All Episodes
Previous Next
Oct. 23, 2009 - Rush Limbaugh Program
36:30
October 23, 2009, Friday, Hour #2
| Copy link to current segment

Time Text
Greetings to you music lovers, thrill seekers, and conversationalists all across the fruited plain.
The Rush Limbaugh program is here.
It's Friday, so let's move.
Live from the Southern Command in sunny South Florida, it's Open Line Friday.
And we got a great lineup of calls up there.
I just haven't had a chance to get to them because we just concluded what may be the best hour in broadcast history.
The first hour of this program.
I'm going to add a couple things to it and get to other things.
And I promise we'll get to your calls this hour, 800-282-2882, if you want to be on the program.
So Joe Klein at Time magazine has known for a long time about Obama's college thesis when he was at Columbia.
Why didn't this come out a year ago at this time?
Why didn't this come out before the election in November?
If you're just joining us, here is what Barack Obama wrote in his college thesis at Columbia University.
The Constitution allows for many things, but what it does not allow is the most revealing.
The so-called founders did not allow for economic freedom.
While political freedom is supposedly a cornerstone of the document, the distribution of wealth is not even mentioned.
While many believe that the new Constitution gave them liberty, it instead fitted them with the shackles of hypocrisy.
Economic freedom and distribution of wealth are mutually exclusive.
You cannot have economic freedom and the redistribution of your wealth.
You can't have economic freedom if somebody like Obama could come grab your stuff and give it to somebody else.
When that happens, then you have the beginnings of anarchy and tyranny.
And the founding fathers, and I'm not going to go through the quotes again, the founding fathers discussed the whole concept of distribution of wealth.
They wrote letters to each other about the so-called founders.
I'm sorry, the so-called founders.
They knew all about it.
They knew that it was incompatible with the Constitution of the United States that they wrote.
Now, this is relevant in another way, ladies and gentlemen.
In the Virginia governor's race, Republican candidate Robert McDonnell wrote a graduate thesis 20 years ago that could be politically damaging to his campaign.
This has been in the Washington Post.
That decades-old thesis has been covered by the Washington Post on August 30th and again on September 1st.
It has been reported on in some depth across the spectrum of media outlets from NPR to U.S. News to the Christian Science Monitor to Fox and on and on.
Now, maybe a decades-old claim that the U.S. Constitution didn't give early Americans liberty, but fitted them with the shackles of hypocrisy doesn't deserve some questions.
Like, what do you mean by that?
And when and how did your thoughts change if they have?
So the Washington Post is trying to drum McDonnell out of the governor's race in Virginia by talking about his college thesis, but where the hell is any exposure to Obama's?
And the appropriate question.
Do you still believe this thing?
Barack so-called founders.
We know he believes it because he said it again about the Supreme Court in 2001.
Funny moment on CNBC today.
Charles Gasperino starts telling the truth about what's happening in this country, and the host of the show tries to get him not to bash Obama.
Well, I talked to people today at Merrill Lynch and Citigroup.
They're saying, listen, I'm a producer.
You know, I make this firm money.
And if they cap my salary, I'm gone.
The problem is that it's hard to trust the Obama administration because President Obama, if you look at his record, what he's, you know, he was a community organizer.
I mean, he was, no, but this is important, and this is why it's hard to trust him.
When you have a president that was a borderline socialist, people worry about it.
We are a trading show, Chazzy.
We're a trading show.
So let's talk about the companies and how they're impacted because we want to trade.
What do you mean?
They shut him up.
They probably got a hotline there from Jeffrey Immelt at the headquarters of GE.
Whenever anybody starts going the wrong way about Obama, I'm sure that little red phone light blinks and starts going off and the hosters shut up people like Gasparina.
That's hilarious.
Charlie, Chaz, Chad, Charlie, I'm sure you can't say Chaz Charlie.
All right, now, if you will indulge me, ladies and gentlemen, we're going to go to top of the audio soundbites here because I want to get this out of the way once and for all.
A bunch of news organizations have now retracted the use of their quotes, so-called, of mine that were totally fabricated during this whole NFL spat, quotes that I never uttered.
They finally, after the damage is done, they have withdrawn the quotes.
And there is a Michael Smirkanish, who I've met and who I like, does a talk show in Philadelphia on our affiliate there, does the morning show, wrote a piece in the Philadelphia Inquirer today that's just uninformed or misinformed.
And I want to get to that too, because it's a central aspect of this.
Now, let's go to the audio soundbites on this.
Jay Leno, two guests on his show Wednesday night agree that what happened here was a travesty.
Of course, Rush should have been able to buy the team.
The main vocal protester in this was Al Sharpton.
Why does anybody listen to this moron?
Al Sharpton.
The guy has made more stupid public statements than Joe Biden after a propofol cocktail.
He shouldn't be allowed to talk publicly ever again.
He stinks.
I'm almost shocked that I agree with Jim.
But anyway, I just think that a lot of the context of what Mr. Limbaugh said was taken out of context.
That was Stephen Baldwin and the comedian Jim Norton was the first.
Yeah, Stephen Baldwin.
Now, wasn't just taking out of context.
It was wholly made up during a roundtable on the Jay Leno show on the same night.
Rush got sucker punched on this because initially he didn't want to invest.
And they told him, oh, this will be fine.
No, you'll have no problem.
They all supported him.
Then when his name was brought up and all these people started attacking, the owners wimped out and backed out.
And he didn't want to do this originally.
They talked him into it.
Now, the owners didn't back out.
Some in my group got nervous, but the owners didn't back out.
The owners never got to vote on it.
The whole process was short-circuited.
I'll get to that in just a second.
Jesse Lee Peterson, Wednesday night on Hannity, Fox News channel, during his great American panel.
He is Jesse Peterson, by the way, is the president and founder of the Brotherhood Organization of A New Destiny.
And they discussed Fox, the NFL, and me.
Fox News is having a major impact on the public by educating them as to what is going on.
Barack Hussein Obama is in a rush to turn our country into a socialist society.
So they're trying to do it, and they feel that this is the only chance that they have.
If they don't get it done this term, they won't have another chance.
The choice is Rush Limbaugh, not Al Sharpton or Jesse Jackson.
They don't really have an impact in the black community at all.
And what I've decided to do, if the NFL think that Rush Limbaugh is a racist, and I agree with Rush, that means that I'm a racist too.
If Rush is a racist, I'm a racist.
They don't want his money.
They don't want mine.
Jesse Lee Peterson on Fox on Wednesday night on October 13th.
Somehow this soundbite ended up being buried in this controversy.
Sean Merriman, who not the poster boy for NFL Virtue himself, Sean Merriman, linebacker for the San Diego Chargers, was on Fox Sports Radio's Chris Myers and Steve Hartman show.
I was also on that show when I was out in L.A. weeks ago, and then we talked about the NFL.
And they asked me who my favorite quarterbacks were.
I threw McNabb in there.
So they asked Sean Merriman, would you have any problem playing for a team partially owned by Rush Limbaugh?
I have to be honest, I wouldn't have a problem with it because I think that he possibly could have said a few things that was on many people's minds.
He was just, you know, one of the ones that made it vocal and put it out there.
Maybe if we had to sit down and talk and I've seen a different person, maybe, but it really wouldn't bother me as much.
That didn't get reported, did it?
Now, at the time, October 13th happens to be my mother's birthday.
At the time this is all going on, Merriman was living off those made-up phony quotes.
That's what he knew.
That's all anybody knew.
The totally fabricated and made-up phony quotes.
Now, the next question from Myers and Hartman.
Well, how much is a player do you actually know Sean or care about your owner?
I mean, I realize there are layers, coordinator, position coach, head coach, GM, president, whatever, all the way up.
Some owners are very visible, some are far removed.
Does that affect a player?
Do you think about that?
You want the owner to know that, or you want to feel that he cares about your well-being, about you going out there, being a good person on and off the field.
So I think it matters to a certain point, but it's not like you have to deal with the owner every single day.
He's not going through the playbook with you, and you play good or bad.
He's not going to be the one to come down and talk to you about the game.
It's just one of those things that that's how it is.
So none of these quotes made it, did they?
Outside of this show, the Myers and Hartman show on Fox Sports Radio.
By the way, those two guys know that whatever was said about me was totally fabricated and made up.
John McCain, yesterday afternoon on ESPN's Outside the Lines, Bob Lee interviewed McCain.
Bob Lee said, Rush Limbaugh, there's a little bit of a philosophical daylight between the radio commentator and you, but still I'd like to get your thoughts on the one-week period that saw him go from being part of a group and then the socio-political and just national human cry about his hue and cry about his participation.
At the end of the week, he's out of the group.
What do you think about that, Fuhrer?
Well, first of all, let me make it clear.
Rush Limbaugh never supported me and, in fact, was very critical of my efforts to secure the nomination of my party.
So it's not as if, I think I'm speaking objectively.
I think it was wrong to exclude him from an ability to engage in the free enterprise system.
I think that he had every right to make an investment, and I don't think it was fair to keep him from putting this kind of pressure on him because of his political views.
Thank you, Senator McCain.
That was yesterday afternoon on ESPN.
Now to Michael Smirkanish.
Now, Smirkanish, we should, it's relevant that he endorsed, did he endorsed Obama for president?
He positions himself as a moderate.
Maybe he is.
But he has a column in the Philadelphia Inquirer about this and says that it was strictly business why it was dropped.
It wasn't politics.
He said the owner's objection to Limbaugh wasn't based on his politics.
They overwhelmingly share his views.
The owners determined it was just bad business to add to their ranks somebody who would have kept them in the headlines going forward while most chose to fly beneath the radar.
This is the key thing.
What happened here was the owners never got a chance to vote.
It was so premature.
I was part of a bid, a group bid, part of a group making a bid.
We were told there were two other groups.
I don't even know if there are any other groups.
We don't know who's in the other groups.
Only my name and Chekit's name were leaked by somebody.
Now, the way it works is you first have to be the winning bid.
The Rosenblooms then have to want to sell the team after they hear the price.
Then after the team is sold, then you go and the NFL starts its vet process.
And it's like the Secret Service and the FBI coming after you.
They vet everybody in the group.
Well, I guess they don't anymore because Fergie, who wets her pants and talks about sex and so forth on stage, is a Miami Dolphins minority owner.
So I guess they don't vet them too carefully anymore.
Some of the other Dolphins celebrity owners have got, I mean, J-Lo has recorded a song with Ja Rule using the N-word all over it.
And she's a minority owner along with her husband, Mark Anthony.
Fine and dandy.
I got no problem.
I'm just saying, maybe the vet process isn't what it is.
But even after the vet process, then after that happens, then 28 out of the 32 owners have to vote yay or nay on the ownership group.
Now, usually the vote is primarily on the big guy, the 30% owner.
The NFL requires that the owner own 30% equity of the team.
And I was not a 30% guy in this group.
I was a quote-unquote minority, first time I've ever been one of those.
So Murcanish was, I know he's trying to get this right, but the owners did not reject this.
Roger Goodell did after, and by the way, actually, before Goodell, you got to go to DeMorris Smith, who is Obama's link to this, the Players Association guy.
And this was a shot across the bow of the owners because they got a collective bargaining agreement that's going to expire and they got to renegotiate a new one.
And so the Players Association guy was just firing a shot across the bow of the owner, saying, okay, we run this league, guys.
You don't.
So owners never got a chance to it.
Now, I know a lot of the owners in the National Football Lab.
One of the greatest things about my success is that I've been able to meet people that I otherwise wouldn't have met.
It was the same thing when I worked for the Kansas City Royals.
That's why it was such a valuable experience.
I've been able to meet people who are the best at what they do, and that is so inspirational, motivational.
It's a great thing.
I know a lot of these people.
And then they're for there's, I don't want to get into it anymore because it's moot now.
But there isn't.
We have another soundbite here.
Let me find it.
I've got them all out of order here because they came in out of order, but the timing is very suspicious.
Maybe I'm not going to be able to find it.
Let me take a break anyway because it's that time.
We will be right back.
Ah, here it is.
Soundbite number seven.
Let's go ahead and go ahead and play it here.
This is Betty Liu, Bloomberg Television News.
Rush Limbaugh says his dismissal from a group trying to buy the St. Louis Rams was a result of his conservative politics.
But a quick look at some statistics may raise some doubt.
According to the Center for Responsive Politics, NFL owners and their families have given 78% of political donations to Republicans, almost $1.5 million in all since January 2007.
And that compares to just over $400,000 given to Democrats over that same period.
Now, this is a story that originated at a left-wing think tank, the Center for Responsive Politics.
It just happens to fall into the news rotation.
Oh, Lindbaugh says he was ousted because of his politics.
And what about these owners?
These people talking about this don't have an utter clue what they're talking about.
They are making it apparent they have no idea or understanding how the NFL operates in these matters.
The color of the National Football League is green.
We'll be back.
Stay with us.
We are back.
El Rush Bo serving humanity.
It's Open Line Friday.
And to the phones to St. Louis.
James, you're first.
I'm glad you held on during the first hour.
Nice to have you here.
Hi, Rush.
I wanted to get your take on states being allowed to opt out of the public option in the health care bill.
Basically, I was just wondering if they're crunching the numbers and counting all the states and its taxpayers on paying for this bill.
If a state such as Missouri were to opt out, wouldn't that eliminate all the tax money from coming in?
Or am I missing something?
You're more than formed than I.
I have not heard that the states would be allowed to opt out of the public option.
That was on Fox News this morning.
They said that was part of the bill.
Well, Fox News, they make it up.
You can't trust Fox News.
There's no bill yet.
And Harry Reid's considering this.
It's not in the bill.
Look at all of this.
Harry Reid's considering it.
Harry Reid's getting dumped on.
Now, the story at CBS says that Harry Reid's getting dumped on by the left because he's not working hard enough to try to get the public option.
It's not the left dumping on Harry Reid.
It is the media dumping on Harry Reid.
It's the media trying to get Harry Reid back in gear on this.
Here is a story.
I'm going to answer your question here in just a second.
Here's a story from The Hill.
Pelosi calls an emergency meeting on push for robust public option.
House Speaker Nancy Pelosi is scrambling to push back the notion that she lacks the votes for a robust public option.
Let me tell you something.
After that wall, after that front-page Washington Post piece today with the White House throwing Creed deeds overboard before the election, you blue dog Democrats, you had better think very carefully about how you vote on this when it comes time.
So she called an emergency meeting of her caucus this morning to declare that she has not abandoned the push for including that provision in a health care bill.
This is all such BS.
Believe me, don't doubt me when I tell you there will be a public option in the final product.
It may take, you know, a two or three year growth period to get it in there, but there's no other reason to do national health care unless there's a public option and nobody will be allowed to opt out of it.
We're talking about Barack Obama here.
You will not, the states won't be able to allow, there will be one and nobody will be able to opt out of it and most people will be forced into it.
You know, that's a good way to put it.
I'm with three hours of sane reality in an otherwise unbelievable world.
Rush Limboy, household name in all four corners of the world.
Get this.
Talking about the redistribution of wealth, the rush to implement a tax credit for first-time homebuyers opened the program up to potential fraud by people who hadn't bought a home or already owned one.
Congress was told yesterday, Jay Russell George, Treasury Inspector General for Tax Administration, questioned the eligibility of some 100,000 claims out of the 1.5 million who have sought to take advantage of the $8,000 tax credit incorporated in the economic stimulus package enacted last February, which yesterday Christina Romer says, we've already seen the big bang for the buck that we're going to get from it.
He said that claimants include those who could possibly be illegal immigrants and that 580 people seeking $4 million from the first-time homebuyer credit were under the age of 18.
The youngest taxpayers receiving the credit were four years old.
A four-year-old taxpayer?
George and an internal revenue service official testifying before House Ways and Means Committee subcommittee stressed that many of the questioned claims may eventually be found to be legitimate after further examination.
But the hearing raised a yellow flag as Congress considers whether to extend or even expand the popular program.
Snurdley, is this a program where they actually get a check?
Is this the top Republican on the panel said that while the issue of extending the credit was not the purpose of the hearing, every time Congress creates a new refundable credit, the incentive for fraud is magnified.
They get a check.
That's what I think.
These people, it's not something you check off on your income tax.
These people are getting a check for $8,000.
Hi, I'm from the government.
I'm buying your vote.
Here's $8,000.
Here's John in Indianapolis.
Welcome, John.
Great to have you here on the EIB network.
Hey, Rush.
What prompted my call is Sarah Palin's endorsement of the conservative running for Congress in New York and juxtaposed against Newt Gingrich's endorsement of the liberal rhino.
And the point I want to make is I think the Republican Party has a very important choice to make.
They risk losing me and millions of others if they don't once again reclaim the mantle of the Reagan conservative movement that was so successful in the 20s.
And one point, one statistic I think they need to look at is more people in this country call themselves conservatives than dare call themselves Republicans.
They will not lose votes if they come out and stand for the right things, particularly against what we're facing now in this country.
And I'll just say this.
I began this a couple years ago.
I made up my mind, I'm not voting for rhinos anymore.
And I voted for every Republican presidential candidate since 1972, but if they nominate a rhino again, they will not get my vote.
And they won't get the vote of 73% of Republican voters.
We had in the first hour today, Ras Musson reports.
73% of Republican voters say congressional Republicans have lost touch with their base.
Just 15% of Republicans who plan to vote in 2012 state primaries say the party's representatives in Congress have done a good job representing Republican values, and that would be conservative values.
So you're not alone.
You're among 73%.
Sarah Palin and Rick Santorum have now thrown down in the New York election.
They have endorsed Doug Hoffman.
Talk Radio has thrown down Ditto Florida.
Conservatism is in the ascendancy.
Conservatives are ascending.
Money is flowing.
And we're turning a corner.
These Republicans first and these Republicans in name only and these people who claim that they want to be moderate Republicans, that's the only way that we're ever going to be able to win the broad-based elections, are just missing the point.
I don't know what's so hard to figure out about going back to 1980 and 1984 and looking at the results.
Sarah Palin defying the party.
Rick Santorum defying the party.
49% say no health care reform better than the current plan.
This also from Russ Musson.
Slowly we creep, my friends, to getting a majority of people who understand.
49% of voters nationwide say that passing no health care reform bill this year would be better than passing the plan currently working its way through Congress.
I think it has begun.
Something is happening out there.
It's palpable.
I can feel it.
Call it a receding tide, maybe.
Call it a stiff breeze, whatever you want.
There is a movement about a coalescing of disparate interests, a loose affiliation of Americans who love their country, who share a sense of danger.
Call it self-defense, patriotism, anger, betrayal.
It's all of that and more.
Americans are agitated.
They are at a state of unease.
They've had enough of this delusional president who keeps demanding their lunch money, keeps demanding their tax money, keeps destroying their private sector.
They've had enough.
Indoctrinating chance forced on our schoolchildren, czars who praise the mass murdering and liberty-destroying Mao Zedong, czars who are communists, a czar who praised the founder of NAMBLA,
unaccountable czars seizing control of our car companies, which have long symbolized American freedom, failing to deliver jobs, destroying the budget and the economy instead, slandering doctors, attacking the Chamber of Commerce, delivering a fascist message to American businesses across the spectrum, apologizing for America instead of being proud for the first time in his life, abandoning our allies, undermining the First Amendment,
enabling Election Day thugs, blasting tea partiers and town hall attendees for standing up for their rights and their opinions, picking fights with El Rushbox, Fox News, Hannity, and all the rest, clearing the field.
Americans have had 10 months to learn what the state-controlled media hid from them.
They've gotten an up-close and personal look at Barack Obama.
They get him now.
More and more people each and every day are getting Barack Obama.
It has begun.
Victor Davis Hansen today at National Review Online.
If Obama continues on his path, he will polarize the country in a way not seen since 1968.
He will set back racial relations to the 1960s.
He will do to the reputation of big government what LBJ did from 1964 to 68, and in the manner of what Jimmy Carter wrought, turn voters off liberal foreign policy for a generation.
That's the conclusion.
It is a long piece that is a brilliant analysis.
We're seeing this conclusion happen daily.
We're seeing a greater polarization.
We're saying racial relations set back to the 1960s.
We're seeing Jimmy Carter-like destruction of the economy, except in this case, it's purposeful.
Here is, uh, well, what happened?
Oh, yeah.
Renee in Orland, Maine.
I'm glad you called.
Welcome to the EIB Network.
Hi, Rush.
This is so great to talk to you.
I'm a little nervous, so just bear with me.
Sure.
I really just want to thank you.
I've been listening for two years, and with my help from my husband and from you, I have learned so much.
And I want to admit today on air that I had some liberal views that I am just totally ashamed of looking back on as my career as a health teacher in Massachusetts.
And I really just want to send a message out today that teachers, you know, we're responsible for the kids in the schools a lot of times and what we're teaching them.
And, you know, pushing a liberal agenda on children is shameful.
And I've learned so much about conservatism from you that looking back, I just, I mean, I can't believe some of the things that I was teaching my students and also encouraging them with liberal agenda.
Well, you must have a tremendous amount of guilt.
I do.
Given what you now think versus what you thought back then.
When did you first discover this program?
Well, my husband and I moved to Maine two years ago, and they have you right on the FM station.
And I just was floating around one day, and I said, hey, Steve, have you listened to Rush?
And he's like, yeah, I've listened to him before.
My husband's in the military, so we just love you.
Well, thank you very much.
This is a great call.
Oh, thanks.
And I just, I want one other thing to let you know.
In January of this year, we had our first Rush baby.
And my husband's probably going to kill me right now because no one else knows but, except for him and I, that we're expecting our second rush baby.
So this is.
So you are making a national announcement and only your husband.
So your husband does know the baby's coming.
Yes, he found out yesterday.
And now the nation knows that Renee in Orland, Maine, is having her second Rush baby.
Yes.
What a way to announce it.
Thanks.
My mom's going to kill me.
I had to tell you first.
What were you telling her at the same time?
Does she listen?
Well, she's probably not right now.
They're on their way back from Vegas.
You know, it might be a good thing if she doesn't hear it.
She will be proud of you.
Thanks, Rush.
Thanks for everything that you do.
Thanks very much, Renee.
I appreciate it.
We got to go.
Quick time out.
We'll be back right after this.
Sorry, folks, people won't leave me alone while I'm doing the radio program here, and I had to respond to something.
We're back.
Rush Limbaugh's Open Line Friday in High Point, New Jersey.
Next, Bob, welcome to the EIB Network, sir.
Hello.
Yeah, hi, Rush.
Nice to speak with you.
You bet.
I'm calling in reference to a PBS special they had on Frontline.
It was called The Warning.
And what it did was it focused on this lady called Brooksley Bourne, who was the chairman of the Commodity Future Trading Commission in the Clinton administration.
And it shows exactly what happened with these derivatives.
And they knew as far back as 1997 that there was going to be a collapse.
And she tried to warn.
She's a Democrat.
She tried to warn them.
What was her name again?
Brooksley Bourne.
And she was blocked by Ruben, Greenspan, and Summers, who are the presidential working group.
They hammered this woman.
She was in hearings before Congress that there's going to be a major collapse if these derivatives aren't regulated.
And they crushed this woman.
This is an outstanding program.
It can be seen online, but it's a must-see.
And when did you first see it?
When did they air?
It was Wednesday night.
Wednesday.
You know, I heard about this.
I read something, I read a review of this show, which intrigued me because the review pretty much said what you said and added a couple of things, and it really just laid the whole blame for this on the people you mentioned, Rubin, and I think even Clinton's name was mentioned, and perhaps a couple congressmen or senators.
I don't recall which, but I was stunned too that it ran on frontline.
Yeah, Geithner was involved in the working group at that time.
Yeah, Summers is still presently in the White House.
Yeah.
And he was referred to as the enforcer in this group.
And he hammered this woman, and she ultimately resigned.
But she was a Democrat, but she had some integrity.
Well, thanks for the heads up on that.
We'll find the link to it and put it at rushlimbaugh.com.
I appreciate that, Bob.
This reminds me: there's a point that I forgot to make yesterday with a Pesar business.
This Feinberg is it, yeah, Feinberg the Pesar.
He's running around saying, Don't call me a czar.
He's running around saying, Obama does not have the constitutional authority to do this, I do, or something like that.
Obama does not have it, he couldn't have done it.
I had to do it.
So it's deniability and so forth.
Here's the thing about this: this is this is, I'm sorry that this escaped me yesterday because this has been a fundamental point that I have made repeatedly during all of this.
These bankers, the hatred has been ginned up against them.
The story is that the American people are demanding their heads.
They're demanding their pay cut.
They're demanding as taxpayers that they not get their bonuses and all this.
They destroyed the financial system and so forth.
Ladies and gentlemen, they had to do what they were told.
The federal government created policies that made them make these loans to people who couldn't pay them.
That's what the subprime mortgage crisis is all about.
And the architects of that are Bill Clinton, Barney Frank, Chris Dodd, and a whole bunch of other minor bit players.
Acorns involved.
Acorns running around hassling banks if they don't make loans to people.
And so now, after following mandated policy, federal law, what was the Community Redevelopment Act or something?
Is what this was under Carter, the Community Redevelopment Act, but it was put on steroids in the late 90s with Clinton and a bunch, and that they forced the banks to make these loans.
And so these banks, after following orders, are now being blamed for the problem.
It's the same thing down in New Orleans with Hurricane Katrina.
And the levies.
The local politicians down there pocketed money instead of reinforcing the levies with federal money.
The Congress, which appropriated the money, did not do any oversight.
The levees break during Katrina.
The flood happens.
And Congress is, what the hell happened down there?
What's going on?
As though they're innocent bystanders when they were involved in the whole bit of corruption that led to the levies falling apart.
It wasn't the hurricane that did it.
It was shoddy levy construction.
They didn't reinforce them like they should have.
The stories were legion on this.
So the same thing happening now.
So now we've got a Pesar who I maintain does not have the constitutional authority to do what he's doing either.
This is how tyranny starts.
Cutting the pay.
And by the way, it's not just these seven companies now, it's 28 more.
They are expanding beyond companies that took federal bailout money.
But of the people, the banks that are getting creamed here and the salary is being pulled back, all they did was implement federal law.
They were forced to make these loans that led to all of this disaster.
And when regulators came in in the Bush administration and tried to say, we've got to stop this, this is a coming debacle, Barney Frank jumps on the regulator.
Forget his name right now.
We've played the audio of this.
So this whole thing is just outrageous.
These guys go do what they're told to do by the federal government.
It bombs out, and the federal government and the members of it, specifically individually that made it happen, whoa!
These people are thugs and criminals.
I'm going to send Acorn to protest on their front yards or we're going to cut their salaries.
This is sick stuff that's happening, folks, right before your eyes.
Would you say, folks, that we are a nation of risk-takers?
We always have been?
Well, you hear what the Pesar said?
The salary caps are designed to reduce risk-taking.
Yeah.
Let's just take everything out of our culture that defines us as Americans.
▲
Export Selection