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Aug. 10, 2011 - Rush Limbaugh Program
35:40
August 10, 2011, Wednesday, Hour #1
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Welcome to today's edition of the Rush 24-7 podcast.
I just saw, I just saw the uh following graphic, the following crawl on television.
Dow surrenders amid fears of weak economy.
Now the Dow was way up yesterday, as you all recall.
And they tried to tell us that yesterday somebody thought we had a strong economy.
Is that what they're trying to tell?
And today somebody figured out that the Dow is surrendering territory amid fears of a weak economy.
When has it ever been strong?
Well, when's the economy ever shown signs of life here in the last two and a half years?
You know, this is this is um it's almost bordering on insanity, this following up and down the market seesaw here and trying to attach minute by minute uh economic reality to it.
It's of course thus left to me to explain it, which I will do in due course.
Greetings, friends.
Great to have you here.
As uh here we are at Hump Day, the fastest week in media, and we're already at hump day.
And that means if you still have a job and you're still going to work, and it's a five-day week, you're over the hump today, the three days behind you, two days to go, and we are happy to have you with us.
Our telephone numbers 800-282-2882, the email address L Rushbo at EIB net.com.
The rioting in London continues.
There is rioting in America that's not being reported.
The mayor of Philadelphia, Michael Nutter.
Have you heard what this guy has said to his own citizens?
Forget of course he wants to curfew the youngins, but it's what he's telling them about the way they look and the way they dress and the way they behave and how they don't have any future, and all I'm telling you is if I said it, if I said it, the full force of every opposing force ever aligned against me, would be training every weapon they have on me today.
If I said what the mayor of Philadelphia said about his citizens.
Well, I'll get to it in just a second.
I got a lot of stuff.
I'm just setting a table here.
And we've got the Wisconsin recall election, the Republicans held the Senate, four out of six seats, Democrats are claiming voter fraud.
How could it happen?
And by the way, how could it happen without me, L Rushbow, even talking about it?
This is another thing that has to worry the Democrats.
They spent 35 million and the unions are already planning on protesting, they're already planning their own London type reaction to this.
They put 35 million in there.
This is a this is a this is a big big deal.
Uh $35 million, and it is a salient point that I did this on purpose, folks.
I I didn't say a word about it.
I had emails from people.
Rush, rush, Wisconsin is important.
You're gonna remind people.
And I was tempted.
But I figured if the people of Wisconsin don't know what's going on, it's hopeless.
If the people of Wisconsin don't know what's at stake, if I have to tell them it's over anyways.
I I I backed out.
I didn't say a word about I wanted to see what the people, what the voters of Wisconsin, I wanted to see where they were on their own without anybody then coming back and say, well, yeah, but of course, you know, limbaugh was in every day trumping the thing up, lying to the people in Wisconsin.
I didn't want any of that charge leveled.
So uh that's why it's it it is really good and exciting news what happened there.
Now let me tell you about the stock market here to start.
Let me let me tell this this is fascinating.
You know, yesterday, the market is way up for a while.
And we had advanced a number of theories to explain this.
And one of the theories was that the market was uh was waiting on the Fed either by some securities, buy some stocks, or to signal QE3 in their meeting that was coming up later yesterday afternoon.
Uh and And there was no question as what it was all about.
The children of the market were waiting for Daddy Warbucks to show up with some lollipops, essentially.
So the Fed about two o'clock yesterday afternoon announces what they announced.
What did they announce?
They announced that they're going to maintain interest rates at practically zero for two years.
Two years, by the way, takes us through the re-election campaign.
Takes us through the election of 2012.
So it was a gift from Bernanke all the way to Obama and his re-election bid, keep interest rates at or near zero.
But the big thing that the market wanted, they didn't get.
They didn't get any promise of QE3, and yet they acted as though they did.
I'm sitting here, I gotta be honest with you.
Well, I'm always honest with you.
But I was sitting here yesterday, wait a minute.
What why is a statement that interest rates are going to stay where they are, resulting in what was it?
A 400 and some odd point swing.
I mean, the interest rates have been where they are for a long time.
It's not as though we're going to went that they announced we're taking interest rates from 2.25% down to zero or taking interest rates from four and a quarter down to zero.
The announcement was for leaving interest rates where they've been for years for another two years.
Okay, that warrants 400 points up.
Well, guess what happened?
Goldman Sachs sent a note to investors almost immediately after the Fed's announcement.
And here is what they said.
A third round of quantitative easing is likely after the Fed promised to keep interest rates at extraordinarily low levels for at least two more years.
The Fed didn't say it.
There is, I've looked.
I can't find any conspiring going on out there.
I can't find any linkage between the Fed and Goldman.
Goldman just took it upon themselves to say, you know what?
We think that this announcement from the Fed means that QE threat uh QE3 right around the corner.
And that is what caused the market to then yesterday afternoon after two o'clock spike back up.
Then when everybody learned that there was no conspiring between Goldman and the Fed, when Goldman was simply opining on their own about QE3, that's how we end up down 350 today.
This is this is uh uh yeah, I I I no no, blank fine is the head of Goldman Sachs.
Jamie Diamond is the head of uh gosh, I got them all confused.
JP Morgan Chase, that's right.
That's where Jamie Diamond is uh uh Lloyd Blank Fine is a friend of Obama.
They were all friends of Obama.
They're all friends of Obama.
Anyway, Reuters has the um gruesome details.
Goldman Sachs uh said on Wednesday a third round of quantitative easing from the Fed is likely.
Now, Goldman, I mean, really, who can blame them?
They make money when people enter the market.
They wanted people enter the market, so they just said, guess what?
Um QE3 is likely.
It's just our opinion.
But they didn't say they didn't say it that way.
They made it look like their experts saw it between the lines in the Fed report.
We now see a greater than ever chance that the FOMC, the Fed will resume quantitative easing later this year or in early 2012.
We have changed our call because today's statement suggests that the committee's reaction function to incoming economic news is more doveish than we had previously thought, said uh the chief economist of the firm.
The explicit commitment to keep Policy rates low through mid-2013 and a bias toward easing policy further were more aggressive than expected and resulted in Goldman penciling in QE3 after the previous $600 billion bond purchase program QE2 ended in June.
So that's why.
That's why it skyrocketed yesterday afternoon, and that's why it's down 350 at the start of the program.
And that's why lame brains on television put up crawls and graphics.
Dow surrenders amid fears if we could come.
Dow surrenders because they've been had by Goldman Sachs.
Ah, folks, you gotta love it.
I just love it.
It's just stunning to witness all of this stuff.
Let's move on to uh move on to Wisconsin.
The Wisconsin recall by turning back the Democrats' attempt to recall, and I tell you, those were heroic Republican state senators that voted against all the union uh activity in Wisconsin, you know, ending the collective bargaining and uh making them pay a little bit toward their own retirement and so forth.
That was big stuff when it happened, and it was gutsy and it was courageous, not only the Republican governor, but these Republicans in the Wisconsin legislature.
And by turning back the Democrat attempt to recall, there were six Republican senators that they were trying to recall, four of them were victorious, four Republicans won, so that they maintained control of the Senate Wisconsin.
This means that the people of Wisconsin have fended off what amounted to a government union takeover.
The unions were trying via the recall election to take over the state of Wisconsin.
The people of Wisconsin rejected it.
The Democrats and the unions and their allies in the media, which is to say the media, tried everything.
They pulled out all the stops.
What was it, 35, 35 million dollars?
They had all their goons running around, and they still lost.
All of which should be very inspiring to the rest of us.
I mean, if the if the taxpayers of Wisconsin can win against all those odds, you know, Wisconsin only recently a red state.
And that's why this was important.
Only recently would its new status as a red state hold.
And it did.
If the taxpayers of Wisconsin can win against all those odds, we should be able to do the same thing in every state and in Washington, D.C. We ought to be able to roll back Obamacare.
In fact, we ought to be able to roll back everything Obama has given us over the last two and a half years.
We should be able to roll back the whole Democrat agenda for the last 65 years.
Yes, we can.
Two recall elections left.
Uh both Democrats, and if they lose, there will be the exact makeup of Democrat Republicans in Wisconsin as before the recall elections.
After 35 mil, let's go to the audio sound bites.
Last night on uh PMSNBC.
Oh, oh, wait, before this, ho, ho, ho.
Go to the top.
Let me find it.
Where is it?
Where is it?
Where did I put it?
Hang on just a second.
Here we oh, one more.
Um Sharpton, audio soundbite number one.
Al uh sh.
Al, let me just tell you, as a as a highly trained broadcast specialist, stick to activism and the uh and the foghorn and the bullhorn.
This is proving to be a tough transition for Reverend Sharpton.
And I want you to listen to this last night.
Um Sharpton uh filling in for the uh, I guess the still this guy's still there, sink you.
The rumor is that Sharpton's gonna get this guy's show.
He's been filling in for how many months?
Two or three.
They're still, I guess, assessing uh Sharpton here.
Here is Al Sharpton reporting on the Wisconsin recall for MSNBC.
Tonight is the measure of whether the country begins in the state of Wisconsin, a national drive to push back, or whether we have more to go to build a movement of resistance.
But resist we much.
We must and we will much about that be committed.
All right.
Now what happened here is obvious.
What happened here is obvious.
Somebody is sabotaging the Reverend Sharpton via the teleprompter.
It can be the only thing to explain this.
The Reverend Sharpton, you know, is an extemporaneous preacher.
He's an extemporaneous protester.
When uh Reverend Sharp goes out there with the with the with the bullhorn, I mean, there's no teleprompter or cue cards or any of that, but over once once she got on the television, they put everything on teleprompter.
And he read it just like they had it up there.
And it made no sense to him as he was reading it, but he still read the sad thing is it probably made perfect sense to the audience of MSNBC.
That's the sad thing.
So here we go again.
Now that you know what happened.
Well, it's either a racist teleprompter or whoever is preparing the teleprompter's racist or somebody is sabotaging.
And you look, there are a number of black accredited certified journalists who are really ticked off that the Reverend Sharpton is up for this gig.
You know, it's sort of like it's sort of like real-life sports journalists who get ticked off that athletes who've never played the game, the jococracy, end up in the broadcast booth or at the analyst desk.
Meanwhile, they're out there sweating and slaving in the small markets, trying to climb the broadcast ladder.
Here's Sharpton from the protest march and the fundraising podium straight over to the MSNBC studio, and a lot of black journalists say, wait a minute, what about us?
And they have a they have a legitimate complaint.
Complaint and one of them, some of them might have gotten together trying to sabotage here, Sharpton, because this again.
What's the question?
Okay, official program observer, Mr. Snerdley with a question.
Quick, what is the question?
We know he can read because he he because why else say what he said?
He had to be reading that.
He had to be here.
again.
Tonight is the measure of whether the country begins in the state of Wisconsin or A national drive to push back, or whether we have more to go to build a movement of resistance, but resist, we much.
We must and we will much about that be committed.
That's right.
We will much about that be committed.
We much.
Resist, we much.
And as I say, the audience probably understood every syllable.
I am probably um ironic as this, Al Sharpton's best friend.
I have now, ladies and gentlemen, guaranteed, guaranteed that people in droves will now tune in to Sharpton's show on MSNBC just to watch him screw up.
And they won't be disappointed.
He will screw up.
Maybe, maybe that ought to be uh our motto here, the EIB.
You know, we can have mottos anytime we want them.
We can create mottos.
Resist we much.
Our new motto.
Oh, no.
Resist we much.
By the way, folks, I've been doing some.
I worked really hard last night.
When I had to dinner with a friend, I came home.
Do you know what?
You know what I learned?
You know, we had these tapes yesterday.
A little bit of a controversy.
The UK Daily Mail said it's a Jackie O tape said at LBJ was behind the assassination of JFK.
Uh-uh.
Tea Party.
Evidence exists to show that the Tea Party.
Not only that, the Tea Party paid off John Wilkes booth.
Did you know that?
Yeah, it's it goes.
It's much deeper even than that.
That's just the surface of what I've been able to learn, digging deep and working hard.
Anyway, greetings, folks.
We introduced the program 30 minutes into it.
Rush Limbaugh, the excellence in broadcasting network from the Limbaugh Institute for Advanced Ideological Purity.
Resist we much.
And we'll be back.
Right after this.
Don't go away.
Okay, on to the sort of audio sound bites out of Wisconsin.
Last night, MSNBC had a special edition of uh of a program they have called The Last Word.
And the uh the fill-in host was uh Sergeant Schultz, reporting live from Madison.
They were so excited, folks.
Excuse me, I have something in my left eye.
They were so excited out there.
They they they thought this was going to be the uh the night that they rolled it all back.
The unions retook power in MSNBC and Sergeant Schultz, fresh from the railroad car graveyard where he films promos, was sent out to Madison, Wisconsin to crank a chronicle this uh this this great comeback.
I mean, think of how bad it would have been without Sharpton's inspiring speech.
If they hadn't had Sharpkin on MSNBC inspiring people in Wisconsin, like I said, this could have been a landslide.
At any rate, they're talking to uh Wisconsin Farmers Union member Tony Schultz.
Sergeant Schultz said at Tony Schultz, the magic numbers three, but you got two so far.
I'm encouraged, but we need three.
We need three, and we can't have Florida style shenanigans calling this race.
We need democracy to call this race.
Okay.
That was before the results were known.
Then when the results were known and they came in and they lost, they began demanding investigations.
Last night on MSNBC's special edition of The Last Word, the fill-in host Sergeant Schultz again, they brought him off the uh railroad car graveyard, sent him to Madison, Wisconsin, talked to John Nichols of uh of the Nation magazine.
Sergeant Schultz said, when you mention the name of what county official was in charge of the votes in Walkershaw County, you heard the response of the crowd.
Been down this road before.
What does it mean, John?
It comes down to Waukeshaw County, the county that has been the trouble zone in getting our votes counted.
When you have trouble election after election after election, you start to get to a point where maybe Tammy Baldwin, the Congresswoman from Madison, was right when she asked the U.S. Justice Department to come in and look at Rocky Shock Island.
All right, so uh see they lost, and that can't possibly be.
Not in Wisconsin, so there have to be investigations.
And then finally, Sergeant Schultz himself.
You can't make this stuff up.
You've got six recall elections tonight.
Three go to the Republicans, two go to the Democrats, and one that hasn't been called yet, just so happens to be the one that had some shenanigans during the Supreme Court race.
I mean you couldn't write this.
Right.
And then when it was all over, a victorious Republican stood up to the unions.
Alberta Darling last night in uh I guess Thienesville is how you print Feinzville, Thienesville, Wisconsin, at her victory party, State Senator Alberta Darling.
I'm very proud to say we stood up against the special interest groups.
We stood up against the union, and we said, the voters count, the word count.
So there you have it.
Four to two of the Republicans hold the Senate in the state of Wisconsin beating back the recall.
And again, they unions put 35 million dollars in there, dwarfing whatever was spent by the uh by the Republicans.
Now, anyway, I mentioned that I uh I went to uh went to dinner last night with a friend.
And you know, folks uh I I'm having trouble recalling a time in uh in my life where no matter who I get together with, the subject always ends up being how frightened people really are for the country.
These are successful people.
You know, we're told about these people that they don't care what happens, they've got theirs, and nothing, of course, could be further from the truth.
Now we we have faced unbelievable obstacles, America has, and we've overcome all of them since our founding.
But what is happening now is that the federal government, this is this is different.
And I I guess I should preface this by saying that I've I've read a couple pieces uh in what I call a mainstream media, even mainstream conservative media.
One piece was hey, hey, hey, don't overreact.
You know, this stuff happens in America all the time.
Uh we go through our ups and downs, and there's there are always challenges to America as founded.
And you know, we're we'll we've always triumphed and we always will.
And then it was, I guess Ramesh, yeah, it was Ramesh Ponuru, who writes at National Review Online had a had an opinion piece at Bloomberg in which he basically spelled out how Obama is a lock to win re-election, citing the Reagan and Carter races and what was different about them today versus Reagan Car Reagan Carter and the electorate and so forth.
And I'm I'm looking at both these pieces and I'm wondering, what do they not see that I see?
Or how come they are not seeing this as drastically as we all do?
And this is not precedented.
There are a lot of us who believe that we've not come this close to losing our country before.
Not internally, anyway.
So we've we've faced unbelievable obstacles, we've overcome all of them.
But what I think what's happening now is that the federal government is exercising power that it has never before had large ways, small ways, and the federal government is exercising power for a specific purpose.
The federal government under Obama is exercising power to undo what America stands for.
I don't recall that ever happening.
And I must admit that when I read pieces by people I respect and and have uh known and and read uh why don't they see this?
Why is this just the usual normal ebb and flow political cycle to people?
Yeah, the Democrats are gonna win one here and there, we're gonna win one here and there, they're gonna have Congress for a while, we're gonna have Congress for a while, we'll have the power for a while to spend the money the way we think it should be spent.
They'll have the power to what how can people on our side not see what's being done to the country via the federal government?
How can they not see how this is different?
I asked myself that I'm as an open-ended question, not as an insulting question.
I'm I'm genuinely curious.
How did they not see it?
Why do they not see it?
What don't they see?
You and I pretty much all see it in the dire consequences that we've defined.
The federal government exercising power it's never before had large ways and small ways to undo what America stands for.
Which is what transformation is all about.
And all of this has been years in the making.
Now's the time with the current political leadership that it has reached a truly perilous point.
And I don't think it helps to overcome it by downplaying it.
Or by suggesting it's no different, really, than any other time.
It's we've never been this much in debt.
Folks, our credit rating for the first time since ever.
The credit rating first went into effect in 1917.
We're now a double A plus.
The French.
The French today standard and poor's and Moody's both kept France at triple A plus.
The world was told that France is a better credit risk than we are.
And we got TV networks running crawls saying Dow surrenders.
I mean, the French.
A better credit risk than we are.
We're surrendering.
You know, I'm I'm all for looking for silver linings.
But if they're not there, it's far more dangerous to misdiagnose the nature of things than not.
What is occurring in America today is un-American.
That's what sets it apart.
That's what makes it different.
We have no historical comparison to this kind of government morass.
We have faced existential threats before.
We've faced external threats before.
We've even faced internal threats before, but not of this sort.
And if it is to be overcome, it's going to take a great deal of course reversing.
And soon it can take more than one election.
It's going to take many elections.
And the threat is from within the very system that was to protect us has become the threat.
And I do not understand how there are people that don't see that.
I'm not talking about you.
I mean, you do see it.
You, us, the average America are so far ahead of those of us of those who claim to be our betters, or if not our betters, the ones who uh uh intellectually more advanced, they're the ones to inform us and analyze for us.
We are so far ahead of our own analysts on this.
The very system that was to protect us is and has become the threat.
And there's that's why there's nervousness everywhere.
There are people genuinely afraid of the future of the country, for the future of the country.
Not the future of the Republican Party or what's going to happen in the next election, but the future of the whole country.
It's a real danger.
It's not a passing one.
And I it has to be considered as such, not just another point in history.
That's why this thing in Wisconsin last night was so important.
And away it happened on its own without any external impact or influence.
This was the people of Wisconsin on their own.
You know, nations do decline.
Countries do decline.
It's happened before, and it's happening all around us.
It just isn't necessary.
Brief time out.
We'll come back and continue right after this.
Let's go to the phones.
LaCrosse, Wisconsin.
William, hello, sir.
You're first today.
Great to have you with us.
Hi.
Yes, yes.
Nice to speak with you, Megadetto.
I just uh I'm I'm feeling a little ambivalent today.
I'm I'm both happy and I'm sad.
Because uh here in La Crosse, we lost a good senator.
We lost Senator Dan Capanke, who actually voted for the budget repair bill.
We lost him today, but at least the Democrats did not take the majority in the Senate.
Yeah, you can't win everywhere.
I understand you're your uh your guy lost in Wisconsin.
That's your point, Right?
That's why you're unhappy.
Yeah.
I guess it kills me because they uh you know the the unions came in here and they started pushing uh their agenda around wanting to you know get more union dues and keep feeding the Democrat Party, but I just don't understand how anybody could possibly vote for a Democrat yet complain that taxes are too high.
It makes no sense.
Why can't these people be reached?
Well, uh take a look at what's happening in uh in in London.
Yeah.
Uh there's a reason.
In fact, there's a I I didn't print this out because it's 11 pages, and I'd be tempted to read the whole thing.
There is the best explanation of who, what, when, where, and why.
The London rioters, who they are, what they're doing, why they're doing it.
And it when you read it, you can s you could swear you're reading about parts of this country as well.
So I emailed it to myself, but I didn't print it out.
I guess I could print, I guess now that I've mentioned it, I'm gonna have to read some of it.
It's 11 pages long.
I mean, it touches everything.
These people are basically the people rioting in London basically human only by virtue of DNA.
But they don't live human lives.
They don't they have their their thought about the day as their next meal and sex.
They have they've had no training.
They have had no upbringing, they have no manners, they don't have any concept of it.
They is they they are the product of a liberal welfare state.
They are where we end up with socialism.
It is uh nine nine nine over there, but yes.
Whether no, when they're no McNuggets over there, they go burn down the McDonald's.
It's not that they call a cops and complain uh Port St. Lucy, they call 911 and complain about no McNuggets into London if there are any McNuggets.
They call their friends on some social network on their blackberries.
That's what they use over there, and they burn the place down.
Which is what's it's a fascinating piece.
It it uh and now that I've now that I've alluded to it, I'm gonna have to at least excerpt it.
So I I will uh I'll print it out during the break here at the top of the hour.
And I'll do Philadelphia too.
Michael Nutter, the mayor there.
This is uh this is I'm just telling you.
If I if I did that, and Gallup is out, folks.
Gallup.
They're out with two things.
Obama still in their latest opinion survey, approval survey, Obama's still at 40%.
But there's another Gallup poll that's out.
Americans want new debt supercommittee in Congress to compromise.
Americans want leaders, they want results, they want stability, they want compromise.
That's what Gallup says they've learned in polling the American people and their expectations for the super committee.
Now this needs to be translated, and there needs to be a strategy attached, which I'm gonna provide in due course.
Well, this is a tease.
What Bahner start needs to start doing is using the phrase balanced approach and compromise.
Balanced approach and compromise, we're just gonna define them differently.
Balanced approach means tax cuts.
Tax cuts.
No, it's on my cat talks to me.
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