All Episodes
Previous Next
March 5, 2009 - Rush Limbaugh Program
37:28
March 5, 2009, Thursday, Hour #1
| Copy link to current segment

Time Text
Welcome to today's edition of the Rush 24 7 Podcast.
And greetings to you, music lovers, thrill seekers, conversationalists, and the young all across the fruited plane.
Rush Limboy having more fun than a human being should be allowed to have.
Great to be with you, ladies and gentlemen.
Broadcast excellence, all yours for three straight hours.
Telephone number if you want to be on the program, 800-282-2882, the email address L Rushbow at EIBNet.com, the Obama Daily Tracking Poll down 228 points today.
That would be the Dow Jones Industrial Average, another month of over 600,000 people unemployed.
The Citibank share price, Citigroup, is fluttering.
It's around a dollar.
It's been under a dollar at points today.
Do you realize that a share of stock in Citibank will cost you less than an ATM fee?
I think it's time we start looking at something very seriously.
You probably have heard, ladies and gentlemen, two events here.
Let's tie them together.
Down at the Fountain Blow Hotel in Miami, the United Auto Workers is having a lavish convention.
That's fine with me.
I really I'm not going to beat up on them on that.
I but I am going to point out that there's a lot of hypocrisy when the United Auto Workers, who are as every bit as affected by this downturn as anybody else, having a giant convention at a brand new five-star super duper resort down in Miami, the Fountain Blow.
And by the way, Joe Biden speaking there today.
Press not allowed.
No press allowed for Biden's statement.
I think the teleprompter's broken.
No, it's not that.
It's that Biden's going to be talking to them about card check.
Card check is the uh, and and Obama assured the union guys earlier this week that he's gonna fast track this.
Card check is the uh legislation that would allow unions to come in and unionize any small business with uh with public voting so that they could put pressure on people.
Uh it is a way to unionize as many small businesses in the country as possible.
Obama's following through on this, Biden talking to the UA guys, uh UAW guys about it.
We have bailed out the UAW twice now in the automobile bailouts.
Now, I and and look at what's happening to Citibank.
We have bailed Citibank out.
Look at what's happening to AIG.
That's where all of my insurance is, or much of it is AIG, and they are in huge trouble.
We bailed them out.
We had starting last fall, starting before the election.
We have bailed out a number of entities, and I want to ask you a serious question.
All of you, are any of them showing any signs of recovery?
I don't see any that are showing any signs of recovery.
In fact, what I see is every entity that we have bailed out getting worse.
General Motors, poor old General Motors, they're now getting serious about bankruptcy here.
I mean, they they've they've they've had all these bailouts, they've promised to do all this restructuring.
And it isn't mattering.
It's making matters worse.
And we've tried the political solution.
We have tried the concept of fascism in a sense here with the government owning, operating, advising, the means of production in the case of the United Auto Workers, General Motors, Chrysler.
When the hell are we going to try a business solution to these problems?
Do you realize not one business solution has been proposed?
Wait till you hear.
You know, Obama filled in the details yesterday on the 75 billion dollar mortgage bailout.
Do you realize even people who took out second loans to build a swimming pool or whatever are going to get bailed out by people who are still struggling to pay their mortgages?
It's not just poor people, and it's not just the uh the usual crowd that was supposedly lured into a mortgage they couldn't afford by predatory lenders who are going to be bailed out.
It's people with second mortgages.
In many instances.
So we bailed out the United Auto Workers, and they're in trouble.
All right, all right, uh okay, okay, we bailed out General Motors, we bailed out Chrysler.
What do you think that what do you think that everybody was bailing out?
They're bailing out employees here.
So while General Motors and Chrysler are literally just fighting to stay alive, General Motors is making it plain here that it's that they're they're that they're using words like our ability to operate as an ongoing concern is seriously threatened.
Now we have to allow for the fact that they may be seeking more bailout money and making their situation a little worse than it may be, but it's still bad.
I don't care if they're exaggerating at all.
The situation with the auto companies is I in fact I saw a story today.
Saw a story today that uh uh which I've been talking about in this program for a long time, people are spending more to repair their old cars than the old cars cost rather than go out and buy a new car because of the problems associated with getting a loan and the economy being such that this is not a right market to buy new cars.
So if you have people spending more money to repair their car than their current car costs or that they could sell it for.
If you have United Auto Workers employees partying big time down in Miami at the five-star fountain blow, if you have General Motors and Chrysler basically putting out the news that they are on their last legs.
Is it time, ladies and gentlemen, that we look at the results here?
Of the political solution to all of these problems.
Go to any bank that has been bailed out that needed to be.
Some didn't needed to be bailed out, but they were anyway.
They got forced to take the money.
You go to Citibank, you can go to Merrill Lynch, uh, you can go to uh AIG.
And you don't find any of it working, do you?
You don't find any of it working.
And now we're into March, December five months into this.
And remember what all this was called stimulus.
This was going to stimulate recovery.
We're going to repair the bridge over the Osage River in uh in Missouri.
First project from the uh stimulus package.
I don't see any economic uptick from that announcement.
And they're going to do the work.
So we've bailed out the auto companies.
In the process, we've bailed out the United Auto Workers a political solution.
It has failed.
General Motors probably going to have to go through a managed reorganization and a real bankruptcy court and have that great company come out a lean, mean car making machine.
One that Americans would eagerly support, especially the board of directors came out on the other side fighting for their rights in a free market economy, standing up to government regulations, standing up to taxes, cap and trade, and all that.
There's an editorial of the Detroit News today.
Cap and trade will destroy, will kill Michigan with high taxes.
Cap and trade will kill Michigan.
It will kill the automobile industry, it will kill what's left of employment in Michigan.
And at some point, folks, you have to start asking, why can't the wizards of smart see this?
Well, that's what I'm getting at, Sturdley.
I they do see it, but they don't seem to care one whit about it.
I believe, as I said yesterday, I think if you want to understand President Obama's economic policies, and if you furthermore, if you want to understand his philosophy, I think it's crucial to understand who his mentors were.
I think it's crucial to understand the people that influenced him as a young man and as an adult.
I think it is important to find out when he was a young man, young child...
Who were the influences?
We know all of this.
It just wasn't vetted by the drive-by media.
These things matter.
And as I said yesterday, if you really want to understand what's going on here, you can put it in one sentence.
Barack Obama believes in policies that will return the nation's wealth to its quote unquote rightful owners.
What does that mean?
I believe that Barack Obama has grown up thinking the old canard, believing the old canard that the wealthy, that the upper middle class, the rich, have all gotten that way by unfairly taking more than their share of the economic pie.
They have either stolen it or they have screwed little people to get it, or they have done something that is not legal.
They have done something that's unethical, that nobody should have as much money as some of these people do, except if they're Democrats, of course.
And I really believe that it's time, he thinks it's time that the rightful owners of the wealth, the people who have had all this wealth stolen from them and transferred to all these evil rich people.
It's about time they got their money back.
And if you look at his policies, how can you dispute it?
He is going to tax anything he can on the wealthiest and not even not the wealthiest, on people at 200,000, 250,000 a year, and he's going to redistribute it right to the people he thinks have been screwed in the process.
What he's going to do is end up creating the largest welfare state this country has ever known.
They're making a mistake by calling this European socialism.
That doesn't quite cover what's going on here.
Because in order to get there, in order to get to a circumstance where this country is like France or any other Western European socialist country, you first have to tear down the greatest economic engine in the history of the free world.
In the history of the world.
That's the United States.
And there are beginning to be a lot of doubters.
Jim Kramer, who was an Obama acolyte, CNBC guy, mad money, Jim Kramer.
He is he's having more than second thoughts.
It's really come full circle for him now.
He's never seen such idiotic handling of the economy, he says.
Now, he's never been on the attack list either, but uh here's another thing.
If you look at the wizard of smarts team that Obama put together in his whole economic team, uh, people are starting to question, where are you guys?
Then they realize it's all academics.
It's all academics and theorists.
There's not one CEO, former CEO, not one person with actual experience in business advising President Obama on any of this.
Now, if if you want to say, Rush, no, we we have to stick with the political solution here in uh in what's happening at General Motors and Citigroup and other things.
Okay, if you want to say that, then here's the political solution today, March the 5th, 2009.
Get the government out of everybody's life.
That's the political solution.
They're in everything they can get their hands in right now.
They're in the mortgage business, they're in the automobile business, they're in the banking business.
Get them out.
Get them out of it.
The government is killing American companies.
The government is killing the United Auto Workers, General Motors, Chrysler.
The government is destroying Citigroup.
They have no clue what to do.
You cannot throw money at things.
This is what is so frustrating.
We have thrown money at the poor since the 1930s.
We still have the poor.
The Democrats and people like Obama get away with throwing the money at it because it's compassionate.
We never look at the results.
Well, we're not allowed to look at the results.
But you take at uh take a gander at any institution you want that has been just thrown a bunch of money, and you'll find two things.
No change in that entity's basic condition.
In fact, it may have worsened, and the people in that entity face more controls and more loss of freedom, because the government's involved, than they had before the government compassionately came in to break them out and sell them.
So here we have the political solutions.
From months ago, they haven't worked.
The recipients of this largesse, the good intentions from the government, are in worse trouble than they were before they took the money.
It's time to wake up, folks.
Realize the Obama way is the way of destruction.
We'll be back after this.
And two minor corrections, it's the fountain blue hotel.
I was calling it the fountain blow.
I had something else on my mind.
And the language about General Motors having trouble being an ongoing entity was not actually what General Motors said.
It was their auditors.
General Motors auditors have uh have raised substantial doubt.
Want to be figured, you know, accurate here, factually correct, but those little rhetorical errors do not disguise and camouflage what's happening.
While the industry that pays them is going down the tubes because of government involvement.
The United Auto Workers throwing his lavish party down at the fountain blue with Joe Biden making a speech on card check that the media is not allowed in to cover.
At the same time, Citigroup and every other entity that has been bailed out is in worse shape than it was before the bailout.
Citroup.
A share of stock cost less than an ATM fee.
The markets are tanking, folks.
Over 600,000 people lost jobs again in February.
President Obama has done nothing of substance to help the car companies.
He is in the process of spending young people.
Young people, people under 30, and the children they have not had yet.
He is spending them into oblivion.
They are broke before they get their first jobs.
People are going broke today, and Obama is going to ensure that the children of the 30 crowd, 30-year-old crowd today, and even their grandchildren will be broke before they get their first jobs.
The banking system needs to needs help from grown-ups, not academics, theoreticians, and politicians.
The banking system needs some serious help.
And while all this is going on, the White House has its chief of staff playing manipulative games with washed up talking heads, targeting me on the taxpayer dime.
This country doesn't need another administration playing dirty tricks and making enemies list.
I'll tell you something else.
Barack Obama promised an end to all this, and how many of you believed it?
There is such a desire among the American people for all the so-called politics as usual to cease to stop.
Republicans versus Democrats.
Accusation, accusation, accusation, personal assault.
Obama said there was going to be none of that.
He's going to get beyond that.
He's going to get above that.
It was going to be a new day.
The world was going to love us.
Well, some parts of the world probably do love us, but they used to be our enemies.
Yes.
Try this.
The Obama administration plans to expand a U.S. program to bolster Palestinian President Mahmood Abbas's security forces in the West Bank.
This is in addition to $900 million to Hamas under the guise of going to broken down citizens in Gaza.
So yeah, some parts of the world love us.
Hugo Chavez looks at us today and says, Wow, can't believe this is cool what's happening in the United States.
They're following in my footprints.
Meanwhile, Barack Obama has now dissed our number one ally, the United Kingdom twice.
First in returning the statue of Winston Churchill given to us through President Bush.
That's that Churchill statue given to us after 9-11 was a gift to the American people, and George W. Bush was its steward.
Just as every president is a steward of the U.S. Constitution.
Presidents are not elected to remake the United States or its Constitution.
They swear an oath to defend it and to protect it.
Obama has already forgotten.
Next, actually, three disses.
Three acts of disrespect.
The second act of disrespect was allowing the British to believe that there would be the traditional joint press conference with all the flags in the East Room with a press corps made up of both Brits and U.S. reporters after the first meeting between Obama and uh and and Brown.
What's the Gordon Brown, the Prime Minister of the United Kingdom?
Didn't happen.
UK press people, universe people loved Obama in The Guardian in the Telegram.
The people that in the press over there loved Obama are feeling dissed.
They're feeling as though they have been disrespected.
There was no joint meeting between the two couples.
The third diss.
What do you think the gift Obama gave Gordon Brown is?
It's a traditional thing.
First time the leader of a country shows up, uh, you give them a gift.
Let me first tell you what Gordon Brown's gift was.
Gordon Brown's gifts, there were two, included an ornamental desk pen holder made from the oak timbers of Victorian anti-slave ship HMS Gannett, once named the HMS president.
Obama was so delighted he has already put it in place of pride in the Oval Office.
Another treasure given to Obama was the famed commission for HMS Resolute.
That's a vessel that came to symbolize British U.S. peace when it was saved from ice packs by Americans and given to Queen Victoria.
Finally, three gifts, actually.
Finally, Mr. Brown gave a first edition set of the seven volume classic biography of Churchill by Sir Martin Gilbert.
Now this pen set, this pen set contains wood from the ship that Obama's desk in the Oval Office is made of.
These are well thought out gifts with tremendous respect.
Do you know what Obama gave Gordon Brown?
25 DVDs of classic American films.
Not even Blu-ray.
Standard definition DVDs that Gordon Brown could have purchased on Amazon if he had any or Barnes and Nobler if he had any desire to see them.
Rush Limbaugh, the last man standing.
The best definition of American conservatism alive today.
The leading exemplar of American conservatism alive today.
I mean, they distinguished Attila the Hun chair here at the prestigious Limbaugh Institute for Advanced Conservative Studies.
Folks, not to pile on the bad news, but the bad news is the bad news.
Reality is reality.
From the Bloomberg Newswire, FDIC.
You know what FDIC is, don't you?
Brian, you know what FDIC is?
Oh, this is good.
No, that yeah, I know, but but but but I know yes, but Brian, do you know what it does?
Now that you know what FDIC said, do you know what it does?
Mm-hmm.
Mm-hmm.
All right, all right.
That's good.
You didn't know what the FDIC was, but he knows what it does.
This is key.
The Federal Deposit Insurance Corporation insures all of your deposits in the bank up to 100,000 dollars.
So the FDIC has a chairman.
Her name is Sheila Baer, B A I Air.
Do you know what she said yesterday?
The chairman of the Federal Deposit Insurance Corporation said that the fund it uses to protect your deposits at American banks could dry up in the next six months amid a surge of bank failures.
She responded to an industry outcry against uh new fees approved by the agency.
We'll get to the fees in just a moment.
Without these fees, without these assessments, the deposit insurance fund could become insolvent this year.
This is in her letter March 2nd to the industry.
U.S. community banks planned to flood the FDIC with about 5,000 letters in protest of the fees, according to a trade group.
All right, now this is typical of the way liberal Democrats oper.
Okay, now we've got a whole brand new crisis.
While we're bailing out the banks, and while we're doing everything we can to convince everybody That their money is safe.
Oh no, the FDIC's gonna run out of money in six months, and your money may not be safe.
Up we have a solution.
New assessments.
Want to hear what the assessments are.
The FDIC last week approved a one-time emergency fee and other assessment increases on the industry, the banking industry, to rebuild the fund that ensures deposits.
Oh, by deposits are not to 250,000, Brian, I forgot Bush did that before he left Orifus.
So the FDIC now insures you up to 250,000.
So the FDIC, in order to prevent its insolvency, approved a one-time emergency fee and other assessment increases on the banking industry, which is going to get passed on to you to rebuild this fund.
The fees opposed by the industry may generate 27 billion dollars this year after the fund fell to 18.9 billion in the fourth quarter, down from 34.6 billion in the previous period.
Smaller banks are outraged over the one-time fee.
They say the one-time fee could wipe out 50 to 100% of a bank's 2009 earnings.
These fees are not insignificant.
Now, as I, your trusted and loyal host, can read the stitches on a fastball.
I can read between the lines.
I know liberals and liberalism like every square inch of my glorious naked money.
If they can attach a so-called one-time assessment fee, uh a one-time payment to alleviate a problem, what's to stop them from applying the same theory to individuals down the road when the government needs more money.
Barack Obama is having party after party at the White House.
He had another one.
Big dinner at the White House last night.
180 members of Congress, his cabinet, wives, spouses, and so forth.
Saw the menu.
They had dinner in the East Room.
180 people come in.
Barack said, you know what, we gotta we gotta put aside the partisanship for a while.
And we just gotta get together and realize we all have things in common.
We have our families and we have our love of country.
We just gotta have some social things here.
So every Wednesday is party day at the White House, either cocktails or in the case of last night it was dinner.
Uh he has his kids entertained every week by big name stars, flies his wife on Air Force One for dinner to Chicago.
He gets his workouts in, his top priority is to play bizarre dirty tricks against us.
Now when Obama said that Republican lawmakers ought not listen to me, he was participating in a White House dirty trick public deception and a distraction campaign.
All the while the FDIC has banks that are getting killed by assessment fees.
The assessment fee is no small deal.
This this the assessment fee could be used in the future against the wealthy and wealthiest Americans to solve a deficit problem.
You know, I have ever since I started making what I consider to be real money.
And I'll bet this has happened to you too.
You think, okay, how how are they gonna take this away from me?
In my case, preservation of principle has been my sound investment strategy.
Just preserve the principle.
Don't take any big risks with it, just preserve it.
But I've always had this because I know the long arm of government.
I have seen it around the world.
I've seen how tyrannies operate.
And in this case, these uh this tyranny is not a violent one.
Uh this this is a very hard to spot one, actually.
I'm gonna give you some details of that in just a second.
But I've often wondered how could they, there's you know, there's no wealth tax.
There's an income tax.
The income tax is designed to make sure people don't get wealthy, but those who have uh that's a big pool of money the government's going to eventually need because as I just told you.
You people who are 30, don't even have kids yet, or even if you do.
Your kids, your grandkids, they're broke.
They're broke before they've even started their first jobs.
They're broke before they're born.
We are going to be in such debt.
We are going to have such high inflation.
The government is going to have to get money.
And of course, I got a note.
I have a friend of mine in Miami, and I got an email from him last night.
He was just furious.
He found out, he found a website that lists the salaries, top 300 salaries, and the jobs in Fort Lauderdale, Florida.
And he found that Fort Lauderdale is paying its police officers $200,000 a year, some of them.
More than the governor makes.
And yet these cities, communities, states all say that they can't cut anywhere.
They just can't.
And when there are budget problems, what do they always do?
Why they come out and scare you?
We're going to have to cut the cops, we're going to have to cut the firemen, we're going to have to cut sanitation, pick up back to once a week and people be like, no, no, no, no, no, no, no, no, no, no.
So they get away.
They don't cut the administrative costs in the government's state, federal, and get rid of bloated, unnecessary, federal.
Federal government's the only thing saving unemployment right now.
It's not saving it.
The federal government's the only sector that's growing.
They're hiring people left and right.
So FDIC about broke.
Six months it'll be insolvent, meaning your bank is not insured, your money is not insured.
Citibank down to less than a buck.
General Motors auditors saying our ability as an ongoing concern is seriously threatened.
Every entity that has been bailed out by this administration, which is a political solution, is doing worse than before we bailed them out.
AIG, Citibank, Citigroup, any entity you want to look at.
The only ones that are making out so far are members of the AFL CIO and the United Auto Workers who are having a giant lavish convention with Joe Biden without media coverage at the Fountain Blue Five-star resort hotel in Miami.
Meanwhile, your deposits may not be insured by the middle of the summer.
Six months from now at the most, according to the government itself.
We are angering friends.
We are disrespecting publicly.
We are humiliating publicly our staunchest ally, the United Kingdom.
We are close to doing the same thing to Israel by offering $900 million to Hamas and Gaza and promising Mahmoud Abbas, the Palestinian authority that we're going to pay for him to beef up security in the West Bank.
Israel is now in our crosshairs, as well as Iran's.
Folks, it ain't working.
This is not what you who voted for Obama were told.
This is not what you expected.
You got to face facts sooner or later.
The only viable political solution to these problems now is to stop President Obama and the Democrats from wreaking any more damage to this economy and this country by implementing their ideas.
Hi, and welcome back.
Rush Limboy, your guiding light.
Let me remind you of one more thing, ladies and gentlemen.
Today is, what is today?
Thursday.
On Tuesday, in the Oval Office, President Barack Obama was uh asked about the stock market.
And President Obama said he didn't put a lot of thought into the stock market, that it was more like a tracking pole, that it's ebbs and flows, ups and downs, and that if you pay attention to tracking polls, you'll lose sight of the long term and your objectives.
Well, it's not a tracking poll in the political sense.
It's a real life tracking poll, and there are no ebbs in it, and there are no flows in it.
I mean, It is plunging.
It is down over 200, 212 points today.
It is a tracking poll that indicates that people who are willing to invest, which is what results in growth, are unwilling to do so.
There is no confidence in the American market right now.
But let's go back to something else President Obama said on Thursday.
Uh Tuesday.
President Obama suggested that the time was right for Americans to start investing in the stock market again.
Because profits to earning ratios were good now.
But you gotta have a long-term view here.
You gotta, well, there is no such thing as a profit to earnings ratio.
It's price to earnings ratio.
Now, admittedly, I don't know if it was a rhetorical mistake or if he really doesn't know.
He's admitted he doesn't know much about the stock market.
Why would he?
It's a citadel of capitalism, and he's not interested in capitalism, nor are any of the people who've mentored him who have influenced him or taught him at Harvard, or wherever he's gone to school, those people, and by the way, a little aside here.
All of these wizards of smart on Wall Street, all these wizards of smart from the so-called financial community in the Obama administration, they all come out of the same business schools.
And we all know that universities are liberal as hell.
What the hell are these business people being taught?
These are not the best and brightest.
These people are absolute financial idiots on either side of this.
The people running these conglomerates, some of them, the people now in the government trying to fix it, they all come from the same schools.
They all come from MIT, Wharton, Harvard, Yale.
They all come from the same place.
Go look at the pedigrees of all these CEOs.
Go look at the pedigrees of all the people in the Obama administration.
We know that liberalism exists everywhere else on the campus.
Why not the business schools?
It has to.
This is unified idiocy.
This is unified liberalism applying itself to the free market capitalism of the United States, and you see the results.
This is a profundity.
I am known for those.
They happen frequently on this program.
This is these people being taught that they can control these magic giant forces of the U.S. market and the capitalistic system because they're smarter than everybody else.
They're taught that they're better than everybody else.
They're taught that the people, the average ordinary common American working and living every day in capitalism is the dolt, is the idiot.
Wrong, it's the other way around.
They are the people that make the country work, the people coming out of these business schools, and with their pedigrees alone, in many cases, with no actual achievements to back up, getting their first jobs and climbing the ladder, they're coming out of these schools thinking they're smarter than everybody else, that they're better than everybody else.
And everybody else is a bunch of nitwits.
Now they've got it.
They've got their arms around it all.
They are doing what they have been taught.
And what they've been taught is that capitalism is immoral.
You wonder why some of these titans of big wealth would vote for a liberal Democrat.
We always think that major corporations are made up of people who understand what capitalism is all about and understand the purpose of a corporation.
The purpose of a corporation or business is not to provide jobs for the community or the United Auto Workers.
The number one social, and this is Milton Friedman, the number one social responsibility of a U.S. business is to make a profit.
That is the number one social, one of the most brilliant economic minds in the history of economic minds, Milton Friedman.
The number one purpose, the sole purpose of a business is to generate profit.
It is from profit that everything else flows.
New jobs, uh, a vibrant community where the business operates.
These clowns coming out of these schools today, it's just the opposite.
The purpose of a corporation is to do liberal things.
So just as I'm concerned, you know, who mentored Obama?
We know Jeremiah Wright was one.
We know Bill Ayers was one, as two people that don't like capitalism and don't like the country as it was or is still is.
These titans of wealth and industry, what the hell did they learn?
Same stuff.
And so there's an all-out assault here on capitalists.
So Barack Obama doesn't know about stock market, because to him, the stock market is nothing more than the evil symbol of the exploitative and unfair system known as capitalism.
So what did he do on Tuesday?
After misrepresenting the price to earnings ratio, he then urged people to get into market.
He suggested Americans start investing in stocks again.
Wholly inappropriate, perhaps dangerous because he doesn't know what he's talking about.
And here we are down over 200 points.
If you followed Obama's advice advice on Tuesday, I sure as hell hope you invested in Walmart, but if you follow Obama, I doubt that you did that.
And there's good news out there.
The Democrats starting to resist Obama's tax plan.
Republicans trying to reinsert welfare reform in the budget bill.
Republicans are now free to mention Obama's name, thanks to John Boehner saying it's okay.
I will take the kudos for that.
Pioneers take the arrows.
▲
Export Selection