All Episodes
Previous Next
Oct. 2, 2008 - Rush Limbaugh Program
35:33
October 2, 2008, Thursday, Hour #3
| Copy link to current segment

Time Text
And we are back, Rush Limbaugh here on the Excellence and Broadcasting Network from the prestigious and the distinguished Limbaugh Institute for Advanced Conservative Studies.
Here's our telephone number if you want to be on the program 800-282-2882, the email address, Lrushbow at EIBNet.com.
By the way, I'm going to take care of this right now so I don't have to sneak it up on you on you tomorrow.
Ladies and gentlemen, I have fought hard, but I have to be gone on Monday.
There is a big Limbaugh family event, a very important uh and uh high honor event taking place for the Limbaugh family on Monday, and I I weighed, because you know, the Limbaugh family's large, they could they could they could do this without me.
But and I weighed that against being here during these crucial times.
But then I obviously came to the correct conclusion, family's family, and this is a huge high honor that is uh is being bestowed on our grandfather, uh my namesake, Rush Limbaugh, Sr.
And it's Monday in Cape Girardeau, Missouri, and so we're I'm gonna be there as the uh the federal courthouse that's just been built there is being named, has been named for him, and the dedication of the courthouse is on Monday, and my cousin Steve, who is the sitting federal judge in that courthouse now, uh, will be making the official remarks at the dedication of the building.
We're all going to be participating in a ribbon cutting ceremony, so that's where I will be on Monday.
We got did we get confirmation of Mark Davis are going to be here on Monday, HR?
We don't know if we're we're gonna have somebody here.
I can promise you it will not be a best of tape.
Can you imagine the furor?
Following following uh uh whatever happens on Friday post palin, and then you go into the weekend and whatever happens over the week, you know, the messes we Mark Davis is confirmed.
Mark Davis will be here on Monday to Well, I the I think I think the markets uh will will be in existence on Mark Stein has a look.
Let me this is just a fabulous post.
Mark Stein has a great post at National Review Online in the corner.
He said, these Capitol Hill people just ought to give up the pretense here.
The last justification, we have to stick it into this bloated 450 page bill that's got nothing to do with wooden arrows because we're correcting an error from the previous 450 page bill that had nothing to do with wooden arrows, only makes my point that responsible government is impossible under this system.
How many senators read the bill they voted for or against?
And if they don't, how can our representatives give us the judgment that Peter Robinson was hymning the other day?
Instead of one George III, we now have a hundreds of George the Thirds reliant on swollen retinues of courtiers to fill them in on what they're signing off on, meaning all these staff members are doing the work up here.
And not only does wooden arrow tax relief wooden arrow for child toys, there is tax relief for wooden arrows in child toys.
There are so many pro-global warming, man-made global warming provisions in this bill.
It would stun you.
Not only does wooden arrow tax relief not belong in this what's being called the Armageddon Avoidance Act.
That's a great name for it.
The Armageddon Avoidance Act.
It actually makes a whole mockery of the whole premise for the bill in the first place.
A week ago, I was reluctantly willing to go along with the Armageddon Avoidance Act, but the more these porkers loaded up with junk, the less convinced I am that Armageddon was really a threat at all.
The old mantra was when General Motors sneezes, America catches a cold.
The new mantra is when Wakovia sneezes, the entire planet catches the Ebola virus.
Hmm.
It's an ex- I'll tell you, it's it's an excellent point.
I saw it last night when I saw Dingy Harry coming out, and he was almost in tears.
He was so happy with the process that had taken place and how they had all worked together.
And there's McConnell standing there and and uh and and Judd, and then you've got you you've you you you have the the Al Capone of all this standing there being credited for coming up with the solution.
Chris Dodd, I said, this stinks to high heaven.
There's something wrong here.
And I'm thinking, we've all been waiting for the October surprise, and here it is.
Four and a half weeks before an election, we've got Armageddon blamed on the Republicans.
The Democrats claim that they have fixed it and solved it.
Why do you think the stock markets now?
What is it now?
No, let me check it.
It's been back and forth 283.
Maybe double check that again.
Sometimes this thing is still say 283.
How the hell can this happen?
This is supposed to help Wall Street, right?
This is all about bailing out Wall Street, right?
Why in Wall Street celebrate?
Oh, because the joblessness.
Don't give me that traditional drive-by economic reporting.
Yeah, like all the traders got together in the bathroom today, throwing up before they go out and start trading, which happens every day, throwing up or shooting up, whatever they do in there.
Then they go out and they start trading, and they all talk to each other.
Yeah, the jobless numbers we better sell.
Jobless numbers, we better sell.
B.S. Jobless numbers, my rear end.
They're taking they're watching what's happening here with their own bailout.
Oh, good.
There Pelosi up there talking about the financial bail.
Oh, that's all we need now.
Throw her back in the mix.
Eyebrows are still not moving if you want it on the spot report.
Smile pretty much frozen on there.
That's true.
All right, let's go to the audio sound bites.
This is last night.
On the record with Greta Van Susterin, she interviewed Neil Cavuto about the Senate passing this $850 billion bailout.
She said, you know, a lot of people are very happy about this, but give us the rundown, Neil.
Is this going to save a lot of things, loosen up the credit, get the money flowing?
I use as a proxy just foreign market reaction.
The Asian markets are down a little bit, so they were totally unswayed by this.
Our futures, our stock futures, which will trade in and out here until we formally open tomorrow morning down, that is the Dow futures down north of 110 points.
So there's a concern here.
Whoa.
So what he was saying was that the futures market last night after passage was down 110 points.
There's some concern here.
This was not supposed to happen.
And don't tell me that last night they were worried about the employment numbers coming out this morning.
Cavuto then continued with this.
One of the things that we were told, not only by uh Barney Frank and some of his colleagues is that it will be tough in the House to get some of those who had voted against this, the 95 Democrats in particular, to switch sides now.
There was a thought, uh, Greta, you know, that the big sell-off we had on Monday after the House rejected this would have uh provided sort of a wake-up call to some of those congressmen and women.
Cover, if you will, that if they were to vote for this the second go around, they could say, Well, I I didn't want you to suffer what you suffered on Monday.
Uh now that is not such a sure thing.
Exactly my point because, and the Dow did not go down 777 points after the House did not pass this on Monday.
It was down 350.
The how it went down basically 42 points, roughly.
After the House failed to pass it, the Dow went down an additional 422.
Today the Dow after pa after failing to pass, last night after the Senate passes it, the Dow is down hovering around 300.
So it doesn't seem to have mattered.
Could uh Cavuto then uh uh continued here.
Friday morning, it's voted on.
And uh that's why they feel that the better part of Alor is to rush this thing where there's speed, there's more likelihood of approval, where it drags out less likelihood.
So Friday morning, up or down, and these guys are hoping up.
But I gotta tell you, Greta, judging from market reaction, it is not a sure thing.
I hope our guys are rolling tape on Pelosi.
I I I don't have time to read the closed captioning.
Obviously, can't listen to what she's saying, but this is uh it's got it's got to be good.
Uh wonder if she's in the process of once again trying to torpedo the vote.
That will take place on Friday.
You have to hear Senator Tom Coburn on the Senate floor late yesterday.
Uh we have some sound bites here speaking about the 700 billion dollar bailout.
We have a patient with cancer, and they have a secondary pneumonia because of the cancer, and we're gonna treat the pneumonia.
But we're not gonna fix the cancer.
We're gonna ignore the cancer.
Let me tell you what the cancer is.
The cancer is Congresses for years upon years have totally ignored the Constitution of the United States and taken us to areas where we have no business being.
There is no way you can justify in the U.S. Constitution that the country ought to be the source of mortgages for homeowners in this country, yet Fannie Mae and Freddie Mac control 70 percent of the mortgages in this country.
He then continued if anybody in America is mad about this situation.
There's only one place they need to direct their anger.
And it's right in the Congress of the United States.
What we're gonna do is we're gonna continue to treat the symptoms rather than directly go after the cause that has created the greatest financial risk and peril this country has ever seen.
We're not going after the cause.
The cause is get back within the bounds of the Constitution that very specifically says where we have business working and where we don't.
We decided that we would ignore the wisdom of our founders and create systems that are outside the enumerated powers that were given to us because we know better.
We know better.
We don't know better, it is obvious.
This is uh Oklahoma Senator Tom Coburn.
He finally said this.
This body continues to spend more, authorize more, and create bigger and more intrusive government, limiting the power of the great American experiment to, in fact, supply an increased standard of living.
We're in tough times, but they're going to get tougher until the American people hold this body accountable to live within the rules set out in a very wise, a very providential way that served this country well.
We ignore this book, this Constitution at our peril.
We are reaping exactly what we have sown.
He's dead on about this, but uh and I would I would as Tom Corbyn again from uh Oklahoma, I would I would add to it here that what he recites is exactly what the American left wants.
They want the Constitution shredded.
They want government in charge of as much as possible.
This is not an accident that this willful disregard for the Constitution by people sworn to uphold it.
It's not a coincidence this is happening.
We'll be back.
All right, what let me see.
Let me check it again real quick here.
Dow Jones industrial average down about 283 as we speak.
Uh, ladies and gentlemen, you know the um, and and this, of course, this is there are numerous ways this is being spun.
It's being spun on the jobless report, the jobless numbers.
And the the best one I've heard, the best one I've heard, there is uncertainty that the House will pass the Senate bill.
Now, I'm sorry.
Uncertainty the House will pass the Senate bill.
Yes, all the traders in the bathrooms throwing up before they went out to start trading today.
After sharing with each other their fears over the jobless numbers, they then said, you know what, the House may not sign, oh we better protect ourselves.
You know they're doing the same thing at the similar problem in Europe.
The European central bank has injected 150 billion dollars into banks to try to increase their liquidity.
The same thing that we're being told needs to happen here.
Needs to be new liquidity, liquidity in the banks in Europe because they can't make loans.
So they pumped 150 billion dollars to these banks, and guess what?
The banks are not lending money to each other.
The banks are depositing the money at the European central bank.
They're depositing the money to protect themselves against whatever might happen in the future.
They are not lending money to middle class borrowers, they're not lending it to each other, they're depositing it to protect themselves from the coming future consequence of their prior screw-ups.
Now, what happens, folks?
What happens if this $700 billion, what it is happens, and a lot of it is aimed at bailing out banks or giving them liquidity?
And what happens if the banks that we're discussing here don't put it back into the market?
What do they what if they keep it, invest it themselves or deposit it someplace to try to get their stock prices up.
It's happening in Europe, and it can pretty well happen here.
Shannon in Shreep, Louisiana.
Great to have you with us here on the EIB network.
Hello.
Thank you, Rush.
It's an honor to speak with you.
Thank you.
Before I get right to my point, I am a mother of four.
I homeschool my oldest two children.
And every day during lunch and when they're finishing up with work, they listen to Rush Limbaugh.
So they are getting a double education.
Awesome.
I appreciate that.
Congratulations to your kids.
Well, um, I was calling because I was one of those people who I was on Drudge this morning, and I saw the headline about um Chuck Todd and what he said.
And I, even I know how the mainstream media doesn't tell the truth, it really got to me.
I couldn't even click on it because it made me so sick.
So your monologue um about the um how the race is not over was a very big encouragement to me, and I'm sure millions of other Americans, and we need that because if anything, we need to vote for John McCain just so Obama and the media cannot win.
Yeah, this is a referendum on Obama in the media, but let me ask you a question.
You're homeschooling your kids.
You're a bright woman.
You know full well how the drive-by's act in uh in concert with the Democrat Party.
So you see this little blurb.
Chuck Todd says election over, basically.
Uh did you did your did it sounded like for a moment, you'd oh my gosh, it's over with.
And we got four and a half weeks to go here.
Right.
Well, I know in my heart of hearts that it's but it's just you know, you just get I don't watch the news.
You know, I listen to you and other people.
And I but but any time I do, I just, you know, my heart rate start, my heart starts racing because I think, oh, this is driving me crazy.
Well, this you know, this is why I did the extended monologue on it today, Shannon, because I knew people were gonna be affected by it because it's everywhere.
You can't avoid it if you if you if you desire to be informed, current events and so forth, you gotta watch the drive-by's.
You gotta read the drive-by's in some cases, fewer and fewer people are, but still you turn it on and you just get inundated.
It you gotta bucket up out there.
It takes fortitude to resist this.
They're trying to dispirit you, Shannon.
They want you filled with doom and gloom.
They want you running around glum.
They want you so depressed that you give up your homeschooling.
It's not worth it.
Nothing that you want to fight for is worth it.
That's what they want you to believe.
That's what they want your attitude to be.
Nothing that you believe in is worth fighting for.
And the purpose of that monologue in the first hour was to see to it that as few people as possible are affected that way by this news.
I appreciate the call.
Thanks much, very much.
Let's go to Houston.
Uh, this is Kathleen.
Welcome to the EIB network, uh, Kathleen.
Great to have you here.
Hey, Rush, what an honor.
Yeah.
I've been listening for sixteen years.
I can't believe I got through.
Basically, I'm calling from the first hour.
I was about to jump to the radio and grab your throat.
I wanted you to settle down.
You were kind of on a chair.
I could hear you pulse rating, I could hear you going nuts, and it's like you had this defeatist attitude and giving up.
We had to have this extra rally for palin.
What were you listening to?
You needed to settle down, Kathleen.
And you were trying to lose you were losing.
Kathleen, Kathleen.
Rush, rush, rush.
You are a seminar caller.
You're a no, I'm not, I swear to God, I swear to God I'm not a good thing.
And Obamaite, you're an Obamacon.
Oh, and you're calling here, and you're trying to give the audience that did not hear that call a totally wrong perception.
I didn't hear the I was not I wasn't I didn't even raise my voice.
That was one of the most calm and reasoned monologues I have given in a long time.
I'm far more energetic talking to you now than I was during that, and I was upbeat positive, beating this garbage back.
Now you can't call here and mischaracterize me as paranoid defeatist and ready to quit the tubes.
I did not say that.
You just did.
Well, I didn't.
You took that wrong.
I want to do that.
I want to be able to turn this on and know that we can fight the good fight.
You know, there's a country song out there that that that fits us, you and me.
How can I kiss you on the lips when you chewed my ass out this morning?
Hey, it's love.
You gotta stand by your lover.
You gotta stand by him, you gotta believe in him.
I am looking I'm calling you to say, you know what, Rush, we're gonna get through this crisis.
We're Americans.
You know what?
We're fighters.
If anything that proved out of that immigration bill that we started.
That's what I said.
That's what the whole first hour was about.
Kathleen, this disconnect is troubling.
Makes me question your real motives.
Okay.
We all know that uh that uh what's her face?
Gwen Eiffel is in the tank for Obama.
She is a pure partisan, but liberals don't see themselves as partisans.
They see it's objective.
All the drive-bys, even the Fox drive-by journalists are circling the wagons protecting uh Gwen Eiffel.
You know, people like her.
I know people like her.
Well, yeah, they like her.
Whoop, big whoop.
Big whoop.
We're talking about a job here tonight.
We're not talking about the high school prom.
At any rate, I have I have the perfect open for Sarah Palin.
Killed two birds with one stone, because Eiffel's in a wheelchair.
She fell down the steps yesterday in her house and broke her ankle.
That's the story.
Maybe the day before, but she's in a wheelchair.
She'll be moderator for wheelchair.
Sarah Palin says, Ms. Eiffel, first thing, I want to congratulate you on your new book on Obama, and I am not going to ask you to stand up.
Stand up, Chuck!
Let them see you out there, buddy.
Oh my God.
Congratulations on your new Obama book, and I am not going to ask you to stand up.
Here's Joe in Pulaski, Virginia.
Hi, Joe.
Great to have you on the EIB network.
Hello.
Super mega Ditto's from the heart of the impoverished Appalachian Mountains.
Great, great to have you here.
I'm glad you can still afford to make a phone call.
Yeah, it gets rough sometimes out here in the working world.
But I wanted to let you know that uh I just deposited a check this past Tuesday for a $30,000 unsecured loan.
So where's the credit crunch?
Wait, wait, wait, wait, wait.
You you got a $30,000 loan?
Yes, unsecured.
No collateral?
No collateral.
Do the bank know you well?
No.
Well, I guess so, obviously.
Have you had loans from this bank before?
Uh yes, uh-huh.
Okay.
Have you paid them all back?
Uh yes.
So you got a credit, they got a good credit rating in history with this bank.
Uh yes.
Okay, so you walked in the bank, and you told them I need 30 grand.
Yep.
Did they ask you why?
What for?
Yeah.
You told them they were satisfied.
Did they ask you for any did you just no collateral, no nothing.
They didn't ask you to put your house up or anything.
Nope.
So you they gave you a check for 30 grand and you and you deposited, and now you're gonna go out and use it.
Yes, sir.
So where's the credit card?
I feel abused and abused.
Okay, now see this this this I'm I'm I am starting to have some questions here.
This now makes the fourth person today who has called here and said they have been able to get a loan, or they would be able to buy a house if they had 20% down based on what the price of the house was, and what the mortgage was gonna be and so forth.
I haven't had anybody call me that says their credit card's not been accepted.
I haven't had anybody tell me that uh they have to pay their credit card balance in full, that credit won't be.
So it seems to me, and admittedly this is uh anecdotal, but it seems to me, we've heard from people all over the country today.
This was uh this is Virginia, we've heard from Michigan today, and a couple of Michigan, I mean a state's in the recession.
Apparently, consumer credit is still available uh readily so.
Apparently.
So, what kind of lending are we talking about here that's not happening?
Well, there's gotta be some lending that's not happening, and then they're telling us there's a liquidity crisis, and the banks and the banks are not lending to each other, apparently, or the banks.
So I I'm getting I I I hate to be suspicious of my government.
I really do hear.
Yeah, I know we're still getting well, I don't get them, but uh a lot of people are still receiving applications for new credit cards.
And Obama Obama on his website has got a little page here about how he's pro-life.
I does.
Obama has a page on his website.
We'll We'll link to it at Rush Limbaugh.com.
He's got a page on his website where it says Obama pro life, a little icon logo type thing.
Well, you know, the Obama seal, not the seal, but the circular logo with the red and white stripes and the blue, whatever.
Um, I don't know what kind of life, because the guy has sponsored infanticide bills.
Human life, human life, I mean he says he's pro-life.
But the Obama campaign is a lie after a lie after a lie.
But no, seriously, now, if consumers can go get debt, and if I can get my line of credit renewed, zip automatically.
And all that, um, where is the credit crunch?
Now, Ford Motor Company is saying that there is a credit crunch because they can't, their customers can't go buy cars because of the credit crunch.
Now, as you all know, General Motors is a sponsor of this program.
Very proud sponsor, and we are proud of them.
They are celebrating their 100th year, their first century being in business.
Now, you know, they got this new car coming out, the Vault in 2010, future transportation.
Bob Lutz, friend of mine at General Motors, huge believer in this cart, they are busting tail to get this car out in 2010.
Uh, they think it's going to change the way you drive your car because it uses electricity.
You plug it into the wall, you plug it into a standard outlet, and it's a reinvention of the automobile.
And they're working on this.
The Saturn Aura is the car that we've had here driving around 33 miles to the gallon.
18 models, one of 18 models that General Motors offers for 30 miles to the gallon or better.
By the way, there's a gas war in Brockton, Massachusetts.
Gasoline is under three bucks a gallon at two competing stations.
They're having a miniature little gas war at $2.81 cents at one of these stations.
Meanwhile, General Motors manufactured cars people want the money.
My point is this.
If there were a credit crunch and nobody can very few people just go in and write a check for a car, you've got to finance it.
General Motors did not cancel the advertising because they can't get people to buy their cars anyway because there's no credit.
I mean, they're peep people are buying these cars.
If if if people couldn't get credit for their purchases of cars, they would think that the auto companies would suspend advertising until the credit crunch was solved, don't you?
That's what I would think.
Anyway, we love General Motors here.
There's some that they're working against uh some long odds and they're trying to retool and and and and meet customer demand.
But you know, I saw the other day that these automobile companies domestically their the sales keep reporting is being down, other than uh advertising on this program, we are having a promount profound positive effect, which we always do for our clients.
But worldwide, Buick Cadillac is selling all over the world.
Chicoms love Buicks.
Hugo Chavez loves Cadillacs.
Don't want anybody to know it.
Ford's all these cars all over the world are being sold, and they don't have to deal with these stupid cafe standards.
If you want to change the auto sales figures in this just get rid of all these stupid cafe standards that restrict what people can buy based on what uh what automobile manufacturers can make.
Again, you've got the federal government telling people how to build cars, people who have never designed one or built one in their lives.
Anyway, I gotta take a brief time out here, folks.
We'll do it and be back right after this.
Do not go away.
Sarah Palin just arrived in St. Louis.
She's obviously not taking this seriously enough.
Uh the moderator got there yesterday.
Uh Gwyn Eiffel got there yesterday.
Uh the media's been there since uh five o'clock this morning.
And Palin just rolls in here at a quarter or two central time.
She obviously doesn't take this seriously.
By the way, um, it's also over for Sarah Palin Tonight, uh the politico, in an attempt here to upstage Chuck Todd of NBC.
Chuck Todd today said that the election's over.
Because all the trends and appalls are to Obama just over.
This is the best chance McCain's got to revive the campaign tonight.
But because Palin is so incompetent and such a dud, it's over.
The election's over.
And now the politico, in an attempt to steal the thunder of Chuck Todd has this.
Well known psychic Elizabeth Joyce has doubts there will be an election this November.
Her instincts tell her that uh come next week there might be rioting in the streets and martial law, and that President Bush will henceforth carry out his term indefinitely.
But that's next week.
Tonight there's a vice presidential debate and say a well-known psychic Elizabeth Joyce.
Predicted outcome runs closer to conventional wisdom on the much anticipated matchup between Sarah Palin and uh Joe Biden.
So basic basically uh Elizabeth Joyce, who predicts martial law next week, says that the stars are not aligned for Sarah Palin tonight, and that makes news that's a political.
In an attempt to upstage Chuck Todd, who earlier this morning on MSNBC pronounced the election over.
By the way, I have another theory about the stock market.
You all this uh by the way, stand by audio sound bites 23 and 24.
All this talk about the stock market being up and down and down and this and all because of the jobless report numbers, and because the markets are concerned that the House will not pass what the Senate passed, and so we I got a different theory.
I have a different theory.
One reason the stock market's bouncing around is because a recent poll showing Obama leading.
The liberal media is saying Obama has election won already.
If that depresses all of us, why wouldn't it depress the market?
Here's a guy who's promising to raise everybody's taxes, corporate taxes, capital gains taxes, personal income taxes.
He's going to raise every tax he can find.
That's the one explanation that makes total sense for the volatility on the market.
I understand stock market fears, uh, all the tax increases, the destructive economic policies that Obama would implement.
There's your answer.
Nancy Pelosi.
This afternoon at a little press conference, we have two sound bites.
They are doozies.
Yes, you know, uh my flagship issue has been energy uh glergy security and reversing global warming.
And I'm very pleased that in this bill we have the extenders uh for the investments in uh clean renewable energy research and development.
And uh and in this bill, it is paid for.
So I'm I'm very that was one piece of the energy bill that we couldn't pass last year, uh, that is now uh has been passed by the Senate.
Wait a minute.
I thought we had Armageddon here.
I thought this was the save stave off Armageddon bailout bill.
And she's going out there today saying her flagship issue has been energy security and reversing global warming.
I thought your flagship issue was stopping Armageddon.
I thought your flagship issue all week long was this bailout bill.
And she's out there.
This woman is, even if she thinks this don't say she, she's trying to kill this thing tomorrow night.
She is trying to make sure the Republicans get so fed up that they vote against it again, which I hope happens, to go out there and after the Senate passes this to not say a word about anything other than energy security and reversing global warming and praising this piece of legislation as a pork barrel piece of legislation.
Here is another bite, an unidentified reporter said, Are the votes there to pass this bill in the House?
Well, right now we're working very hard uh to um to see that.
We want to see if we still have the 141 votes we had before, and that seems to be coming in pretty well.
But we haven't, you know, it but what you have to remember is members like to see the bill before they give you an answer, and they saw what happened in the Senate last night, but now they're getting a closer look, and and as they review it, uh then we can go forward uh to see what the vote will be.
And we're not gonna take a bill to the floor that doesn't have the votes.
I'm optimistic that we will take a bill to the floor.
She says, she took the bill to the floor Monday night when it had the votes.
So she's not going to take it to the floor if they don't have the votes.
She said, Well, the members haven't seen the bill.
Well, neither did the Senate that voted on it.
You want to tell me that all those senators read all 451 pages of this monstrosity before voting on it.
Mark Stein's right.
This we cannot survive as a as a representative republic doing business this way.
When our legislators and senators don't even know what they are voting for or against.
I know that's nothing new, but I mean now the stakes, they continue to raise the stakes.
Well, it's arm again.
We gotta stop the uh stop the bleeding.
We gotta make sure the credit markets can still lend money, Bradenton, Florida.
Mike, you're next on the EIB network, sir.
Hello.
Yes, sir.
I appreciate being on your show.
And when I was old, uh took the advantage to get hold of my mortgage person.
She's online with us, Deborah, and she was telling me that uh you want a loan, come to the bank.
They've got uh all kinds of money to loan.
Really?
Deborah.
Yes, sir.
We have um we're trying to get people in to do mortgages, and the phones are just dead.
She has uh a goal of one million dollars a month to she's needs to meet the loan money, and uh she wants to put it out there and they're the most cost.
Wait a minute, wait a minute, one minute, keep up here.
Deborah is at the bank.
Correct.
She's uh she's she's been doing it for 31 years in the mortgage business.
Okay, so she's the lender, she's this is the loan officer.
Correct.
And you just put her on a phone saying, we're we're we're desperately trying to find people to borrow money to buy houses.
Yes.
Because she needs to she needs to lend a million dollars a month to meet her cargets.
Yes, and nobody's calling her because they think there's no credit.
People they they people are scared to death.
I sat next to a lady that that hoped she could sell her house and she's afraid she couldn't because nobody would be able to pay cash for it because there was no money on the street.
So I handed her my cards.
Let me ask you this.
Deborah, with all that's gone on in the housing market, I would have I would assume I know Florida may be a little bit different in certain parts of the state, but I would have to assume that uh houses have become a little bit more affordable.
Very much so.
Very much so.
So it's easier to buy a house for some piece, especially first-time people getting in, and you're willing to borrow or lend them the money and then and the mortgage and so forth.
Now, how many of your mortgages, even now, do you have to to write in such a way that they will be purchased by Fannie May or Freddie Mack?
Almost all of them.
You're not going to be able to do that or Fannie Freddie.
See, this folks, this is key to understand.
She just said that she has to write these.
That means certain amount of money down, certain amount of the requirements, whatever they are, because she has to sell for Fettie Mac and uh uh Fannie Mae to buy them, they have to they have to loan money at all these banks in certain certain ways.
And why do you want to sell the mortgage to Fannie Mae and Freddie Mac?
Got 30 seconds.
We don't we only service our loans, we don't fund them.
Oh you only serve so you're not actually the one loaning the million dollars a month.
Right.
You just uh so this thank you, Deborah, and thank you, Mike.
This is how Fannie Mae and Freddie Mac, government-sponsored enterprises, end up owning your house.
And they now own 70% of the mortgages in this country.
And on that we have to take a brief time out.
We'll do it and be back after this.
Don't go away.
Say, the more people that call here and start talking about how easy it is to borrow money, I'm beginning to think we're getting scammed on this.
We get 300 million people in this country, and the best two we can come up with to run for presidents, McCain and Obama.
▲
Export Selection