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Feb. 20, 2009 - Rush Limbaugh Program
36:24
February 20, 2009, Friday, Hour #3
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Time Text
I love this.
There's a story in the story in the Washington Post, mortgage rescue eligibility still being finalized.
One of the things, if if you want mortgage relief, you're gonna have to be able to prove provide documents to the lender that will prove you could lose your job.
Greetings, my friend.
And you know people have come up with them.
Hello, it's Friday.
Great to have you with us.
Let's move.
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Snerdley and I were just discussing here at the top of the hour break.
The whole concept of whether or not Obama's in over his head.
And I Snerdley made a point that I think is worth repeating.
It has some credence and can be improved upon by me.
And that is that when you look at the area domestic policy, he's not over his head.
He's getting everything he wants.
He's doing all this.
I am convinced that there's a uh a plan here to talk down the economy to depress people's optimism about it.
So much so that even Slick Willie is saying, hey, could you could you sound like you got some hope about it?
But in the area of foreign policy, you know, it's still, this is a this is a great nation at risk in a dangerous world, and there are things percolating around the world that he doesn't even care about or doesn't seem to be saying a thing about.
Got George Mitchell to handle us up in the Middle East, he's got uh he's got Holebrook to handle Afghanistan, he's got a Hillary, boy, what a you gotta say this is a brilliant move getting her the hell out of town on a trip that only Andrea Mitchell, NBC News in Washington, is reporting on.
She's been to Korea, she's been to North South Korea, she's been to she's wrapping up today.
She's in uh Beijing.
She'd been over there to all these places, and nobody knows.
Nobody knows about it while all the big stuff in his administration's happened, it's come to fruition while Hillary's flitting around on a government jet somewhere, a government private jet, uh, over as far away from the United States as he could get her.
But he dissed Hamid Karzai the other day.
For what reason?
The guy runs Afghanistan.
Um the uh the judges uh had a had an announcement about Gitmo the other day in the stack I didn't I didn't get to it.
Uh that basically says you can't release them, didn't say anything about that.
Uh there's uh hell's a popping in Yemen.
They reached 120 terrorists in Yemen.
Uh, not a word about that.
The only thing happening, yeah, the father of the nuke bomb, A. Q. Khan, AQ Khan was released, but Pakistani doctor, Taliban, nothing to say, had nothing to say about it.
You know, when this stuff happened around the world during the Bush administration, Bush would pop up and say something about it and condemn it and say that we weren't gonna put up with it, that they're on the list.
Uh I I think I think Obama just doesn't care.
Or he's in over his head on this stuff.
Uh probably a combination of the two.
But regardless, uh, the only thing he has said of any significance about things happening in the era of foreign policy, is to express his displeasure with the fact that Benjamin Netanyahu is going to be forming the government in Israel.
He doesn't like the fact that the Israelis are going to be governed here by a right wing coalition.
Uh Yemen released 120 terrorists to the street.
We're not prosecuting the uh the Yemeni uh USS Cole people.
Not a word from Obama about that.
So that may be an era, an er area of incompetence or simple lack of concern.
Anyway, remember when Sarah Palin was introduced by Senator McCain, the left-wing media and the FBI and a number of people, uh, lawyers, not the FBI, lawyers, were dispatched to Alaska to go through her garbage and anything else to find anything incriminating.
Plain loads of liberal lawyers.
So poor old Rick Santelli of CNBC.
I'm just wondering how long it'll be before plain loads of liberal lawyers sweep into his neighborhood, go through his trash, check out his kids' dating habits, because the White House obviously could not have been happy with what he did yesterday, but the reports from Chuck Todd at NBC indicate that the White House is laughing about it.
The stuff that I've heard from the White House and people that have talked to me about this, you know, they I think they're kind of laughing that they're getting lectured by a trader in their minds on the Chicago Mercantile Exchange.
It's like, you know, this is, you know, they're sitting there going, it's like to take the real criticism where this was coming from, the idea that, hey, are you helping out people that you know should be punished?
The fact is they say, look, we are helping out people that should be punished, and we wish we could punish, but that isn't our role.
Our role is to try to create stability in the economy and in the housing market.
What the hell did he say?
Could somebody tell me what he said?
Aside from the fact that the White House is laughing that a little insignificant trader.
But what was the rest of this?
Chuck Todd's a professional newsman.
He's the White House correspondent for NBC.
So they're sitting in the White House kind of, you know, I mean, this sounded like Caroline Kennedy, you know, the uh, you know, the and you know, and you know, you know, you know, and you know, they kind of punish people who would have been the word punish.
He tells us the White House, the administration using the word punish.
Here, play that again.
Because it's we have it we have a you know, a dirty lowly traitor.
The Chicago Mercantile Exchange lecturing the Messiah, they laugh at a lowly little traitor who is criticizing you.
But I want to figure out the rest of this.
The stuff that I've heard from the White House and people that have talked to me about this, you know, they I think they're kind of laughing that they're getting lectured by a traitor in their minds uh on the Chicago Mercantile Exchange.
It's like, you know, this is you know, they're sitting there going, it's like to take the real criticism where this was coming from, the idea that, hey, are are you helping out people that you know should be punished?
The fact is they say, look, we are helping out people that should be punished, and we wish we could punish, but that isn't our role.
Our role is to try to create stability in the economy and in the housing market.
Um, okay.
Uh they say, look, we are helping out people that should be punished.
Who are th who who are they?
Who are the people that should be punished?
Well, I know, me, but but it's not just me, it's the achievers, is it not?
The producers.
Yeah, we should be helping out the people that should be punished.
And we wish we could punish.
But that isn't our role.
Our role is to try to create stability in the economy and in the housing market.
Oh, I I feel so sad for them.
I feel so bad, so so bad out there.
They want to punish people, but they don't have time.
They don't have time to punish people because they have to come up with stability.
Stability.
They say this is stability.
The only way you could call this stability is if the idea is to wreck the top of the economy so that everybody's miserable.
We're helping out people that should be punished.
We're laughing at a little trader, lecturing us.
We're laughing at the market.
By the way, it wasn't just the trader Rick Santelli.
It was all the traders that were hooting and hollering in agreement with him that the White House is now laughing at telling Chuck Todd, yeah, listen, people, we wish we could punish.
Chuck, you're not doing them any favors.
Brian Williams and Matt O'Hauer assaulted Rick Santelli for daring to criticize Obama's plan on the Today Show today.
Fill-in host Brian Williams said, What would you do about all the folks who have just been through this era where they were told there were bucket loads of money?
They were told it was almost their patriotic duty to own a home, whether or not they could afford it for crying out loud.
Get the premise of this question.
Let me take a break here.
I have to take a break.
Did you hear what the question from Brian Williams is these poor people who never had a chance at repaying a loan?
They are the victims.
They were told they were bucket loads of money.
They were told it was almost their patriotic duty to own a house, whether they could afford it or not.
Who?
Somebody produced for me one person who went and bought a house because they thought it was their patriotic duty because somebody in Washington told them it was their patriotic duty.
Oh.
Oh.
I'm gonna take a break here, you know.
I'm gonna, you know, take a break and say, hey, you know whether they were told, hey, you know.
We're we're you know, we're gonna punish, but we wish we could punish, but we we we we need to punish people, but we gotta, you know, have stability.
And why we're gonna we're gonna defend these people who just did the patriotic thing and bought a house when they couldn't afford it.
Good!
I know, and I'm just still trying to figure this out.
I think I'm on the road to having it figured out.
Now, we're telling people that it is their patriotic duty to rent a home or an apartment now and give up the house they could not afford and cannot afford now.
So the point is now they know they cannot afford it.
Under Brian Williams kind of logic, they have a duty to move.
Have they kept Brian Williams' salary $500,000 yet?
I you have a relationship with him over there, Kit.
Call him up and ask him, because if they haven't, they should.
We got toxic waste in the market, but I gotta tell you, we got toxic information in the media, and I don't see a plan to get rid of it.
Now here's here's what what what what the reporter's saying, like Chuck Todd, he's he's saying that uh uh the the White House is laughing at being lectured to by a Volpe trader.
Uh perhaps not because the trader's a peon, but because the White House thinks that uh Wall Street and traders are to blame for this mess.
Uh as to the core of Santelli's complaint, yeah, the White House plans rewarding people who should be punished, but the White House's job is financial stability.
So the basically the White House is telling Santelli to bend over.
By the way, folks, did you know that in the coming months the housing and urban development department will oversee at least a tenfold increase in spending on programs designed to prevent homelessness?
Ha, ha, ha, ha, ha.
Like we've not spent money on homelessness already.
A tenfold increase.
Also, get this.
Now, this is the PS de Résistance tucked within the economic stimulus bill recently signed by President Obama was one and a half billion dollars to help families pay rent, make a security deposit, and pay utilities and other housing expenses.
To put that spending increase in perspective, HUD's largest grant program assisting the homeless will allocate about 1.6 billion this year to 6300 projects around the country.
So those of you who I'm sorry to laugh.
Those of you who are already gonna be underwriting the losers.
You are gonna be paying their mortgages, you're gonna now you're gonna pay their security deposits.
Now you're gonna pay their rent and their utilities.
It's in the HUD portion of the stimulus bill.
Their rent, their security deposit, their utilities.
It's just beyond welfare, folks.
This is not welfare.
You can't even call this welfare.
This is pure redistributionism.
This is insuring.
This is ensuring that this group of people will never even want to work a day in their lives.
This is ensuring they will never be able to provide for themselves.
This is to ensure that there is no end to this.
Now we go back to this poor old Rick Santelli who's been told to bend over forwards or backwards, either way will do.
Brian Williams grilling a colleague.
Rick Santelli at CNBC, it's all NBC.
Williams says, What would you do about all these people who've been through this era where they were told that they were bucket loads of money?
They were told it was almost their patriotic duty to own a home, whether they could afford it or not.
Who do we see about them?
What would you have them do?
If 92% are paying their mortgage and the other 8% aren't, we really can't separate out, Brian.
The 8%, how many were gaming the system, trying to flip houses way beyond their means, didn't put accurate information on their loan information versus some of the hard cases that we really ought to do something about.
So, you know, you think these 92% that are paying aren't cutting back, having problems.
Uh their 401ks or two on Ks, but they're knuckling under.
I think that the administration needs to broadly help everybody so they don't disenfranchise the confidence of the 92%.
I'm still stuck by this question.
Since this is the first I've heard that these people from the Community Redevelopment Act, is that what it is?
Community redevelopment, something reinvestment.
Well, whatever it was that caused the lenders to be forced by the government to make loans to people that could never ever pay them back.
I want somebody to produce for me one of these borrowers who went into a bank on the base, hey, hey, they've told me to come get a house.
It's my patriotic duty to come get a house.
They told me to come see you.
That there's bucket loads of money in here.
Where the hell does the premise for that question come from?
Anyway, then poor old Rick Santelli had this exchange with Matt Our.
President Obama came to office saying the time for sacrifices now.
No more rhetoric about it.
We're gonna actually have to do it.
Isn't this a first example where those of us who can afford to pay our mortgages and our taxes are being asked to sacrifice?
Well, Matt, did they actually ever ask you to sacrifice or did they legislate?
Well, they're legislating your choice away, though.
You know, Matt, there's a lot of charitable people in this country that want to help.
The part of this story that has struck a negative court, and this isn't about traitors or elite.
I am bombarded everywhere I go.
What this boils down to is you have to treat everybody fairly.
Those 92% are knuckling under as well.
Hey, Rick, Rick, please listen to me.
This is how they define fairness.
The 92%, it's unfair that 92% can pay and 8% can't, or whatever the numbers are.
The 92% are damn well gonna find out what it's like to not be able to pay by having to pay for some others.
That's what this is about.
It's about making you mad.
Now he's got a great point here.
Matt Wower.
Well, shouldn't we all sacrifice?
Hey, Matt, did you vote on that?
Did Obama tell us any of this during the campaign?
Did he say those of you who can pay your mortgages are gonna help also pay those who refuse to pay?
Didn't he were we told this during the campaign?
That's Santelli's point.
Then uh let's see.
I know that Lauer and Williams sound like m Obama enforcers.
So here's this guy that's going off the reservation on CNBC, and here comes here come the enforcers, the conciliaris.
Gotta get this guy's mind right.
So, Brian Williams, what do you do about the foreclosed home next to yours, Rick?
That was the crux of this.
It was the mortgage crisis that started this off and got us into this.
Listen, when houses worth the high prices, did you look at your house as an investment and think, oh my God, I don't think my house is worth that, but maybe I ought to sell.
There's a lot of Americans that feel bad, and if the house on the left or a house on the right goes into foreclosure, the experts are saying you suffer too.
But if you let judges break contract law, this innovative country that everybody knows is going to snap back, we're going to send a bad market to world investors.
The other voice there was uh Steve Leisman or Lyseman don't want to pronounce it, CNBC, who told Rick the market can't fix this.
The market can't fix this.
The market is the only thing that can fix it.
Fix it as in make it go away.
Yes.
The m what do you mean it's ridiculous?
What do you mean you can't just make what go away?
What are we talking about?
What?
We can't make what go away.
Mm-hmm.
Mm-hmm.
I'm not doing I'm not pretending.
Let's just sit let's just sit.
I'm being argued with by a member of my staff who agrees with Steve Leisman.
You think the market's the only element that the market cannot fix this?
That only the government can fix this.
I'm getting no answer.
Only the uh-huh.
The market is.
The market is not what it is.
The market's not being allowed to be what it is.
The market has been corrupted.
The market's been corrupted since the first stimulus a year ago.
We're not looking at the market.
We're look- we have stimulus.
It is a working.
Welcome back, open line Friday.
El Rush will get some numbers here for you, folks.
22%, 600%, and 9.9 million.
22% is the increase in identity theft victims over the past year.
And it's getting worse with the economic stimulus and all of the resulting poverty and impoverishedness and the negative economic impact that people have.
It's easier to steal somebody's identity who always got some wealth, has some assets, and to go out and create your own in this atmosphere.
That's a five-year high right now, 22% the increase in identity theft.
600% is the increase in tax return related fraud over the past five years.
And 9.9 million, that's how many of you were victims of identity theft in 2008.
The number is going to be higher in 2009.
And you're sitting duck if you have assets.
So I say it's easier for somebody to come after your identity and steal it.
And people are getting into computer databases all day long.
It's being reported more and more.
So I have a phone number for you, 800-440-4833.
That's a number to life lock.
It's the most important because when you call life lock, the other three numbers will not matter anymore.
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Just trust me.
Interesting question.
My staff, my loyal staff member, trusted aide de camp, H.R., shouting in my ear, and I know what the shouting was about.
There is, I mean, here you have this guy Rick Santelli.
And Rick Santelli is boiling over like other average Americans at being told he's done something wrong by succeeding.
And his guys on the Chicago Mercantile Board, they're being told they've done something wrong, and they're going to have to sacrifice.
And they're going to have to pay for people who now we are told bought their houses they couldn't afford because they were told it was the patriotic thing to do.
That is absolute chump BS.
That's the first I've heard it.
We've got members of the media acting as enforcers for the Obama administration, harassing Rick Santelli, a colleague of theirs, who dared speak out against the Messiah, so he's got to be forced to bend over.
We've already stimulated the economy starting a year ago.
180 billion or 200 billion in checks that you got for 600 or whatever.
We're up to 1.7 trillion in stimulus.
My friends, if this was the way to stimulate and grow an economy, we'd see signs.
We see the opposite.
We see economic decline.
So the question, what's going to fix this?
It's the wrong question.
Because the question assumes that there is a mechanism, something somebody can do to take us back to 13,000 at the Dow, to take all of your home value lost and restore it.
That your 401k is going to be replenished, folks, there is nothing.
There is no single thing any magician can do to make that happen.
Because what has happened has taken place as a result of tampering with the market.
Now the market also makes mistakes in addition to people tampering with it.
If left alone, it's almost impossible for markets, the economies to go into recession.
So what screwed up the market?
Let's not forget this.
What screwed up the market was not a bunch of people being told there's buckloads of money inside that bank, it's a patriotic duty for you to own a house you can't afford, go in there and get it.
What happened was that a bunch of liberal Democrats decided the impoverished in this country have been taking it on the chin for too long.
It's not fair that they don't have homes.
And since those people know that the poor and impoverished can't afford homes, we're going to find a way to make them be able to be in homes, and the people paying for it are not going to know they're paying for it.
So it's hello, Feddie Mae, Freddie Mae and Fannie Mae and Freddie Mac, and it's hello, subprime mortgage market.
Call the Community Reinvestment Act or what have you.
Started by Carter, and then Clinton comes along.
And Janet Reno and the AG and Jamie Corellick and all these people at Freddie Mac, Fannie Mae, they were telling people.
These lenders, if you don't lend this money, we're going to investigate you.
The government was for the government is the is the essential market tamperer here.
And when when the housing market, you know, there were this bubble, is everybody blaming the speculators and so forth.
There may be a lot of people to blame here.
But the focal point of blame should be aimed at Barney Frank, at Christopher Dodd, at any Democrat member of Congress who resisted efforts to regulate Fannie Mae and Freddie Mack.
The SEC, which was not regulating what the banks were doing to try to give value to these worthless mortgages that were now being told are patriotic.
The insults to our intelligence just add up every day.
Every day we're here.
We have our intelligence insulted.
Every day by the toxicity in the drive-by media.
We have a toxic disease in this country, and it's the media.
We got toxic assets as a result of the government tampering in the mortgage business.
We've got debt out the wazoo.
We had people who lived lives of substance when there was no there, and they wanted to keep up with the Joneses.
Nobody's innocent here.
Except those of you who have no clue any of this was going on, you're playing by the rules.
You're going to your lender, you're getting your mortgage.
You don't know it's being packaged and sold at Freddie Mac and Fannie Mae.
You don't know that it's being used to subsidize people that can't pay.
And now all of a sudden, you're being told for things you had nothing to do with that you are the ones getting punished, that you have to pay for these people who couldn't pay in the first place because it's just too tragic.
And now they're saying, what happens if that home next to you is in foreclosure?
What happens to the value of your house?
The answer is what the hell have you done to value my house already without these foreclosures?
And by the way, a foreclosed house, this is the market speaking, is a hell of a buy opportunity.
Do you know the California first-time buyer market is up 85% on sales or the purchase of four closed houses because you can get in them much cheaper than you ever could.
Starter houses first time buyers.
We are the market.
The government tampers with the market.
the government is a it sucks things out of the market in the form of taxation, deficit spending.
The government crowds, and now the government's in the business of laughing at the free market.
The government is an albatross on the market.
If left alone, we adapt, we respond to all kinds of market conditions, including artificially low interest rates created by the Fed, which help create the boom.
Brian Williams and Loward don't talk about.
Poor people respond to government policies pushed by leftists that make loans available to them to buy homes they can't afford.
The market didn't create these conditions.
The market is responding to them.
The market's responding by short-selling the stimulus.
The Down Jones industrial average is down a huge, well, it's down 53 right now.
It's been down as as much as 200 today.
The investors, the people who are the real poll on the state of the economy are not investing.
They are betting on the market continuing to go south.
They're taking their money out of it in general.
Some stocks are doing better than others, but the overall DJI is down.
And it's been down over 2,000 points since Obama was immaculated.
Well, since he was elected.
From November 4th to the present, through November 12th, from the from November 4th through February 12th.
The market has plunged more than it plunged in September and October under Bush.
You don't know that because it's not being told you.
Because of the toxicity in our system that is the drive-by media and its poor excuse for journalists and reporters.
So we're trying to adapt to it.
Everybody's trying to react to the market.
You heard Dave LaReau call from his little restaurant in Grand Rapids, Ohio.
He's watching Oprah and Susie Orman tell people not to go out to eat.
He adapts, he calls here.
He does something.
He's got to counter all of this negative attention being focused in the private sector.
But there's not a fix.
There's not folks, Obama doesn't have it.
God doesn't have it.
Biden doesn't have it, Reed doesn't have it, Pelosi doesn't have it, Barney Frank doesn't have it.
There is nothing that is going to come along tomorrow and restore the value of your house, replenish your 401k and your kids' college fund, take the Dow back to 13 on the way to 15.
It isn't there.
It could be again, but not with the leadership we have now.
Leadership we have now is continuing to stand idly by while the market continues to plunge, unemployment continues to rise, they're spending money hand and fist, claiming it's going to stimulate the economy.
1.7 trillion, that should be some stimulus.
There ought to be some new jobs out there.
There ought to be some positive attitude.
There ought to be somebody that's feeling good, willing to invest in this economy.
So far, we don't see it.
We see Obama promising it.
But we don't see it.
If all this stimulus that we've already done is so magical that it's going to start the immediate uptick of the economy, somebody tell me when.
Keynesian stimulus packages have been shown to fail each and every time they've tried, and yet here we are again.
And it's not because the people think it's going to work.
Not as you would define working for you is the value of your house comes back, your risk of losing your job declines, your 401k is replenished.
That's success to you.
That's a plan working to you.
To the Obama administration, the plan working is exactly what we're getting.
The market spiraling out of control, no end in sight, unemployment going up, and Obama telling us it's going to get worse before it gets better.
That's chaos.
The more chaos, the more you will accept whatever your government tells you is the next fix.
And then when anybody steps out of line like poor old Rick Santelli, the agents of toxicity representing the Obama administration in the media will make sure that he is discredited And laughed at and made a fool of as quickly as possible.
That's what's happening.
There is no fix.
There never has been a fix.
There is only corruption and what breaks.
The market will come back if it's left alone.
But the current crop doesn't trust the market.
Don't like the market.
Too much freedom for them in the market.
Back after this.
Stay with us.
Don't take my word for it.
Everything I just said, you know that brilliant monologue.
I mean, it didn't come from them at Heritage Foundation, but you want to learn about economics?
Ask heritage.org.
25 bucks to become a member.
It is a leading conservative think tank in Washington that was uh largely responsible for much of the policy in the uh eight years of the Reagan administration.
Great people.
Ed Fulner, the chairman, the president of Heritage, has written an open letter saying he has never, he had they have never seen anything like this in this government ever in our history.
What this administration is attempting to do under the guise and the false premise of what they're attempting to do.
It's a brilliant piece that Ed has written.
Ask heritage.org.
It's just another great place to have confirmed and reinforced your already conservative instincts to learn from uh uh not have your instincts backed up with knowledge that you can use in discussions with people.
And the name says it all.
Ask heritage.org.
Ask them, you'll get an answer.
Chip Reed CBS News had this exchange with Robert Gibbs of the White House press briefing moments ago.
Aside from Rush Limbaugh and that cable rant on the floor of the exchange, there really does appear to be some anger out there from people who just don't believe the president when he said that only people who acted responsibly are going to be helped here.
How can you assure people that you're going to reward only homeowners who acted responsibly?
I've watched uh Mr. Santelli on cable the past 24 hours or so.
I'm I'm not entirely sure where Mr. Santelli lives or in what house he lives.
But the American people are struggling every day to meet their mortgage, stay in their job, pay their bills, to send their kids to school, and to hope that they don't get sick or that somebody they care for gets sick and sends them into bankruptcy.
I think we left a few months ago the adage that if it was good for a derivatives trader, that it was good for Main Street.
I think the verdict is in on that.
Do you understand what he just said?
In the first place, Chip Reed, come on, grow some, grow a set here.
What do you mean?
Aside from Rush Limbo on the rant on the floor, there's some real anger.
I am real America, Mr. Reed.
Rick Santelli is real America, Mr. Reed.
But did you catch what Gibbs said?
Now we know what Brian Williams meant.
Now we know what Chuck Todd meant by punishing.
I thought we left a few months ago the adage that if it was good for a derivatives trader, it was good for Main Street.
I think the verdict's so you people in the Chicago Merck Board, you're the enemy.
We've now had it confirmed.
There is never never do I recall a White House press secretary targeting individuals or a group.
He's the president of all the people.
This administration is making no bones about who it hates.
Derivatives traders?
How do you even know they trade derivatives at the Merck?
How do you know that?
Well, we can't, we don't care what Santilli said.
He represents people we're getting even with.
And they are gonna bail out people who aren't paying their mortgage.
And I don't have time for the last one, but it's um it it was it was a follow-up question, and and Gibbs comes at Santelli again.
It was a chug Todd question.
Uh criticism on the housing plan, similar to the criticism that came in the bank bailout.
Uh how do you uh how do you justify here that uh this is this is fairness?
And he comes at Santelli again with the uh the the comment on the um the whole notion of of derivatives uh traders.
And we don't know where Santelli lives yet.
We don't know where he lives.
I think he means who are his neighbors, and might they be suffering or might they be okay.
Back in just a second.
The Don Jones Industrial Average has gained 170 points in the last 30 minutes.
One of the reasons is there's a Reuters story that says the Obama administration is gonna forget for the moment the nationalization of banks.
The message there is uh we're no leg gonna have less government in the banking business.
And so the market's rebounding.
For now, remember all these things have an expiration date.
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