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Aug. 8, 2011 - Rush Limbaugh Program
34:00
August 8, 2011, Monday, Hour #3
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Okay, so Barack Obama's finished, and he timed it so that we could not cover most of it.
No doubt.
He also basically said we don't need the SP to tell us that we have to raise taxes by trillions of dollars.
He blamed political elements.
He said the balanced approach again, which means raise taxes.
Shared sacrifice means socialism.
He promised more of the same.
The market has so far not reacted positively to this.
In fact, it's getting worse.
It's now minus 428, 424.
It was at 403.
I'm a cynic.
And I If the following happens, I won't be surprised.
Now I'm not predicting this.
But I won't be surprised if one of the reasons for the delay was that gave the Fed time to go out there and flood the futures market with buy orders.
If the Fed floods the futures market with buy orders, it'll causes it'll cause people who are shorting to cover in potential buyers to think that a rally is coming if the futures market, if something happens overnight, the futures market shows up news tomorrow.
It's been done before.
The Fed has done that before.
And if they've done it before, they can do it again.
We're down down 442.
I don't know whether it's going to happen today, tomorrow, whether whether it's going to happen at all, but it is a possibility.
And I just I just want to remind everybody, it was just Friday that we had the numbers, and I'm having them uh clipped for me from the website because I don't have the piece of paper in front of me.
We had the numbers of how much money there is among people.
There are 8,000 some odd people who earn 10 million dollars a year or more in this country, 8,000 of them, and if you took everything they own, you would have 240 billion dollars.
There isn't the money to get anywhere close to solving our debt problem by raising taxes on quote unquote those who can afford to pay a little bit more.
And this is why I say that this is being done on purpose.
He knows it.
This is a concerted attack on capitalism.
There can be no doubt after these remarks today that this is a concerted attack on capitalism.
We also had a president today, debt man talking.
Said there's not much more we can cut in domestic spending.
We got some draconian cuts coming.
There's not much more we can cut domestic spending.
So he tried to make it look like in this speech today, he was just elected today.
He's been out of Washington sending in good ideas, and nobody's been listening to him.
Mr. Potted plant president says he he's going to be issuing plans in the week's end.
Did you hear him say that?
He talked to the super committee and Congress going to get together, and he's going to issue some suggestions.
He's going to issue some ideas.
Shovel ready jobs are back on the teleprompter.
Earthquakes need more unemployment checks.
I'll tell you, this guy is grim.
He's got nothing to offer but taxes and spending.
He can't find anywhere to cut, but there's a lot of more room for spending, a lot of room for more taxes, a lot of room for more regulation, a lot of room for more transformation, a lot of room of more destruction of the capitalist system of this country.
This isn't even leading from behind.
This is not leading.
This is useless.
Except for the fact that it's so damaging.
Greetings, uh, my good friends, L. Rushbow behind the Golden EIB microphones, serving humanity simply by showing up.
Obama said, if Congress doesn't extend unemployment benefits again, it'll cost one million jobs.
That, folks, that is um.
Well, it's crazy, but I'm I'm looking for uh it's just crazy.
It's like Pelosi saying that for every dollar in unemployment benefits, we get two dollars in economic activity back.
That if Congress doesn't extend unemployment benefits, it'll cost one million jobs.
Somebody run the math on that for me.
I this is Pelosi crazy.
Okay, the numbers eight thousand two hundred and seventy-four people with incomes of ten million dollars per year or more earned a total of two hundred and forty billion in two thousand nine.
That's what the number is.
8,274 people with incomes of 10 million dollars per year or more earned a total of 240 billion in 2009.
Now, those people paid a tax rate of about 25%.
If you confiscated everything they earned, 240 billion, you're not even close to wiping out the deficit.
It's it's and you can't, if you confiscate everything they've got, you do it one time because they don't have it then anymore.
You can't go back and get the 240 billion because they're not going to be earning them.
They're gonna stop earning if 100% of it's taken, they stop working.
We waited an hour for that.
I'll tell you something else, folks.
Just in terms of manners and character.
Somebody who announces an address to the nation at one o'clock and shows up 58 minutes later has no regard for the public.
Somebody who announces remarks at one o'clock and shows up at two o'clock has flipped the public the bird.
We had the typical arrogant, condescending, head up looking above everything, as though all this has happened without him have had any role in it, and now all of us he's gonna come in and present some plans.
And the plans are shared sacrifice and a balanced approach, tax increases, and more socialism.
Now, during the debt sitting debate, Obama told us that a credit rating downgrade would be a tax increase.
He told us that while he was trying to scare everybody into going along with the Democrat version of the debt deal, he told us that a credit rating downgrade would be a tax increase.
So we already have gotten a tax increase, haven't we?
By his own admission.
Sometimes I think I really don't think he's concerned whether or not he's a one-termer.
It's just what damage he can wreak in these four years and make it so difficult to come back from.
Equals mission accomplished.
Did you who listen to all of that?
If you watched it on television while also listening to this program, did you hear anything inspirational?
Did you hear anything uplifting?
Did you hear anything about the greatness of America and how, hey, we've been through tougher times than this, and we as Americans have pulled together and we know.
You didn't hear any of that.
You didn't hear any inspirational uplifting motivational words.
as an attitude.
You got cockiness.
You got obstinate.
We didn't need SP to tell us we have to raise taxes.
We didn't need SP to tell them we didn't need SP to we didn't need SP, we didn't tell us, I don't need anybody to tell me what's going on.
I know what I'm doing.
And he does.
He is Barack Ellips now.
By the way, that's Drudge's headline.
That's Drudge's lead Barack Ellips now.
It it it's Obamageddon's.
There are people you may be one of them throughout this country thinking this is it.
This is the end.
That you don't know your why how do we come back from this, particularly after hearing this from the president.
How do we come back from this?
How do we stop this?
And folks, I'm here to tell you we can recover from this, and this can be stopped.
But not with the kind of thinking that currently exists in the White House and the Democrat Party.
They are going to have to be made a large minority.
For this to be stopped and then reversed.
We'll take a brief time out.
We'll come back, we'll include your phone calls in the mix, get your reaction to all this as we continue here on the uh first day of a brand new week, full week of broadcast excellence on the EIB network.
Half my brain tied behind my back just to make it fair.
Back to the phones we go.
Justin in Manhattan, great to have you on the EIB network.
Hello.
Hello, it's a privilege to speak to you, Russia.
Thank you very much, sir.
Um I wish under on better circumstances, though, uh Obama's delay alone caused the market to drop a hundred, and while he was talking, of course, the market went under eleven thousand for the first time since fall of last year, um, which led to credence to what you're saying about him doing this on purpose.
But um my my my question is about um how you started the show about uh Obama being a dead man walking a Barack Opalyps and Obama getting and all this.
Um my question is at a certain point if the Democrats see that this is a thinking ship and he's landslide beatable, as you say, uh my concern is what strategies do you think the Democrats will do, because we know they're capable of anything, uh beyond simply, for example, Hillary or somebody coming in to save the day through a primary.
What about other things like they did the Bob Torricelli approach in New Jersey, the f when he came in and when he left and then Frank Laudenberg came in to s um save the day.
What what things do you think they're capable of doing in that regard?
And if there's time, I have one other really quick point to make.
Well, now i it I want to make sure I understand what you mean, because uh Clinton telling uh Andrew Cuomo and Torreselli to flee um is th there's nobody's gonna tell Obama to get out of there, I mean and then put somebody else in.
You you mean in and give up his seat so somebody else can run and be nominated, you mean is is that is that the scenario you're talking about?
Well, anything because I mean the only thing stopping this would be, like you said, you know, Obama's ego, but we're seeing all these stories coming out.
Uh Peggy Noonan had an article a couple of weeks ago.
We're seeing all the reports that the left is furious with Obama, they're disgusted with him, there's no leadership.
So the only thing stopping this would be Obama's ego, in which case you would need an outright primary challenge.
But at a certain point, you know, uh Democrats say, you know, this guy's thrown us under the bus so long.
Um what do you see there to be anything that we need to worry about about them pulling some kind of sleazy tactic to replace Obama and have somebody?
Well, that's what I was gonna do.
Something sleazy.
I don't know what sleazy thing they could do to replace him.
Um unless, you know, they wanted to plant their own scandal evidence, you know, and Tiger Woods the guy.
Right.
But but you know, I I I I don't I I don't see that.
I what I think is happening.
I would be surprised if it's not happening.
Let me put it this way.
If Hillary had been elected and everything the same had happened, I guarantee you that the Obama crowd would Be urging him to run against her and primary her for the nomination, just like Ted Kennedy ran against Jimmy Carter.
Ted Kennedy's problem was Roger Mudd, CBS News in an interview, said why do you want to be president?
And Kennedy couldn't say anything other than Chappaquidic.
He couldn't answer it.
He didn't eat it, so he blew his chances.
My thinking is that the same thing's going that people in the Hillary camp are now fantasizing, if not more so, about I don't know whether it's Hillary or somebody else.
Um, but could be Andrew Cuomo.
You know, Andrew Cuomo is setting the world on fire as governor of New York.
He's doing it with conservative policy, by the way, but still, he's he's setting the world on fire up there.
I and I guarantee you that Democrats do not want to lose the White House, and if they think Obama is going to lose it for them, the only thing that would stand in their way is his race.
Yeah.
The only thing that would stand in their way in anybody's way would be we do this to the first black president.
We as Democrats do this to the first black president.
But I guarantee you that there are people on the Democrat side looking at this who want no part of it.
And what they're thinking, in my mind, is impossible to know, but I just wouldn't doubt.
If I were to hear that there were plans, Democrats trying to put somebody up to run against him for the nomination in 2012, I wouldn't be surprised.
But but something scandalous or uh other than that, nah, I don't in fact, this week, Harvey Weinstein, the brilliant movie producer, they're gonna two million dollar dinner fundraiser for Obama down in Soho or the West Village or something.
Uh so he's still got plenty of idolatrous support uh among Hollywood types and uh and all that.
Granted, we're not right.
Can I say one thing really really quickly?
Yeah, which is um please, can you get out the word?
And can we please urge all the Republican candidates and the eventual nominee to get out the word?
Arthur Brooks, um AEI president in his book, The Battle, documented how not only is Obama behind some of the you know Fannie Mae and Freddie Mac that is responsible for the crash, but he is the number two beneficiary and recipient of Fannie Mae and Freddie Mack campaigns, or his campaign was there came contributions.
Number one was, of course, was Chris Dodd.
But Arthur Brooks documents this, and we got to get the word that Obama not only is responsible in partly causing the crash, but he's directly benefited from it.
Well, we could do that, but that's just part of it.
He's responsible for everything.
But here's here's the you know the other side of what I'm saying is that this is not my dad's DNC.
This is not the Democrat Party of my dad's era.
This is the DNC of this era, and the movers and shakers of this DNC are thrilled at what's happening here.
I have explained several times on this program.
There are Americans who hate this country as founded.
They are all in the Democrat Party, or they all vote Democrat.
It is a number that has grown because of the number of professors and the curriculum at college campuses and so forth, the whole education system.
And there is such a deep class envy resentment and hatred for this country.
There are people who still cheer Obama when he apologizes for the country.
There are still people who cheer when 30 SEAL TIM members are killed in Afghanistan because they believe it's immoral for us to be there in the first place.
And people like that vote Democrat.
Don't frown at me, Surdley.
You know damn well there are people who celebrate American military defeat because it advances their agenda.
You know damn well.
There are Americans who celebr.
Hell, a lot of them teach courses in political science and history at some of the top tier Ivy League universities in this country.
Read David Horowitz, front page mag in his website.
He's made a career out of documenting what's going on in the American higher education system.
The Democrats who would perhaps run against Obama would be those opportunistic who sense a weakness think maybe they could get hold of things.
Not because they worry about what's happening to the country, but because it's an opening for them.
And I should have been more specific when one of Obama's top fundraisers, one of Obama's top bundlers, is this uh the founder of Code Pink.
What's what's her name?
Um Joni something or but but the yeah, Joni Jody Jody Evans.
You don't think I mean Code Pink?
You don't think she doesn't quietly cheer every American military defeat?
She sent thousands to Fallujah.
And then there's Medea Benjamin, also code pick.
These people.
There are a lot of people that just despise this country and any aspect of its success.
Financial, economic power.
Resent it.
So not every American is upset over this.
A lot of people happy people are losing their net worth.
I'll tell you what, people are fainting again.
People are fainting again when Obama speaks, mostly out of desperation now.
Literally, people, oh my God, they look at Obama speaking, they faint out of desperation.
And we don't need a super committee in Congress, folks.
We need a supercommittee in the White House to do his job.
This I mean.
We have every right after this to worry about whether or not he is fit to serve.
This statement today was not reassuring to anyone.
Now I know, folks, look at I hate, I hate to I I hate to say things like this.
The market, yeah, 483, it was down 500, it lost 200 points since he came out to speak, and it really dumbed down and went down a below, almost got down to minus 600, now it's down 479.
And I just want to alert you to the possibility that while all this is going on, the Federal Reserve is buying futures, SP futures, make it look like that there's huge market activity going on.
Don't be surprised, and I'm not predicting it.
It's a crapshoot, but I know that these people have done it before.
They are manipulators of the news, they are manipulators of public opinion, they are manipulators of government jobs reports, they are manipulators of everything they have to manipulate.
And I'm just saying, don't be surprised if at some point during the afternoon today or night, the market looks like it's rebounding big.
The Fed can print money whatever it wants to, and it can go in and buy futures in the stock market in the SP, and it could make it look like that there is legitimate excitement in the Dow on Wall Street,
all for the express purpose of making it look like after people stopped and considered what our brilliant president had to say that the smart money, the people with skin in the game, said, you know what?
He might have said the only thing we can do, raise taxes.
I just want to put it out there as a possibility only because I know these people.
Why are you frowning at me?
Do you think this is not possible?
Snerdley, I'm not talking about legitimacy here.
I'm talking about fakery.
I'm talking about the phony investment in the stock market.
With the Federal Reserve, not real buyers.
You think the Fed cares what he says?
All Obama cares about is making it look like somebody thought he made sense.
And right now, the only thing that people are using the measure is the stock market and the credit rating and so forth.
So if they do something to manipulate the market back into positive territory overnight or this afternoon, I'm just telling you, I'm not going to be surprised.
I don't care if in the real world raising taxes doesn't fly.
You think the Republicans ultimately won't raise taxes if they can make it look like that's what it's all with that will will save the country.
You don't think the Republicans in the House could be forced into capitulating on their no taxes business.
We'll see.
I hope.
I hope that you be right.
I hope that you be right.
And I again I want to stress, I'm not predicting that they're doing this in the market.
I am just holding out the possibility, because folks, this w this is something I do know.
If overnight, later this afternoon, if something happens and this market goes crazy up, you and I both know there is nothing in reality, nothing in reality heights that has caused it.
There is no good news.
There was nothing inspirational.
There was no new idea.
There was n not one thing new from this president today.
There was not one new idea, not one new proposal, not one syllable was inspirational.
Not one syllable was motivational.
Not one syllable of what he said today was anything other than frustrating and the same old, same old.
Now, if miraculously this market has some kind of recovery, all I'm telling you is it's been manipulated it in real.
That's it.
And don't doubt for a moment that it can be done.
They can't do it all the time, otherwise, you know, it it would lose its effectiveness.
They have to save it for moments of genuine need, and certainly from Obama's perspective and the media's, this is one of those times.
Okay, Peggy, in uh in Roswell, Georgia.
Your turn.
Have at it.
Hi, Russ.
How are you?
Fine, I think.
How are you?
I'm okay.
It's so nice to talk with you.
Thank you very much.
And I just wanted to say that I think that the Obama administration is playing three-dimensional chess, and the others, our side is playing checkers.
All right, go ahead and tell me why.
Because I think that they're manipulating us.
I think it's sort of a psychological warfare type of thing going on.
They're waterboarding us psychologically.
Tell me how.
By putting us in a position where we can't can't get out of it.
We're like rats in a maze.
You know, every way we go.
Give me specifics.
What are they doing here?
What are they manipulating?
Are they manipulating the market being down?
Are they manipulating us for toxic tax increase?
What are they manipulating?
Oh, yes, they're manipulating the market.
They're manipulating everything that's possible to manipulate.
Absolutely.
Did the administration shoot down the helicopter in Afghanistan?
No.
No, I don't think so.
Well, I mean, where does this stop?
I mean, what what?
I know I I mentioned a a potential play they could be making with the stock market, but you think they're three steps ahead of us.
Yeah.
And I know I think I know what you mean.
You know, you you you think they're using the media to keep us worked into a frenzy.
Oh, absolutely.
Constant crisis, constant Armageddon, constant we gotta do something tomorrow, or else all else is destroyed.
Meanwhile, everything is being destroyed all around us all the while.
Exactly.
And I believe that Hillary Clinton is next in the wings.
To do what?
For them to put her up in the primaries for president.
Uh you mean in 2016?
No.
You mean Obama's not going to run in 2012?
I don't believe so.
Why if he's doing such a good job of manipulating us?
Because he's just a shirt, you know, with a microphone.
I believe the powers behind him.
Oh, who is that?
His wife.
Um, all of those type of people who are back behind the scenes.
Wait, wait, wait.
Obama's wife is the power behind the scene?
No, Cass Sunstein and his wife.
Oh, Cass Sunstein and his wife.
Yes.
Oh, okay.
Yeah.
Well, Sunstein is an oddball, there's no question about that.
Well, there's other people besides just Kat Sunstein.
Who?
I can't think of him right now.
But there's a lot of people behind the scenes who are, I think, running to show.
Okay, so Obama's toast.
Why is Obama toast?
Why is it going to be Hillary?
Why are they upset with Obama?
Because I don't I don't think that's a good thing.
If he's doing such a good job of keeping us all on edge and getting what they want, why would they get rid of the Messiah?
Because he he's done.
It's over with for him.
He's done his job.
He's done his job.
So now it's time to tie all the little ends together.
Okay, so it's kind of like Chinese debt water torture.
Yeah, okay.
All right.
So it's the it's the powers behind the scene.
Everybody wonders who the Oz is, you know, who's pulling the levers, who are these people who are who are they really?
Well, I mean, you've always president, some guy who's never been in a White House other than a cocktail party, shows up first day of press.
Who tells him how it works?
Somebody does.
Okay, the whole of her staff.
Yeah, transition, yeah, right.
The transition period.
That's right.
Okay.
All right.
Now, counterpoint here, if if folks, before we go to break, just this if Obama really, and Peggy thanks so much for the relief and the phone call.
Uh, folks, if um if Obama really cared about trying to save the U.S. economy, he would have taken this opportunity with the eyes of the world on him to demand that his party and the Senate vote to pass cut cap and balance.
Now don't laugh.
We just had our credit rating downgraded.
We're on the verge of default.
We are in financial hell.
If he really cared, is my point.
There is a solution to this.
There is a policy change, of course, that will work.
If he really cared, he would instruct, he would demand that his party in the Senate vote to pass the bipartisan in the House, bipartisan cut cap and balance.
The standard in poor specifically admitted that would have prevented a downgrade.
Now stick with me before you start poo-pooing this.
I'm talking from reality heights again.
If he really can't I know you're shouting him, he's never gonna side with a Republican.
I know, and that's evidence he doesn't really care about fixing it.
If he really cared, remember the impression that they want to leave you with is that Obama cares about you, cares about fixing this, cares about solving the problem.
He does not, because there are things that can be done.
The only plan, the only announced plan on the table that the credit rating agencies have approved is cut cap and balance.
They said every other plan would cause a downgrade, so what's Obama waiting for?
I'm just going at this as I said it's a counter example is just another way of telling you, proving that this is what he does want.
That what is happening is what he does want, that he does not want to stop this.
There was a way to prevent it.
There is a way to fix it.
He's not interested in either.
Thus, this is being done purposefully.
The sooner everybody comes to grips with that, the faster we're going to be on a course of reversing this.
By the way, folks, uh, this is all why Democrats like Ben Nelson in Nebraska Bill Nelson of Florida and others that run around posing as moderates and fiscal conservatives back home.
Must be defeated by conservatives.
Both of these guys, Ben Nelson, how many times has he gotten away posing as a moderate or as an independent?
They both voted for all of this.
They voted for all the big spending.
They voted for Obamacare.
They voted against cut cap and balance.
There are no more moderates left in the elected parts of the Democrat Party.
They are all far-left fringe liberals.
There are no moderates left in the Democrat Party.
There is no great center to be found to compromise with in the Democrat Party.
This is not your dad's DMC.
Okay, so far we've been talking about Standard and Poor's.
However, ratings agency Moody's, also known to our good friend Stuart Varney as Moodis, uh repeated a warning today that it could downgrade the U.S. before 2013 if the fiscal or economic outlook weakens significantly, but said it saw the potential for a new debt agreement in Washington to cut the budget deficit before then.
Now it's a it's a Reuters story.
It's kind of convoluted.
And Moody's is actually only saying what they've been saying all along, and what SP has been saying, and even what the IMF has been saying, and that is we need to find more deficit cuts.
There's there's nothing in Moody's or Standard and Poor's, or even the IMF, and who cares about them anyway, about tax increases.
That's all Obama.
The rating services are not suggesting that.
So there you have it.
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