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May 6, 2010 - Rush Limbaugh Program
36:31
May 6, 2010, Thursday, Hour #3
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Time Text
Nice of you to join us, Mr. Snerdley.
Late arriving for the start of this hour.
Official program observer.
Great to have you back, folks.
Rush Limbaugh, the Excellence in Broadcasting Network.
Nice to have you here.
Let me check something real quick.
Dow Jones Industrial Average.
Wow, this is it's done.
It's almost three or four hundred points here this week.
Now, a lot of people are concerned about debt, Greece, and all that, and that's a legitimate concern.
But there's something else happening out there that nobody's focusing on, and that's China.
The Chikom stock market is falling.
If the Chikom situation, we've been hearing about a bubble.
A number of bubbles in China, and if they happen, it's going to dwarf what's going on in Europe with the European Union.
Anyway, I'll get to this if we have time later on in the hour.
Other things before we get to that.
And again, the telephone number is 800-282-2882.
Email address, lrushbow at EIBNet.com from ABC News.
Headline, socialist is not a slur for many people, a poll finds.
Socialism viewed negatively by some is no worse than capitalism for others.
Calling President Obama a socialist may not carry the punch some of his opponents had hoped for, given a new poll that found Americans are not so negative about the word.
And young people have essentially the same feelings about socialism as they do the word capitalism.
Americans generally view the word capitalism more favorably than the word socialism.
I'm shocked at that.
Regime not quite doing its job yet.
This is according to a new survey by the Pew Research Center for People in the Press.
Respondents, though, were not so negative about socialism and not so positive about capitalism as one might expect.
I don't know which one's expectations they're talking about here, but as one might expect.
Socialism is a negative word for most Americans, but certainly not all.
Capitalism is regarded positively by a majority of the public, though it is a thin majority, said Pew.
Young people, the survey, found more positive about socialism and more negative about capitalism than our older Americans.
Now, you might look at this and say, bad news, folks, it's really bad.
You might look at this and say, damn, we're losing the art.
No, no, no, no.
I look at this in a different way.
If socialist is not a slur, that means we can use the term with abandon now without being called racists.
I mean, if Americans accept the word, socialist, Obama's a socialist.
That's apparently no big deal.
They kind of charge us with racism.
The floods in Tennessee.
I have been waiting to see if there has been or going to be any reaction to it in the media.
And there hasn't been any.
I mean, to speak of, it's not, it hasn't even approached the news coverage of, say, the oil spill.
And there's a blog here, newsreelblog.com.
Worst disaster since the Civil War, but not as newsworthy as an oil spill.
It's by Rhonda Robinson.
The pool quote, the left loves victims.
Victims they can use, that is, preferably victims that depended on the government.
But the system failed.
Therefore, a call for more and bigger and better government is the topic of choice in a disaster situation of any proportion.
It's exactly right.
She's exactly right.
It's what Obama's doing with the oil spill.
Whatever catastrophe there is, we need a bigger government.
I need more power, Obama says.
If I had more power to make a government, this would not have happened.
But in Tennessee, which, by the way, this is not insignificant, Tennessee is flyover country.
People on the coasts, people in government could not care less.
It's flyover country.
Also in Tennessee, there's no story of the haves taking advantage of the have-nots.
The story is neighbors and churches and communities across the Bible Belt pulling together.
No one's calling for a faster cape-clad Uncle Sam.
We're not blaming Obama or Bush, a Tea Party, or any corporation.
So what's a leftist media to cover?
Conclusion, there's a massive flood.
There are 31 people dead, property values and property destroyed, but there's no real story here.
Because the necessary ingredients for a big-time news media story aren't there.
There's no victims.
There's no racial victims.
There's no haves or have-nots.
There's no haves taking advantage of the have-nots.
We got people working together.
The people there are not complaining.
They're not saying, where's FEMA?
They're not on the rooftops demanding helicopters show up and pick a hole.
They're not anywhere demanding their goodies.
They're not saying, where is my check?
They're not saying, where's my bus ticket to Houston?
They're just working together to figure it out.
Excellent article by Nashville native Patton Fuqua entitled, We Are Nashville.
Fuqua abandons his usual topic of hockey and ponders the question, why so little media coverage?
Here's what he writes.
If you live outside of Nashville, you may not be aware, but our city was hit by a 500-year flood over the last few days.
The national news coverage gave us 15 minutes, but went back to focusing on a failed car bomb and an oil spill in the Gulf of Mexico.
While both are clearly important stories, was that any reason to ignore our story?
The Cumberland River crested at its highest level in over 80 years.
Nashville had its highest rainfall totals since records began.
People drowned.
It's the single largest disaster to hit Middle Tennessee since the Civil War.
Oh, folks, ESPN did cover this.
They said that there might have been a foot of water in the service level at the football stadium there where the locker rooms are.
And then they had a photojournalist fly over the stadium.
They said, we can't even see the Titans logo in the end zone.
That's how bad it is.
And then they ran a story.
Don't worry, the locker rooms are not that flooded.
They're not that damaged.
So ESPN's been on the case reporting on the relatively slight damage to the football stadium.
And we can now see the Titans logo in the end zone, which is good because the water is receding.
It seems bizarre, but no one seems to be aware that we just experienced what is quite possibly the costliest non-hurricane disaster in American history.
The funds to rebuild will have to come from somewhere, which is why people need to know.
It's hard to believe that we will receive much relief if there isn't a perception that we need it.
A large part of the reason that we are being ignored is because of who we are.
Think about that for a second.
Did you hear about any looting?
Did you hear about crime sprees?
No, you didn't.
You heard about people pulling their neighbors off of rooftops.
You saw a group of people trying to move two horses to higher ground.
And no, we didn't loot.
Now, that does say a lot about our city.
There are no mass crime sprees, no mass looting.
But what kind of story is that?
Again, the left loves victims.
Victims they can use, that is, preferably victims that depended on the government, but a system failed them.
Therefore, a call for more bigger and better government is the topic of choice in a disaster situation of any proportion.
No haves versus have-nots here.
No one calling for Uncle Sam to come in and save the day.
So what's a leftist media to cover?
Conclusion, 31 deaths, massive property destruction, but no real story here.
It is interesting.
Eric Holder, by the way, says that the New York City bomb trial will not change his decision on terror trials.
No, who would have thought that it would?
Who could possibly have thought that a car bomb in New York City at Times Square could possibly change this idiot's mind on conducting a trial of Khalid Fake Muhammad in New York City?
By the way, I got to correct something.
I said that Faisal Shahzad Kaiser Sozier had been on a Homeland Security list since 2009.
He's been on the list since 1999.
He's been on a travel lookout list since 1999 between 1999 and 2008 because he brought approximately $80,000 cash or cash instruments into the country.
Yeah.
Still, he was foreclosed on, had money woes, and decided to blow up Times Square, as any normal person with money woes would decide to do.
Okay, so Faisal Shahzad been on the watch list since 1999.
He was born in 1970, right?
So 19 or 20 years old, shows up here with 80 grand.
Just another poor youth oppressed by Western culture.
I would really, we're going to go to the phones here in just a second, but I really would love to know.
It would be fascinating to hear Barack Obama explain where Greece went wrong.
Wouldn't you love to hear that?
Where did Greece go wrong?
Because they're simply doing everything we're going to do.
They did it before we're going to do it.
We just recently got started down the Grecian path, Grecian formula.
Wonder what do you have any Republicans in Greece?
Well, there probably are a few Republicans or conservatives in Greece that he could blame it.
Seriously, I would love to know.
I would love to hear Obama explain where they went wrong.
Was there insufficient deficit spending?
Did the public sector unions not get enough vacation time?
Were government workers underpaid?
Were their pensions and their retirements not sufficiently large enough to sustain them after they quit working at three in the afternoon every day?
Maybe Obama could go back over there to Athens and give a Cairo-like speech apologizing for America going broke first.
I would love to hear Obama explain that the wealthy Greeks didn't pay enough of their fair share of taxes, particularly the Onassis types and the Nearcos types with all of their shipping, because these are the clowns that ship all the oil around the world.
And I would like to know, I would love to hear Obama explain where Greece went wrong, because under Obama's leadership, we are going to leapfrog Venezuela.
And after Obama remakes America, we will be Greece.
Spells both ways.
Back to the phones, as I said.
Where are we going, sir?
Look, give me a call here.
I got five people up there.
Oswego, New York, and Susan.
Welcome to the EIB.
Oh, never mind.
Susan, Oswego, New York, Vaminos.
So who's next?
Norco, California.
Gary, welcome to the EIB Network.
Great to have you here.
Yeah, hello, Rush.
Hi.
You know, I wanted to talk about this New York bomber, this terrorist bomber.
You know, I want to say that our president boasts and he puts his best interest, his interests, in front of what's best for the American people.
Did you actually hear him say that?
That he boasts he puts his best interests ahead of ours?
He shows it time and time again.
Oh, yeah, but he doesn't say it.
No, no, he's smoking mirrors, Rush.
Yeah, okay, got it.
It's all smoking mirrors.
I misunderstood.
We're all stuck with cotton candy in our hand.
He wants us to take a bite.
Let me tell you, I seen the other day on Inside Edition where on, and this is an entertainment show.
Keep in mind an entertainment show.
I see where they come out and they're at this one of the two residents where he lived in, this terrorist lived in Connecticut.
And they found this evidence.
They found all these letters and documents, and they called the FBI to research this stuff that they already went through.
Well, apparently they missed this stuff, and they came back.
This is live on TV on an entertainment show.
First of all, I want to know what is an entertainment show doing on what should be a forensically sterile.
One would argue they would knock out the whole block.
This actually is quite a good question.
Inside Edition took a crew up to this poor guy's foreclosed home?
Yes.
Okay, and that went out now.
They're boasting too.
Keep in mind they are boasting.
They're filming this why they're calling the FBI.
The FBI comes back.
It's made.
Wait, no, wait.
I need to catch up with you a minute here.
Okay.
You're ahead of me.
It's just a hearing problem.
I need to catch up with you here.
So Inside Edition, which we all know is an entertainment show, dispatches a crew to this guy with money woes, the jihadi with money woes, to his foreclosed on-house by Bush in Connecticut.
Correct.
And they're looking through evidence up there.
They're talking to neighbors.
Correct.
And the Inside Edition crew calls the FBI.
You nailed it.
And told them that they found additional evidence.
FBI came back?
Exactly.
Unbelievable.
You've got to be kidding me.
No, I am not.
It's unbelievable.
It's several nights ago on Inside Edition.
It is live on TV because keep in mind, both of these people have a huge problem.
Wait a minute.
Now, somebody just flashed me a note here.
I can't believe this, that Inside Edition found Shahzad's passport in the garbage.
The FBI had missed it.
Unbelievable.
They found his passport in a trash can after the FBI had left.
So the FBI came back to look at that.
And so Inside Edition found stuff that should have been found the first time.
And you're right.
The real question is, where was TMZ?
Unbelievable.
How did TMZ argue?
One would argue nobody should be within a block of that house.
That should be a sterile crime scene.
They should be looking at hairs, fibers, everything.
I can't believe that inside.
Are you sure that wasn't the O'Reilly factor?
No, no, no.
These are from people that like to boast.
Both sides.
You see, the funny thing is, an administration that puts their interests in front of, and I want to be clear in front of what is best for the American people's interests.
And what is this thing, Brush, of telling everybody every little detail on how we caught this guy?
Shouldn't we keep a little of this stuff secret?
Shouldn't we not tell the terrorists all our little tricks on how they get him?
Well, you have a point there, but what's happened here, the New York Times has found in this story a gold mine of instances to advance other agendas, the Bush housing bubble problem, the mortgage foreclosure problem, gun control.
This guy's given the New York Times a treasure trove of agenda items, and the New York Times has never cared about our secrets.
They've been publishing them for years.
And I think what's happening here is that it's clear that a lot of dumb luck just led to this guy's capture.
And the administration really can't claim a whole lot of credit here, but yet they're trying to.
But this, this kind of just, I don't care what the Obama people are saying.
If Inside Edition comes up with evidence that the FBI missed, and then Inside Edition calls the FBI back, you're right, Inside Edition may have corrupted or contaminated the forensics of the crime or the scene, not that the crime had committed there.
Investigators have not said whether they have reviewed the documents or contacted the newspapers about them.
But Connecticut Post, New York Times reported yesterday that their reporters found Shahzad's tax records, his college transcripts, time cards from a 2001 temporary accounting job after the FBI left.
So it wasn't just Inside Edition.
We do know that the New York Times and the Connecticut Post were on the case as well.
What are these people doing there?
It's all about boasting.
See, they want, this is a do-nothing administration.
And I want to make it clear.
Do-nothing.
Nothing for the American people.
It is interesting, though.
Of all the questions you've asked, here is a guy who nearly blew up Times Square.
Inside Edition wants to go up there and find out about this guy as though he is a celebrity.
It's very, very puzzling.
Very puzzling.
And Rush, the liberals are still talking about Van Quayle and Potato.
And where is this?
You know, where is this on the news?
Could you imagine if George W. Bush's administration did this?
Maybe a low flyby of the United States.
Yeah, I know what you're saying.
Tracer Jets.
He can go on and on.
I know what you're saying out there, Gary.
So the Connecticut Post and the New York Times found these documents the FBI missed.
And now this guy is a celebrity in Pakistan.
Maybe Inside Edition has a version that's telecast, broadcast in Pakistan.
Who knows?
Gary, thank you very much for the phone call.
Brief time out here.
Folks at the bottom of the fastest three hours in media, be right back after this.
The Dow Johns industrial average is down nearly 300 points today, nearly 600 points for the week and counting, and a lot of people.
What's going on out there?
Well, what's Obama?
Focused on?
Ripping Arizona to shreds, giving amnesty to illegals, ignoring Tennessee 12 days late on a major ecological disaster in the Gulf.
Thinks Greece is a role model and the markets are tanking.
We got incompetence on parade out there.
As I say, it would be fascinating to hear Obama tell us all where Greece went wrong.
It was an expired passport snerdly, but that raises other questions.
Uh, Pfizer Shahzad, Faisal Shahzad got they found an expired passport in his trash, but he did have several other passports from other countries, just like any other suburban Connecticut father with money was.
So he could be in trouble with the IRS too, because there's some tax records he threw away in there that were not seven years old.
So his troubles may really just only be beginning.
Now the let's, let's talk about this, this Greece, because everybody knows what's going on in Greece.
They're underfunded, they can't pay for the commitments they've made.
There are riots and fires breaking out because all those people, the freeloaders, are faced with having their goodies taken away from them.
They don't want any part of it, and the European Union is about.
Don't.
Don't be surprised that Angela Merkel says we we, we don't have the money to bail them out.
The IMF is.
Do you know that the IMF, which is funded by us, has bailed Greece out a little bit too?
You people us, all of us taxpayers have participated in bailing Greece out.
We don't have any money to begin with, but the, the European Union, the Euro, is now down to 1.20.
This is this is going to have a dramatic impact, negative impact, on corporate earnings in this country.
Remember, it wasn't that long ago that the dollar was weak against the euro.
All of that's changed now because what's happening in Greece?
The dollar is is is strong, the euro is in big problems.
Spain Portugal the, the European Union as constructed and put together, appears to be at risk of falling apart.
Then there's a story today that nobody is focusing on.
It's from the Financial Times, Chinese property developers begin price war thursday.
Today it's already over.
In China, they lost four percent of their stock market in Shanghai.
Chinese developer EVER Grande real estate group on thursday started to offer a 15 discount on prices of its 40 property projects across the country to promote sales.
Amid government tightening measures to cool down the red hot sector, they're worried about a a a a real estate bubble bursting in China.
A 15 percent discount on current projects pretty unheard of.
According to the original source, the properties being offered by China's top 10 real estate companies have until now defied any drop in uh in value.
China drawing up a new curb on property developers as part of a host of measures to cool the country's red hot property market.
The plan would ban developers from investing revenue from pre-sales of uncompleted property developments and new projects.
So it's not just Greece that has everybody in the stock market troubled and panicked.
There's ongoing concern of a potential bursting real estate bubble in China that if it happens, according to the Financial Times, would make Europe's implosion look minor.
Now, China's stock market has been selling off for months.
Wall Street's not been paying much attention to it.
They were down 4% today, or overnight, alone, 4% alone.
And you won't see it mentioned much on CNBC or a lot of American networks, but it's a serious problem.
The LA Times, Greece's lessons for us, the mistakes that led to its financial crisis should serve as a warning to the governments in Washington, Sacramento, and closer to home.
And from the story, it says, like Greece, the U.S. has committed to benefits it cannot afford, right?
Except this story is in the L.A. Times.
And I would say to the L.A. Times, you called for every damn one of these commitments to benefits.
The LA Times demanded every one of them, editorially putting pressure on politicians locally and in Sacramento to give these unending pensions and benefits.
And now all of a sudden, all of a sudden, it's unaffordable.
By the Euro, 1.264, not 1.20.
Big difference when you're in the currency game.
Then the Washington Post debt woes in Greece turn violent as fears spread to other European countries.
And we told you yesterday, government employees killed three bankers in Athens.
And I would ask, what world figure has been ginning up hatred for bankers?
That would be Barack Hussein Obama and members of his Democrat Socialist Workers' Party in the United States of America.
Angela Merkel is warning that the crisis in Greece is leaving the European Union future in balance.
So there's tumult and chaos financially all over the place.
That's why I would love to hear Obama tell us where Greece went wrong.
And you're right, Snerley, he would blame the Republicans over there.
He'd blame the tax rates not high enough on the rich and so forth.
I am getting more and more testimonials from people who have already bought Sherry's Berries and had them delivered.
And, you know, sometimes I get, I still get surprised.
Rush, you were right.
Man, these are as though people are surprised that when they open the box, that what I say is inside the box is inside the box after 21 years.
So I say, Sherry's Berry's biggest damn strawberries I've ever seen.
Hand-dipped chocolate look like they've been painted.
People write back, boy, Rush, you're right.
These are the biggest strawberries I've ever seen.
It does look like they've been painted.
Well, yeah, what did I tell you?
As though it's a surprise that I happen to be telling you the truth about these things.
And they are perfect for Mother's Day coming up.
Great compliment to flowers.
And even if it's not for Mother's Day, strawberries, fruit, chocolate-covered dessert, people eat every day.
And these are unlike you'll find anywhere else.
$19.99 for six of them, $10 more.
You get a dozen of them.
This is plus shipping and free premium toppings with each order.
Go to rushberries.com or call 866-FRUT02.
That's rushberries.com or 866-FRUT02, only $19.99 for a half-dozen premium hand-dipped strawberries from Sacramento.
And by the way, the LA Times, the California Legislature Assembly, had nothing to do and have nothing to do with these berries.
Otherwise, they wouldn't be as big and they wouldn't be as good.
Mark in Janesville, Wisconsin.
Hello, and welcome to the EIB Network.
Great to have you here.
Rush, if Shahzad had fallen on hard times and he bought a gun and then he found God, doesn't that make him a bitter clinger?
Yeah, that's actually very good.
He is.
He's a bitter clinger.
Falling on hard times.
Turned to God and got a gun.
Very good, Mark.
We'll go to a break on that one after this.
Oh, man.
Oh, man.
There's something going on.
This is more than Greece.
This is more than Dow Jones Industrial Average now down 700.
And there's still an hour and 13 minutes to go for them.
It's down.
Oh, my God.
We're below 10,000.
It's nine.
Holy down 966.
Man, oh man, the NASDAQ is no better.
Of course, it's down 206.
So you got riots in Greece, riots in Vienna and Germany probably soon.
Spain and Portugal next, killing our markets.
And this is Obama's market, folks.
894, 900, it is down.
This is a big effing deal, as Joe Biden would say.
Just like taking on an entitlement when we're worse than broke.
Now down 945, folks, they're going to have to suspend trading here.
They're going to, this is, it's in a plunge.
It's in a free fall.
950 points the Dow is down now.
And Obama's talking about feeling Phoenix Sun's uniforms.
He's out there saying he was first on the case in the oil spill.
And he's going to blame Wall Street.
You wait.
Tomorrow he is going to blame Wall Street for this.
And he's a wall.
He is nowhere to be found.
This is right up his alley.
This kind of tumult and chaos.
There's something else going on.
And the rioting in Germany, I'll tell you, the rioting in Germany, because the people there don't want the German government to bail out Greece or anybody else.
They're in deep enough excrement already in Germany about having to bail anybody just like we are.
You watch, we're going to get called on to bail out Greece before this is all said and done to prevent this kind of plummet.
Now 968.
Now there's something else to consider out there about this.
I mentioned to you that the strong dollar and the weak Euro a minute ago.
One of the sell-off aspects, one of the reasons for the sell-off is not just Greece.
There's a Chinese component, but the rising dollar is also a factor here because for the past year, investors around the world have been able to short the dollar because it's been plunging.
As we all know, they have been able to borrow money at virtually 0%, buy things like stocks and commodities and so forth.
So when the dollar rallies, these people are on the wrong side of the market because they've been shorting it.
And they have to liquidate their short dollar and whatever else at their long end because this is disaster.
Now, it looks like it's coming back a little bit.
Now down $691.
So it's more than just Greece here, folks.
People going short on the dollar because you remember the stories all year long.
The dollar is losing.
They talked to Geithner about it.
What about the, oh, we'll find a dollar.
It'll find its own level.
We'll be fine.
There were talks of getting rid of the dollar as the worldwide currency for oil because it was plunging.
So people were shorting it left and right, meaning betting on it to lose value.
And now it's with what's happening over there in Greece, so the European Union versus the Euro.
The dollar is on a rebound, and so people are getting out.
You couple that with the riots in Greece and Obama being a wall.
And tomorrow it's predictable he'll blame Wall Street for all of this.
Amazing stuff.
Now back over 10,000, down 692.
Here, by the way, let's go to the audio soundbites.
This is internet audio.
This is last night on the popular entertainment show, Inside Edition.
As Inside Edition first reported, Faisal Shahzad left a pile of trash outside a house where he used to live in Shelton, Connecticut.
This is Shazad.
A bank statement from June 2005 showing he had a total of $3,637 lying nearby was this USA baseball cap.
We also found this student visa that he obtained in 1998 when he first came to the U.S. as a college student.
His college transcript, also in the garbage, shows that the accused terrorist got Ds in English composition and microeconomics, a C in statistics, and a B in accounting.
By the way, as soon as we discovered those personal documents in the trash heap, we called authorities.
They quickly came and cordoned off the area.
That was Deborah Norville, the anchored info babe of Inside Edition.
And of course, TMZ nowhere to be found.
I got scooped on this, as well as Entertainment Tonight and Inside Hollywood and the Justice Department and the FBI, the Obama administration.
The regime was nowhere to be found.
I mean, when Inside Edition has to call the regime and say, hey, we found this guy's transcripts.
You know, he got a D in English composition.
He got a B in accounting, a C in statistics.
He got a bunch of expired passports here, baseball cap, student visa.
Hey, you guys were just here.
How did you miss this?
So they came back.
Well, I'm sure what happened.
You know, here's what happened.
Let me tell you exactly what happened.
The FBI goes out there.
The FBI looks, sees this house that cost $263,000.
It's not much.
It's in Connecticut.
The guy ran out on the mortgage.
Money was.
It had two SUVs.
He drove one of them down a Times Square with a makeshift bomb.
And it didn't go off.
So they go up there, they look and they investigate, and they didn't find anything related to the bomb.
So they split.
Then Inside Edition shows up and all Hellbreaks loops.
Inside Edition calls up the FBI: hey, we just got here here, and look, we found passports and transcripts and a ball cap and some cash.
And the guys, the FBI, say, God, stupid.
He got an F in bomb making.
That's all we cared about.
We don't want to get this other guy.
So I had to go up there to show that they were interested.
They'd gotten everything they needed out of that.
They just had to make sure there was nothing.
I'll take a break before I finish that sentence.
Look, the market's coming back.
This plunge today, half of which has been regained.
This can't all be tied to the Greek riots because the Greek riots are still going on.
And obviously, the plunge protection teams moved into gear here.
I said they're going to have to suspend trading.
I didn't know you can't suspend trading after 230.
You got to live with whatever happens.
So it's now Nourio Rubini in his website today, actually November 2009, is talking about the mother of all carry trades facing an inevitable bust.
It's just another theory.
Not enough time left in the broadcast here to give you details of this.
But essentially, massive rally has been going on recently in a lot of risky assets, equities, oil, energy, commodity prices, a narrowing of high yield and high-grade credit spreads, even bigger rally in emerging market asset classes.
The dollar has weakened, but now it's coming back.
And I'm sure that's a factor here today with the dollar rallying versus the Euro and all the short sellers, people with short positions in the dollar clearing out.
So we'll now they're only down 380.
So something's happened here to stem the tide.
Well, I don't know where Soros is.
It doesn't matter where Soros is.
What is he doing?
We'll find that out.
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