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July 3, 2009 - Rush Limbaugh Program
36:34
July 3, 2009, Friday, Hour #1
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Welcome to today's edition of The Rush 247 Podcast.
You ought to see the looks I'm getting.
If it weren't for me, everybody else on this show would have the day off today.
Live from the Southern Command in sunny South Florida.
It's open line Friday.
That's right, folks.
This is a uh uh an EIB company wide holiday.
And I am EIB.
But I didn't declare it an EIB company wide holiday.
It just happened.
So I was told yesterday we're playing a best of show today on tape.
I said, no, we're not.
It seems this EIB company-wide holiday went the edict, went out you know, weeks ago.
I think I think some people had planned some holiday stuff today, and they had to cancel because I insisted on being here.
Hence the looks that I'm getting and the caustic email notes.
Even the even the people doing the soundbite roster only sent me seven.
I think the I don't get ten of them, ten of but three of them are worthless.
So there's really seven good ones, and I thought it's probably uh mild protest.
Anyway, we're here, folks, and the reason that I'm here is because this is where I belong.
This is where I was born to be.
Plus, uh, we'll be out all next week.
I've got a guy golf trip planned, six cities in five days, starting in Newport, Rhode Island, all the way to uh Montana, Idaho, Oregon, Lake Tahoe, Jackson Hole, Wyoming, and uh back to Pittsburgh.
Wrap it up and then uh.
Oh, yeah, Oakmont.
Well, I'm not playing golf in Pittsburgh, but I mean that's what I'm gonna end the trip, but Oakmont, yeah, but one of the greatest golf courses in the country, sturdley.
It was that course, by the way, after after Tiger Woods played in the U.S. Open, said there is no 10 handicapper that could break 100 on this course.
And every year since then, they take scratch golfers out, NBC does, to the U.S. Open venue, and they play around to see if any of them could break 80.
Uh or break a hundred.
And uh they do it like it did it at Beth Page Black this year.
Ben Rothisberger of the Steelers shot an 81.
And uh Justin Timberlake uh shot an 84 and so forth.
So that yeah, but yeah, no, Oakmont, I mean, it's I've played there one time.
Uh Bob Ford's the pro there, and it's just you know, uh it's a great place.
Johnny Miller shot a 63 there to win the U.S. Open back in 70, some odd.
What do you mean, golf courses in Pittsburgh?
They're all over the place.
What do you got against Pittsburgh?
Oh, cowboy fan, that's what it is.
Anyway, we're doing open line Friday today because it's open line Friday.
So when we go to the phones, whatever you want to talk about is fair game.
Monday through Thursday.
We only talk about things I care about because I don't want to sit here and get bored or be bored.
But on Friday I run the risk.
And uh if if you talk about something I don't care about, I will fake it.
I've been urged in recent weeks by the staff to announce when I have faked a call.
That's rather mean to the callers.
I have uh I've not announced when I have faked a call, but there's always a first time.
Uh pretty good website that we've discovered out there, businessinsider.com.
Gasoline demand is at an 18-month high.
Jay Yarrow with the story.
Maybe all the talk about peak gasoline is bunk with the price of gas low and peak driving season upon us.
MasterCard reports that U.S. gas consumption was the highest it's been in a year and a half.
This is the craziest damn recession I can remember being in.
Look at that movie Transformers 2.
That thing is gonna rake in 400 million dollars world worldwide in what two or three weeks.
I've read a review of it, and it makes no sense, but nobody cares.
It's not that kind of a movie.
It makes literally no sense.
What this movie is this the female star washes a car or fixes a bicycle scantily clad for a while, and that's all it takes to get these under 18-year-old guys who are dreaming all day long and to watch these movies.
Well, maybe even under 24.
Well, this is it really gasoline uh consumption, the highest it's been in a year and a half, and it's not it's not as cheap as it was.
The price is creeping back up, as is the price of oil.
Uh, from Bloomberg, motorists bought an average of 9.695 million barrels of gasoline a day in the week end of June 26th.
Uh MasterCard, the the second biggest credit card company said in its weekly spending pulse report, that's 1.6% above a year earlier, and the most since the week ended December 21st, 2007.
The uh the rise are pretty consistent with what's been going on over the past two to three months.
And Michael McNamara, the vice president at MasterCard Advisors in a phone interview is pretty typical going into the July season.
Point is the summer driving season is not being curtailed in the midst of recession, two and a half million jobs.
Do you realize all of the job gains the last nine years?
In other words, the job gains during the Bush administration have now been wiped out.
They have been lost.
Some of the when you dig deep into the unemployment numbers we had yesterday that led me to proclaim the United States now a banana republic.
It's astounding.
And yet, Transformers 2, 400 million dollars, gasoline peak driving season, people are not deterred.
Um as I read the story, I don't detest uh political bias or agenda here.
This is just facts, as the reporters at this website see them.
But what this tells me is that it's time for Obama to get busy jacking up the price.
Because if people are willing to pay this price for gasoline in the middle of a recession, I guarantee you they're not going to buy the Obama mobile that he is going to demand everybody buy and that his auto companies make.
So don't be surprised if the price of gasoline uh uh sees a spike up.
I found a quote, by the way, back from May 23rd, because the last couple of days, the Obama administration has been leaking the possibility of a second stimulus out there.
And I remember this is a sobering holiday interview with C-SPAN back on May 23rd, Obama, this is this is during the Memorial Day weekend, Obama said to Americans, we are out of money.
Steve Scully of C-SPAN broke from a week of having, you know, Washington press corps probing questions for the new president, and Scully said, you know the numbers, 1.7 trillion dollars debt, a national deficit of 11 trillion.
At what point do we run out of money?
Obama, well, we're out of money now.
Not that it'll stop him.
I just want you to keep that in mind.
As uh Obama uh ratches it up this talk of perhaps a second stimulus package from the state-run associated press.
After the 2003 invasion of Iraq, Saddam Hussein stayed in Baghdad until he saw the city was about to fall.
Months later, he was caught hiding at the same farm where he had fled in 1959 after taking part in an attempt to kill the country's prime minister.
Unclassified FBI interviews conducted during his incarceration at a U.S. detention center offered new details yesterday about Hussein's life on the run.
That was Saddam Hussein's life on the run, both before and after he was ousted.
And the documents also confirm previous reports that Saddam Saddam lied about having weapons of mass destruction.
Documents confirm that Saddam falsely allowed the world to believe Iraq had weapons of mass destruction because he feared revealing his weakness to Iran.
He was more afraid of Iran than he was us or anybody else.
Remember now, Saddam was captured on December 13, 2003, eight months after his regime was toppled by uh our invasion, an Iraqi tribunal convicted him of crimes against humanity, and he was hanged at the end of 2006.
Every time I, you know, people try to write me and tell me when I misspeak, and I'm grammatically incorrect.
And I'm gonna get it here.
Rush, he was hung.
Not hanged.
No, he was hung means something entirely different.
That's almost inappropriate for a family-oriented radio show.
The proper way to say this is Saddam was hanged.
Now the point is he was lying about his weapons of mass.
Well, he allowed the world to believe it, falsified the uh all those uh all those reports.
Now, this is not going to satisfy anybody on the left.
Because their meme, their templates, Bush lied, faulty intelligence, Bush knew.
Uh and uh even if Saddam was lying, they said Bush knew that Saddam was lying.
It's uh it's just everybody everybody knows this.
Uh health care.
There is a it's a story.
The the I misplaced the story.
Hospitals.
The bottom line is that that Obama is close to having the hospitals, a number of hospitals part of a hospital association, on his side now for national care.
And I'm gonna tell you how he does this.
He calls in each part of the health care industry.
The hospitals, the insurance companies, uh big business retailers, big business providers, and he makes it clear that he can join them, or that they can join him, or he will punish them.
So what they do is cut the best deal they think they can, and they announce that they are supported by doctors, hospitals, so he goes and speaks to the ABAMA, and the AMA says, Oh, we're all for Obama.
Because he goes out and threatens these people.
He brings them in in private.
We don't see these meetings.
And he says, join me or I'm gonna ruin you.
Join me, or you're gonna pay the price.
The same when he when he told the bankers, I'm the only guy between you and the people with the pitchforks.
Everybody's scared to death of the guy.
This is the same trick to be pulled with caterpillar.
You'll see the news that the American Hospital Association, or whatever it's called, has now aligned itself with Obama, that Walmart's lined itself up with Obama on his health care plan, and this is simply him taking advantage of the fact that he knows that everybody's scared to death of him.
There's and that everybody's scared to death of massive federal power being wielded or yielded against them.
I remember they used to dump all over H. R. Haldeman as a strong man for Nixon doing this kind of stuff.
Obama's treated as a visionary and a nice guy.
You know what?
What's what's missing here is courage and guts.
These hospital people and the doctors and the CEOs, they need to challenge Obama.
They need to challenge him, confront him, fight him, and expose him.
These people can help beat Obama and his health care agenda.
He's not invincible.
But if you let a bully keep doing what he does, he is gonna keep doing what he does.
Otherwise, you confront him and you take him down.
And Obama is is is really using the power of the federal government much as a schoolyard bully terrorizes the playground.
I gotta tell you, quick time out.
We'll be back and continue with much more right after this.
It's open line Friday, Rush Limbaugh executing a signed host duties flawlessly, and I shall throughout the entire broadcast today, zero mistakes.
And as always, we always try to go to the phones earlier than normal.
Normally we don't get to the phone until the second hour of this program, but on Friday, since we're urging people, inviting them to call and telling them the show is theirs, the content's there, so we go to the phones, we try to go earlier.
And I'm gonna do that today.
We're gonna start with Edgar in Atlanta.
It's great to have you with us, Edgar.
Hello.
Hi, Rush.
Uh back in January, you said you're gonna let us know when it's time to panic.
And I don't want to wait till I hear you broadcasting from New Zealand.
Uh I feel I feel it's time is here, and and I'm wondering at what point does secession become a real option.
I feel like the left and the right in this country were just irreconcilable.
Wait, wait a second.
Uh secession, who seceding from where?
I'm ready to go to whatever state wants to secede first, Rush.
Well, that's Texas.
Well, then they're the only one talking about it.
Then let it be Texas.
And by the way, Texas is in the best economic shape of any state in the country in terms of job losses and uh budget deficits and so forth.
And there's no state income tax in uh Texas.
Well, in my mind, Rush, uh, we've separated into a country of uh host organism and parasites, and we don't need them.
We don't need the left rush, but they need us because without us, they're broke.
And I think if Texas seceded, but the us productive people and businesses would flock there.
And eventually America would call it.
We've got to face reality here, uh Edgar.
Nobody's gonna secede from anything.
I mean, Governor Perry in Texas talked about it, and uh it got some I mean, if the thing things uh things blew up.
I mean, there might be some people in Texas that wouldn't mind it, but it isn't, it isn't going to happen.
I want to focus on something that you said that you just glanced over.
You just sort of threw it away out there.
Okay.
You said that the left and right are irreconcilable.
I I believe that.
I do too.
I've always that's why I'm against bipartisanship.
That's why I'm against compromise.
That's why the only thing that matters is beating them.
Well, maybe what we need is a two-state solution.
I think they'll collapse under their own weight eventually without us.
Well, what you what he is saying here is that without the productive class in this country to tax that the left has no money.
Wrong.
They're printing it now.
They don't we don't have the money now.
They're destroying Obama is purposely destroying the public private private sector by printing money.
We have this year alone, we're gonna be over budget by 2.2 trillion dollars.
We don't have money that he's spending now.
The money that he is spending technically hasn't even been earned yet.
The money he's spending now will be earned by people's children and grandchildren and great great uh great grandchildren.
Uh but he's pretty he's he's printing it now, spending it now.
You know, I get every time I I have a show like I had yesterday, uh, ladies and gentlemen, where I uh unabashedly say that President Obama is seeking to destroy the U.S. economy.
I do get I get lots of email.
Rush, do you really believe that?
That's so hard for people to grasp.
So difficult for people to put their arms around some U.S. president wants to destroy the economy.
I look at what is the centerpiece of Barack Obama's agenda to accomplish what he wants?
It is health care.
Nationalized single payer, the public option, health care.
Because that, as Mona Charon said in a column, is ball game.
If that happens, every aspect of life is subject to regulation by the federal government on the basis of saving money for health care costs.
That will be what they say.
The objective is just to simply exert the power and the control over people.
And once health care is the single responsibility of the government, not you, but the single responsibility of the government, they will have infinite power.
We aren't even able to define it now.
infinite power to regulate the way individuals live and work and play.
There's no end to this.
Now, if that's your centerpiece, And if you need that to accomplish your ultimate objective, which is the expansion of federal government, a totalitarian state, or whatever you want to characterize it, wouldn't you need as many people in economic pain as possible?
Health care insurance, as we all know, is not portable.
If your health care insurance is provided by your employer and you happen to lose your job, you don't keep your health care insurance because you're not paying for it.
He is.
Now, when you lose your job, you keep your car insurance because you're paying for that, but you don't keep your health insurance.
So this whole notion of portability has been uh a gigantic argument with the the leftists demanding portability, meaning you don't ever lose your health insurance.
Well, okay, who's gonna pay it if you get canned or if you quit and your employer's paying your health care insurance or most of it, then who's gonna pick up the tab?
That's where Obama wants to step in in many one of just many areas.
Now, if the central objective is health care, because getting nationalized health care allows you, permit you this cradle to grave nanny state control over individuals in every aspect of their lives.
If you really want it, wouldn't it really be easier to make sure that more and more people have lost theirs?
They know that they have drummed up in people's heads the importance of healthcare.
People are more frightened of going a day without health care in this country than they are of getting on an airplane with one wing.
The psychology has succeeded.
People are scared to death to go one day without health care.
You get canned.
And right now, we've got over two million people have lost their jobs since Obama was elected.
And there's not one policy prescription he has proposed to reduce that, to reverse it.
Everything he's doing is going to encourage more unemployment because he wants it because the more people who are unemployed with the fear of health care, the more they're going to demand somebody do something to restore their health care.
Now he's got all the retailers and the doctors joining up in the hospitals.
That's what I mean.
And we're back open line Friday, Rush Limbaugh.
Talent on lawn from God.
By the way, folks, it's not just health care that that uh that Obama seeks and that that's the biggie.
Because that encompasses every aspect of our lives.
Once the federal government's in charge of that, I mean there's no rolling that back.
I well, not instantly.
Too many people will have their lives personally intertwined, interchanged with with uh with government.
It's it's gotta be stopped.
But it's not, it's not just health care.
If you look at the economy in general, there's we we we've been trying for nine months now, the political solution, stimulate Keynesian economics.
Spend, spend, spend, spend, stimulate, stimulate, stimulate.
In fact, if I may be so bold and so honest, the stimulus package is not even that.
It was it was it was it was advertised and promoted as shovel ready.
We're gonna we're going to build school of methyl limbo, and we're going to build roads and bread yet.
We're going, we're going to rebuild a ref the infrastructure of the none of that's happening.
I think six percent of the stimulus has been spent, and now they're talking about a second one.
The purpose of that stimulus was not to create jobs.
That's not what government does.
The only way government does that when they hire people.
And that's not what this was about.
Not as far as the people were told, people were told it's going to put them back to work.
There's a chart I saw today, and I'm going to try to describe this.
It's very, as you know, describing charts on radio as a challenge that very few broadcast professionals would ever take.
I, my friends, will take it because I am a great chart uh reader, and I also happen to tell a great story.
This chart, since World War, I think World War II, maybe it's World War I, charts the beginning of every recession in terms of job losses.
And each one of these recessions has a color-coded line so you can follow each year or each recession that happened.
And the chart is one of these left-to-right charts, and it's a it's a giant V chart, except that the V is a different size for every recession, because some recessions lasted longer than others, and some were deeper.
But at every point in this chart, there is an end to the falling unemployment and a dramatic uptick to complete the right side of the V as jobs are gained.
Now you have to know history, because the chart does not explain this.
You have to know history to be able to determine, well, what's the magic?
What happened here that reversed the left side of the V, which is unemployment going down, and all of it bottoms up and peaks and starts going up.
And it's dramatic.
And you you look at the 81 recession, the 82 recession, and you can see when we came out of it, and you know why.
You know what brought us out of it.
Uh, and practically every other one of these recessions, if you just know history, you know what brought us out of it.
And that was incentives in the private sector led to people hiring more people to work and more tax revenue starting and all that.
The recession that we are currently in is a red line, and there is no V yet.
It is just almost a direct plunge.
You ought to see this.
It's a direct plunge, almost like that Air France plane took into the uh into the Atlantic.
And there's no end in sight for this.
Well, all these other recessions, you can see the V, the right hand side of the V going up where employment starts to pick up, but there's no end in sight for this.
And it's deeper.
This V, the left side of this recession V. I ought to double check.
I think it's deeper than any of the others on the chart, or very close to it.
Now, obviously, because of the way this chart is, this chart charts every recovery from a recession in terms of employment.
There is none yet in this recession.
So that line is just it's a it's it's a standalone, it's by itself, it's bright red.
So you ask yourself, well, what what's going to be the magic that starts people back to work?
And I'm telling you, there isn't one Obama Democrat Party policy that's going to cause that to happen.
The Obama policies are going to keep that line plunging.
The left side of the V down, unemployment going or employment going down, we're losing jobs.
There's not one thing being proposed even.
There's not one thing being proposed.
The list of tax increases Obama's talking about will choke off any job creation.
The the uh the unknown in the future, are we actually gonna get this cap and trade fiasco?
Are we actually gonna get health care?
Those two great unknowns have paralyzed business.
You can't make long-term plans unless you know what the game's gonna be, what the rules are.
And right now nobody knows the rules, and you gotta you gotta.
If you're smart and running a small business, your effort now is not to hire workers, it's to stay in business.
And you're looking down the road, okay.
What happens to me in my business of cap and trades past, what happens to me if health care passes?
And by evidence of what's happened the last nine months, you have to say things are going to get even worse because the government sector is going to get bigger, and to get bigger, the government sector has to deplete the private sector.
The government can't produce anything.
It can print, but it can't produce anything.
Not without the private sector working.
And that's being dwindled away.
It's being attacked, it's under attack daily by this administration.
And there's no end in sight to it, and there's not one policy that they're prepared to enact that would bring it about.
While they talk about bringing it about, they talk about it good, they talk a good game, they talk about restoring jobs and all that.
It's not happening.
The talk is meaningless because it's it's deflective.
So businesses, they're not poised to start hiring anybody here.
In the unemployment numbers, it's not just that they're worse in some cases than ever.
It's not just that we're at 9.5% unemployment.
It's not just that we've lost over two million jobs since January.
We're also working fewer hours a week.
The average work week now is 33 hours.
The drive-by is are not reporting this.
I mean, you have to dig deep to find it.
Now the average work week, of course, is 40 hours of people working 33.
What does that mean?
Well, it means that a lot more people have been laid off, fired, and hired back as part-timers.
Or they're being furloughed.
But regardless that, regardless of the reason, when people are working fewer hours, there is by definition less productivity.
Manufacturing is way down, and yes, we still do manufacture in this country.
There's a I mentioned this website earlier.
There's a uh story here by Richard Bernstein at BusinessInsider.com.
Why was weak unemployment or weak employment?
Why was it a surprise?
And he's asked the question here to we all ask every time the state-run media reports economic numbers, you know, they're always surprised.
It was unexpectedly high or unexpectedly low, but the experts are always just bamboozled by it.
So he says today's weaker than expected employment report sent the financial and commodities markets reeling.
But why was this report such a significant surprise to anybody?
I mean, I'm not particularly bearish or bullish with respect to stocks right now, but I am a pragmatist.
The fact is that the leading indicators of employment have been weakening.
Yet the consensus has been ready to reap the fruits of the so-called green shoots.
There aren't any green shoots.
People are responding to Obama's words, and we're about to come back, and we've bottomed out, or our backs are finally no longer against the wall, but the job losses keep coming.
First, he says, let's set the record straight.
Employment is not a lagging indicator.
Some indicators of employment, like jobless claims, the length of the work week are actually official leading indicators of the economy.
Payroll employment's a coincidental indicator.
It is actually somewhat odd that investors are currently paying so much attention to real lagging indicators related to inflation.
Wage pressures and not commodity prices are the true catalysts for inflation.
Wage increases, abnormal credit creation, excess demand relative to supply come first, inflation follows.
But there are no wage pressures.
There's not a lot of credit being created.
Output gaps abound, so why is everybody focused on lagging inflation indicators?
Well, the answer is because everybody wants to try to convince the American people it's not as bad as it is.
And it's going to get better real soon, but it's not.
Because there's nothing in place to get it better.
The things that are in place are obstacles to economic improvement.
Purposely put there.
Second, the monthly payroll report, like the one issued today is full of largely coincidental coincidental data.
However, it does have one piece of leading data, which I just talked about here, the length of the work week.
The length of the work week is generally considered a leading indicator because employers tend to adjust the number of hours their employees work before hiring or firing them.
For example, it would be normal for companies to begin to pay existing workers overtime before they hire additional workers because of the uncertainty related to the initial upturn in a production or service cycle.
So people may not believe the first indication of economic return, so rather go out and hire new people, you just take your existing staff and then pay them overtime.
However, commentators rarely highlight the length of the work week when discussing the monthly employment report.
What's been happening to the length of the work week?
It has hit all-time lows the past two months.
That's right.
The only official leading indicator in the employment report has hit all-time lows the past two months, and no one has reported it.
Could it be that momentum rather than fundamentals remains the defining aspect to most investment strategies?
Prudent investors should be watching sound leading indicators and not the market's short-term momentum for clues as to whether the green shoots will sprout flowers or weeds.
Let me let me get something at the bottom of the stack.
I put it at the bottom of the stack.
I was going to gloss over it, but now I'm not.
It's a CNBC.com post from uh yesterday.
The financial system is crashing.
Action must be taken by the U.S. government to convert debt into equity to produce a more stable environment, says Nassim Taleb, or Taleb, he's author of the Black Swan, and he said this on CNBC yesterday.
You may have green shoots, whatever you want to call them.
You may have temporary relief, but you're still in a world that's breaking.
He said this on CNBC Squawk Box.
Anything that's fragile like the financial system will eventually crash.
And we are in the middle of a crash.
So if I'm going to forecast something, it is that it's going to get worse, not better.
The government needs to deleverage debt and not try stimulus packages that will inflate assets.
You know, I when I read these guys, the government needs to do this, and the government needs to do that.
It's as though these people in government are making honest mistakes.
Nobody's this stupid in government to make these honest mistakes.
This has been tried countless times in the past, the world over, it doesn't work unless your objective is something else.
If your objective is to wreck the economy, cause more chaos, more Unemployment, create greater dependence on government, then this is a championship policy.
But it is not a championship policy to revive the U.S. economy, and everybody involved in this knows it.
This is why.
This is why some of these people involved in this need to be seriously questioned about their intentions for this country.
This is not merely an economic mistake.
This is not a divergent opinion.
We don't, this is not left economics versus right economics.
Economics is economics, it's science.
There are left-right disagreements in it, obviously.
But what Obama's doing here, there is nobody can say, hey, this is an honest attempt.
They're really doing what they think's best.
Maybe so, but for them, not you, and not us.
So when I read these guys say the government needs to deleverage debt and not try.
The government's doing purposely what it intends to do.
It intends stimulus packages that will inflate assets and not create jobs.
This guy said what makes me very pessimistic in not seeing any leadership or awareness on parts of government on what has to be done.
As though they're just ignorant and making mistakes.
People don't have the guts to say what's really happening here, and this is purposeful.
His solution, this debt business.
Look, we're not helping anybody when we foreclose on them.
We've got to deleverage some of this debt rather than foreclose on people.
The banks, I'm summarizing what he says, lower the monthly payment and take an equity stake in the house, which of course they already have, the mortgage holder already has.
But get rid of some of the debt and turn the debt into equity.
That's what he's saying.
And that will help stave off the financial crisis.
Look, I'm way long here.
Let me take a quick time out.
We'll be back in a moment.
Here's the guy from CNBC Squawk of the Street yesterday, Universal or Universa, investments principal and author of the Black Swan, Nassim Taleb.
And uh the co-host Carl Quintanella is talking to him.
Here in his own words is what I just quoted him as saying.
Anything that's fragile eventually will crash.
And the system is very fragile.
It is crashing.
We're in the middle of a crash.
So if I were going to forecast something, I know it's going to get worse, not better.
The monkey on our back is the debt.
Okay, we have a huge amount of debt.
Doing that, now they're trying to look at stimulus plans and things that may inflate assets, and that may run out of control.
So instead of deflating debt, they're thinking of inflating assets or actually that they don't even know what they're doing because they're doing a lot of contradictory things.
So this is why what makes me very pessimistic not to see any leadership or any awareness on the part of government.
Wait a second.
This shouldn't be of what needs to be done, which is to deleverage by, I don't know, somewhere between 40 and 70 trillion dollars worldwide.
Well, they didn't give me a full transcript, so I thought it was over 15 seconds.
Anyway, this when he says, I'm sorry for talking over that, folks.
Uh he says they they don't even know what they're doing.
They're doing a lot of contradictory things.
They do know what they're doing.
Obama knows what he's doing.
Obama may not be a macro economist.
I mean, he may not be up there plotting and planning, you know, every day's economic machinations.
He's got a he's got a vision.
His vision is emperor.
His vision is all-powering, all empowered leader for life.
The government has got to take over and correct the injustices of this country.
Wealth and profit are injustices.
They are immoral as far as Obama looks at it.
The more wealth, the more prosperity he can wipe out.
He thinks he's doing a morally good thing.
And I'm giving him the benefit of the doubt saying that.
He's grown up surrounded by people who despise prosperity and wealth because they believe it's the epitome of unequality, and they also believe that prosperity and wealth exist because of thievery or other means by which ill-gotten gains produce the wealth and the prosperity.
And it's always happening on the backs of Obama's type of people.
And so he's got to make the world right.
He's got to make the country right, and he's got to cut it down to size.
Now, he may not be sitting there every day plotting virtually every aspect of this, but there's an overall vision, and it's happening.
They know what they're doing.
They're too stupid to not know what they're doing.
That's what makes this scary.
And rather than CEOs bend over backwards and join his team out of fear, they need to stand up and say, Stop, you're not going to bully us anymore into doing things that are not helpful to the country.
I can't I can't stop laughing here, folks, and you're going to hear it very soon.
Colin Powell, a guest again on CNN this coming Sunday.
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