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Oct. 6, 2010 - Rush Limbaugh Program
36:30
October 6, 2010, Wednesday, Hour #3
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Meeting and surpassing all audience expectations every day, not wasting time with a bunch of explanations about who I am and what I do, because you know all that.
El Rushbow, 800-282-2882, if you want to be on the program.
That's a telephone number.
Email address, lrushbow at EIBnet.com.
Yeah, I know there's a lot of stuff here in the audio soundbite roster.
We put together some, actually, we've had this and we've used it once because Barney Frank, we're still trying to figure this out.
Barney Frank, a couple nights ago on television, said, I want a vicious, a vicious homophobic attack.
For the life of me, we cannot figure out anything homophobic, vicious or otherwise.
Anyway, Barney's out there saying two things, that the subprime mortgage crisis was a Republicans' problem and that there wasn't a problem.
There wasn't a problem, and if there was, it was Republicans.
And we put together a 16-soundbite illustration of all of the regulators came before Congress and the Democrats making mincemeat of these guys who are trying to warn of the dangers of the subprime mortgage crisis.
We've got that here.
I think I'm going to play this.
But again, so that would mean, let's see, obviously, somebody, that would be what, I'm not sure what the beginning of it is.
Yeah, I guess it'd be number 30 is where we're going to start, Mike.
But first, before we get to that, I don't want to leave this tax cut, tax increase business alone.
I want to reiterate, nobody is talking about tax cuts for anybody.
And what Obama's counting on is class envy.
He's counting on being able to get you to agree for tax increases on the so-called top 2% of wage earners because they don't need the money anyway.
We could better use that money of deficit reduction or giving it to you to spend.
But here's the dirty little secret.
And this is what Obama and his little gang of Marxist socialists do not understand and they never will understand.
And they won't understand it while it's happening right before their very eyes.
The thing that they don't get is how industrious and clever, creative, and entrepreneurish productive Americans can be.
Particularly in coming up with legal tax avoidance plans.
That tax code isn't multiple thousands of pages for no reason.
Now, we're talking about the wealthy here, folks.
I want you to focus in.
We're not talking on the $250,000, $500,000 a year people.
They're not going to have access to that multiple thousands of page tax code.
They're earning wages.
They have income.
Income taxes, there aren't a whole lot of shelters anymore.
And that's not the people we're talking about.
Obama wants you to think that everybody at 250 grand is no different than somebody who has 250 million.
But there is a huge difference.
And these people that Obama thinks you're going to be happy being targeted, These people are going to devote themselves to coming up with legal ways to avoid paying Obama's taxes.
They are going to spend all of their time doing that instead of being productive.
They're going to spend all of their time protecting what they've earned and what they've got via the tax code.
They're going to spend as much energy, creative and entrepreneurish as they have to make sure Odama Obama doesn't get his greasy hands on it.
And they will succeed.
The tax code, as I say, is not multiple thousands of pages for a reason.
For no reason.
It is written by people to help the very people Obama wants you to hate hold on to what they've got while you can't.
We saw this in the 70s and 80s.
We saw this when the top marginal tax rate was 90% and there were brackets way below that.
I mean, lots of brackets, 80%, 85%, 84.5%.
There were brackets out the wazoo.
And people who were genuinely wealthy spent all of their time in the 70s and 80s focused on more elaborate tax shelters rather than creative entrepreneurship because the tax code punished that.
The tax code punished success.
And that's where we're headed with this gang of jackass neophyte ignoramuses.
We're heading to the same place where success is going to be punished.
So rather than be punished, the really brilliant creative people are going to focus on holding on to what they've got.
They're not going to let him take it and give it to you.
Come hell or high water.
It ain't going to happen.
It happened in the 70s and it happened in the 80s and this is why Reagan finally had to come in and cut tax rates from first from from 90% to 70 and 70% to 50, 70%, 50 to 28.
Now we know the story.
We know what happened to revenues when those tax rate reductions took place.
There is nothing, I am here to tell you, there is nothing Obama and his little merry gang of Marxists can do to stop this from happening.
The tax code is written to help the very people he wants you to think are being targeted to hold on to what they've got.
It's going to cost them a lot of money.
You may not, you might say, Rush, why would they spend all this money on tax lawyers?
Why would they spend more money than it might save them?
Because it's a matter of principle.
When some socialist Marxist gang is running your country and their efforts to take money away from you, you stop them.
If it costs you more than it would cost you to pay taxes, you do not let them have it.
It's the whole concept of estate planning.
I didn't understand it at first.
I had all these leeches hovering around me.
You need an estate planning lawyer and a tax accountant advisor.
Why?
Well, you've got to keep the government from getting them.
I said, what do I care?
I'll be dead.
We're talking about estate.
What do I care?
Don't you want?
Are there places more valuable than the government for your money to go?
Charities or your family?
And I would say, the last thing I'm going to do is give somebody a whole bunch of money and ruin their life.
It'll destroy their work ethic.
It'll destroy, I mean, I'll just, but I'm not, but rush, but rush, don't you?
And for the longest time, I said, screw it.
I don't care.
I won't be here.
I'd rather go the simple route, not have to mess with all this, not have to pay all these lawyers, not to pay all these accountants.
And finally, I forget when it was, but the light went off.
And now I will spend whatever I have to to make sure that somebody else gets it besides Obama.
And that's what I'm just telling you.
If you, and I know you in the audience here are not the kind of people going to be persuaded, but you know who I'm talking about.
The very people Obama hopes will vote Democrat because he's going to go soak these people.
He's going to go soak these wealthy people.
I'm telling you, those people are going to spend as much time and money as they can to make sure he doesn't get it, which is going to result in those people not being productive and those people not creating jobs and those people not investing in their own business.
They're going to be investing in lawyers.
And you know how that goes.
They're going to be investing in lawyers and accountants.
It's a matter of principle, folks.
It's a matter of principle.
I mean, it's a normal thing to want to shelter your money from the government.
When you've got a Marxist little guy and his gang actually trying to take it from you, then you get your backup and you become even more resistant to it.
And you explore every option you can, including leaving the country.
If it gets really bad, which some people are doing.
That's why there's little acres over there in New Zealand that look good, except global warming is creaming those people.
They've had a blizzard over there wiping out livestock at the end of winter.
But that's another matter.
I'm keeping track of what's going on in New Zealand, Australia, and Singapore.
Europe's lost.
UK is gone.
They may as well have erased their borders 20 years ago.
They're finished.
You don't want to go there.
Some of the former Soviet bloc, Eastern bloc, some of the new democracies over there, they show some promise, but Putin's got them targeted.
Cuba, interesting, it might be a place to, but I don't know if that'll happen soon enough.
But regardless, yes, lots of places being examined.
My only point, folks, is this.
People say, wow, look at how much money Shaquille O'Neal has or LeBron James or whatever.
Yeah, look how much money the guy paying him has.
That's what nobody thinks about.
You think Shaquille's rich?
How about the person paying him?
The person paying him, Shaquille's chump change to the guy paying him.
LeBron chump change.
Same with Tiger Woods.
Tiger Woods chump change compared to all of Nike is paying him.
And what are they going to do?
They're going to find ways to keep Obama from getting it.
Individuals, corporations, but primarily individuals, they're going to do everything they can to make sure Obama doesn't Get it rather than invest in growth.
And this is what is happening in the 70s and 80s.
And this is why Carterism happened.
This is why the megalaise happened.
Just everybody shut down.
The productive class, the entrepreneur class, shut down.
It made no sense to succeed when 90% of it had to go to the government.
When 90% of the last dollar you earned had to go to Uncle Sam, when 70% of the last dollar you earned had to go to government, it made no sense to earn it.
It wasn't worth the time.
You lowered that 70% to 28.
Now we're talking.
Now we're going to go out and we're going to bust rearins and we're going to start creating and we're going to be entrepreneuring and we're going to invest and we're going to try to make as much profit and we're going to report as much income as we can rather than sheltering it because we get to keep 68 cents of it rather than 28 or 30.
And that's what's going to happen is where we're headed.
I mean, this socialism, this communist stuff, it just cycles and repeats.
The difference here is that this guy is intending for us not to come out of this.
That's the difference.
He is intending for this to be fini and permanent.
The what's he calling it?
The hope and change, reform, the new America or what have you.
So if you are in any way dependent on anybody else for what you have, I mean, you work.
If you're dependent on a job and therefore somebody having a job and work needing to be done for which you will be paid, if you're counting on that, you cannot in any way support not just Obama, but the Democrat Party.
They want to pull that rug out from underneath you.
And let me give you another thing to think about.
Just one word.
Snerdly, look at me.
Belize.
Caribbean superpower of Belize.
Look it up on a map.
You'll find it down there in Central America.
Belize, New Zealand, Singapore.
What does it say?
What does it tell you, ladies and gentlemen, that three of the wealthiest Americans, Bill Gates, Warren Buffett, Ross Perot, hold the bulk of their wealth in the non-taxed form of unrealized capital gains?
How many of you know what an unrealized capital gain?
You want an unrealized capital gain?
Dawn doesn't.
See, that's what I'm talking about.
You think whatever Obama does is going to cost Gates and Buffett anything?
Or Perot?
The Clintons.
I don't know if they still do, but they had three investment entities registered in the Cayman Islands as recently as 2004 with Buerkle.
Exactly right.
With Ron Buerkle.
And you had Kerry, John Kerry, Sergeant of Vietnam.
Once upon a time, he had a Cayman Islands account.
Now, that's called offshore sheltering.
I mean, there's one reason why you have an account down there.
And it's not to keep Luigi from finding you.
And by the way, John Kerry found a way to avoid paying his yacht tax until people discovered what he was doing.
Oh, yeah.
You think those thousands of pages of the tax code are just the result of helter-skelter addition and bureaucracy run amok?
Think again.
Who's writing them?
Who's writing it all?
Obama keeps saying about the tax cuts, let's help the people out there who are suffering.
Well, people who have to worry about still getting the Bush tax cuts obviously already have well-paying jobs that wouldn't matter to them.
So they aren't the people who are suffering.
The people who are suffering are the people who don't have jobs, and the only way to help them is to get rich people to hire them.
Really, it isn't complicated.
Charles and Itua.
Ottawa.
Etawa.
Etawa, Tennessee.
Welcome to the EIB network, sir.
Thank you very much, sir.
You have brought many smiles, laughter, and much thought into my life.
Thank you.
Thank you very much, sir.
I want to convey something about UT.
UT, I was walking by a newsstand and saw the headline Sunday.
And it is UT's in a mess because of the stimulus program.
They were already in University of Tennessee.
Yes.
The balls.
Okay.
Yes.
Now, in 2008, they had already planned on making massive cuts, about $700 on the faculty and administration.
They were going to do many things to streamline the program and save money.
Right, just after they paid off the football coach Lane Kiffin.
Yeah, that's what a joke.
And he crashed his legs.
Well, all this was going on.
Well, they accepted stimulus money.
They could not do the cuts.
And the money was used to pay lecturers, renovate some classrooms, hire fundraisers, and do various things.
Guess what?
When the stimulus money is gone, they're going to still have to make the cuts.
The school is in bad shape.
And the governor's office said we hoped the money would come when the money came to an end, the economy would be back going strong.
What a crock.
The very fact they took the money was a contributing factor of the economy not coming back.
But this is starting to happen.
All of the stimulus money, now that we've hired a bunch of people, it's starting to end now on jobs.
It's artificial.
The artificiality is ending.
And now the reality is starting to hit.
Just he says, Rochelle, Fort Worth, Texas, your next Rush Limbaugh program.
Hi.
Hey, Rush.
Yeah, you're so right.
President Jackass is doing this on purpose.
Anyone with eyesight could see, I mean, we fall into that category, that magically wealthy, that he keeps calling us.
And we're absolutely middle class.
We paid for all of our cars.
We don't go into debt.
We're very careful, but we're not living high off the hog.
In fact, we just bought our first flat screen TV in December after contemplating it for a year.
How big is it?
You know, you'd have to ask my husband.
See, she didn't even know.
Your husband probably knows every dimension of the flat screen TV, and you don't.
Because it took him a year to decide to buy it.
It was his combined Christmas, birthday, and Father's Day gift.
And you know what?
We ended up canceling cable in the end to save money.
Wait a second.
You bought the flat screener, but you canceled cable.
We did because we're trying to make sure that we stay within our means every single month.
Well, I understand that.
What are you watching on the flat screen?
You know what?
He ended up getting the antenna, the HD antenna.
So you've got rabbit ears out there.
Essentially, you've got a rooftop HD antenna.
We do, but it works.
But you know, we just, we're not these people that he tries to make us out to be.
There's no Cayman Islands resort for us.
We're normal people.
And you know, Rush, the reason why we live, part of the reason why we live in Texas, aside from the fact that we love it, is because there is no state income tax.
That's right.
Yeah, we're trying to keep as much of our own money as we can.
I know.
There's no state income tax in Florida.
And I remember when I moved here and I publicly proclaimed that was the reason I had all these people accuse me of being unpatriotic, of running away from my obligations.
I was obligated to stay in New York and pay confiscatory taxes.
By the way, story out of New York for the first time in a long time.
I have to look at the period of time New York per capita income is down Folks, do not doubt me.
When I know it's time to leave someplace, follow me.
Yeah, I know I said I'm going to play these soundbites, so I got to get to them.
I know I have to get to them.
I mean, if I don't get to them today, I'm going to get all kinds of grief, you know, for teasing people and having them hold on for something that didn't happen, which I don't purposely do.
So I just want to take one more phone call that we'll get to the soundbites that illustrate how the Democrats totally sustained, caused, and propelled and did anything they could to stop anybody from fixing the subprime mortgage problem.
Diana in Elizabethtown, Pennsylvania, welcome to the one and only Rush Limbaugh program.
Hi.
Hi.
The reason I was listening to you, and it's this government truly is getting rid of the American dream.
I mean, my daughter went to law school, did it with student loans.
Her husband, same thing.
And they make within that same range you were discussing, and they're barely making it.
They're living paycheck to paycheck with student loans and everything else that they have to pay.
Everyone assumes because they make this kind of money that they live just wonderfully.
And I mean, they don't.
They still have all these bills and stuff.
And what's sad is I have teenage daughters that me and my daughter, my oldest daughter, discussed it.
We're like, we want them to go to college and do things.
But when you look at what's going on, what can we promise them?
Oh, yes, you can go to college and do something with yourself, but you're going to be paying out everything you want to do.
You know, you know, I'll tell you the government.
Diana, more and more people are starting to realize this.
More and more kids in college.
You said your daughter's a lawyer.
I know some friends of mine whose kids are lawyers, or they're in law school.
And they're sitting there and they're seeing the student loans pile up and they're looking at 15% unemployment.
They're looking, what happens to me when I get out of here?
When I graduate this law school, where am I going to go?
It's all I'm going to have facing me is these student loans.
There are people who beginning to question the genuine high cost of education.
How long is it going to take to pay that back?
I want to address one thing.
We've had a couple callers here, and you've heard them, say that they're in this $200,000 to $250,000 range.
And I'm sure that some of you are not all that sympathetic listening to them describe their plight.
Some of you who make $50,000, $75,000, whatever, you're looking at somebody making $250,000, and they live.
What does this make barely make ends meet?
You can't imagine it.
You're making $50,000, $75,000.
And you know, my God, if I had $250,000 I'd be in Fat City.
And you would for a while.
But here's what you, how do I explain this?
Well, it's, yeah, your lifestyle catches up to your money, but why?
You see, at every level, folks, at every level of economic class, there's somebody out there willing to take your money from you for something.
Either a Motel 6 for a hotel room or a Ritz Carlton for a hotel room.
I mean, if you make 50, 75, you'll find a hotel room you can afford.
When you make 250, you'll find a hotel room you can afford.
You might buy a car more expensive than you would buy if you make 50 or 75.
At every level of income, there is a group of people willing to take what you've got.
I mean, you pay them for it.
They give you something back, but I mean, it's you know what I'm talking about.
So people in the 200 and 250 range can just as easily be in the same financial condition as somebody at 75.
Their house may be a little bit more expensive, but they still owe on it.
Their utilities, they still owe.
The point is here that Obama wants you to believe those people are wealthy and they aren't.
Now, you don't want you to think ill of these people and think that they're spoiled rotten because they didn't start out at 250.
They at one point were at 50, maybe less.
I can remember, one of my first jobs as an adult was for $12,000 a year.
We're all like this.
So the people with this $250,000 range, they at one time were less than that.
And it's true that if you are in that $50,000 to $75,000 range, if somebody came along and right now, tomorrow, your paycheck goes from whatever it is for $50,000 to $75,000 to $250,000,000.
The percentage increase, you're going to say, wow, look at all this money I've got.
And you will find a way to do something with it.
If you are disciplined, you'll save some of it.
But if you've got kids and cars, a wife, if you've got satellites, cell phone, if you've got any number of ex-wife, whatever, the point is that whatever income level expenses are going to match the income level, they will find you.
The people that have Ritz-Carlton hotel rooms will find you.
The people that will charge you $200 a year to use their credit card will find you.
And you'll happily pay it because, wow, look what I can afford.
It's the way things are.
And it's entirely natural.
And it doesn't mean when you hear people who earn $200 or $250 talking about barely making ends meet, believe me, that's true for everybody in this current economy.
It's worse for the people that don't have jobs, but even some of them are going on cruises in Las Vegas casinos.
You know, I'm going to start these soundbites.
I don't think I'm going to get all in now.
There's 16 of them.
I don't know what to do.
I just don't know.
Now, let me do this.
I have to do this too.
There are exceptions to this.
I had dinner with a guy recently who asked me how the business was.
I said, we're doing okay.
You know, we do pretty well because we're in the results-oriented business.
You know, we're not, you know, we're in the sales business here.
We're the advertising business, and we don't deal with the cost per thousand technique.
We're not into making impressions.
We're into getting results.
And if you get results, people are going to want to use you.
You advertise on the EIB network, and you're going to be fine.
You'll be doing okay with a lot of money.
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Okay, standby, audio soundbite 30.
I'm going to give this a shot.
First, though, Cybercast News Service, almost 23 million people, actually, 23 American households, 23 million American households are about to have their federal taxes raised by an average of $3,900 this year, but they may not know it yet.
They could get a big surprise when they prepare their tax returns next year.
Among those subject to this already in place tax increase are some families making less than $50,000 a year and virtually all married couples earning between $100,000 and $500,000 a year.
The marriage penalty is back.
This tax increase in almost 23 million people will happen if Congress does not quickly pass legislation that temporarily increases the amount of income exempt from the alternative minimum tax.
You have been warned.
All right, here we go.
I'm going to get started with subprime business because I promised you we would do it.
October 6, 2004, House hearing on the Office of Federal Housing Enterprise Oversight.
Allegations of accounting and management failure at Fannie Mae.
Here's a portion of Richard Baker's remarks.
He's a Republican from Louisiana.
It is indeed a very troubling report, but it is a report of extraordinary importance, not only to those who wish to own a home, but is to the taxpayers of this country who would pay the cost of the cleanup of an enterprise failure.
The analysis makes clear that more resources must be brought to bear to ensure the highest standards of conduct are not only required, but more importantly, they are actually met.
Okay, Maxine Waters at this hearing.
Okay, now it's time to start the defense of Fannie and Freddie and her pal Frank Raines.
Through nearly a dozen hearings where, frankly, we were trying to fix something that wasn't broke.
Mr. Chairman, we do not have a crisis at Freddie Mac, and in particular at Fannie Mae, under the outstanding leadership of Mr. Frank Rains.
So here's Maxine Waters, the first Democratic.
We don't have a problem there.
This is 2004.
We don't have a problem.
Fannie Mae, Freddie Mac are just my, especially our old buddy Frank Rains over there.
Everything's okay.
Ed Royce, Republican, California.
In addition to our important oversight role in this committee, I hope that we will move swiftly to create a new regulatory structure for Fannie Mae, for Freddie Mac, and the Federal Home Loan Banks.
Lacey Clay, Missouri.
This hearing is about the political lynching of Franklin Reigns.
So the Democrats turned.
We had a bunch of people.
Look, Franny Mae, Freddie Mac in trouble.
Subprime mortgage, we're in trouble here.
We're out of control.
Democrats, Maxine Waters, Lacey, you're not going to get in there for yourself.
No way.
We're not sacrificing Frank Reigns.
So this is the race card, Franklin's Reigns, African American.
So it's the Democrats circling the wagons.
They were not about to have it portrayed that anything they were in charge of was in any kind of trouble.
Fannie Mae of Freddie Mac.
House hearing on the Office of Federal Housing Enterprise Oversight.
This is a management failure at Fannie Mae.
This is Representative Gregory Meeks, Democrat New York, had this exchange with an oversight director, Armando Falcone.
What would make you why should I have confidence?
Why should anyone have confidence and you as a regulator at this point?
Sorry, Congressman.
O'Feo did not improperly apply county rules.
Freddie Mac did.
O'Feo did not try to manage earnings properly.
Freddie Mac did.
So this isn't about the agency engaging in improper conduct.
It's about Freddie Mac.
Freddie Mac, Fannie Mae, subprime mortgages.
There's all kinds of corruption going on.
The Democrats circling the wagons to come down.
We're doing this because Barney Frank says there wasn't any problem at Fannie Mae, Freddie Mac.
And if there was, it was Republicans.
They wouldn't let us fix it.
I just want you to hear it's the Democrats who didn't want anybody to fix anything.
Christopher Shays then asked the question.
And we passed Sarbanes-Oxley, which was a very tough response to that.
And then I realized that Fannie Mae and Freddie Mac wouldn't even come under it.
They weren't under the 34 Act.
They weren't under the 33 Act.
They play by their own rules.
And I'm tempted to ask how many people in this room are in the payroll of Fannie Mae, because what they do is they basically hire every lobbyist they can possibly hire.
They hire some people to lobby and they hire some people not to lobby so that the opposition can't hire them.
You see what's shaking out here.
Now, this office, Ofeo, this was created in 1972 to oversee Fannie Mae and Freddie Mac, but they just ignored this regulator.
He comes up there, Lou, you guys are in trouble.
No, we're not.
Not in trouble.
You're saying Franklin Reigns are doing a bad job.
We're not going to let you say Frank Reigns doing it.
There's nothing wrong at Fannie Mae or Freddie Mac.
He's doing a great job over there.
There's no.
And then Chris Shays, man, you've got lobbyists hired, not hired.
You're doing everything you can to keep anybody from finding out what's going wrong over there.
A lot of people on the payroll at Fannie Mae, we find out they are making campaign donations to Democrats left and right.
So this is the process of the regulators trying to get there, find out what's going wrong so that we might have some limit on the danger of subprime mortgage.
It's the Democrats saying, ain't no way there's nothing wrong here, and you're not going to find it if there is.
Next, Barney Frank in 2004 had this as the same hearing, had this to say.
You seem to be saying, well, these are in areas which could raise safety and soundness problems.
I don't see anything in your report that raises safety and soundness problems.
Nothing in your report.
This is a problem.
What are we talking about here?
This is a problem.
Fannie Mae, Freddie Mac, to the fine.
Screw you.
What are we doing here?
Nothing wrong.
Barney Frank again.
But I have seen nothing in here that suggests that the safety and soundness of an issue, and I think it serves us badly to raise safety and soundness as a kind of a general shibboleth when it does not seem to me to be an issue.
Right.
Now, you go to Barney Frank yesterday, day before this week.
There wasn't anything going on at Fannie Mae, Freddie Mac.
And if it was, it was a Republicans.
The Republicans wouldn't let anybody come in and regulate it.
We're in this mess because of all of this that you just heard.
The subprime mortgage debacle is why, primary reason why we are in this economic state right now.
And there were regulators that came before Congress during the Bush administration when Republicans ran Congress and the Democrats were intimidating in left and right.
You heard it here, Maxine Waters.
Nothing wrong there.
Franklin Rain's doing a great job.
We've got soundbites I don't have time to get to of the regulators actually being intimidated by these members of Congress for what they are announcing in terms of their findings.
So I meant to play this yesterday.
We just ran out of time.
So actually here, I'm making up for what I said I was going to do yesterday, getting it done today.
Because I don't want anybody saying that I say I'm going to do stuff and not do it just to get you hooked and keep you listening.
Because frankly, I don't have to do that.
Show's compelling enough anyway, as is without those kinds of tricks.
I guess this makes this official.
Wall Street Journal.
I mean, I'm seeing rumors of this, but Wall Street Journal reporting that Apple is going to sell a CDMA iPhone starting in January, early part of next year, under Verizon.
You know, Verizon uses a different technology, CDMA, than AT ⁇ T does, so they got to change the guts of the phone.
But they are going Verizon, apparently.
If it's in the journal, I mean, how can it not be true?
So there's that.
Some people still don't have their new iPhone 4s yet already.
Well, then, if you don't, go to Verizon.
See you tomorrow, folks.
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