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May 11, 2010 - Rush Limbaugh Program
36:42
May 11, 2010, Tuesday, Hour #1
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Welcome to today's edition of The Rush 24 7 Podcast.
Yeah, what we had.
Folks, let me tell you something.
Everybody else may be distracted by Elena Kagan.
And we're going to get to her again today, but we're going to keep our focus on money.
It is really getting dangerous out there.
Obama nomics essentially has now spread to Europe.
Well, we had yesterday, the bailout of Greece is essentially the European version of TARP.
Obama gets on the phone to Angela Merkel and says, you're going to melt down at the end of the day if you don't support this.
I'm telling you, it is a, it looks to me like an exact rerun of what happened in this country last fall with the well in 2008 with uh with a TARP bailout and everything else.
Greetings, folks, great to have you here.
As always, L Rushbaugh at uh 1800-282-2882.
If you want to be on the program email address L Rushbow at EIB net.com.
One trillion dollars.
Told you yesterday.
I told you, folks, I don't mean to be, and I told you so, but if I don't tell you that I told you, you might not remember that I said it in the first place.
And nobody else is going to tell you that I told you.
So I have to be the one to tell you that I told you.
And I want to tell you I told you again because it's important that you know it.
One trillion dollars.
I said we're gonna have a one-day rally in the stock market.
We had it yesterday.
We're hovering here about last I checked, we're uh up plus two.
Now it's 31.
It's been, you know, there's there's nerves here across the continent, all these European capitals.
Uh Obama got on the phone to Angela Merkel yesterday, pushed her to bail out Greece.
Germany and France have put their finances on the line.
They may have harmed themselves in doing so.
Germany, France may compromise their triple A ratings because of what they've done here.
That's the headline.
So the virus known as Obama nomics is spreading worldwide.
This guy is more leftist than the European socialists who got their countries into trouble in the first place are.
And as I said yesterday, this is not a finance problem.
Well, it is not a business.
The solution is not financial.
A billion trillion, two trillion.
Not enough here.
Not enough.
What has to change is liberals have to be swept out of power.
This is in front of our eyes what happens with unchecked socialism and unchecked liberalism.
You have the destruction of societies.
The Obama regime is blazing a trail of destruction throughout this country.
And now it has spread and gone viral to Europe.
Whole whole House of Cards now, teetering with the worst possible president leading the way.
Not only is the worst possible president leading the way the worst possible president is the architect of all this.
Wait till you hear.
George Will has a great column on the on the on the precarious financial situation Los Angeles is in.
Wait till you hear this.
And once again, it's a financial detail story, but it's really the root of this is politics.
I want to remind you again, that's what I told you yesterday.
If I don't tell you I told you, nobody else could have told you I told you.
All of the would-be powers that look at Greece and say, you know, Greece, you're gonna have to privatize your health care.
You're gonna have to privatize your energy sector, and you have to privatize transportation.
You're gonna have to, and you're gonna have to make it easier to lay off government work.
This is where we're headed.
They are where we are going.
Four to five years from now.
If we're lucky, it'll be four to five years.
And then somebody's got to come in here and clean up this mess.
Uh and and try to roll back some of this stuff, and it's gonna be crucial that that happen.
Now, to show how perverse Obama is, I have a story here.
The Democrats are launching another $200 to $300 billion in spending before the election because they know what's going to happen to him in November.
They're going to try to get cap-and-trade, controls over the economy.
He wants to strip power from members of Congress, He wants to be able essentially to line out budget items that he doesn't want to pay for.
They're not it it it you Think of it as line out of veto without it being called that.
He's asking for Congress to give him more power.
Members of the Democrat Party are not happy because he's trashing them because they are Washington, and Obama now is in campaign mode, uh, trying to set himself up as an outsider, say Washington's out of control.
We're gonna, when he is the architect of this downward spiral.
Now, Obama is totally delusional.
But that's not the half of it.
Leftist ideologues are always delusional.
I mean, that's how they that's how they are able to ignore all the facts and knowledge around them.
We asked this yesterday in this program.
We've asked it constantly.
How can they not see what they are causing?
How can they not?
Well, they do so they are delusional.
They their delusions allow them to ignore what they see, the facts and knowledge all around them.
That's how they're able to deny any responsibility for it.
Everything is the fault of everybody else.
What they are doing as they destroy things in their delusional mind is fixing it.
And they keep trying the same failed policies over and over again because they are delusional.
Now, I wish that all it was was that Obama is delusional.
To be a leftist, you have to be delusional.
To be power hungry, you have to be delusional.
But Barack Obama is this is um I don't know, folks.
He appreciates nothing that has come before.
In fact, he resents it.
He resents what has come before and dismisses it.
Well, it's uh precarious situation that we uh we find ourselves in.
The Euro again is falling against the dollar.
It was all afternoon yesterday, it's trickling down today.
This bailout of Greece yesterday is the European Union version of the TART plan.
You remember how urgent it was that we come up with a hundred billion dollars or trillion, 787, whatever it was, a trillion dollars, to start 700 billion.
We've got we've got to save the financial system, or it's gonna crash.
The world's financial system is gonna crash.
They still they told Bush, Hank Paulson went in there.
We gotta do this.
The world financial system is going to crash.
It's got to be passed by this Friday, or the U.S. financial system is going to come to an end.
That's what happened yesterday.
Obama gets on the phone, tells Merkel, the whole European Union's gonna crash down around.
You've got to do what we did.
So Merkel, who doesn't particularly like Obama, realizes who the head honcho in all this is.
So this we've got the the European Union version of this, and history will repeat itself right before our eyes, and as it does, the delusional left will blame all of their predecessors for it, ignore the facts right in front of them, and continue the same recipe that will lead to massive destruction while blaming everybody else for this.
One trillion dollars wasn't enough.
Two trillion dollars is not enough.
Why?
Because it doesn't bring about any fundamental change.
It doesn't bring about any systemic or structural change.
The problems exist.
They remain without structural change, all the bailouts in the world are not going to matter.
same thing here.
And the problem is liberalism.
It's not a phony financial system.
It's not irresponsible this or irresponsible that.
There are a lot of parties that are culpable here.
You have a leech society in Greece.
You have a political class that wants to service the leeches so they can continue to be re-elected.
What is that?
It's liberalism.
Socialism, statism, whatever it is you wish to call it.
Whatever it is, it's not complicated.
We're witnessing the legitimate implosion of socialism.
Everywhere.
From New York to Los Angeles to California to Detroit, Michigan.
We saw it in New Orleans.
We're seeing it in Greece.
On deck, Spain and Portugal, Germany and France.
Perpetual unemployment rates, 10 to 14%.
Considered normal.
It sounds too simple, I know.
It sounds too simple to be the explanation, but it is what it is.
Liberalism is the problem.
Political ideology led to the precarious financial circumstances in which these nations and now we find ourselves.
The liberals fighting themselves, but they can't stop this with their own policies.
And they can't stop this with never-ending spending.
And they can't can't stop this with bailouts because the structural problems that have caused all of this are not addressed.
Government greed, not private sector greed, government greed.
I don't care if it's in France, Germany, Greece, United States, Washington, government greed is doing this.
New York Times story today.
It was Obama who urged Merkel to push this trillion dollar bailout.
This guy is going to destroy everything he encounters.
You add to the you add that to the fact that he's obviously delusional, and his resentment for everything that's come before him.
We're on a precarious slope here.
New York Times even, a trillion dollars for Europe with doubts attached.
And try this now.
White House task force seeks controls on food marketing to kids.
Michelle Obama has to have something to do.
So there's a big push now, big study on the effect of taxes on unhealthy food.
So we're now going to take over marketing of food.
The White House is going to try to take over marketing of food products.
They want control over it.
Ostensibly to help your child, keep your child from becoming a fat slob.
They're going to serve your kid dinner at school now because the SEIU wants to hire more kitchen workers.
They are not stopping.
I don't care what day you wake up, it is another assault.
Liberty, freedom, capitalism, what have you.
This ongoing march to control as much of American life as possible.
Yeah, this report warns of a national health crisis, calls for controls on marketing.
And this summer, as we head into the last gasp the Democrats have to get something done before November is going to ratchet up by five times what we see now.
Money.
She is what she is.
Well, it depends on what side of the dollar you're on if you want a strong dollar or a weak dollar.
Depends on whether you want big exports or big imports.
Depends on whether you're shorting the dollar.
If you're betting the dollar to lose ground, you don't want a strong dollar.
If you if you but bottom line, Snerdley, whatever side of the dollar you're on, you want it to be worth something.
And right now the Euros.
That never had a chance.
They tried to duplicate the United States with a single currency, but there still is the British pound.
There still is the French franc.
We are the United States.
They are the European Union.
They are a bunch of nations unifying, trying to unify around a single currency.
And the nations don't trust each other.
I mean, this Never had a chance.
But it was all done because a bunch of liberals and a bunch of socialists wanted more and more control and more power.
And the United Nations is at it, and more scare tactics about global warming.
Our last chance to save the planet is coming up.
More power is needed to do this.
I gotta take a quick time out here, folks.
That's uh we set the table somewhat here.
Uh we'll come back, get started with all the rest of today's program, including your phone holes eventually.
Right after this.
Actually, folks, what happened in Europe yesterday is is uh is worse than TARP.
TARP, the troubled asset relief program, was us borrowing for us.
The EU version of TARP is us borrowing for them.
And it's important to point out here that this trillion dollars has not been approved yet.
It needs to be voted on by every country.
That is why the Fed opened its borrow window yesterday so that the United States Federal Reserve can bail them out now.
We're doing it.
It's an absolute mess.
You know, the libs will always tell us where they're going if we will just listen.
On April 14th of 2000, what was it?
2009, a year ago, Obama gave a speech entitled The New Foundation Economic Speech, April 14th, one day before tax day.
It was a long-winded bag of promises, hope, and verbal swagger.
We can reflect on what this guy.
Oh, there's a picture of Kaganab.
Get this.
Socialism is collapsing right before our very eyes.
And we are on the verge of confirming somebody to the court who has written mostly on the dangers of the collapse of socialism.
And how we need to revive it.
That's exactly what I did.
So we are witnessing the collapse of socialism, just as we're about to confirm a justice to the United States Supreme Court who wrote a senior thesis at Princeton, bemoaning the decline of socialism.
That's the most writing she's ever done.
Some of the oral arguments, Ed Morrissey's done a good job of digging out at hot air, has dug out some of the uh oral arguments of Elena Kagan, his solicitor general, and and Scalia and Anthony Kennedy do not have the slightest idea what she's talking about.
About this Citizens United case and the uh campaign uh spending by corporations.
I mean, they're they're there the sitting, she's supposed the touting that she's gonna be the one that's gonna be able to change Scalia's mind.
That she's that persuasive, that she's a consensus, she's not a consensus builder, she's a coalition builder, is what she didn't of what they're saying.
She's not got the brains that they're saying she's not nothing.
Now, the Republicans are brother probably she's gonna get confirmed.
I think the point of this confirmation or what they ought to do.
Far be it for me, the leader of the party to advise our elected leaders what to do, but they ought to string these hearings out for as long as they can to get this woman to open up about everything she believes because she is Obama.
She has been nominated as his mirror image.
That's why she's there.
She is there to enact his agenda at the Supreme Court, pure and simple.
It doesn't matter.
That's her sole qualification is that she is Obama.
They go way back.
They go back to Chicago.
They got a long time they've been buds.
So drag these hearings out.
This woman is worried.
She's seen your thesis, bemoaning the decline of socialism.
Let's hear it.
Let's make, let's get the Republicans on the case.
Tell us, just we gotta find out what's in her mind.
That's the purpose here.
What was wrong?
The decline of socialism.
Uh explain your thesis.
While we're looking at Greece, while we're looking at California.
Here, Schwarzenegger may have told a joke he's afraid to go to Arizona, he'll be deported.
He'll be picked up by the cops and asked for his papers.
Yeah, all that coming up.
Anyway, this speech of Obama's April 14th.
You go back and look at this.
Uh Time has proven his reasoning to be flawed and delusional.
His projections wrong.
It's Keynesian philosophy of failure.
And still he pushes it.
On panic stricken leaders around the world.
Here, give you some excerpts.
We cannot rebuild this economy on the same pile of sand, invoking a biblical reference to Jesus' Sermon on the Mount.
We must build our house upon a rock.
We must lay a new foundation for growth and prosperity.
A foundation that will move us from an era of borrow and spend to one where we save and invest.
Where we consume less at home and send more exports abroad.
Consume less at home.
Why consume less at home?
That's prosperity.
And what is this new foundation?
The new foundation is government prosperity.
Ha, welcome back, Rush Limbaugh, serving humanity, executing a sign to host duties flawlessly.
Zero mistakes.
Again, the left will always tell us where they're going if we will just listen.
More from Obama's new foundation economic speech, April 14, 2009.
Most of all, he said, I want every American to know that each action we take and each policy we pursue is driven by a larger vision of America's future.
A future where sustained economic growth creates good jobs and rising incomes.
A future where prosperity is fueled not by excessive debt, reckless speculation, and fleeing profit, but is instead built by skilled productive workers, i.e., union people, by sound investments that'll spread opportunity at home and allow this nation to lead the world in the technologies, innovations, and discoveries that'll shape the 21st century.
That is the America I see.
That is the future I know we can have.
Prosperity fueled not by excessive debt, reckless speculation, and fleeing profit, but instead built by skilled, productive workers.
Sustained growth, we don't have any growth.
We have sustained deficits.
There are no jobs.
Two stories today.
By the way, if you are a parent and you are excited about being able to enroll your kids in your health care policy, up to age 26 are getting out of college now, and you know, guess what?
It ain't gonna be free.
It's gonna cost you.
They're running the numbers.
It's gonna cost big bucks.
Oh, yeah.
Sustained deficits.
Obama's new foundation is delusional.
It is being built upon reckless speculation.
His new foundation has about as much chance of surviving as that oil rig did out in the Gulf of Mexico.
Then he said this.
Now some have argued that this recovery plan is a case of irresponsible government spending, that it's somehow to blame for our long-term deficit projections, and that the federal government should be cutting instead of increasing spending right now.
So let me tackle this argument head on.
To begin with, economists on both the left and the right agree that the last thing a government should do in the middle of a recession is to cut back on spinning.
There's the straw man again.
Everybody agrees with me.
Economists on the better.
They'll agree with me.
Keep spending.
He says, you see, when this recession began, many families sat around their kitchen table.
They tried to figure out where they could cut back.
How many families do you make sit around the kitchen table anymore and do anything together?
It doesn't happen.
And they certainly don't sit around a kitchen table and figure out how they can cut back.
That's an old worn-out axiom from the 50s and the 60s.
I mean, they don't get me wrong.
People try to figure out how to economize, but they don't grab the wife, husband and 2.8 kids and family dog and sit around a table with all their bills.
Okay, we're going to cut back here, we're going to cut back there, I'm going to cut back your cell phone, use it to cut back on.
It doesn't happen.
But anyway, that's a minor point.
He says all these families sit around the kitchen table trying to figure out where they could cut back.
You know, families don't even eat at the kitchen table together anymore.
I keep distracting myself, but worry not, I'm not losing my place.
So many businesses do the same thing, Obama said.
They sit around the kitchen table and figure out where to cut back.
This is a completely responsible and understandable reaction, but if every family in America cuts back, then no one's spending any money, which means there are more layoffs and the economy gets even worse.
That's why the government has to step in and temporarily boost spending in order to stimulate demand, and that's exactly what we're doing right now.
Demand for what?
Not stimulating any growth whatsoever.
Nobody's spending any money, Obama, because they don't have any, combined with taxes, no jobs, no economic growth, other than in the government sector, and we see how stimulative all this spending's been.
We really see it, don't we?
I mean, if they're going to claim that the recent job increases are the result of porculus, it's the most expensive jobs we've ever created in the history of the country.
Now remember, he said that we need to consume less at home.
Here he's saying that's bad.
When American families don't spend any money, the economy comes discreet, but yet earlier in the speeches, and we all got to consume less.
And then he puts his faith in more reckless spending to cure reckless spending.
They'll always tell us where they're going.
Second of all, he said, I absolutely agree that our long-term deficit is a major problem we have to fix.
But the fact is this recovery plan represents only a tiny fraction of that long-term deficit, as I will discuss in a moment, the key to dealing with our deficit in debt is to get a handle on out-of-control health care costs, not to stand by idly as the economy goes into free fall.
Okay, so we got healthcare's nails in the coffin.
It's going to do the exact opposite.
It's going to cost all kinds of more money to increase spending.
They'll tell us, they'll tell us where to go every time.
Remember this story.
This is uh January 12, 2009, my birthday.
Bush agrees to ask for financial bailout funds.
President elect Obama asked President George W. Bush on Monday to seek another $350 billion to bail out the financial sector.
This on top of the $700 billion a TARP, uh, so that Obama can have the money at his disposal promptly after taking office.
Bush agreed to notify Congress.
The White House said Congress has 15 days to reject the request, but efforts were afoot to have the money available for Obama much sooner.
The request would give Obama, who takes office January 20th, not only the opportunity to get quick access to the money, but also to change the program's goals and conditions.
So it was all set up.
It was a slush fund.
As was the stimulus bill.
Democrats poised to move measures with high price tags.
This is today.
From the Hill.
Congress faces a crush of votes on big ticket items before the Memorial Day recess, setting up a debate on deficits less than six months before the November elections.
Democrat leaders are looking in the next three weeks to send President Barack Obama a slew of measures that cost more than 200 billion dollars, including a multi-year extension of unemployment benefits, an extension of expiring tax provisions, and Medicare doctor payments, the doc fix, totaling 180 billion dollars and a 33 billion dollar Afghanistan war supplemental bill.
Because most of the costs won't be paid for.
We don't have the money, folks.
Because most of these bills won't be paid for, Republicans plan to use them and the Democrat budget blueprint to highlight massive deficits ahead of the congressional midterm elections.
Republicans have recently been pointing to Greece's dismal fiscal situation as a warning, claiming the U.S. will be headed for similar fate, unless the deficits are curtailed.
and then taking over the the marketing of food items under the uh auspices here of preventing child obesity, serving dinner in schools, because the Service Employees International Union has that as a goal on their website, stop obesity alliance.
This is where dinner at the schools idea comes from.
From the New York Times, debt aid package for Europe took nudge from Washington.
Obama pushed the TARP and pushed Porculus, and he pushed the Greek aid package.
This is what his presidency is about, giving trillions of dollars to socialists everywhere and setting even bigger debt bombs to explode down the line.
His infusion of cash to public sector cronies has not produced any jobs here at home.
Now we face these massive deficits and of course higher taxes, which all of this sets up, which will put downward pressure on tax revenues, thus guaranteeing the continuation of the death spiral of taxes and debt.
And it's all because of liberalism.
It is all because of socialism.
It is all because of the delusional left, who either think they're doing what's right and are deluding themselves, or who know they're not doing what's right, but they have such a dislike for certain aspects of this country that they want to take care of it and fix what they've always thought has been wrong and bad about the country.
Brief break back after this.
And here we go from Reuters.
Germany's cabinet approved the biggest national contribution to a one trillion dollar emergency rescue package intended to stabilize the Euro as global markets sobered up after Monday's euphoria.
Relief at the EU's bold move to restore investor confidence gave way on Tuesday to doubts about whether weaker Eurozone economies can meet their part of the bargain and deliver drastic debt cuts, driving the Euro in stocks lower.
Well, silly question.
Of course, they can't meet their part of the bargain because they're going to remain liberal socialists.
Somebody show me where our deficits come down since we passed health care.
What about the austerity measure?
You see how those are working out.
The austerity measures?
You see how that's working.
They're burning the country down for all practical purposes.
Oh, yeah, austerity measures?
Right.
What austerity measures?
Austerity?
We just sent them a trillion bucks.
What do you mean austerity?
There is no austerity.
It's all smoke and mirrors, sturdily.
By the way, a brief time out here for those of you calling the program.
If you, if you think you're going to get on this program and start telling me that Elena Kagan is some sweet, moderate woman, not at all closed-minded like Robert Bork, take it to some other show, because I'm not in the mood to put up with you scammers and spammers and seminar callers from the left who know that you've nominated a dud.
You ought to be happy about it.
You got an Obama clone in there.
You got somebody who's at least got what she's doing, has never been there before, has no idea what she's going to do when she gets there, except advance Obama's agenda.
But don't waste my time today with she's uh smart, she's um, she's uh really open-minded, not like Robert Bort.
Don't ever, don't even.
I just told Sterley, certainly put that call up there.
I said, I'm not in the mood today.
Normally I want to humor and uh and and have some fun with these people.
I'm not in the mood today.
Take it to some other program.
George Will, trickle down misery in Los Angeles.
Did you know that the mayor of Los Angeles, Antonio Villaragosa, was a community organizer for 15 years.
For the service employees in a national union.
Damn straight, he was for 15 years.
Los Angeles, a good example of what happens when you put a community organizer in charge.
This is George Will's newsweek piece, which is up for sale for 28%.
No, I don't know what it's up for sale.
They lost $28 million after their revamp.
To get from downtown to the residence of the man who in 2005 became the first Hispanic elected mayor since 1870 to Los Angeles, you drive through a sliver of Korea, with 125,000 people packed into 2.7 of the city's 469 square miles.
Koreatown is typical of this polyglot city where more than 100 languages are spoken, and nothing is typical except recentness.
In Koreatown.
So when...
Maybe he means the whole city.
So when Mayor Antonio Villaragosa was invited to appear at a recent rally protesting Arizona's law concerning illegal immigrants, he went.
But he stipulated, I want American flags.
So He knows that protesting immigrants should not carry the flags of Mexico and other nations where they've chosen not to live.
This city is chin deep in California's trickle-down misery.
Last week, Richard Reardon, who was L.A. mayor from 1993 to 2001, co-authored with Alexander Rubel Cava, an investment advisor, a Wall Street Journal column declaring the city's fiscal crisis terminal.
They say Via Gruigosa should face that fact, and that between now and 2014, the city will likely declare bankruptcy.
Villarigosa says that'll not happen.
But look what has happened.
For 15 years, the Arigosa was an organizer for the Service Employees International Union and the city's teachers union.
Now he's trying to cope with and partially undo Largess for unionized public employees.
He says I have to sign the checks on the front, not just the back.
Reardon and Rubulkava say two numbers, 8% and 5,000, define the city's crisis.
LA has conveniently but unrealistically assumed 8% annual growth of the assets of the city's pension funds.
The two main funds' actual growth over the last decade have been 3.5% and 2.8%.
Via Raigosa added 5,000 people to the city's payroll in his first term.
Nationwide, government employees are most of what remains of defined benefit America.
More than 80% of government workers have defined benefits as opposed to defined contribution pension plans.
Only about 20% of private sector workers have defined benefit plans.
California's condition owes much to burdensome health care and pension promises negotiated with public employees unions, promises that are suffocating the state's economic growth.
It all sounds Greek to me, except this Greek I can understand.
Reardon and Rubulkava suggest replacing defined to benefit pensions with 401k accounts for new public employees, not existing, just let's change it for the new hires.
But when another product of America's immigrant culture, Governor Schwarzenegger, try to do that, public employee unions squash the idea.
Sounds Greek to me.
Greek that I can understand.
Reardon and Rubulkava say the retirement age for public employees ought to be raised to 65 from 55.
Employees should pay more than the maximum 9% of their salaries for pensions, and the city should end subsidies of up to $1,200 a month for health insurance for those who retire before becoming eligible for Medicare.
But even his ideas for nibbling at the edges of the fiscal problem by privatizing the zoo, the convention center, and city parking lots are opposed by the unions.
Sounds Greek to me.
Little bit left in this column.
This is the sad state of affairs in Los Angeles, a community organizer for 15 years for the SEIU is now the mayor.
it's right in front of us, folks.
What the left does, they'll show us every day where they intend to take us.
Back after this.
California, state unemployment rate, 12.6%.
Nationally, 9.9%.
The city of Los Angeles, unemployment rate, where they speak 100 languages.
13 and a half percent.
And who has been running the place, state and city, for as long as we can remember?
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