Dec. 15, 2008 - Rush Limbaugh Program
37:00
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| Welcome to today's edition of The Rush 24-7 Podcast. | |
| And greetings to you, music lovers, thrill seekers, conversationalists all across the fruited plane. | |
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| The biggest target in big media today. | |
| L Rushmow, Rush Limboy. | |
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| 800-282-2882, the email address, L Rushbow at EIBNet.com. | |
| Ladies and gentlemen, I want to thank all of you for your uh your emails of support regarding this uh interview that Colin Powell did on CNN yesterday. | |
| I really the whole thing wears me out. | |
| It's nothing new, except now it's coming from ostensibly the Republican Party. | |
| Now, Snerdley is livid. | |
| Many of my staff and friends are livid. | |
| I'm just I to me it's not that big a deal, because I think Powell's premise, and I understand what's going on. | |
| I think Powell's premise is all wrong. | |
| It's that the Republican Party needs to stop listening to me. | |
| Uh basically what that means is the Republican Party's got to throw you overboard. | |
| The Republican Party can't win as long as it is defined by people like you and me, those of you in this audience. | |
| The simple fact of the matter is, folks, what makes this funny to me is that the Republican Party's not listened to me in the last two years. | |
| And you might even say in matters of policy and so forth, the Republican Party hasn't been listening to me for the last six years. | |
| And you might even say that the Republican Party is in the situation it's in precisely because of the people like Colin Powell and John McCain and others who have devised this new definition and identity of the party, which is responsible for electing Democrats all over this country. | |
| So, I mean, I I think it's actually uh somewhat funny. | |
| I really do. | |
| No, they're not listening to me, and I don't do this program for these people to listen to me. | |
| This did they they under they misunderstand the whole point of this program of what we do here? | |
| The Democrats and the Liberals always have, and I guess McCain and and uh and and and Colin Powell are showing their true colors. | |
| I mean, here is Colin Powell telling the Republican Party what to do as after he voted for Obama. | |
| So I know what really has Colin Powell upset is because I said his endorsement of Obama was about race. | |
| And I'm not supposed to say those things. | |
| I mean, these things are supposed to go unsaid. | |
| But the Republican Party nominated Powell's perfect candidate. | |
| A guy's going after moderates, independents, Democrats, a guy who is uh not conservative at all, McCain didn't stand up for much conservative, and he's out there now saying he won't support Palin if uh if she seeks the presidency again, or he might not. | |
| Uh Colin Powell, ladies and gentlemen, insists that conservatives and Republicans support candidates who will appeal to minorities, like I guess McCain, who led the effort for amnesty. | |
| He insists that conservatives and Republicans move to the center like McCain, who calls himself a maverick for doing so. | |
| General Powell insists that conservatives and Republicans provide an open tent to different ideas and views, like I guess McCain, who repeatedly trashed Republicans and made nice with Democrats. | |
| I mean, their tents big, they just don't want us in it. | |
| I mean, John McCain is and was Colin Powell's ideal candidate. | |
| And once he was nominated as the Republic, all these moderates, Bill Weld, all these moderates that that crossed the aisle and voted for Obama, they got their ideal candidate and they got their ideal campaign in McCain. | |
| Once McCain was nominated as the Republican candidate, largely by independents and Democrats voting in Republican primaries, Colin Powell waited to the last minute when it would uh do the most damage to McCain and the Republicans and endorsed Obama. | |
| And when I said it was largely about race, uh that you know, you just that that that's that's what set them all off. | |
| You're not supposed to say these kind of things. | |
| This is uh this is supposed to go unspoken. | |
| So if we if we try to understand Powell's thinking, which is difficult since it's incoherent, we should have all voted for McCain in the primaries, and once he was nominated, we should have voted for Obama for president. | |
| That's what we should have all done. | |
| If you listen to what Powell said on CNN yesterday, he also said there's something interesting in Snurdley, Snerdley picked up on this. | |
| He said that uh Powell in the uh in the in the CN interview is talking to Republican leaders about tossing me out. | |
| Tossing when I'm not in. | |
| This is the I mean it remains to be, it remains to me to be the funny thing here. | |
| I mean, it'd be one thing if Republicans were listening to me and going down in flames, but they're not. | |
| And they haven't for the longest time. | |
| So Powell is talking to Republican leaders about tossing me out of the party. | |
| Toss people should stop listening to me. | |
| Um and helping Democrats with any legislation that might be aimed at uh at taming talk radio. | |
| This is what Snerdley thinks he meant by virtue of what he said in that uh in that interview. | |
| He did say he is talking to the leaders about the leaders of what? | |
| The Republican Party. | |
| He's getting together to talk with the leaders about me. | |
| When was the last time I was on a ballot? | |
| When was the last time I raised money? | |
| When was the last time I wrote a plank in the party platform? | |
| I wish my parents were alive. | |
| I I mean I say this at least once a week. | |
| They wouldn't believe. | |
| They wouldn't believe. | |
| Here we are. | |
| Here we are, ladies and gentlemen, in the midst of an economic crisis, an automobile potential bailout. | |
| Now we got this Bernard Madoff thing that's happened, and I'm gonna this is fascinating. | |
| This is overwhelmingly fascinating to me when you understand what happened with that. | |
| We got all of this going on. | |
| We got reporters in Baghdad throwing a shoe at George W. Bush, and the drive-by media here in this country is very excited about it. | |
| Fact of the matter is, uh, ladies and gentlemen, this incident shows that we have succeeded in Iraq. | |
| Had this guy sh thrown his shoe at Saddam Hussein, he would have been shot five minutes later. | |
| This guy's still alive to be made a star by the drive-by media around the world. | |
| Long live freedom, long live democracy. | |
| What's going on here with this Colin Powell thing is that the Washington established, Powell is Powell's not a Republican, McCain's not a Republican, these guys, they're not even mavericks, they are Washingtonians. | |
| Washingtonians have their own culture and their own desires, and it is to matter. | |
| They don't care who's in power, they just want to be closely associated with whoever is. | |
| They want that's that's the name of the and they want press adulation. | |
| They ought to be loved and adored by the media. | |
| They want fawning treatment, they want to be thought of as something special, unique, dignified, and so forth. | |
| And that that's that's the Washington establishment. | |
| These guys are Washingtonians. | |
| And what is a Washingtonian? | |
| Who are these people? | |
| Ladies and gentlemen, they have driven this economy into the toilet. | |
| Washingtonians are tone deaf in terms of how you and I actually live and the things that are matter that matter and are important to us. | |
| Washingtonians are grabbing as much power for themselves right now as possible. | |
| Washington does not live in the rest of the rest of the country, not live in the same world we do, and what they're doing now is looking for ways to silence opposition. | |
| They don't care about the timid, ineffective opposition. | |
| They like Republicans and conservatives who are ashamed of their views and their fellow citizens. | |
| What they want to do is silence people like me because they can't abide debate or opposition or challenges to their status and their authority. | |
| So, General Powell, let me explain something. | |
| The fact is, Republicans did not listen to me. | |
| They listened to you. | |
| They have not been listening to me for years. | |
| The Republican Party nominated your ideal candidate. | |
| They nominated your guy, a moderate who's willing to buy into an endless array of liberal causes from global warming. | |
| Well, there's an AP story out today that says we are cooling this year. | |
| And we, by the way, record lows in Denver. | |
| We have uh record lows in Montana. | |
| And we've actually have a story on global warming from the AP today. | |
| And in the last couple paragraphs, it says, Rachel, you'll love this because I know you think Al Gore is a genius. | |
| It says here that this cooling perfectly illustrates how the world is warming. | |
| We got, folks, we got more problems than you can possibly imagine. | |
| That's just lunacy. | |
| That is just insanity. | |
| And that's modern journalism. | |
| We're freezing our butts off. | |
| It is cold as it is. | |
| We're a fifth cold front that went through here. | |
| And we normally haven't had the first one yet. | |
| Five cold fronts. | |
| Not cold for us, but I mean, look at weather is weather, record lows in Denver, and all of this freezing cold points out how the world is so rapidly warming. | |
| It perfectly illustrates it, the guy says. | |
| He quotes a scientist here that says, species are going extinct like never before. | |
| And I've got a story about 70 brand new species discovered in the Mekong Delta. | |
| We can't trust anything that we see in the media anymore. | |
| It's all agenda-oriented. | |
| And it's all oriented toward the agenda of Washingtonians. | |
| As long as you are a Republican, but you buy into an endless array of liberal causes, global warming to amnesty for illegals, and uh somebody who has the same fetish for compromising principles that you do, then they are going to love you. | |
| Then you turn around and you stab this person in the back by endorsing the most liberal Democrat candidate ever nominated days before the election, General Powell? | |
| You want to lecture me about how the Republican Party needs to stop listening to me when they're not, they are listening to you. | |
| I also have to question something here. | |
| How can he say he's a Republican? | |
| He gets the perfect Republican nominee, exactly the kind of candidate he wants. | |
| It's McCain, and then he sabotages McCain a few weeks before the election by endorsing Obama. | |
| How can you even claim to be a Republican, General Powell? | |
| When have you ever stuck your neck out for Republicans and conservatives? | |
| Look, never. | |
| I mean, look, never. | |
| I mean, sabotage George W. Bush with the Armitage League and Scooter Libby, that's just one thing. | |
| But Ronald Reagan, Bush 41, Bush 43, all helped advance General Powell's career. | |
| Now there are exceptional military men and women throughout our nation who could have served as National Security Advisor or chairman of the chief joints of staff. | |
| To quote Rita X. Many ex-military people who could have been Secretary of State. | |
| Hell, Hillary can do it. | |
| Anybody can do it. | |
| I'm sure you did a good job. | |
| General Powell, certainly nothing exceptional. | |
| You're no George Marshall. | |
| But I can't think of a single occasion where Secretary Powell stepped up to the plate for the Republican Party or the conservative movement. | |
| I think of many times when he has not done so, or even worse. | |
| I've noticed on the one hand, General Powell claims to stand above politics. | |
| On the other hand, he jumps in from time to time, but only to attack the conservative base of the Republican Party. | |
| When's the last time the first time? | |
| When when is any time he has let loose or criticized a liberal Democrat on any issue? | |
| You know, here's the problem, General Powell, and this is this is, folks, this is problem that I think is systemic in the Republican Party in Washington. | |
| People like General Powell seek to ingratiate themselves with the people who despise the Republican Party and despise the conservative movement. | |
| And they're out there preaching moderation all along the way when instead you should be preaching principle. | |
| Principle is what got you where you are. | |
| Moderation is what keeps you where you are with this great reputation, great image, but no substance, no principles, no core belief. | |
| If somebody had to tell you who Colin Powell is, what would they say? | |
| What does he stand for? | |
| What does General Powell stand for? | |
| What is Colin, what is John McCain stand for? | |
| You don't know. | |
| There aren't any core beliefs, and you go rat-tat-tat down the list and say, yep, this is who they are. | |
| Was Abraham Lincoln great because he sought compromise during the Civil War, or was he great because he insisted on total and complete victory? | |
| You know, great people take stands on principle. | |
| Uh moderation. | |
| Some of us think that individual liberty, limited constitutional government, and increased support for the military by civilians are principles worth defending. | |
| Maybe General Powell can enlighten us, since he's failed to do that so far on the great liberal or moderate Democrat principles that seem to intrigue him. | |
| What is it about Obama that intrigued him? | |
| What are these principles? | |
| Or was it the way Obama speaks? | |
| General Powell says we need to reach out to Hispanic blacks and Asians. | |
| Well, how do we do that? | |
| What kind of message does he suggest? | |
| I never hear the how to do it. | |
| I just hear we need to do it. | |
| And in my mind, we already have the blueprint for how to do it. | |
| We have done it successfully. | |
| We abandoned the blueprint. | |
| It's called individual freedom, liberty, and not seeing them as Hispanics and not seeing them as Asians and not seeing them as blacks or minorities, but rather seeing them as Americans. | |
| Human beings. | |
| Liberals look at people and groupify them and then think of them with contempt. | |
| I mean, are all black people identical thinkers? | |
| If we understand what one of them thinks, we know how to get to all of them. | |
| Is that true? | |
| Same thing with Asians, same thing with uh Hispanics. | |
| General Powell has no vision. | |
| He is not in touch with the public in any meaningful way. | |
| He's a Washingtonian. | |
| He's not in touch with the public. | |
| He lives in a bubble. | |
| So he doesn't have to expose himself to contrary arguments. | |
| He just has to accept accolades from the people he treasures and values most, his buddies and the media. | |
| He doesn't add anything to the public discussion. | |
| What does he added to the public discussion? | |
| What has he done to advance a principle? | |
| Constantly peddling his identity and his reputation rather than anything substantive or insightful. | |
| I'm sure he's delightful person with his friends, and I'm sure he's charitable with his time and his money, but he has no idea what he's talking about when he presumes to dictate how Republicans and conservatives should build a governing majority. | |
| One of the things he said, he said he resents Sarah Palin because she kept talking about small towns. | |
| He said, Nobody lives in small towns, that's why they're small. | |
| I'm from the Bronx. | |
| Something wrong with my values, he asked. | |
| What is this? | |
| What is this hatred for conservatives and small town people and Sarah Palin, these people? | |
| It's because they are effective. | |
| They represent challenges to the Washingtonians' control of the Republican Party. | |
| I know a lot of people that are from the Bronx, General Powell. | |
| And if you think the values there in the Bronx today reflect the ones you grew up with. | |
| Take a trip back and see if the street corners and the activities there are the same as when you were growing up, General Powell. | |
| Quick timeout. | |
| I spent more time on this than I intended to. | |
| Because we got other things to do, like try this. | |
| You know, last week the AP told us about all these questionable associations of Obamas, all these weird people he knows. | |
| We didn't know that. | |
| Uh it's AP. | |
| Well, no, I better take this breaker. | |
| I'm gonna have trouble. | |
| Let me get this straight. | |
| The guy who supported the Republican candidate for president should be thrown out of the party. | |
| That would be me. | |
| But the guy who bolted and sabotage the Republican nominee by endorsing the Democrat candidate should stay in and be part of the team that determines what the Republican Party is going to be. | |
| The turncoat. | |
| General Powell is the one who the party's gonna listen to. | |
| McCain's a moderate. | |
| I supported McCain. | |
| Powell, once a moderate, did not support McCain. | |
| It's unreal. | |
| Just incredible. | |
| And it is. | |
| I look at trying to be a little humble here, but it's hard here when he got all this other stuff going on, and Republicans out there now continue to trash me. | |
| This is uh it's flattering. | |
| It is amazing. | |
| The same time it's mind boggling how I get under their skin. | |
| And it's not just what I'm learning now, folks, it really doesn't matter about party. | |
| It's not getting under Republican skin now. | |
| It's getting under the skin of Washingtonians. | |
| It's getting under the skin of the big government. | |
| These are these are liberals. | |
| There's no such thing as a moderate Republican. | |
| A moderate Republican is a liberal. | |
| General Powell says, well, I'm a fiscal conservative and I don't like the social stuff. | |
| What's wrong with the social site? | |
| It's abortion. | |
| But it's more than that. | |
| It's Washingtonianism. | |
| All right. | |
| Brief timeout. | |
| That's a short segment. | |
| Now you know why I had to take the commercial break when I took the commercial break. | |
| We'll be back. | |
| Manheim steamroller. | |
| Merry Christmas, everybody. | |
| Great to have you with it. | |
| Love Christmas time. | |
| Favorite time of the year. | |
| And I love Manheim Steamroller. | |
| I just told a friend of mine, said, you know, I really didn't want to spend this much time on Powell. | |
| It's now worth it. | |
| He's irrelevant, blah, blah. | |
| Friend wrote back and said, No, you're wrong about this. | |
| You didn't spend too much time on Powell. | |
| Powell is a perfect foil for the problem we face. | |
| You know, that's it. | |
| That's an excellent point. | |
| What's going on here, folks? | |
| This is a larger debate over the future of the country. | |
| It's not just a debate about the Republican Party. | |
| There is a larger debate going on, and that is over the future of the country, and we are smack dab in the middle of it. | |
| And sometimes people living in the middle of important and great events are so busy living in them that they don't understand how important and big they are, as people who follow us who are born after us and read the history of all this, uh, will look at this particular time. | |
| For example, let's look at Bernard Maloff. | |
| Do you do you people realize what happened here? | |
| Do you know the details of this? | |
| $50 billion. | |
| Ladies and gentlemen, the worldcom scam was $30 billion. | |
| Enron was $35, $32 billion. | |
| This was $50 billion. | |
| This guy took out and wiped out his friends. | |
| His charities. | |
| This is the psychiatrists are going to have a ball with this one trying to figure it out. | |
| This was a Ponzi scheme that went on for years, and it you know how it succeeded? | |
| It succeeded on the basis of two things. | |
| This guy was brilliant in setting himself up as brilliant and likable. | |
| He fashioned for himself a great reputation that nobody questioned. | |
| He also did something else. | |
| He had a bunch of guys when he started out that would troll these country clubs and other places where the high rollers were. | |
| And they would start bragging, as all people love to brag about how well they're doing in the market. | |
| They'd start bragging about how well they were doing with this mystery guy. | |
| And of course, everybody's ears when he F. Hutton speaks, people listen, everybody's ears perk up. | |
| Who is this guy? | |
| Well, you got you uh you need at least a minimum of 10 mil to get in. | |
| You can't uh you can't this guy just doesn't take just anybody. | |
| So present this great thing and then deny it to people. | |
| Makes them want it even more. | |
| They trust the people that are telling them all this stuff. | |
| I can't tell you the number of times I have been out at places. | |
| People start bragging about their returns in the financial market, or they brag about this or that, and they've got the best broker here, the best broker. | |
| I don't know anybody that knew this guy, I don't miss it. | |
| Well, I probably do, but I'm not telling a story about this guy. | |
| So he sets it all up and he has this reputation. | |
| He's very avuncular, and he travels around, he joins these clubs and he makes friends with these people. | |
| And it was not what he said that roped him in alone. | |
| It was how he said it. | |
| It was how he comported himself. | |
| It was his reputation based on lies. | |
| There were no returns because there were no investments. | |
| It was a full-fledged Ponzi scheme. | |
| So for all these new suckers he was hooking, he was paying his so-called previous investors with money that came in stealing a little bit for himself. | |
| And fashioning this 100% phony reputation in life that these people never even questioned because it would have been impolite to do so. | |
| You would have had to criticize so many people. | |
| You would have had to express suspicion about so many of your friends. | |
| It's rather you just don't know how this is happening. | |
| You didn't get monthly statements, or if you did, you couldn't decipher them, because it was all bogus. | |
| Some of the so-called smartest people in the world, we learned now that Mort Zuckerman would uh who New York Daily News, uh U.S. News and World Report, financial guy, he's a big real estate magnet in New York. | |
| He got taken there. | |
| Fred Wilpon, the owner of the New York Mets, 500 million dollars. | |
| Hedge funds have had to shut down because of this guy. | |
| Banks all over the world, charitable foundations. | |
| People are putting their houses up for sale. | |
| And this guy was a huge, huge Democrat. | |
| This guy was a contributor to Bill Clinton and some of his, I don't know if this guy's name is gonna is gonna show up on the uh donor list at the Clinton Library and Massage Parlor. | |
| He was a huge donor to Democrat policies and politicians. | |
| He was a huge donor to Obama and uh and and related issues. | |
| No, I I'll tell you what's funny too today. | |
| I'm reading the drive-by media, and guess whose fault this is? | |
| Bush's. | |
| In fact, some drive-bys are saying it actually you can trace it back to Reagan, the era of greed and selfishness. | |
| Reagan created that, and it is and then Bush came along, and uh we forget the Clinton years in the middle of this, and then Bush came along, and uh, he just had uh no controls over anything. | |
| I mean, Bush was just horrible. | |
| You could have anything you wanted anytime you wanted. | |
| Of course, these poor people just got hooked. | |
| You know, we had the Y2K thing, and that didn't materialize, but there was all this uh the this fear that has been lurking around every corner uh at every day. | |
| And so this is now this is Bush's fault. | |
| Not even it's not even Bernie Madoff's fault. | |
| But wherever you look, and I'm not being simplistic here, wherever you look in this financial mess today, you find Washingtonians in some cases of both parties, but predominantly, as we know in the mortgage crisis, uh, we know that it's Democrats. | |
| Now, one of the drive buyers who is trying to blame Bush is little Mike Lupica of the New York Daily News, who writes the sports columnists, these uh in sports novels and so forth. | |
| And little Mike Lupica blaming Bush and then taking up for the poor says, of course, the poor are being blamed for the subprime mortgage problem. | |
| No, little Mike, the poor are not being blamed. | |
| The people who lent them money are the are the ones responsible. | |
| Nobody's banging the poor here. | |
| The poor are as much victims as everybody else. | |
| The sad fact of the matter is that people who should never have been lent money in the first place were, and this was done on the order starting with Jimmy Carter, and it got popular and increased in uh in momentum with uh with President Clinton, Community Reinvestment Act, all this stuff, Fannie Mae Freddie Mac. | |
| I mean, you find Democrats wherever you go with with Bernard Madoff, you find Democrats wherever you go. | |
| Now, this is a Ponzi scheme, and I I don't know how many of you people the Obama voters know what a Ponzi scheme is. | |
| Do you know what a Ponzi scheme is? | |
| Would you if somebody asked you, Brian, to define a Ponzi scheme, could you do it? | |
| I'm not asking you to. | |
| I just could, yes or no. | |
| Okay. | |
| Could you, Rachel? | |
| She doesn't think so. | |
| What about snerdly? | |
| Snerdley's being scammed, by the way. | |
| Uh, those of you calling us suggesting a third party after General Powell, we're not going to do a third party, leave it. | |
| You can spare. | |
| Do you know what a Ponzi scheme is, Snerdley? | |
| If you, if somebody somebody demanded you explain to a Ponzi scheme, do you know what it is? | |
| Okay, you don't have to tell me. | |
| I just want to know if you can explain it. | |
| I trust that you. | |
| Well, it was not Charles Ponzi. | |
| Charles Ponzi no, he did he did not do the first Ponzi scheme. | |
| Ponzi scams originated back in the Old Testament days. | |
| I mean, they've been around. | |
| It's just that Ponzi in the 20s was the first guy to make it massive. | |
| It was it was uh it was so big with Ponzi, that's why they name it after him. | |
| Uh he was uh an Italian immigrant in the 20s and so forth, and he popularized this. | |
| Very simply, Ponzi scheme, for those of you and many of you who voted for Obama may not know what it is. | |
| A Ponzi scheme is where the the con artist, which is what Bernard Madoff is, the con artist somehow convinces you to give him money with the promise that the money you give him is going to turn into much more money very quickly, and you're not gonna have to do anything for it except sit around and wait. | |
| And then the con artist goes and tells, gives the same pitch to a whole lot of other people. | |
| He takes your money, steals some up for himself, doesn't invest it anywhere, or he may park it someplace for a while, but it's not his his his parking it is not to generate whatever he's gonna give back to you. | |
| What you get back is what he takes from others who are being scammed. | |
| It's just it's just a thing of a hotel revolving door. | |
| Except this scam went on for years. | |
| Years, and there were trouble signs. | |
| I read a story over the weekend of 1992 Wall Street Journal story where there were all kinds of red flags about this guy, but it just stopped because he had such a great reputation. | |
| He said what he said so well. | |
| He behaved so refined and dignified. | |
| Uh he was loved and adored, and people had these balance sheets. | |
| These statements show they were gr earning 15%. | |
| This guy, the last two months, Brian, the stock market's down 38, 36%. | |
| This guy's showing six to twelve percent gains. | |
| And nobody in his stable is questioning this. | |
| I tell I a lot of people say, We uh those people deserve what they get. | |
| I was reading some of the comments to a Wall Street Journal blog post on this, and you wouldn't have you would believe it. | |
| The number of people is good, good. | |
| It's about time these people found out what it's like to be hurting. | |
| It's about time these people found out what it's like. | |
| Wrong attitude, folks. | |
| Wrong attitude. | |
| Some of these people may have inherited it, but so what? | |
| It's their money, it's not ours. | |
| They've been wiped out. | |
| They've been white, they have been scammed. | |
| Now you can say they deserved it because they're stupid, because they didn't look, because they were they uh they were too trusting and so forth. | |
| I don't care. | |
| It is horrible what happened to these people. | |
| But this, well, they say is the biggest Ponzi scam in the history of Wall Street, maybe, but it is not the biggest Ponzi scam in America. | |
| I'll ask a little question here. | |
| I'm not gonna answer it. | |
| I'll see how quickly people can figure it out. | |
| What is the biggest Ponzi scheme in America, maybe even the world today? | |
| Quick timeout. | |
| We'll be back right after this. | |
| Don't go away. | |
| Hi, welcome back. | |
| Rush Limbaugh, America's real anchor man. | |
| By the way, folks, this Bernard Madoff guy, you stop and think of this. | |
| Every dime, well, it's we don't know this yet. | |
| It's not accurate, say every dime. | |
| But with a $50 billion Ponzi scheme that this guy ran, you'd have to assume that the whole enterprise here is thus illegal. | |
| This guy has given lots of money to Chuck Hugh Schumer. | |
| This guy has given lots of money to Charlie Wrangell. | |
| He has given lots of money to Democrats, Obama's campaign and so forth, and you have to ask do these campaigns, should these campaigns have to give this money back? | |
| Should they have to return this money? | |
| This is ill gotten money. | |
| And stop and think of the people who paid taxes on these phony returns in the Ponzi scheme. | |
| Everybody thought they're doing well until the day came, and what blew this guy up was the plunging economy, despite him saying he had returns of of uh 10, 12% while the rest of the market's down 38. | |
| He had clients totaling close to a seven billion dollars asking for their money. | |
| They're getting worried. | |
| They needed some cash. | |
| They wanted to get it out of the market and they wanted to put in munis, cash equivalents, or what have you. | |
| And the amount of requests he had in October, November totaled seven billion, and he didn't have it. | |
| There's nothing there, he says. | |
| There's he's got not there was not a couple hundred, three hundred million to pay employee bonuses, but there was nothing there. | |
| And that's when the whole thing happened. | |
| Now, there have been people who uh have been given money from this guy. | |
| The Ponzi scheme returns money to people at at some point, and all of this money was more than what they gave the guy. | |
| They paid taxes on that. | |
| They uh should they get a tax refund? | |
| They paid taxes on money they actually did not earn. | |
| They've got Zilch now. | |
| A lot of these people. | |
| Try this. | |
| Should these people be bailed out? | |
| Fifty billion dollars. | |
| Some of these people who got involved with this guy are huge movers and shakers in lots of moving and shaking type places, and a lot of these people are putting houses up for sale, closing down their charitable operations. | |
| Uh banks and so forth, and this guy was a huge Democrat donor. | |
| Now we've started the bailout process. | |
| We've started the bailout mentality, so where's it gonna stop? | |
| These are good Democrats, folks. | |
| These are good Democrats who have been shaken down by another Democrat. | |
| This is Democrat on Democrat crime. | |
| Some Republicans in there, I'm sure, but most of this these guys, his friends of Barney, uh Bernie Madoff are Democrats. | |
| Uh will Obama bail them out. | |
| Some of them are ruined. | |
| There's a fund. | |
| I forget what the acronym for the fund is fund is, but there's a fund that that helps people who've been scammed this way. | |
| But that fund at most has one and a half billion dollars in it, and this is a fifty billion dollar scam. | |
| But this Ponzi scheme of Bernard Madoff's, and again, he was able to pull this off on the basis of reputation, personality, image, public relations, nothing substantive, because there wasn't anything there. | |
| He was able to pedal a lie for 25 years on the basis of how he said it. | |
| Not what he said, but how he said it. | |
| And of course, the desire for people to be part of an exclusive little cult, very small little club. | |
| But the Bernard Madoff Ponzi scheme pales in comparison to the largest one existing to this day in the entire world. | |
| So the phones, I want to grab a phone call before we have to uh bring the hour to a screeching halt. | |
| This is uh Jeff in Roanoke, Virginia. | |
| Great to have you here, sir. | |
| Hello. | |
| Thank you. | |
| Hey, 50 billion is chicken feed. | |
| And we all get to participate in the largest one, and I would think that would be Social Security. | |
| Exactly right, sir. | |
| The largest Ponzi scheme, the most successfully run Ponzi scheme, a Ponzi scheme that even has morality attached to it, started by our old buddy FDR, Social Security, the single big and here's the thing. | |
| You can back me up on this, Jeff Old Buddy Old Pal. | |
| Every Ponzi scheme eventually collapses because at some point everybody in it wants their money, and there isn't any money. | |
| I don't like the sound of that. | |
| Well, brace yourself, buddy. | |
| People have been trying to warn about this, as you know, for who knows how long. | |
| This is why the effort to privatize it, why do you think it was opposed, the effort to fix it? | |
| Government cannot give up the power. | |
| The Washingtonians cannot give up the power that running this Ponzi scheme gives them. | |
| They're willing to kick the can down the road and let it collapse when somebody else has got to deal with it. | |
| Except one thing the difference between Bernie Madoff and the Washingtonians running their Ponzi scheme and others is he's probably gonna go to jail. | |
| Our guys will be promoted. | |
| And they'll be hailed as heroes. | |
| Uh like Chuck Schumer, Barney Frank, Chris Dodd, all these clowns that are responsible for most of this financial mess now. | |
| And the i I I'd say that they're largely responsible or have a great deal of responsibility for the auto problem that we have today. | |
| They're being hailed as great heroes and fixers by the by the drive-by media. | |
| Well, little small f by the way, fifty billion is small fright of the Social Security Ponzi scheme. | |
| But again, I just ask yourself. | |
| Ask you to ask yourself. | |
| Go to bed tonight and then pretend waking up tomorrow morning, and you read the paper, found out everything you have is a lie that you have nothing. | |
| I don't care how little it is. | |
| Here's another thing. | |
| Some of these people who thought that they earned a lot of money and got dividend checks and so forth over the years and may have to give it back. |
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