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Aug. 4, 2011 - Rush Limbaugh Program
36:36
August 4, 2011, Thursday, Hour #1
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Welcome to today's edition of the Rush 24 7 Podcast.
Why am I here today?
This always happens.
Every time we have one of these national holidays, nobody tells me.
I don't keep track of national holidays.
Obama's birthday.
I don't keep track of national holidays.
Nobody ever tells me.
And I end up being the only person in the country working.
Why is the Dow going down?
Because no, let me tell let me tell you why the Dow is going down is because there's a story out there that said the Bernanke and Obama are out of bullets.
There's a story that says Bernanke and Obama are out of bullets that they've got nothing left in the quiver.
No more tools.
Nothing they can do to create jobs that grow the economy.
And so the market is interpreting that as uh oh, there ain't gonna be a QE3.
That's that's what that's all about.
See, you ask, and I have all the answers.
People uh it says typical market fluctuation down 294 right now.
People are losing their life savings.
This is not new.
This has been going on ever since Obama was immaculated.
They're not only losing their jobs, losing their life savings, their kids have lost their life savings.
Their fetuses have lost their life savings.
Their thoughts of future children who haven't even conceived yet, have lost their life savings and their chance to earn anything before they save it.
That's what Obama means.
And now he says at his birthday party.
I mean, the scariest thing, folks, I have to tell you the scariest thing Obama said during his birthday fundraiser last night.
He said it's been a long, tough journey, but we have made some incredible strides together.
Yes, we have, but the thing that we all have to remember is that as much good as we've done, precisely because the challenges were so daunting, precisely because we were inheriting so many challenges, we're not even halfway there yet.
So he's he's not even halfway done killing the economy.
That's scary.
Now it's down 307.
He's not even halfway done killing the economy.
I don't want to I don't want to think about what this country will look like when he's all the way there.
This guy's this guy obviously got a new role model, Robert Mugabe of Zimbabwe.
The next thing to look out for is for Obama to take the farms.
Well, that's what Zimbabwe, that's what Mugabe did.
He took the white people's farms.
That's the only place that had any money, yeah.
Anyway, how are you, folks?
Uh it's great to be with you.
Rush Limbaugh, the EIB network, Limbaugh Institute for Advanced Conservative Studies.
FAA thing.
You know what that's really all about?
It's about card check.
That that's it's not about subsidizing all those airline routes.
Um the Republicans and Democrats are arguing over whether or not to allow people to uh basically unionize with a secret ballot.
That's that's what the whole thing's all about.
And of course, there's Obama out there whining and moaning about the precious federal government being denied a billion dollars in tax revenue every week.
And the airlines are making out like bandits because they're still collecting the fees, but they're not passing the money on to the government.
It's uh it's it's uh it's sickening.
We had a story yesterday we didn't get around to it.
The Russians have issued a series of postage stamps honoring Obama on his 50th birthday.
Do you know that?
I am not No, no, no, no, no.
Not joking about this.
The Russians have have issued a series of a series of postage stamps to honor Obama on his 50th birthday.
Why are you surprised?
You got a you're well.
You well, you got a thug regime made up of former and not so former communists.
Of course they would admire Obama.
Obama is doing to this country what they were trying to do for 50 years and failed at.
Of course they would honor Obama.
And I I hate to break the news to them, but the U.S. has beaten them to the punch.
We already issue stamps honoring Obama's accomplishments.
They're called food stamps.
And we got a record number of people that are on food stamps.
We also had that story yesterday.
We didn't get to it.
Record number of people on food stamps, all-time high.
News that didn't get a lot of attention for some reason.
We were thinking that we were in the middle of our second recovery summer.
By the way, can you buy dirt soup with food stamps?
Remember that sound bite we had yesterday, this woman in uh uh one of the Carolinas uh talking about he said they're making dirt soup for the uh for the uh for the kids.
And you buy a uh photo of yourself with Obama with food stamps.
Can you do that?
I mean, can you can you show up one of his fundraisers and uh and buy a photo of yourself with Obama with a food stamp?
Oh, well, the possibilities are limitless here.
Or is he still charging $10,000 for a photo?
Plus you well, at a fundraiser, yeah, $10,000, plus whatever flour they have to buy to put in his hair.
Make it look gray.
I don't care what they do, the guy's never going to look older than 12.
He's never gonna act older than 12.
He's just always gonna look like a man child, and Moochell's out there saying he's earning every gray hair.
Earning every gray hair.
I could believe it living with her, but not because of the job of uh of being president.
And the job number's out today, folks, and I want to take you back to me.
Let's go back.
You gotta hear I I can tell you I said this, but I want you to listen to me saying it last Thursday, one week ago today on this program.
The unemployment number is out today, and it's under 400,000.
Follow me on this.
Unemployment number is out today, and for the first time in a number of weeks, the number of claims is under 400,000.
It's 398,000.
So they can say, hey, look at what's happening here.
We're at fewer claims, and it's all fewer than expected.
I mean, it this is robust news.
They're reporting this is pretty good news.
Economists were surprised.
Now, next week the number's gonna be revised upward, and it will be over 400,000.
And it was revised upward um to 400,000.
Here's the um here's the news from the eager water carriers at Reuters.
New claims for unemployment benefits were little changed last week.
A government report showed on Thursday, pointing to a marginal improvement in the labor market.
initial claims for state unemployment benefits nudged down 1,000 to a seasonally adjusted 400,000 to labor whoa whoa whoa whoa whoa whoa whoa whoa Remember?
And yet today, Reuters says that the initial claims nudged down one thousand to a seasonally adjusted 400,000.
You notice Reuters doesn't mention that the initial claim last week was 398,000, and the number this week is thus actually up.
What Reuters is doing is forgetting to tell us that they revised it up from 398,000 to 401,000.
And so the reported number today of 400,000 represents a cut or a reduction.
So when in fact we have actually increased jobless claims, the water carriers at Reuters are claiming that they are down.
Economist polled by Reuters had uh forecast claims rising to 405,000.
The prior week's figure was revised up to 401,000 from the previously reported 398.
And just as we predicted, last week's number was trumpeted for being below the key number of 400,000, but as usual, it was quietly revised uh Upward by 3,000, putting it over that magic number.
So we were never under 400,000, and we never broke that string.
Here's here's a we we have the Reuters story from last week.
This is how they trumpeted it.
U.S. jobless claims fall below 400,000.
New U.S. claims for unemployment benefits fell more than expected last week, dropping below the key 400,000 level for the first time since early April.
It didn't happen.
It was revised upward to 401,000.
Nobody told anybody.
And so today Reuters tries to get away with telling us that the jobless claim numbers are actually down.
Now, Andrea Mitchell NBC News, Washington, somewhat in a crisis over the jobless number revision.
This is uh this morning on MSNBC's Daily Rundown, fill-in host Andrea Mitchell and the uh CNBC power launch co-host Michelle Caruso Cabrera had this exchange about the unemployment numbers.
400,000 a bad number, but it's edging slightly downward, and the four-week average is also slightly downward.
So last week we had 398,000, and then it was revised up so there was a point where we thought, okay, that number is getting better, but now think of it more like a tableau, I guess, at this point.
No way to predict the big monthly number next week.
The big monthly number is tomorrow, and uh we are there's there's a lot of nervousness about that number.
Right now it could surprise to the upside.
That would be great, wouldn't it?
We could use some good news at the end of this horrible week.
Yeah, the end of this horrible week.
At the end of this horrible week.
Well, what was so bad about this week?
What made this week any worse than any other week since Obama was immaculated?
What is she talking about?
Well, here's a story from the politico.
And I I'm suspicious.
I think every story from the politico comes from the White House.
No, I really do.
You may interpret that as uh old Rush trying to be funny.
And I know, I know I'm a funny guy.
But I'm saying this with all sincerity.
I think most everything on the political comes from the White House.
I think it's a steno pool.
The debt ceiling, well, here's the headline deal could endanger health care law.
Debt deal could endanger the health care law.
And by the way, folks, I have a whole stack on health care in this country and some, for example, I mean, just to whet your appetite, the nation's third largest health insurance company,
Aetna, is leaving the individual policy market in Indiana in another sign of diminishing competition to benefit consumers who purchase policies through a state insurance exchange under the federal health care overhaul.
Exactly as we predicted.
A private sector health insurance company is getting out of the market.
They're quitting.
They can't make it work.
This means that customers in Indiana have uh one less consumer private sector company to buy health insurance from.
Pretty soon they're all gonna go south, and they'll have no choice but then to go to a state exchange, i.e.
the government.
And this is all in the design of Obamacare.
It's happening exactly as written, exactly as planned, exactly as intended.
I got a lot of other stories in this stack coming up on today's program.
The debt ceiling agreement could jeopardize millions of dollars and perhaps billions in initiatives from President Obama's health care reform law if the super committee can't come up with the required spending cuts.
So you see what this is.
This is why this is From the White House.
The Super Committee, I don't know if it hasn't been named, has it?
Okay.
And that's right, because we got it, we got a Alan Simpson is saying if they don't appoint a gang of six member to the Super Committee, then it's worthless.
If it's just hilarious.
Alan Simpson, baby, if they don't appoint a rhino or a sellout of some other kind to this committee, then it's worthless.
He wants Durbin.
I'm shy, well, they probably wants Durban.
He certainly doesn't want any Tea Party people on it.
That's for sure.
Many of the pots of money in the law, the health care law, one of the Democrats' most prized pieces of legislation, could get trimmed by the debt deals sequestration or triggered cuts.
The funds for prevention programs and community health centers, grants to help states set up insurance exchanges and co-ops, and money to help states review insurance rates could all be slashed across the board if the committee can't find enough cuts this fall.
So White House calls Politico.
Politico listens to what they have to say, writes the story, and the signal is sent to Congress, and whoever is going to be on this committee, if you guys don't do the right thing here.
Obama's health care law is imperiled.
Now we are thus to believe that Obama and the Democrats are happy with a debt deal that imperils his health care plan.
Right?
Does that make any rational sense to anybody?
Here we've got this great debt deal.
We lifted the debt ceiling, supposedly avoided the downgrading of our debt, which is a bunch of bull hockey.
And two days later, we get a story saying that that very deal, which was panacea, now threatens Obamacare.
Timeout.
Quick timeout for an obscene profit break here at the EIB network.
We will be right back.
Okay, now we are borrowing 100% of our GDP.
You've seen that story.
That makes us Italy.
It also, ladies and gentlemen, focuses us on the European zone, on the Eurozone.
Where?
We get Spain, we get Greece, we get Italy.
Italy.
We got an absolute mess.
And that is also, Snerdley, you asked me, why is the market plunging?
What's happening in the Eurozone is also one of the reasons why our market is plunging.
Plus, we're borrowing 100% of our GDP now.
Plus the story that Obama and Bernanke are out of bullets.
Don't have any more.
Which is, well, we are.
We're borrowing 100% of GDP.
But that's what it said.
What do you mean it's impossible?
It's what it said out there on the Drudge Report.
What do you mean it's impossible to borrow 100% of GDP?
Have you seen our debt for 14 points now?
17 trillion?
Is the is the new national debt.
Anyway, I want to get back to this political story.
Get this.
I mean, they're really putting the screws.
Folks, I have to tell you something.
If the debt deal does endanger Obamacare, I might have to review our fat law and call this debt deal a win for our side after all.
You know, yesterday I was plenty ticked off in here, as you recall.
But if uh if the debt deal, if the debt deal actually destroys Obamacare, we'd have to call it a win.
And what if funding for the temporary high risk pools for preexisting conditions could also be sliced, too, as well as grants to improve maternal and child health.
And as previously reported by Politico, the law's cost sharing subsidies, which are supposed to help low income people pay their out-of-pocket expenses, could face the acts too.
It's such a joke to read this.
The law's cost sharing subsidies supposed to help low-income people pay their out-of-pocket expenses.
They're not going to be paying their own out-of-pocket expenses.
The idea, I mean, they report this health care law as though it actually is something that's going to save money, reduce costs, what everybody knows it's just the exact opposite.
So anyway, the news is out there.
Yeah.
Okay, we'll be back.
Sit tight.
El Rushmore, the reason God invented radio.
So, Here at the Limbaugh Institute for Advanced Ideological Purity.
Having more fun than a human being should be allowed to have.
Here's the Wall Street Journal, ladies and gentlemen, on what's happening with the stock market.
U.S. stocks tumbled, pushing both the Dow Jones Industrial Average and the Standard and Poor's 500 index into correction territory as worried investors staged a broad flight from risky assets.
The Dow slumped 351 points or 3% at midday.
Treasury yields hit fresh lows for the year.
The benchmark 10-year notes rose 1432nds in price to yield 2.549% in Europe, and this is a key.
In Europe, stock markets were sharply lower amid growing fears the Eurozone debt crisis could intensify as the European central bank failed to provide help for the beleaguered Spanish and Italian economies, meaning the European Fed didn't bail them out.
Now the European central bank, despite not bailing out Spain and Italy, they did have to pump a bunch of cash into the system today to keep it operating.
They also borrowed money from us, if you can believe that.
Because the European Central Bank has access to the Fed window.
The European Central Bank can go to the Federal Reserve and get money.
We're printing it.
And the Fed, that's what all the Snerdley, you're asking the right questions.
Where are we getting the money to loan anybody?
I mean, it this is all.
It's a sick horror movie joke.
So the Eurozone is a failure.
They tried to replicate the United States by doing the European Union.
And it's a mess.
Germany is uh is the leader.
They're failing now too.
It's it's it's ugly.
We bailed them out in 2008 in the midst of our own financial crisis.
We bailed him out in 2008.
So anyway, what's happening in the Eurozone is also a factor, in addition to everything else that I have mentioned previously on today's program.
Now, as to the Wall Street Journal, uh my friend Andy McCarthy was reading it today, said that his uh his jaw hit the floor when reading an editorial in the Wall Street Journal today.
Andy just learned today that in the debt deal, when this commission, if when the if the triggers, if the cuts are not made, the triggers are are triggered.
You know, the Medicare cuts in this deal, I pointed out yesterday, they are not cuts to Recipients.
They are cuts on providers.
The Wall Street Journal just figured this out.
The Wall Street Journal has an editorial today, and they are all upset because it immunizes the program swelling millions of beneficiaries from cuts and cost sharing.
Instead, any purported Medicare slashing from the across the board 1.2 trillion dollars in cuts if the vaunted supercommittee deadlocks, which it will, will be born again by providers.
Remember, I told you this yesterday, certainly.
Nobody else, I mean, this is this was it was a lot of people overlooked this.
People just automatically assume Medicare cuts equals Medicare cuts to recipients.
No, it's Medicare cuts to providers who are already facing reimbursements that barely make it worth staying in business.
Now remember this.
Because I have to point this out.
The Wall Street Journal last week was cheering this deal.
Thank you.
The Wall Street Journal last week was cheering this debt deal, and they were attacking conservatives like me and others.
We were being called hobbits by the Wall Street Journal for opposing it.
So now all of a sudden the Wall Street Journal has an editorial.
Oh no, oh no.
The Medicare cuts are to providers, i.e.
the people that read the Wall Street Journal.
It's a minor little thing, but here you have the Wall Street Journal, they're part of the inside the beltway conservative intelligents, and they're pushing this deal and they're pushing and they're calling people at opposite hobbits and so forth, and now today they've got an editorial going, oh, wait a minute.
Raising red flags about the very deal they were supporting.
Uh, just...
You know, I just like pointing when all this hypocrisy rears its head.
I L. Rushbow love being the one to point it out.
Here's another one.
This is something I've been right about ever since I've been hosting this program.
And those of you who have been listening for a long time will remember I have made it plain that all this exercise and all this health stuff that people do to prolong their lives is just may make you feel better, but it's not going to have any really major impact.
It's your DNA.
It's genetics that determine what's going to happen to you.
And you don't have any control over that.
Well, here we go.
Headline.
DNA, not lifestyle, is key to longevity.
Who knew?
I did.
Israeli researcher at Yeshiva University.
These people do not need to maintain the healthy lifestyle the rest of us should observe.
Healthy centenary centenarians, lucky enough to have inherited longevity genes, can thank their genetic makeup for their long lives.
Unlike everybody else, they didn't have to watch their diet, exercise daily, avoid alcohol to reach that age.
They didn't even have to stop smoking, although tobacco use would certainly harm their descendants.
This was the discovery of a team at Yeshiva University's Albert Einstein College of Medicine in New York.
We had the initial report yesterday.
Nicotine.
All the good things that nicotine does.
Nicotine, one of the most besmirched impune substances out there because it's found in tobacco.
But it wards off Alzheimer's.
It wards off depression.
It wards off Parkinson's disease.
And now the same bunch is out saying, you know what?
It's your DNA.
Go ahead and hit the gym all you want.
And go ahead and eat that watercress vinaigrette salad dressing.
Go ahead and eat your berries and roots and all this stuff that's supposed to prolong your life.
But if it isn't in your genes, you don't have a chance.
That's it.
I El Rushbow have instinctively known this.
You know, I just went in for checkup the other day, folks.
Did all kinds of blood work.
I have to do this fairly frequently since I'm the key man here at EIB.
I'm it.
Something happens to me, so I have to go in, I have to get checked.
Now they've given up telling me to exercise.
What I was going to tell you was they did they ran all the blood work.
Blood sugar, normal.
Cholesterol, below normal, triglycerides, normal.
And they're mad.
They look at it and they want to run the test again.
They want to draw more blood because they don't believe it.
Do they do nicotine levels?
Well, they they they they ask me if I smoke, I say, no, I don't smoke.
I don't smoke, but I do have e sigs.
I tell them I take the ECIG and I show them.
I use the e sig in the doctor's office.
I love it.
They look at it, they're intrigued by it.
But no, cholesterol normal, all and I that shouldn't be.
My cholesterol should be off the charts.
My triglyceride should be off the charts.
And it isn't.
But something's gonna get me.
I don't know what it is, but something is just like something's gonna get all of us.
Now I don't want to be misunderstood here.
I am not suggesting that you don't exercise course to what makes you feel bad.
I'm I'm not opposed to it.
I just don't want to be preached to about how that is the way to prolong life and that if you if you like doing that stuff, just fine and dandy.
If you like if you like doing all that stuff and eating all that stuff, if you if you think living a life of denial is somehow virtuous, you go right ahead.
And just don't preach to me about it.
Be right back.
Don't go away.
Welcome back, Rush Linbaugh.
This is the excellence in broadcasting that work.
All right.
This is uh this is uh let's see.
Oh, good USA Today.
The hard one last minute agreement to raise the debt ceiling and cut the deficit gets low ratings from Americans who by more than two to one predict it will make the nation's fragile economy worse than better.
Thumbs down on the debt ceiling deal.
The dyspeptic view may reflect less an assessment of the plan's particulars than dismay at the edge of the cliff negotiations to reach.
That's BS.
We are smarter than that.
We're not upset at the edge of a cliff negotiations, we're upset at the substance.
The American people are upset at the substance of this, and that's what this poll proves.
It's a USA Today Gallup poll taken hours after the Senate passed and Obama signed the deal.
Forty-six percent disapprove of the agreement.
39% approve of it.
Only one in five, twenty percent, see it as a step forward in addressing the federal debt.
Most people assume that whatever came out of this horrible process was pretty crappy, says Joseph White of political scientists at Case Western Reserve University in Cleveland.
The sour reaction underscores why negotiations were so difficult, says Stan Collander, a former staffer on the House and Senate budget committees.
No.
The sour reaction underscores how much people disapproved of the substance of this.
It is really interesting, folks, that our representatives represent us so poorly.
We really have come down now to the basic taxation without representation.
You look at it, poll after poll, election after election shows that we are not being well served by our elected ones.
Every poll shows that the majority of the American people disapprove of the policies of either the administration or what's coming out of Congress.
They are governing against the will of the people, and every poll shows it.
We are the majority.
We've made a decision on the type of government we want.
The problem is our politicians are ignoring it and giving us the kind of government they want.
And I'm including some in the Republican Party in this, too.
This is not just aimed at the Democrat.
This poll found some paradoxes.
Though Tea Party conservatives succeeded in setting the parameters of the deal, supporters of the Tea Party are among those most unhappy with the outcome.
Twenty-two percent of Tea Party supporters approve of the agreement compared with 26% of Republicans and 58% of Democrats.
Though Obama and Congressional Democrats failed in their efforts to include higher taxes on the wealthy in the plan, the Democrats are among those who rate it most highly.
None of the policymakers involved get high ratings for their role, although Obama's standing is the least bad.
And that's the best.
And that's only because he had nothing to do with it.
That's only because Obama never announced a plan.
If Obama had announced what he really wanted here, his polls would be in a tank on this as well as everybody else's.
Thank you.
Thumbs down on the debt ceiling deal, USA Today Gallup.
Vast majority, American people, disapprove.
Wanted no part of it.
In other news, 69% say this is Rasmussen, 69% say it's likely that scientists have falsified global warming research.
The debate over global warming is intensified in recent weeks after a new NASA study was interpreted by skeptics to reveal that global warming is not man-made.
While a majority of Americans nationwide continue to acknowledge significant disagreement about global warming in the scientific community, most go even further to say that some scientists are falsifying data to support their own beliefs.
I'm gonna raise my hand and we'll take credit.
This has been one of my pet peeve issues for as long as I've had this show of fact.
Let's see, grab grab sound by 19 and 20.
Dr. Roy Spencer, our official climatologist, was on Lou Dobbs Tonight last night.
Dobbs said this new NASA study, satellite data, blowing the theory of the use of climate change effects right out of the atmosphere.
NASA's data show the future effects of global warming could be far less than what most computer models to this point have predicted.
As I understand it, basically, you talk about real data other than those possibilities encountered by computers.
There's no contest between the two results.
What's the effect of climate change right now?
What did you discover in your study?
We used 10 years of the best NASA satellite data we have.
And what we did was we looked at warm years versus cold years.
And during warm years, we found that clouds change in such a way to reduce the amount of warming.
And what's interesting is that's totally opposite of all the climate models you hear about that are forecasting global warming, because those models all change clouds in such a way to amplify the warming.
So Dobbs says if we take the amplification and the reduction revealed with your data research, what is the percentage of the fact of the conclusions of the impact of global change?
The United Nations official forecast for the next uh, let's say a hundred years is a total of about three degrees C of warming.
And what we're finding from the real satellite data of how the real climate system operates that it might be more like one degree C of warming and maybe even less.
If that's the case, then we've gone from global warming being a serious problem to global warming being, you know, some people will think it's not worth worrying about because who knows, and in another 50 to 100 years, we may not be relying that much on fossil fuels anymore anyway.
And they're not contribute.
It's all so the whole thing has been I'm gonna say I'm gonna stick with the word hoax.
Dr. Spencer will not.
He won't go that far.
I've argued with him about it.
I said, why do you even bother responding to these stupid claims that are political?
Well, I'm a scientist, we have to have to do it.
So he's done it, and he's proved with actual NASA science data from their satellites.
Yet all these computer models are bogus.
And 69% of the American people now say it's likely scientists have been lying about their own research.
We win.
Default deniers.
They call us deniers on default, deniers on global warming.
Well, it turns out they, ladies and gentlemen, are the ones that just are total strangers to the truth.
First hours in a can, brief time out.
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