And back we are right here at the Excellence in Broadcasting Network, 800-282-2882.
If you want to be on the program, the email address, El Rushbo at EIBNet.com as we kick off a brand new week of broadcast excellence.
It is possible, it is possible that we were talking about the subprime mortgage crisis as far back as 1998, because I remember Janet Reno, who was the Attorney General at the time, threatening banks with investigations if they didn't make these loans.
Now, Investors.com today, Investors Business Daily, has editorial smoking gun document ties policy to housing crisis.
Now, they act like it's new, and it is to them, but I'm just going to admit to you, it gets frustrating sometimes being on the lead of this stuff.
It really gets frustrating being years ahead of people because when you're years ahead, they ought to catch up years ago.
Anyway, I'm not ripping investors' business daily.
Don't misunderstand.
This is just a generic thing.
President Obama says the Occupy Wall Street protests show a broad-based frustration among Americans with the financial sector, which continues to kick against regulatory reforms three years after the financial crisis.
Obama complained earlier this month you're seeing some of the same people who acted irresponsibly trying to fight efforts to crack down on the abusive practices that got us into this in the first place.
Well, what if the government encouraged or even intended those abusive practices?
Well, you and I know, because you listen here every day, that they did.
You know that it was Jimmy Carter that started it.
You know that it was Bill Clinton that really ratcheted it up.
And you know that it was Barney Frank and Chris Dodd and a number of other Democrats throughout the 2000s which kept this program alive under the whole concept of affordable housing.
We must make sure that people who can afford houses are in houses.
It's only fair, as Barney would say.
So we rewind in 1994.
That year, the federal government declared war on an enemy, the racist lender, who officials claimed was to blame for differences in homeownership rates and launched what would prove the costliest social crusade in U.S. history.
At President Clinton's direction, no fewer than 10 federal agencies issued a chilling ultimatum to banks and mortgage lenders to ease credit for lower-income minorities or face investigations for lending discrimination and suffer the related adverse publicity.
They also were threatened with denial of access to the all-important secondary mortgage market and stiff fines.
The threat was codified, a 20-page policy statement on discrimination in lending and entered into the Federal Register on April 15th, 1994 by the Interagency Task Force on Fair Lending.
Bill Clinton set up the little-known body to coordinate an unprecedented crackdown on alleged bank redlining.
This edict, completely overlooked by the Financial Crisis Inquiry Commission and the mainstream media, but not us, was signed by then HUD Secretary Henry Cisneros, Attorney General Janet El Rinho, the controller of the currency Eugene Ludwig, and Federal Reserve Chairman Alan Greensman, along with the heads of six other financial regulatory agencies.
The agencies will not tolerate lending discrimination in any form, the document warned financial institutions.
Ludwig at the time stated the ruling would be used by the agencies as a fair lending enforcement tool and would apply to all lenders, including banks and thrifts, credit unions, mortgage brokers, and finance companies.
The unusual full court press was predicated on a Boston Fed study showing mortgage lenders rejecting blacks and Hispanics in greater proportion than whites.
The author of the 1992 study hired by the Clinton White House claimed it was racial discrimination, but it was simply good underwriting.
There was no problem.
People were not lending money to people who couldn't pay it back.
This was called discrimination.
This was called redlining.
This was called all kinds of horrible racist stuff.
And so the pressure was on, starting in 94 through 98, the Clinton years, to start making these loans.
And it's been that way since a get-go.
And even now, Occupy Wall Street.
All of this, everything that's happened since the subprime mortgage crisis became known to the general public, everything has been about redirecting blame at Wall Street, at the banks, when in fact the blame is going right to the Democrat Party when they ran the federal government.
Now the thing is, we've known this for years.
So here now they've got the official smoking gun document which proves it.
But this is not the only document that's out there.
This stuff has been, I mean, I didn't learn this from any back channels.
This was all happening at the moment.
We talked about it while it was happening.
Throughout the 2000s, even in the late 90s, when Janet El Rinho was making all these threats.
Oh, I'm just saying it gets frustrated, frustrating.
They have the goods on this stuff, and nobody pays attention to it.
You know, which leads me to believe everybody involved here knew it anyway.
This is all part of the establishment.
I don't care what party they're in.
It's all part of the establishment trying to shift blame away from themselves and back onto Wall Street.
One of the favorite whipping boys, because everybody knows at the end of the day, the establishment's in bed with Wall Street anyway.
And part of the deal is you take the public flogging and you take the abuse and we'll shut down one of your houses now and then, but we'll see it to it.
You'll still get to keep your house in the Hamptons.
Well, that's what it is.
Look at this.
Jim Garrity, National Review campaign spot, former New Jersey Governor John Corzine, who before that ran Goldman Sachs, started when he left the governorship a company called MF Global Holdings, a futures brokerage.
Well, MF Global Holdings, LTD, run by John Corzine, was suspended from conducting new business with the New York Federal Reserve today after posting a record loss.
The firm's board met through the weekend in New York to consider options, including a sale to avert failure, according to a person with direct knowledge of the situation.
Here's a guy living off of his fame at Goldman Sachs, goes to the United States Senate, participates in vote after vote after vote for deficit spending and deficit spending, then becomes governor of New Jersey.
And it says everybody has forgotten that this is the guy who left a record $8 billion budget deficit as governor of New Jersey.
And so now he's done the same thing to his own firm, MF Global Holdings.
As recently as August, there was speculation that Obama would name Corzine his next Treasury Secretary.
It's a den of thieves, sterling.
It is just a den of thieves.
Daily Caller, there's a couple stories with this theme.
Experts begin to doubt Obama's re-electability.
Well, where is the evidence that Obama can win the 2012 election?
Where's the evidence that swing voters even want to listen to him?
Barack Obama polls below 50% in every state that matters.
You couple that with only 16% of the people who think the country is on the right track.
And those people are the losers that make up part of the Democrat Party base.
You compile or combine those two numbers, and it looks bleak for the BAMster.
The economy has stalled.
Unemployment's much higher than the official number, 9%.
Hispanics and African Americans disappointed.
The president's approval numbers have tanked.
The right track, wrong track number fell off the cliff in the summer.
It's now 16% who think it's on the right track.
Obama has reached the stage of political doom when voters' disappointment is so deep that they just don't want to listen to him, talk about him, or watch him, said David Hill, a veteran Republican strategerist and pollster in an interview with the Daily Caller.
This guy says a tipping point might have been reached in August when the monthly jobs report showed zero new jobs.
With George W. Bush, it happened sometime in 2006 after Katrina and the 2005 Iraq situation.
And even Obama-friendly experts are close to dismissing him now, according to this story.
And there's a Dick Durbin is also in the news at the same website, the Daily Caller.
That's Chatsworth Osborne Jr.'s website, right?
The Daily Caller.
Illinois Democrat Senator Dick Durbin told the Chicago Tribune that if the 2012 election is a referendum on Obama, then Democrats are in trouble.
So there's a theme.
Obama's not electable.
Starting to just appear ever so slightly.
Just starting to effervesce as a matter of panic and concern.
And then there's this from the Business Insider, Goldman Sachs analyst index does not reflect the modest cheer that people are feeling about the economy.
You remember this past week when the gross domestic product came in at 2.5% and everybody was going out there having a party?
And you remember that I, Il Rushball, was telling you, where is it?
Can somebody show me this 2.5%?
Well, don't get too excited.
From Goldman Sachs Shuan Wu.
The Goldman Sachs own index fell 0.9 points in September.
The third straight decline since July.
The second straight month at the headline index is registered below the 50 mark.
Declines in the headline index contrast with the small improvement in the September ISM manufacturing report.
And anyway, the bottom line here is that Goldman Sachs is telling their people the economy is actually weak and it got worse in October.
It didn't grow.
That's what all these numbers add up to.
That's what the story is all about.
It's written very technically, but the essence of it is that the economy is weak and got worse.
There wasn't any big growth.
And see, everybody knows this.
Everybody alive, everybody living it knows it.
We'll be back.
Don't go away, folks.
As usual, talent on lawn from God.
Here's Connie, Monroe, Louisiana.
Great to have you on the program.
I'm glad you waited.
Thank you so much, Rush.
Rush, I don't know where to start.
I've been hearing people saying that the Tea Party is the party of get the in out of office and how that they want to lynch Obama.
Now we're getting the high-tech lynching of a beautiful man, Herman Cain.
And you just think about Clarence Thomas and how the Democrats did him, how the liberals did him.
And it saddens me that so many blacks love liberals.
They love the Democrats who want to give you something.
Wick, hamper, give you a house, give you a telephone.
I think all of them need to, a lot of people need to look at remember the Titans with Denzel.
And he had a line in there where he was telling one of the assistant coaches when Denzel's character would come down on the players, the black players, and he would go over there and cuddle them.
And he told them, stop it.
You're crippling them.
And that's what's happening with all these handouts.
And now we're going to get diapers.
It's just ridiculous, Rush.
It's ridiculous.
And we have a beautiful man like Herman Cain.
Now he's going through the high-tech lynching, the same exact thing that they did to Clarence Thomas.
It saddens me.
Nope, they're out to destroy him.
There's no question.
Thank you, Rush.
You bet.
I'm glad you called.
Thank you, Lorraine or Connie Redder.
This is Ray in Chattanooga.
Ray, thank you for calling.
Great to have you here.
Rush, how you doing?
Good, thank you.
Listen, I have a little bit different take on this whole Herman Cain thing.
And you alluded to it earlier, and that is, first of all, we shouldn't be surprised if they're coming after him because he is now officially in the NFL.
Secondly, every campaign has an opportunity to respond to these kinds of things, and the way he responds will define his campaign.
So in one sense, I think the Politico has given him a golden opportunity to show what this guy is made of.
Well, I'll tell you what he did at the National Press Club today.
He sang Amazing Grace.
Well, that is just like the character of the man that we all want to be president.
And in fact, you know, he can actually take a lesson from you, which you may, I'm sure you remember.
But do you remember the Phony Soldiers incident?
Oh, yeah.
Oh, yeah.
Somebody came after you and your program, tried to get a negative, and what did you do?
You handed them their ass.
Every day for a month.
Now, Herman Cain is kind of like, you know, I know you're an NFL fan.
He's like a defensive back right now.
Quarterback has not thrown the ball in his direction all game.
He now has a chance to catch the ball and run it in.
We need to know who are these women?
What did they do?
What's their background?
What are their families like?
Well, let me tell you something.
If, if, if.
If this were a Democrat, if Herman Kane were a Democrat, that's all we would know is who the women are.
The media would already have destroyed them.
That's right.
They'd have plastered their pictures over there, and they would have been trashed.
They'd have called sluts and hoes and who knows what else.
So I think that, you know, those of us that are Kane supporters and conservative supporters, now is the time for us to send dollars into Herman Kane and on the ledger right, Politico.
Speaking of Politico, this is from the website.
In a surreal moment at the end of Herman Kane's appearance at the National Press Club, the Republican candidate agreed to sing a few bars to share his faith.
He sang Amazing Grace.
Amazing Grace will always be my song of praise, for it was grace that brought me liberty.
I'll never know why Jesus came to love me so.
He looked beyond all my faults.
That's what Herman Kane said today as he sang Amazing Grace at the National Press Club.
And of course, the political thing, oh, surreal.
Oh, my God, what's this guy doing?
We got him dead to rights, and he's not giving up.
We got him dead to rights, and he's not admitting that he did it.
We got him dead to rights, and he's not begging us for forgiveness.
Some point, you know, folks, this stuff backfires.
A lot of people are going to be hearing Herman Kane for the first time now.
And he doesn't come off as a serial sexual harasser.
And Democrats, by the way, have been going to this playbook for so long, back in their monopoly days when there wasn't an alternative meeting to blow smoke and a hole through it all.
We have some son by Chief Herman Kane at the National Press Club.
The president, Mark Hamrick, said, I understand you addressed these allegations at the American Enterprise Institute and your appearance here.
Can you now confirm that these allegations were made and that there was in fact a settlement of any kind?
I have never sexually harassed anyone.
While at the Restaurant Association, I was accused of sexual harassment.
Falsely accused, I might add.
I was falsely accused of sexual harassment.
And when the charges were brought, as the leader of the organization, I recused myself and allowed my general counsel and my human resource officer to deal with the situation.
And it was concluded after a thorough investigation that it had no basis.
As far as a settlement, I am unaware of any sort of settlement.
I hope it wasn't for much because I didn't do anything.
Well, there he is again.
I hope they didn't settle for much.
I didn't do anything.
Here's more discussion of the settlement.
But the fact of the matter is, I'm not aware of a settlement that came out of that accusation.
I would draw your attention to the three people mentioned near the end of the article that were at the Restaurant Association as past chairman, chairman, and incoming chairman of the board who would have known about this if it had turned out, in fact, to be a charge with some validity.
But it was not.
As a result, I have never sexually harassed anyone, and those accusations are totally false.
And then the National Press Club president, Mark Hamrick, said, do you think this came from rivals might have helped put it out there?
I told you this bullseye on my back has gotten bigger.
I have no idea.
We have no idea the source of this witch hunt, which is really what it is.
We have no idea.
We've been busy trying to get my message out.
That's Herman Kane today at the National Press Club.
Note the difference.
Back in the Monica Lewinsky days, one of the bimbo eruption days of Bill Clinton, they invented the nuts and sluts defense.
Remember, it was Clinton who went and told Sidney Blumenthal, hey, you know what, that BI it, she came at me, and she's the one that made a sexual demand of me.
You tell him that, Sidney, that's what happened.
I was minded my own business.
Here comes this woman delivered a pizza, and she delivered right in there in Noble Office.
And she was even making a run.
I never had sex with that woman, Ms. Lewinsky, not a single time, never.
And I never lied, not a single time.
And then Carville started with the dragging a dollar bill through the trailer park comm and so forth.
And they went out and they started destroying all these women.
Kathleen Willie doesn't name, doesn't matter who they are, every one of them.
Now, if Herman Cain had any Clinton-like tendencies of the press club, he would have launched into these women today.
Or he would have had his aides.
It would have been cool if the aide that smokes a cigarette in the ad would do another ad while smoking, talking about nuts and sluts trying to take down his candidate.
That would really tick him off.
Well, we're just following the lead of Bill Clinton.
The former president of the United States has written a book on how to deal with these kinds of allegations.
I'm just kidding.
I'm not advocating it.
It would be entertaining to see.
And then it was after Clinton told Sidney Blumenthal that Lewinsky was stalking him that Blumenthal started referring to her as a stalker.
And so in the early days of the Lewinsky story, it was that she was a stalker.
And the media ran with that interpretation.
And then they started going with the interpretation that Ken Scar was a star was sex pervert and they had to destroy him.
I know if she hadn't saved the blue strain dress, we'd have never gotten the truth out of that at all if she hadn't saved the dress as a souvenir.
That is ever so true.
It's like I said in the first hour of the program, if this story were out there about Obama, they would be out there already identifying these women.
Their pictures would be up there.
They'd be sluts, hoes, you name it, money grubbers, and Obama, the essence of innocence.
That's how they would do it, without attacking the women.
And they said Clinton was a great president.
Clinton was a great, great, great president, serial sex abuser.
Great president.
His serial sex abusing didn't keep him from being great president.
In fact, they said it's none of your business.
Didn't stop him from doing his job.
Everybody does it.
Note the difference.
I maintain to you, the American people know this.
I maintain to you now that times are different.
I maintain to you that this kind of stuff is not automatically believed like it was 20 years ago.
And a lot of people think it is.
A lot of people think the Democrats win every one of these things, every one of these attempts, because the Republicans never fight back.
And the reason they don't is this.
They don't want to have happened to them what's happening to Herman Cain.
That's why they don't.
You call here and constantly ask me over 23 years, Rush, why don't the Republicans say?
And why don't Republicans do?
This is why.
They don't want any part of this.
Don't want any part of it.
They're content to let Herman Cain twist in the wind out there all by himself.
And if he can survive it, get out of it himself, that's fine.
That's fine.
Who's next?
What about it?
Yeah, but Snerdley will not let this go.
The phony soldier thing.
Well, but you're biased.
You love me.
So you want all this to be about me.
He keeps yelling in my ear about the phony soldier business, how we had a caller who said I handed them their ass when they try to take me down with this phony soldier business that I turned it right around on them and so forth.
Yeah, but the thing I know is nobody else is going to do that.
Everybody lives in fear.
Everybody lives and cowers in fear on the Republican side.
They're not going to do that.
I doubt that Herman Kaine's even going to do it.
They're two different worlds.
This is not politics here, this show.
Maybe a fine line to some people, but it isn't.
Here's George in Myrtle Beach, South Carolina.
Welcome to the EIB Network.
Hello.
Hi, Rush.
Thanks for having me on.
You bet, sir.
I just had a suggestion.
I was thinking you could market your tea to the enviro clubs head to head against Coke because you don't have those nasty carbon dioxide bubbles in your book.
That's right.
Our beverage is not carbonated.
You're exactly right.
And, you know, you won't kill polar bears or anything drinking your beverage.
Well, that's absolutely true.
I have to hand it to you.
That's another positive thing about two if-by-tea.
It's not one aspect, there is not one aspect of it that is environmentally destructive.
Quite, quite the opposite.
RT does not emit carbon, pure and simple.
We can't be destroying ozone or anything else.
All we do with RT is bring smiles of pleasure and enjoyment.
So have you noticed, by the way, folks, that all of these terms like borked, palined, Thomas, there are never any Democrats names that describe being personally destroyed by the media.
Only Republican names.
Somebody got borked.
But nobody ever said, yeah, somebody got Kennedied.
Well, yeah, nobody ever got Weinard.
Of course, the waitresses did get Kennedied, you know, at the labroserie with Chris Dodd.
They did get Kennedy.
You know, a lot of people are talking today about Mona Simpson, sister of Steve Jobs, and her eulogy at his memorial service, which was published over the weekend in the New York Times.
This is what they're talking about.
On his deathbed, Jobs had his entire family assembled.
And just to cut to the chase, he looked past them all after he had said his goodbyes.
Looked past them all.
And his last words were, oh, wow.
Oh, wow.
Oh, wow.
And then died some hours later.
Those are the last words that he uttered.
Not to anybody.
Not looking at anybody.
Looking past everybody.
And so now there is a fascination with what he saw.
What was he talking about?
What was he referencing?
Everybody dying to know.
It's a giant fill-in-the-blank.
It is fascinating.
As I tell you, I read Isaacson's biography.
I sent Walter Isaacson two emails in the middle of reading the biography, just sharing with him my reaction to it, the impact that it had on me, which was profound.
And like everybody else, I'm intrigued by this too.
Oh, wow.
What did he see?
Felt, I did say, I felt shortchanged.
I never had a chance to meet him.
Felt short-changed.
I never had a chance to talk to him.
Well, yeah, I went through all emotions.
I got choked up.
I got angry.
At him, the way he was treating people.
I got angry at myself for not trying harder to get through to the guy.
And not for business reasons, not for advertising reasons or any of this like that.
It was just a combination of regret.
Then it was exultant at times.
Euphoric.
It's an incredible book.
The way it's written, the story itself is incredible.
And the way that Isaacson has written this, it's not a standard biography.
I bought 10 physical ones, but I read it on the iPad.
But I got 10 copies of the hardcover.
I don't know where they all are now, but I did get 10 of them.
And it was had a profound emotional impact on me.
There were times I had to stop reading it.
It was not so much a page turner.
Other parts of it were.
But it was, I don't know.
Suffice to say, it was a powerful message impact, all of that.
No, I didn't see the New Yorker cover.
The New Yorker cover, St. Peter, checking jobs in with an iPad.
I haven't seen that.
Here is Ron in Cincinnati.
Ron, I'm glad you waited.
Great to have you on the program, sir.
Thank you, Rush.
A pleasure speaking with you again.
Hey, the reason I'm calling today, we've spent a lot of time listening to what's going on with Herman Cain, and it's really unfortunate that Politico gets to lead the news cycle of what we ought to be talking about.
I would really like it if you could direct your attention over the next couple of days to what's going on in the Senate.
There's a couple of presidential candidates that have talked about it a little bit.
It's going to take 13 seats to repeal Obamacare.
And the only Senate candidate that I've even heard of that's running this cycle is this Elizabeth Warren chick out of Massachusetts.
And if we don't start talking about how we're going to get to 13, we're going to get stuck with this monstrosity, Rush.
Well, I'm sorry to let you down.
Well, you have to let me down.
And here's our chance.
I mean, rather than to follow Politico, let's take a day and let's look race by race, state by state.
I mean, I got Sherrod Brown in Ohio.
What an idiot.
We've got to get rid of this guy.
Who's running against him?
Who are we trying to cultivate to run against him?
Where are the conservatives, the 13 conservatives going to come from that are going to get us to repeal?
And, Rush, it's your platform that's going to start that.
No, it's yours.
It's yours.
Well, don't follow Politico, please, but I would much rather you spend our time talking about how we're going to take that.
You know what?
I'll tell you, if there's a way that you can solve this, it's listen to something else if you don't like it.
Somebody just asked me in an email, does it get tired of people shooting you all the time?
Meaning, Russia should do that and you should do that.
Nah, sometimes it does, but most of the time it doesn't.
I understand the singular hope people have in me to save the country.
And I'm up to it.
And we'll save the cent.
We'll do everything we can at the appropriate time.