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Aug. 12, 2010 - Rush Limbaugh Program
36:45
August 12, 2010, Thursday, Hour #1
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Welcome to today's edition of the Rush 24-7 podcast.
And greetings to you, music lovers, thrill seekers, conversationalists all across Obamaville.
Hey, great to have you with us, Rush Limboy, and three hours of broadcast excellence.
Straight ahead.
The telephone number is 800-282-2882.
The email address Lrush Ball at EIB net.com.
Screw this Hussein business.
It's Barack Hoover Obama.
Look at this, folks.
Look at the jobs numbers out here.
New applications for unemployment insurance rose last week to their highest level in almost six months.
It was just yesterday that Barack Hoover Obama told us that the worst was over.
That we had turned a corner.
That's like a fourth or fifth time he told us this.
That the worst was behind us.
Now, uh Reuters, I'm sorry, this is this AP.
A gobsmacked AP.
New applications for unemployment insurance rose last week to their highest level in almost six months.
A sign, a sign, a little indication, a hint that employers are still cutting their staffs.
Really?
What's the first clue?
Unemployment claims rise.
The AP says it's a sign employers are still cutting their staffs.
Really?
The sun came up this morning.
It's a sign that dawn happened.
These people at the Associated Press are masters at figuring out cause and effect.
The labor department says first-time claims for jobless benefits edged up by 2,000 to a seasonally adjusted 484,000.
Analysts had expected a drop.
Meanwhile, Obama's off to Martha's Vineyard for 10 days to pal around with Skip Gay.
Oh, sorry.
Two days to the Redneck Riviera.
That's the Florida Gulf Coast.
That's where that's uh Obama and Muchell are next.
By the way, if you see the number, Muchell's approval numbers are plummeting.
Yes.
Uh they were thinking just yesterday, maybe a couple days ago, we had stories throughout the media that Muchel, Muchel Obama was just loved and adored by people all over the country.
And they're going to send Muchel in where they couldn't send Obama.
But now she's down hovering around 50%.
The trip to Spain kind of taking its toll out there.
This is the initial this this claimer, by the way, the numbers this week are the highest since the week of February 20th.
Initial claims have now risen in three of the last four weeks and are close to their high point for the year of 490,000 reached in late January.
Also known as the precipice that Mr. Obama pulled us back from.
January, that's right.
In January, we're back from the brink, back from the precipice.
The uh four-week average, which smooths volatility, so smooths volatility, soared by 14,000, blah, blah, blah.
The total number of people receiving benefits dropped to uh 118,000, meaning they've stopped looking and they have expired.
They've run out of an unemployment benefits.
Does that not do not mean they found work?
Because they told us earlier, employees are still cutting their staffs.
We can always rely on AP for the truth.
The down home, dirty truth when none of us can face it.
AP will plaster it for us.
Uh, Reuters, the number of people filing new claims for unemployment insurance unexpectedly rose in the I still say that they're tweaking me.
With all of this unexpected, shockingly surprised stuff.
Unexpectedly rose in the last week, latest week to its highest level in close to six months.
A fresh signal of a weak job market.
A fresh signal.
So AP tells us it's a sign that employers are still cutting their staffs.
Reuters says it's a fresh signal of a weak jobs market.
Hubba Hubba Hubba.
And once again, they also point out that the number of people receiving benefits plummeted, but that's because people have fallen off the benefit rolls, not because they are finding work.
How much more of Obama's recovery will the U.S. economy be able to stand?
And again, meanwhile, Obama's off to Martha's Vineyard.
Ten days playing golf up there, Skip Gates.
Some of the um some of the other what else did I have here?
Oh, yeah.
You know, I think folks, some of my monologues ought to end up becoming the equivalent of scientific research papers, peer-reviewed.
Get this from a just unbelieving Associated Press.
Chutes of marsh grass and bushes of mangrove trees already are starting to grow back in areas where just months ago, photographers shot startling images of dying pelicans coated in oil from the massive Gulf Oil spill.
Scientists say the marsh across the Louisiana coast is healing itself.
Shazam, giving them hope that delicate wetlands might weather the worst offshore spill in U.S. history.
There isn't any oil.
It wasn't the worst spill.
It's not the it's never was the disaster that they hoped it would be.
Experts had feared the spill would kill plant life and dissolve the wetlands it was holding together.
State federal BP cleanup efforts were focused on preventing that from happening.
Meanwhile, the UK Daily Mail, again with another story that you will not see in the U.S. media about all of the hoax fraud fishermen that are making claims on BP.
People are actually lying and making up the fact that they're fishermen, saying that their fisheries and their businesses have been damaged by this oil spill, and they're getting benefits from BP.
Well, we got people who know how to game the system.
If he can't find jobs, and the government's passing out slush fund money, there are people here who know how to get their hands on it.
But you won't see that story in the U.S. media.
So here I was right again, folks.
It's healing itself.
The earth is a magical, wonderful thing.
Healing itself.
We finally have green shoots, by the way.
Oh, we have our first iPad winner as well from our Facebook page.
Folks, I don't know.
I uh as we let me click on it.
I want to find the number of friends that we have had, click the button up there.
I don't know what the record is for a 24-hour sign-up.
We are at 188,775.
Now, I I don't know if anybody has compiled the fastest growth on a Facebook fan page.
But I mean, this is huge.
188,000 in 24 hours.
We're going to be at 200,000 before this half hour is up.
200,000.
And have you you ought to go look if you haven't?
These people that are that are uh signing up, these people that are clicking on the like button, uh they're the heart of America.
That's exactly what we've always said about this audience.
It is a it is a warm experience to just look randomly through some of the names and faces and stories of all of our Facebook friends, uh, and then contrast that with the way this audience and your host are portrayed by the media.
So they're racist, sexist, bigot homophobes and all that.
Instead, what we have on the Facebook friends page is a Heart of America cross section.
This audience is the real heart of America.
Hardworking, decent, and judging from the comments they left on the photos, caring and kind as well.
And so the the uh the leftists and our opponents will continue to try to call us racists, mind-numbed robots, nincompoops, whatever it is.
The evidence to the contrary is uh is right there.
It's just it's it's it's fabulous.
Now we have our first iPad winner, it's Blake R of Kansas City, Missouri.
We're gonna be in touch with Blake R today.
And we still have eight custom EIB iPads left to go.
We're giving away three a week from now, every Monday, Wednesday, and Friday, so the next one will be tomorrow through August the 30th.
And what makes these different is they can't get them anywhere else.
They are engraved on the back, and it's not a chintzy little tiny engraving that you have to use a microscope To see.
It's huge.
It has my signature and an EIB logo on the back, and they're only going to be these few.
My brother says this 188,000 is no big deal.
He already has 350 friends after a month.
Okay, well, good.
I got a note from somebody.
Kate, you remember Katie from uh Michigan long ago as a college student.
I got an email from her, said she picked up just 2,000 friends.
Signing onto our page.
And it's because this is what the the growth is geometric.
It's uh it's exponential.
So here's what you do to register.
Now, if you already signed up, if you did so yesterday or uh this morning, last night, if you signed up for the iPad giveaway, you're already registered.
You don't need to do it again.
If you haven't, just go to Facebook.com slash Rush Limbaugh.
And if that is a little too complicated, simply go to Rushlimbaugh.com, and we've got a link at the top of the page, the orange banner taking you to our Facebook page.
Once you get to the Facebook page, that's Facebook.com slash Rush Limbaugh, click the sweepstakes tab, follow the instructions, and uh you'll be registered.
And once you do it, you're registered for all remaining eight iPad giveaways.
In addition, we have the wedding photos that are up.
And that was the um uh actually the reason we inaugurated a Facebook friends page yesterday.
We're adding the iPad.
Speaking of which, everything I do, everybody copies at some point down the line.
And look at this.
We have spies, uh, ladies and gentlemen, that sign up at uh the environmental wacko websites, uh uh the ACLU, uh Obama's websites, the Democratic National Committee, Democrat Senatorial Campaign Committee.
One of the spies received a uh an email yesterday.
Dear such and such, who wants a chance to win an iPad?
One lucky winner, one lucky winner, will get a brand new iPad, a 100 iTunes gift card, which you can use for some e-book downloads, and my personal recommendations for the best summer political reads.
The letter is from the forehead, Paul Bagala.
But you have to send the Democrat Senatorial Campaign Committee five bucks to be registered to win an iPad.
So they're using an iPad as a fundraiser, but one, one iPod, we here at the EIB network are giving away no strings attached, nine of them.
You don't have to pay anything.
On our Facebook page, you can also sign up for Rush in a Hurry.
I don't talk about that enough, but you should do this.
This is a it's the greatest encapsulation of this program each day, 30 minutes to 45 minutes, maybe an hour after the program, emailed to you free of charge, no strings attached.
You don't have to do anything.
Uh, it's a summary of the program, some HTML links, audio sound by transcripts.
It's just a preview of what the fully uh updated site will look like each afternoon, 5 to 6 p.m.
Now these iPads that we're giving away are signed first editions, in essence.
Although the signing is uh is engraved on the back.
And these are the top drag uh top drawer iPads, 64 gigabyte with the 3G capability if you want it.
Now that'll cost you, but you don't have to activate it to use it.
So we're not giving away anything that costs people any money to use.
So any quick time out here, lots to um, lots to do on the uh EIB network today, and there is the economic news, folks, is the top of my stack, and it's not good.
And as you know, I I'm uh very uncomfortable uh talking about negative things, but the truth is the truth, and so we've got to tell you what it is.
All that, much more your phone calls et al.
Coming up right after this.
Barack Hoover Obama's summer of recovery continues, backed up by the vice president Joe Bight Me, who actually labeled it the uh the summer of recovery.
By the way, I checked Obama has 12,386, uh 642 people signed up on his Facebook page, but of course he's giving away the store.
Obama is giving away the country.
So no wonder he's got 12 million suckers.
And of course it's just a front for his campaign where you are expected to buy things while he creates the illusion that he's giving you things.
And everything has the Obama logo on it.
And now here in the summer of recovery, Barack Hoover Obama's summer of recovery is a new way to look at his logo.
That circle logo thing.
It looks like the red, white, and blue going right down a drain.
You check it out.
Check out his logo.
It looks like you can see it.
He looks like red, white, and blue encircling the drain, going down the drain.
Here's a story from New Hampshire.com.
It also showed up in Politico with no criticism, just some chuckles.
Local Democrats wish death upon Sarah Palin.
Democrats saying publicly they wish Sarah Palin had been on the plane in Alaska that was carrying Ted Stevens.
There's only one way the tragic airplane crash at Alaska that ended the life of Ted Stevens could have been better, according to New Hampshire Democrat activist and state representative candidate Keith Halloran, if Sarah Palin had been on it.
In a Facebook post, Halloran, who describes himself as an active local citizen and supporter of the New Hampshire governor John Lynch, said of the plane crash, just wish Sarah and Levi were on board.
Now can you s imagine?
Had a Democrat been on that plane and died, and had any Republican or conservative or media figure.
Gee, gee, you know what?
I wish Obama had been on that plane.
You imagine the outrage, or I mean I wish Biden had been on that plane, or anybody.
Can you imagine the outcry and the all of the the fear and the concern for the loss of civility?
What is happening to our politics?
What is happening to our country, they would say?
What has happened to our civility here?
Some no-name Democrat New Hampshire posts on his Facebook page, yeah.
Just wish Sarah and Levi were on board.
And uh New Hampshire, now HampshireNow.com uh posts it.
Last line says, New Hampshire Republicans were not pleased with the remarks.
Halloran isn't alone among New Hampshire Democrat leaders in wishing ill towards Sarah Palin.
Natch Gray is a staffer for Democratic Representative and Senate hopeful Paul Hodgs, tweeted, I have to wonder if and or when Sarah Palin will learn the meaning of our state motto, live free or die.
So they're out there actually wishing for the death of Sarah Palin.
And uh this little website and politico just reported as though ha ha ha he and it just is uh I tell you who they forget of.
They will tell you who they fear.
To the audio sound bites, Harry Reid, as you know, said he doesn't understand how any Hispanic could vote Republican.
And Roger Simon of Politico essentially said that Harry Reid's right.
This is last night.
F. Chuck Todd, filling in for Chris Matthews, says Harry Reid's quote got a lot of Republicans upset.
Marco Rubio got very critical of what Reed said, but Democrats think they've got actually a real opportunity here, don't they?
They do, and they might be right.
It's simply hard to look at the Republican Party and say they are uh pro-Hispanic.
Um you're not just talking about shipping people back.
You're telling voters who are citizens that we're gonna take your mother or grandmother or grandfather or father, and we're gonna send them back to Mexico or Guatemala or China because we're gonna change the laws.
Um that's not a welcoming party.
Roger Simon essentially agreeing with Harry Reid.
There's no reason why Hispanics would vote for Republicans.
Marco Rubio last night with Greta Van Susterin said this.
Let me explain to Harry Reid why Americans of Hispanic descent would want to be Republicans.
The number one issue in the Hispanic community in America is economic empowerment.
It's the desire of people to leave their children better off than themselves.
It's the reason why my parents worked two jobs and sacrificed throughout their lives so that I would have the opportunity to do things that they never could do.
It was possible because of God.
It was possible because of their sacrifices, and it was possible because of the American free enterprise system.
And the agenda that Harry Reid supports is trying to destroy and dismantle the American free enterprise system.
The agenda that Harry Reid supports kills Hispanics' dreams for their children.
So there you have it.
And this is all about the 14th Amendment with people say, you know, we need to get rid of this notion that all you have to do to be a citizen here is be born.
I mean, if you're child of illegal immigrants, maybe you shouldn't be a citizen.
And so they're harping on that.
I I'll just tell you again what I said yesterday.
And I sincerely mean this.
I don't know how a real man, I mean a real man, could even be a liberal.
Much less vote for one.
Be right back.
Don't go away.
Hi, I'm Rush Limbaugh.
You're guiding light during Barack Hoover Obama's Summer of Recovery.
Sorry.
As we plow on through the month of August, remember the summer of recovery will not end until September 20th or 21st, and then I don't know what Barack Hoover Obama is going to call it next.
What catchy name they'll come up with for the fall.
Now, ladies and gentlemen, this uh this illegal immigration thing says uh uh the 14th Amendment, uh whether or not children of illegals ought to be made citizens.
Uh look.
I think we have to change the way we look at this.
By providing free educations, free health care to millions of Mexican, Hispanic, and other illegals, and their children, Americans are just doing the job Mexico won't do.
I mean, this is the rationale we are given by the open borders crowd.
Is this finally the economic collapse?
Fortune magazine, Keith McCullough.
It's depressing, folks.
All the financial wizards are saying the Fed's out of bullets, bought up some more debt, didn't inspire any confidence.
For all Obama has done, there's still this great unknown.
Businesses have no clue yet what the tax structure is going to be come January.
All this talk about extending the Bush tax cuts or sunsetting them for some, if not everybody, or keeping them for the rich, but letting them continue for uh everybody else, nobody knows.
People are still trying to get their arms around health care costs, business wise, what that's going to do.
Now you can you can look to the Federal Reserve and monetary policy, or you can look to the regime, try to get all these positive stories, which they're really not known for, but until there is some certitude to what the future holds, and most people think they know it's not good, you're not gonna have expansion, you're not gonna have private sector growth.
And the more this goes on, the more you start to have to conclude that some of this has to be purposeful.
Nobody in their right mind would continue failing programs like this unless they had some other agenda.
I remember September or January 16th of 2009 is when I first said I hope he fails.
And what I meant by that, I hope he fails getting health care implemented.
I hope he fails with its massive stimulus plan.
I hope he fails implementing socialist liberal policies.
In that sense, he's not failed.
He's gotten what he wanted.
What's happened is the country is failing as a result, which is what I knew would happen, which is what I feared would happen.
And now here we are with Fortune magazine, the Great Depression, Wall Street 1987, Japan 1997, points of economic collapse are generally crystal clear in the rearview mirror.
Professional politicians in Japan have been telling stories for twenty years as to why they can prevent economic stagnation.
In the U.S., the storytelling started in 2007.
All the while stock market real estate prices have repeatedly rallied to lower highs and then collapsed again to lower lows.
Now, despite the many differences between Japan and the United States, there is one similarity that continues to matter most in the risk management model that my colleagues and I use at Hedgeye, our research firm.
Debt as a percentage of GDP.
Now that the U.S. can't cut interest rates any lower, the only option left on the table is what the Fed just announced it's going to start doing, buying treasury debt.
And that could lead the country to the brink of collapse because that's the end of the bullets.
According to economists Carmen Reinhardt Ken Rogoff, whose views we share, crossing the 90% debt GDP threshold is the equivalent of crossing the proverbial rubicon of economic growth.
It's a point from which it's almost impossible to return.
Markets trade on expectations.
Yesterday's zigzag in the SP 500 was unlike most sleepy August trading days in America.
That's because the government is good crowd leaked word that this second round of quantitative easing.
And that Ben Bernanke was going to respond to our buy and hope begging, and that's buying up treasuries and mortgage debt, and so on and so on.
So now what?
With 40.8 million Americans on food stamps, a record high.
And 45% of the unemployed having been seeking employment for 27 weeks or more, another record high.
What's left if or when the Fed's actions don't kick start GDP growth.
Folks, there's nothing out there that's going to kick start GDP growth.
What this buying of treasury bills, buying up debt, is supposed to inspire Wall Street and others to go borrow themselves.
That the debt's being purchased, it's being guaranteed, nothing better than U.S. Treasuries.
But it isn't working.
And the reason it isn't working, and the reason it won't work is because of what I just talked about, the uncertainties that start in 2011.
Right now we know what some certainties are.
Right now, if things don't change, a massive tax increase hits.
Because some tax cuts sunset.
I'll people want to argue about the terminology.
No, Russia's not a tax increase.
They're just sending some taxes.
The practical effect is less disposable income in the private sector.
I don't care what you tax increase, tax cut, whatever you want to call it.
January 2011, there is going to be less money in the private sector.
More money is going to be going to govern.
There's a story in the stack today.
A bunch of economists have come out and said we cannot extend tax cuts for the rich.
We just can't do it.
So I read further into the story for why.
Why can't we extend tax cuts for the rich?
You know why?
Because it will cost the Treasury $36 billion a year.
Now stop and think about this.
It will cost the Treasury $36 billion a year.
And that's why we cannot extend tax cuts for the rich.
So we're that they're saying we need that $36 billion taken away from the millionaires.
And the well-to-do, and we need to put that in control of the government.
Now, how does that help us?
The government just spent $26 billion that it doesn't have to shore up the pensions and retirement funds and health care of teachers.
On top of a trillion dollar porculus bill a couple years ago, a year and a half ago.
And yet, keeping $36 billion in the private sector, we can't have that.
That will destroy the country because the government's not going to get its hands on that $36 billion.
Everything's out of whack here.
We've already robbed the private sector.
This regime has already waged war on the private sector, has already depleted the amount of capital in the private sector.
There will be no GDP growth whatsoever if the only growth is in government.
Because they don't make anything.
All they do is redistribute and destroy wealth.
They do not create wealth.
Well, even that's not so much true anymore.
I mean, if you work in the right places in government, you will get rich.
But it's not moral and it's not just.
Stop and think of this, though.
There is a an activist move to prevent these tax cuts from continuing.
Because it'll cost the precious government $36 billion.
The government, why we can't have that.
Government will be starved $36 billion.
And they're positioning it by saying, yeah, yeah, well, it's either that or leave that money in the hands of millionaires.
And we're supposed to think millionaires.
Ew, yuck.
Yeah, we hate millionaires.
Well, given where we are right now, who'd you rather have that money?
The wealthy who are going to spend it in the private sector, called stimulus, maybe hire people, whatever they do with it.
Even if they bank it, it's going to employ people.
Or would you have that money in the hands of people who are already making this country worthless?
Whose policies are already causing greater harm and more damage.
Back to this piece in Fortune magazine.
Before the fiat fools, that's Hedgeye's name for political actors and bankers who have placed their hopes of economic recovery in printing endless supplies of new money.
Before the fiat fools run out campaigning for QE3, maybe they should analyze some real-time market results to yesterday's announcement of QE2, which is buying up the debt and take a look at what happened to the stock market.
It didn't work.
Normally, the market opens down by noon, it starts to tick back up.
It didn't.
It continued to fall, finishing down 265 or something yesterday.
Today it's also down.
So what Bernanke did yesterday did not work.
And they're running out of bullets.
Now the evidence, I think, is pretty clear.
After a year and a half of stimulus here and bailout there and stimulus over there.
Can we conclude it doesn't work?
We've been told how many times we're back from the brink.
We've been told how many times it would have been much worse if we hadn't done what we're doing.
How can it get any worse?
It has gotten worse ever since this regime assumed office.
Now we're coming up on two years.
Two years, and this regime is going to continue to try to blame Bush.
That's the only option they have left.
And yet, on the ground, reality is that their way of stimulating growing economic activity does not work.
We don't even need to rely just on these 18 months.
There is enough world history to show that command and control economies do not grow.
They do not expand.
They don't create private sector jobs.
All the government can do is confiscate wealth, take wealth, steal it, whatever you want to call it, tax it, and redistribute it.
In the process, destroying it.
They destroy not only wealth, but they damage the opportunity for wealth creation.
on the part of the vast majority of American people.
It's just no other way to look at this.
Thanks.
$36 billion.
No, we can't, we can't let that stay in the hands of millionaires.
They're the ones that got us into problem in the first place.
Right.
The American people, I don't care how much they have, the American people with money in their pocket.
That's what Obama wants you to believe is the cause of where we are.
If they want to tell you that Bush economic policies put us where we are, then what they're telling you is you keeping more of what you earn led us to this precipice.
Because you keeping more of what you earned starved the precious beast of government.
And yet it didn't, did it?
The precious beast of government is eating and eating and eating.
Whether we have tax increases or tax cuts, guess what happens?
They're just printing money that they don't have.
Borrowing money that we don't have.
Government's not starving.
No matter what tax policy is, government is not starving, especially not under this crowd.
This this government is drunk.
They stopped eating long ago.
Now they're drinking it all.
We'll be back.
We'll continue after this.
Don't go away.
And remember, my friends, the rich are not all millionaires, especially as this regime defines them.
This regime defines the rich.
Is any of you making $200,000 a year or more?
And in some cases, you can earn less than that and be called rich for their purposes.
Yet they use the word millionaires in this story.
Let the nation's millionaires hold on to this $36 billion.
It's the more accurate question would be do we want to leave that $36 billion in the hands of American small business.
But even at that, even if you if you don't look at it that way, why?
Why have we gotten?
Where have we gotten to the point that all money has to go to government first?
And then government sends it out to where it needs to go.
That's a crock.
Eric Cantor the other day.
Paraphrasing, said we're going to have to decide whether the private sector exists simply to support the government, or whether the government exists to support the private sector.
Can you believe we're even asking this question?
Yes, I can, because I knew this is who we were electing.
United States of America.
We got to ask ourselves a question.
What's the purpose of the private sector to support government?
And yes, it is.
That's the answer.
If you're a Democrat today, if you're an American liberal, a leftist or what have you, the private sector is the golden goose that they're killing to support them.
Bunch of lazy idiots, many of them don't want to really work.
Nonprofits, siphon contributions as their salaries and so forth, and think of themselves as good people.
Charitable people.
I mean, these people are rapists in terms of finance and economy.
The financial sector, the private sector of this country's being raped.
Is the way to look at this.
Plundered, whatever.
Quick call, Darien, Connecticut.
This is Bob.
Great to have you on the EIB network, sir.
Hello.
Thank you, sir.
It's a it's an honor to speak with you.
Thank you very much.
Um, I don't know if you saw it, but another GM uh an executive announced that they were gonna quote step down as CEO today, as someone who follows the industry closely.
Uh the timing and the news was a big surprise, and I think it's related to Whitaker's comments back in August 5th, calling General Motors government motors.
You think so?
I know so.
You think that he's being because it's the stories I have said, in fact, it's an interesting one.
The story reporting, one of the stories reporting Whitaker leaving, makes mention of the fact that the government had nothing to do with it, that it was the GM board making the now i obviously you have to say that because some people think in the government did force the move.
Here's the guy on the verge of the Volt, the savior of the company, Obama's car.
And they're showing a profit today, they're reporting a profit of 1.1 billion dollars, and the CEO says, I'm out of here.
That's right.
And it's right, they're right on the verge of filing uh their S1 to go public.
Yep.
And when they go public, the last thing you want to do is show that you have uncertainty at the top.
The timing of his stepping down is just shocking.
So you believe that Whitaker was forced out because he in public referred to the company as Obama Motors.
That's what people close to the industry believe.
Yeah.
He was joking, though, when he said it.
I think what he was referring to is he felt it was a negative connotation and it was hurting their sales, which it probably has to some extent.
He was he was speaking the truth.
Oh.
Oh, yeah.
Now it's coming back to me.
It's all coming back to me now.
And that was just at an industry conference that he made those.
That's right.
That's right.
I remember it was in the context of yep, Obama Motors is hurting our yeah, yeah, yeah, yeah.
I do remember.
He was not making a joke about it.
He was addressing the fact that that's what people think, perception, image, and so forth, how it might be harmful.
And they wanted to sell, get the government out of the ownership stake of General Motors, because he felt it would have a better chance of succeeding going forward.
Hence the purpose of the IPO.
That's right.
And that was those comments made by Mr. Whitaker were at the same time that Obama was out in Detroit, right?
You know, parading around at home.
Exactly right.
And don't forget that Obama did fire uh uh Rhett Wagner.
Uh and that's right, and Fritz Henderson.
That's right.
The third CEO of Obama Motors bites the dust.
Interesting.
And it is curious, right on the front of going public.
Thanks for the call, Bob.
Be right back after this, folks.
Don't vanish, you'll be right back.
By the way, our previous caller, Bob, may have a point.
Here's what Whitaker said just a couple days before August 7th.
We don't like this label, Obama Motors.
We don't like this label of government ownership.
People in GM are embarrassed by that.
You lose your reputation.
It's hard to get it back.
So Whitaker did say that.
So he said it's embarrassing to be known as Obama Motors or government-owned.
Because it means the loss of their reputation.
And now he's gone.
Head Whitaker flies the coop from Government Motors.
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