It's Rush Limbaugh with half my brain tied behind my back.
Just to make it fair, we are here at the Limbaugh Institute for Advanced Conservative Studies.
And for a few moments longer, we're going to be reviewing Obama's admission of socialism, Marxism.
In his Osawatomi, Kansas speech yesterday, we're going to be reviewing Obama admitting that in his view, this country has never worked.
That this country has always been fraudulent.
That this country, since its founding, has never worked.
Our telephone number is 800-282-2882.
We're going to get to your phone calls in this hour.
Now, folks, these comments that he made yesterday are dangerous.
You ever heard the term the Luddites?
Well, you know who they were.
The Luddites for this application, the Luddites were the first people who thought like Obama thinks, at least the first on record.
They started breaking into factories and busting up the looms which were manufacturing fabric and cloth in England.
These were the looms that basically launched the Industrial Revolution, which has led to unimagined wealth throughout the world.
What Barack Obama said basically yesterday was he wants to go back and subsidize the horse and buggy industry.
Imagine if Obama had been president during the time of the invention of the automobile.
What would have happened?
He would have shut it down because look what it did to the horse and buggy industry.
Look at what people have made, buggy whips and buggies.
How unfair of a country to do that to people.
So yesterday, instead of the automobile ruining the country, it's the internet and ATMs and automated telephone systems.
By the way, did we have computers and the internet back in December 2006, way back then, five years ago?
Did we have the computer back then?
We did, didn't we?
What was the unemployment rate back then?
I picked 2006 because that's before, that's the year prior to the Democrats taking over Congress.
The unemployment rate in 2006 was 4.6%, not 11 or 13 or 18.
It was 4.6%.
We had computers.
We had the Internet.
What we didn't have was the Democrats running Congress.
And what we didn't have was Barack Obama in the Oval Orifice.
By the way, England back in Industrial Revolution days made breaking up those looms a capital offense.
The modern-day Luddites are the Occupy Wall Street crowd.
Our president celebrates them, motivates them, encourages them to continue to do nothing but sponge off of everybody else.
And I'll tell you something else he did yesterday that's intolerable as far as I'm concerned.
He gave a bunch of young people the idea that if they vote for him, college isn't going to cost anything.
That's what that little comment about college shouldn't cost $100,000 and anybody who wants to go ought to be able to go.
They just told people if they vote for him, college is going to be free.
Now, we know that's not going to happen, but he lied and told people that it was.
He also lied about the Bush tax cuts, claimed the Bush tax cuts were simply for the rich, but of course the Bush tax cuts were across the board.
Everybody.
And in fact, Obama himself even admitted so.
What do you mean by that, Mr. Limbaugh?
When did President Obama ever think back during the lame duck congressional session a year ago, last December, Obama refused to let the Bush tax cuts expire?
Do you remember that, Mr. New Castrati?
He refused to let the Bush tax cuts expire because it would do damage to the economy, forcing people to do with less.
And it wasn't just the rich.
He kept talking about the middle class couldn't withstand a tax increase a year ago.
He said the middle class would have a tax increase if he let the Bush tax cuts expire, Mr. New Castrati, you idiot.
Mr. New Castrati is representative of the wusses that are the Democrat Party these days.
But yesterday, the Bush tax cuts, they were just for the rich.
I don't know about you.
Just wanton lying.
I have trouble with it.
I've been fired once for calling a guy on it.
I can't, I just, I, I, one of those things I can't ignore.
It was December 2010.
The fact they loved these tax cuts, so when they started calling these the Obama tax cuts, if you recall, during the lame duck session, the Democrats tried to convince people that there were new tax cuts that were enacted in the lame duck session called the Obama tax cuts.
Let's, at least for this segment, let's play some more soundbites.
Remember, soundbite number 22.
And we get to the really disgusting meat of this speech.
First, he sets up another straw man.
This is enemy.
This is Wall Street.
And the way he describes what happens in 2008 tells you how much he despises this country and capitalism.
In 2008, the House of Cards collapsed.
Huge bets and huge bonuses made with other people's money on the line.
Regulators who were supposed to warn us about the dangers of all this, but looked the other way.
It's all a lie.
Ward didn't have the authority to look at all.
It was wrong.
It combined the breathtaking greed of a few with irresponsibility all across the system.
And it plunged our economy and the world into a crisis from which we're still fighting to recover.
It claimed the jobs and the homes and the basic security of millions of people, innocent, hardworking Americans who had met their responsibilities, but were still left holding the bank.
Now, if you are an Obama voter, a political independent or moderate or liberal Democrat, you're listening to this.
I know what you've been told about me.
I know what you believe, what you think is true about me.
I'm here to tell you, bottom of my heart, that practically every word in this is a lie.
And you need to understand why.
Let's start here.
Huge bets and huge bonuses made with other people's money.
You mean like John Corzine of MF Global.
Over, what is it, $680 million of other people's money is lost.
Corzine stole it, just as he stole people's money as governor of New Jersey.
He stole it.
He made wrong bets.
He bet the wrong way on the future of Europe.
He'll never be prosecuted for it because he has the right view on abortion.
He has the right view on immigration.
He's going to remain a Democrat Party star.
But he's no different than Bernie Manoff.
What caused the plunge in 2008 was not Wall Street and breathtaking greed of a few.
What caused that?
I'm just telling you from the bottom of my heart, I would love for you to believe it, but ultimately that's up to you.
What caused the mess we're in now is a bunch of Washington politicians, primarily Democrats, forcing banks to make loans for homes to people that would never, ever have the ability to pay it back.
No way.
It was called a subprime mortgage crisis.
And it was done in the interest of fairness and advancing the American dream.
And it's rooted in the Community Redevelopment Act, Jimmy Carter's creation.
Bill Clinton really amplified it.
He talks about regulators here.
The regulators tried to shut the program down.
It was people like Barney Frank, Democrat, Chris Dodd, Democrat, who shouted down the regulators in congressional hearings and sent them running out of the rooms with their tails between their legs.
It was the Democrat Party.
I know what you think of me, you liberal Democrats and you independent people that only tune in here now and then you think you've got the truth of me based on what you're here in the media, but I'm just telling you, you know, there's nothing in it for me to be wrong.
We all want to get this fixed.
See, we all want prosperity for everybody, including you.
But everybody has to do their part if you can't get there believing a bunch of lies like this.
Here's a movie you ought to go see.
I like this movie so much.
I've watched it three times.
It's called Margin Call.
It came out in October.
I never heard of it until it became available on iTunes.
I was just scouring around one afternoon looking for some stuff to download for a trip that I was going to be taking.
I said, margin call looks good.
What is that?
It's a movie that stars Kevin Spacey and Demi Moore, Simon Baker, who has that TV show The Mentalist, Jeremy Irons, and it's about a Wall Street firm that was near the end of the line with all this worthless subprime mortgage paper, mortgage-backed securities.
Now, I don't want to be a spoiler alert here, but what this firm had to do to stay solvent is what the movie is all about.
Now, the movie doesn't indict a political party.
It doesn't indict, if the movie tries to indict anybody, it tries to indict Wall Street.
But if you know enough going in, then the movie will not affect you that way.
But it does have enough factual stuff in it.
It's entertaining to boot to have you, if you have a foundation of knowledge about the subprime mortgage crisis and what brought it about, why it existed and what was going on, this movie will be entertaining to you.
Doesn't preach, it does try to make Wall Street people look bad.
Some of them it tries to make look compassionate, feeling and all that, but it's not overtly punitive.
It doesn't mention anybody's political party or any of that.
As I say, you need a foundation of knowledge before you watch this to understand what they're talking about, because they never once mentioned subprime mortgage in the whole movie.
The closest you get to understanding, it'll talk about this firm has to offload a bunch of MBS.
If you don't know what a mortgage-backed security is, you're going to be swimming in this movie not knowing what the hell's going on.
That's why I'm telling you about it.
But I'm not giving you the spoiler alert.
I'm not telling you how it ends.
Margin Call, the movie is meant to be based on the Lehman Brothers.
And Jeremy Irons plays the head of the firm named John Tuld.
The Lehman Brothers guy, I think, was Richard Fold, F-U-L-D.
And it's, to me, it was, it was like I've watched it three times, just because it's good.
At any rate, I'm just telling you everything the president said here is a lie.
Everything that sounds like we played is a lie.
It was the president's cronies who took care of themselves in this mess.
It was the president's cronies who went to the Fed and went to the U.S. Treasury and took money for themselves and bailed themselves out while your home value plummets to underwater status.
Obama and his buddies didn't do anything to protect you.
And Obama's not doing anything to protect you now.
All Obama knows is he can't run on his record.
So he's got to try to make you think that anybody who opposes him represents the people who destroyed the country.
Well, next time you see Obama speak, you are looking at the guy who is destroying the country.
Don't doubt me.
Much as you might hate me, don't doubt me.
I had, what was that?
Somebody said something to me.
I had done change my mind about something.
I'm going to tell you a little bit about margin call because I just figured out you, you, you, you may not, when you watch this, understand what's going on.
It's one of the failings of the movie.
I only did because my job requires me to spend time understanding this stuff.
And the movie is not going to be on DVD until December 20th.
So it's available.
I guess you get it at Netflix.
I know it's on iTunes for rent only.
You can't buy it.
Ticks me off.
I hate having to rent stuff.
But I put in my order for the Blu-ray version.
Here's, I can tell you this.
I'm not going to tell you how it ends.
But it's based on Lehman Brothers, which was allowed.
Lehman Brothers was allowed to go belly up.
They were the one outfit not bailed out back during 2008.
And the whole point in this movie is Lehman Brothers try that.
Well, it's not the name of the firm in the movie, obviously, but this outfit based on Lehman Brothers, 93%.
No, take it back.
Put it another way.
Practically all of the mortgage-backed securities they've bought from other people.
Remember now, the government made people in the lending industry lend money, mortgages to people who couldn't pay it back.
Those mortgages were worthless from the get-go.
You loan money, enough money for a schlub who either not working or makes 20 grand a year to buy a house you know you're not going to be paid back, but you're the only one who knows it.
So what do you do?
You package those mortgages.
Fannie Mae and Freddie Mac are supposed to buy them.
But Fannie Mae and Freddie Mac are not in the equation here.
So what you do is you package these mortgages, you pool them into what's called a mortgage-backed security, i.e. a stock, and you package them together and you sell them to the unsuspecting in your client base.
You're selling worthless stuff.
You're selling to other financial houses.
You're selling to your mother.
You're selling to wherever.
So this firm based on Lehman Brothers is holding losses greater than the value of the company in mortgage-backed securities.
It takes, I'm not going to, that's what they're holding losses if current trends continue at the time.
The value of these losses is more than the company is worth.
They have to get rid of them and the movie is all about what the company does and how it does it in offloading 93% of their bad mortgages, and the speech that's given to the brokers on the fateful day by Kevin Spacey.
At that point it becomes well, a little bit earlier than it becomes clear.
But again, this this movie will illustrate that what was happening from the first stage of making a loan to somebody couldn't pay it back.
What was happening?
Okay, you package this worthless paper, you sell it to some unsuspecting financial house, client list or whatever you're lying to them about.
Yeah, there's an income stream here.
These are mortgages.
You keep selling worthless paper, the people who buy it.
They figure out it's worthless, they sell it to another unsuspecting group and that goes until there's nobody left to buy it.
And that's what the movie is about.
and i that's i still haven't given you the spoiler of this you can't even if you watch this you will not be able to attack me for telling you how it ends i haven't done that for some reason the movie to me is good i i i never heard of this movie until i was just browsing iTunes i never heard of it so and it's it was out in october
But i'll tell you.
I will tell you who got hurt by what Lehman Brothers did.
Forget the movie Lehman Brothers, everybody involved.
Who was it that was buying these worthless mortgage-backed securities?
It was not the poor, it was not the middle class.
It was the clients of Lehman Brothers.
It was the rich, all of the well that every a lot of the outfits went bankrupt over this.
But these financial houses were selling what they knew was worthless because they had been forced to make these loans by government in the first place, and they were selling worthless paper for high prices.
Until the end they, they were taking 63 cents on the dollar, but you know, they're triple a rated.
They, they were triple a rated.
But the point is that i'm trying to make here is that the poor and the middle class i'm still bouncing off Obama here Snurdly, Obama with a speech here saying that the poor and the middle class got burned by this.
They didn't buy the worthless paper.
The poor and the middle class didn't have the money to buy worthless paper.
The poor, the middle class, didn't buy mortgage-backed securities.
what happened was fannie mae buys some of it uh freddie mac buys some of it and everybody along the trail got bailed out except lehman For some reason, maybe somebody there didn't like Fuld.
Maybe somebody didn't like his house in the Hamptons.
Maybe Fuld had thrown a 4th of July party that they didn't invite Hank Paulson.
Who the hell knows how this stuff works in this crowd circle?
But somebody decided the Lehman Brothers wasn't going to get bailed out.
Bear Stearns did?
No, no.
Bear Stearns doesn't exist either, but all the others got bailed out that were involved in this.
But Lehman didn't.
And my only point to you here is that when you watch this movie, if you do, you're going to see that Obama lying again.
It was not the poor and the middle class who were buying this worthless paper.
Now, in many ways, the poor and the middle class were the worthless paper.
They were the ones who had been lent money that everybody knew they couldn't pay back.
They're the ones in houses they couldn't make payments on.
They couldn't afford to upkeep.
Such a mess.
And it was all brought to us by, I'll be generous here, a well-intentioned government.
It's just a crock.
All this crap Obama thing is just a full-fledged crock of crap.
I think I'm going to go home.
I'm going to watch that movie again tonight.
I'm going to tell you, folks, Lehman Brothers was Goldman Sachs' number one competitor.
And Hank Paulson used to run Goldman Sachs.
And Goldman Sachs has spawned, they own everything.
And Paulson was the Treasury Secretary during the crash.
And Paulson and these guys are the ones that made the decision who would be bailed out and who wasn't.
And so one of Goldman's chief competitors, Lehman, bye-bye.
El Caputo.
Now, if I really wanted to stir things up, you really want to get to the root of the subprime mortgage crisis.
You really want to say who caused the problem?
Be the poor and the middle class.
They took the loans.
Do you realize if the poor and the middle class had simply said, I don't qualify for this, there's no way I can pay this money back.
That'd be a very patriotic thing to do.
You know, most people, most people, most, not everybody, most people do not incur debt that they know they'll never be able to repay.
Most people who incur debt, you buy a house and buy a car, you assume that you're going to make payments on it.
I'm just jabbing you.
But I mean, if you wanted to go to the very beginning of the problem, of course, you know me.
I love blaming the poor for everything.
Steve, here's a standalone quote.
That's a media tweak of the day.
Steve in Chicago, as we start on the phones, I really thank you for waiting.
Welcome to the program.
Rush, it's great to be on with you.
Thanks for having me.
It's a great day to talk about the literacy that this guy doesn't have in the financial and economic markets.
Mean Obama.
Yep, I spent 25 years practicing economics and finance, and that speech yesterday shows a scary level of financial ignorance, which he's spewing forth to people like the Occupy people, which is damaging and dangerous to the future of this nation.
Well, let me ask you a question, Steve, because you've here said the president's knowledge of finance and so forth, capitalism, is really non-existent.
He's ignorant.
Do you think he's ignorant and dumb stupid?
Or does he really know what he's doing here and is trying to camouflage what he's doing with ignorance?
What do you think?
Rush, I will leave the motives to people smarter than me, but I can tell you he's a product of an American and global economic or educational system that doesn't teach people how economics works.
In the 1990s, the early part, I had an opportunity to take Soviet company personnel around the United States, and we visited grocery stores and neighborhoods and big box retailers.
And without exception, those people left this country saying government is the problem, not the solution.
And it wasn't long after that that Glasnost and Perestroika failed and the Soviet Union imploded.
It imploded because socialism/slash communism don't work.
What you have is a system that demotivates productive behavior.
It institutionalizes poverty like we've seen in this country since the late 1960s.
We have spent trillions of American dollars on the war off poverty, and what we have now is worse poverty than we had when it began.
He's right.
He is right.
In fact, expressed as a percentage, it's the same.
After all of these trillions, after all these trillions of transfer payments, the percentages of people in poverty are the same.
Now, we define poverty pretty high, but still, everything's relative.
And the way we define it has been pretty constant over the years.
And you are exactly right.
The war on poverty, the great whatever, whatever society, none of it, none of it has worked.
Not one liberal program has worked.
All we have done is forced the tax bill into fewer and fewer people.
In 1980, 20% of Americans paid no income tax.
Today, 48% pay no income tax, and the top 10% pay 70%.
You cannot push that further without fundamentally destroying the opportunities that exist.
And during all of this, our exalted president tells us that the top 1%, the top 10%, are not paying their fair share.
Well, the top 1% is anybody who makes more than $35,000 in the U.S. because compared to the globe, that's the top 1%.
That's the wealth transfer that's going on.
And for him to have the audacity to say that this system hasn't worked, look at the 19th and 20th centuries with the most explosive economic growth in the history of humanity.
It was a miracle that happened.
And it happened because of the founding fathers' belief in limited government.
Yep.
He's exactly right.
There is no question.
So what we've done, we've subsidized poverty.
I've heard stories.
We've had people call this program, just like this guy.
Soviets, expatriates, people that used to live there, government officials.
When they came here and saw the corner grocery store, their minds were blown.
They'd never seen any.
They'd never seen that kind of plenty.
When they saw a big box store, they had no comprehension.
They had no way to comprehend a Costco.
It made no sense.
They had no experience with that.
Their experience, forget the name, that in Moscow, there was this giant big store at everything.
Gum.
That's right.
It was the gum department store, except it didn't have anything.
There was a shortage of everything in this store all the time.
Now, the leaders never shopped there.
The leaders took all the good stuff before it ended up at the Gum department store.
We've spent $16 trillion in the war on poverty since the 60s.
The same amount of money we owe in our national debt.
Gum is actually not GUM, but it's spelled G-U-M.
Our national debt equals what we have spent on the war on poverty.
What does that tell you?
Thank you, Steve.
That's Steve Chicago.
Great, great call.
Michelle in Redlands, Florida.
You're next on the EIB network.
Hello, Rush.
Hi.
I want to call you today to tell you that I've been listening to you since 2006.
And I just want to thank you and all the rich people for giving me the opportunity to come to this country with no education and I've succeeded.
And Rush, I didn't know that I could say this, but it hurts to say that I hate this country.
If I had known that it was going to be like this, as soon as I become educated, I just leave.
Where did you grow up?
I was born in Jamaica.
You're born in Jamaica, and in Jamaica, you hated this country.
No, no, no.
Since, no, since just recently, what it has become, sir.
Oh, you hate what the country has become.
Okay, okay.
A lot of us do.
A lot of us are really actively angry about this, Michelle.
I am.
I am actively angry.
I am actively angry what's being done.
I mean, by that, I mean I am sitting here today.
I am mad.
Rush, I want to thank you so much for all the rich people and all the rich people because all the poor people are.
Oh, this is what I like, the rich people being thanked.
That's the way it ought to be.
I'm just kidding, folks.
I'm just kidding.
But I know what you mean, Michelle.
I really do.
And you have a level of understanding and appreciation because you did not know the kind of opportunity and plenty this country offers till you got here.
Exactly, because I had no high school education, and I have a college education.
I have a degree that pays up to $60 an hour.
I had a small business, and I had to put it in temporary because since 2009, I know that I'm not in business to minimize profit and maximize loss because I want to hire people.
I want to help this country that has helped me.
And I'm just sick of it.
I am black, and I don't even want to say, I don't know what is wrong with people in this country.
They don't realize what they have, and they're going to lose it.
It's our education system, Michelle.
Our previous caller pretty much correctly identifies our education system.
Barack Obama is a product of it.
He's a product.
He's been taught to resent and hate this country.
Not just the education system, but his whole family.
Stuff he was exposed to.
But you didn't want to move to a third world country when you moved here, right?
Of course not, Rush.
When I came here, I left school in ninth grade, well, which is part of our elementary system there.
But I couldn't afford to go to college, sir.
And I didn't, when I came here, I get Pell Grand, and I was so happy and I went to the libraries.
I was so glad to see books because in my country, I couldn't afford it.
What do you specifically hate about what's happening in America now?
Rush, put it this way.
I'm tired of the garbage.
I'm afraid of the Republican more than the Democrats because at least the Democrats know what they want and they're doing it.
The Republican are doing it behind the scene.
And in other words, I can see the Democrats coming, but I can't see them.
And I think they are even more dangerous than Barack Obama.
I need to translate this.
Look, I know exactly what you mean.
What she means is she knows what the Democrats are about.
She can see them coming.
She doesn't see the Republicans standing up for her.
She doesn't see the Republicans trying to stop it.
That's what she's saying.
So she's in Redlands, Florida.
Michelle, thanks for the call.
I sincerely.
You know what, Michelle?
Are you still there, Michelle?
One in the black community have said this man has achieved so much.
And you know what, Rush?
What?
Mr. Rush, if I could give birth to one million Herman Cain, it would solve some of the problem in this country.
And thank you for listening, sir.
And you have a good day.
Well, wait a minute.
You could probably do that if you met him.
Well, you know what, Rush?
I'm not even going to go there, you know, because at least he's.
Maybe I don't know if that's what's going on.
We were told that.
Nobody knows.
Look, there's no evidence of it.
That's the shame about it.
There's literally no evidence that any of these allegations against Herman Cain are true.
Exactly, sir.
And I don't have time to pick fence out of nonsense because I'm smarter than that.
I don't need to go to Harvard or Yale.
And Rush, if these people know it so much, why are we in this mess that we're in?
If they were the smartest in Spinout Butter, if they're the best thing since Peanut Butter, why are we in this mess?
Yeah, I know.
You're asking the questions that countless millions of Americans are asking.
That's why they think it's a stacked deck, which is also what you're saying.
Michelle, look, it's Christmas time, and I have so many gifts here to give away, and I'm doing it randomly.
And you seem like a great candidate.
I want to give you, do you have an iPad?
No, sir.
I've never had an iPod.
Do you have a computer?
Yes, I do.
What kind of computer?
I have, well, it's a Dell, which is like a desktop.
And that's the one I have.
Okay, so you got a computer.
I'm going to send you an engraved EIB Rush Limbaugh signature engraved iPad.
Oh, my goodness.
Thank you so much, sir.
Yeah, you will love this.
It's an absolute thing, and it'll work with your Dell.
So you need to have iTunes to use it.
Sure, you do.
It's a snap.
You're smart.
You can figure it out.
So hang on, Mr. Snurdley will get the address that we need to send it to you.
In the meantime, a quick time out here, folks.
We'll be back and continue right after this.
Blago, Rod Blagojevich, the former mayor of Chicago, 14.
Oh, that's right.
I keep thinking the mayor of Chicago runs the state, which he does.
That's why Blagojevich just got 14 years in jail.
Former governor Rod Blago Blagojevich looks like a cabbage patch doll, 14 years in the slammer.
Now, why does Blagojevich go to jail and John Corzine won't?
It's a think piece.
I have the answer, but once I say something, everything's said, nothing left to be said.
I'll leave that one open for somebody to take a stab at it.
Now, I said yesterday, late in the show, Obama's speech at Osawatomi, Kansas was maybe one of the most outrageous speeches in a while.
First half a dozen soundbites the cookie delivered to me had me thinking I might well, I couldn't use them yesterday.
I had to digest it overnight and not get into discussing it until today to eliminate just how ridiculous, absurd, and worse what the president said was.
He takes zero blame for what he's caused.
He puts the blame squarely on Republicans and conservatives.
Unemployment is still above eight and a half.
Look at unemployment is no way under 9%.
Jobs have been destroyed.
The job universe is smaller.
That's the only reason the unemployment rate's under 9%.
Most Americans know who and where to lay the blame, Obama and his failed policies.
And instead of any contrite observations on his part, we get another speech pointing finger at high-income earners demanding a tax increase.
Ron in Louisville, welcome to the program, sir.
Yeah, thank you, Rush, for taking my call.
I have only been listening to you for about three years now, but I got to tell you, you've literally saved me from myself and my own doubts.
When I was younger, my parents were the kind that when they had problems, the whole family helped out.
And, you know, now, you know, I'm only 36, but with a lot of people that I work with my own age, it just doesn't seem we have that mentality today that if you have problems, you'll work them out together.
You know, everybody's out for themselves.
And I'm a little nervous talking about it.
Well, but you know, see, when everybody's out for themselves, it means that everybody's out for everybody else.
That's what that means.
Precisely what it means.
Anyway, very kind of you say that.
I appreciate it.
Thank you very much.
Bunch of smart Alex in the email.
What do you mean?
Everybody looking out for themselves means everybody's looking out for everybody else.