Any precondition on this bailout must include Barney Frank and Chris Dodd resigning.
Now wait, folks, this gets even better.
Hey, welcome back to the Rush Limbaugh program meeting and surpassing all audience expectations on a daily basis.
So now we have Hank Paulson, a Treasury Secretary, ex-Goldman Sachs, and a Democrat appointed by President Bush, an old buddy of Chuck Yu Schumer, by the way, and who isn't in this mess a friend of Chuck Schumer's.
Schumer was involved in all of this as well.
And now we got we got Hank Paulson in charge of, not elected, the most far-reaching government takeover of a huge chunk of our economy ever.
But uh one little aside here, one little aside, and I promise not to lose my place.
This amount of money that we're talking about 700 billion, and let's just admit it's gonna be a trillion before it's all finished and said and done with, okay?
Even that will pale compared to the cost of Al Gore's global warming plans if Democrats get their hands on that global warming tactics, their plan to fix global will cost more than even this.
I'll have more on that in due course.
The f this is the most far-reaching government takeover of a huge chunk of our economy ever, and it's still isn't enough.
It's still not enough for Barney Frank.
Paulson wants a slush fund.
He basically wants $700 billion to buy up bad loans as he and only he sees fit.
And now you have Obama and Pelosi say they want oversight.
That means Acorn's gonna get 500 mil here, some other little Democrat group, teachers union is going to get some money here, Maxine Waters going to get about a thousand dollars for each of her constituents to pass around out in California.
I mean, none of this is official, but this is the way these things work.
Now keep in mind these are bad loans in the sense that they were risky.
But the loans have not actually defaulted, so unlike the savings and loan failure, this would be far more reaching.
The government's gonna buy up loans before they default.
That's called affordable housing.
The way the Democrats define it, Barney Frank, among other things, says that this is unacceptable unless even more money is spent helping more people facing foreclosure.
Barney Frank's definition of affordable housing is that if they're about to be foreclosed on for not being able to pay, they get to stay in the house.
So one of the main individuals responsible for the current financial problem wants the American taxpayer to subsidize not only the buyout of bad loans that have yet to fail, but he wants to spend even more money to shore up these individuals who, in many cases, shouldn't have bought a house in the first place.
The left sees this as their opportunity to change the nature and identity of this economy.
And the Republicans are going right along with them, including the president, including McCain.
There's no way around this.
I mean, neither of them, and no one in the party seems capable of exposing what's going on here and opposing it.
It's not enough to say that you're against the latest bailout.
You need to explain why.
You need to stop with the populist left-wing rhetoric about needing more regulations.
You got to stop beating up on Wall Street, you gotta stop pandering in all these ways.
You gotta realize, Senator McCain, you are running against Obama.
You're not running against George W. Bush in Wall Street.
You are running against Senator Obama.
Sarah Palin understands it.
She pulled your irons out of the fire.
You're about ready to throw them back in.
This idea that Andrew Cuomo should be Securities and Exchange Commission Chairman, that's what McCain said last night on 60 Minutes.
I kid you not, McCain would appoint Andrew Cuomo from the Village Voice, ladies and gentlemen.
In uh August 5th of this year, a whole story, Andrew Cuomo and Fanny and Freddie, how the youngest housing and urban development secretary in history gave birth to the mortgage crisis.
Andrew Cuomo is up to his neck in this.
This is a 16-page printed story on a computer printer from the Village Voice.
Cuomo jacked up low-income low mandates on Franny and Freddie, and he is at the uh the head of the line, too, with other Democrats on this whole crisis.
And McCain talks about putting him in the security regeneration.
▲
Export Selection