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July 27, 2012 - Rush Limbaugh Program
36:50
July 27, 2012, Friday, Hour #1
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Welcome to today's edition of the Rush 24-7 Podcast.
And greetings to you, music lovers, thrill seekers, conversationalists all across the fruited plane.
Ah, the sound of that voice.
It's comforting.
It lets you know you're at home.
It tells you you are in America.
It tells you everything's okay.
And it is.
It's Friday, so let's go.
Live from the Southern Command in sunny South Florida.
It's open line Friday.
And we couldn't be happier to be with you today.
Open Line Friday.
This is uh has the potential to be one of the fun days of the week because there are so few restrictions placed on callers.
Monday through Thursday, I am Rom Emanuel, and you are Chick-fil-A.
But on Friday.
On Friday, we throw all that out, and you have total freedom.
Whatever you want to talk about, feel free.
It's an opportunity to ask questions, preguntas.
Uh, make comments.
It can also be a bomb because of that.
You're turning the program over to rank amateurs, you never know.
Lovable rank amateurs, but still.
Not broadcast specialists.
Uh so it's always uh a roll of dice.
It's fun.
Here's phone number 800 two eight two two eight eight two and the email address L Rushmall at EIB net.com.
Commerce department has issued.
Their initial estimate for the third quarter GDP grew at one and a half percent.
This is a disaster for this country.
It is literally a disaster.
And John Pedoritz at Commentary Magazine has a good little post here that puts some of this in perspective.
He says that the economic growth rate of one and a half percent is quite simply catastrophic for President Kardashian.
The economy is weakening is what this means.
The economy is weakening as the election approaches.
Now, Padoritz says here, no one's ever won reelection in such circumstance.
Nobody!
No one!
Forget the unemployment statistic, which is no incumbent has ever been re-elected, but the unemployment rate higher than 7.9%.
Throw that out.
No one has ever won re-election with the economy contracting.
Which it's doing.
Now he points out that things are not as bad for Obama as they were for Jimmy Carter.
In the second quarter of 1980, the economy actually contracted by 0.7%.
However, get this.
This this surprised me.
Oh, I should tell you, Rasmussen's out today with a poll that has Romney up five.
Romney is up over Obama by five points, and that is identical to the lead Obama had at this very same time in 2008.
Five-point lead.
Now 1936.
FDR won a landslide despite the Great Depression.
Now a lot of people think the Great Depression was the economy contracting and people jumping out windows on Wall Street.
But Amity Schlaes, who is an FDR depression expert, she written a couple books about it.
She uh posted an interesting stat on Twitter yesterday.
I thought Twitter was down yesterday.
Twitter must have come back up.
Anyway.
Do you know what the annual GDP?
The economic growth rate uh growth rate was 1933 to 1936.
This'll shock it, stun me.
It averaged 9%.
Economic growth during the Great Depression, 1933 to 1936, averaged nine percent.
Snerdley saying, how come they call it a depression?
That's to put this in context.
That's the interesting thing here that's been discovered by uh Amity Schlaes and John Padoritz.
Pedoritz says that the most interesting analogy is to 1992, a year in which the economy was actually staging a recovery from a recession in 1991.
And you remember 1992.
Clinton, Carville, uh what's it?
Stephanopoulos running around, worst economy in the last 50 years.
We were taking phone calls from people on this year.
It can't get any worse, Bush.
It can't get any worse, and I uh drew me drove me crazy.
But perceptions in politics are reality, and that's what people believed.
So listen to this.
1992, a year in which the economy actually was staging a recovery from a recession in 1991.
The annual growth rate in 1992, when the economy was so bad and everybody thought it was, and we had to throw Bush out, was 3.4%.
Remember, it came in in December.
It came in after the election.
The fourth quarter was through the roof after the election, and the uh the annualized GDP rate for 1992 was 3.4%.
The incumbent, George H.W. Bush, got 38% of the vote that year.
Ross Burrow got his share, and then Clinton won with 43%.
Now, none of this is a guarantee of anything in the future.
But it, as Pedoritz points out here, it all gets to the central problem for uh President Kardashian.
What case can he make for a second term with undecided voters?
And then we're gonna we just got started yesterday, folks, and dumping this suburban strategery on him.
Stanley Kurtz has figured it out.
Is that one thing Obama didn't want anybody to do?
I am convinced that in fact, I think that one of the reasons they've been so open.
Because remember November 19 uh 2011 when Thomas B. Edsall had that piece where they just admitted that they were uh ignore white working class voters.
So why admit that?
If you're gonna do it, do it.
But why write a piece in the New York Times that spells out, yeah, white working class voters, we're not interested in them.
We're not gonna campaign for them, and then they're running ads now trying to suppress the votes from that group of people.
I think one of the reasons why they might have have gone public with that because the real target here is suburban voters.
They're not I don't think Obama wants this out.
I don't think that the campaign of the regime is going to be happy with people identifying that what he's really trying to do is get back at suburbanites who have fled the cities, that those people are his real enemies, that those people are his real targets.
Once that case starts being made, he doesn't have a he can't run on his record.
Everybody knows it.
Uh all he can do is is try to scare people about Romney that Romney would make it worse.
So all of the historical signs point to no chance.
If historical trends mean anything.
Now they don't, that's the thing.
Uh this kind of stuff is recorded so that someday it can be like a record in sports be uh be broken.
Pat Buchanan.
I'm not going to get to this right now, but but uh hopefully in this hour.
Pat Buchanan has a column at human events.
In the long run is the Republican Party dead.
Even if they win this election, is the Republican Party dead?
He makes a compelling case, I have to admit.
Snerdley in there frowning.
It's a compelling case, it's he's asking the question.
He's not proclaiming it.
He's asking the question.
And he presents the data.
So I'll give you a hint.
Republican Party blew it when they did not do anything for 40 years to stop illegal immigration.
They just gave California to the Democrat Party, and it and California's lost.
And it's a microcosm for what's happening.
it's not just immigration, it's cultural rot and everything else.
But when you hear it's a pretty compelling case.
Folks, do you remember?
You remember that the banks wouldn't lend to blacks and Hispanics because they were racist.
And then do you remember how Jimmy Carter and then Clinton, and then after that, the Clinton came along and they they passed something called a community reinvestment act.
And you remember what that did?
The federal government forced banks to lend money to people who had no prayer of ever paying it back.
Janet El Reno, the attorney general for Clinton, even threatened the big banks all over the country with investigations if they didn't do this.
The Reverend Dax was running around complaining about redlining that uh people of color were not being given loans because of the racist policies of the banks.
And so the American dream was defined as everybody should have a house.
And the Democrats came along.
It's not fair.
Some people have houses, other people don't.
How can we fix them?
Well, we got to put the people who don't have houses in houses.
Well, how do we do that if they can't afford it?
It's simple.
We make the banks loan them money at low interest rates, and then the dirty little secret is they can't pay it back.
So it's up to the banks.
The banks are gonna eat it.
That was the flaw.
The banks owed this because the banks have been screwing people for so long.
Remember all this.
You remember then what Wall Street or Wall Street, after doing this, under threat of investigation, and a threat of the use of force under the intimidation of federal government.
The banks then made these loans, and then what they did, they pooled them together.
Worthless pieces of paper, worthless mortgage.
After worthless mortgage, the banks pooled these things together in consort with Fannie Mae and Freddie Mack.
And they went out and they gave these new pool mortgages a name, derivatives and so forth.
And then they sold them to unsuspecting people.
And they said, look at this income stream we've got for you.
We have we have put together here 25,000 mortgages.
Look at the income stream you've got.
Triple A rating on these loans, triple A rating on these mortgages.
Now the banks, the banks had no, I mean they're stuck with worthless paper that the government made them incur, made them make these loans.
So the banks said, okay, how can we how can we get the money back?
We got to get rid of this.
They packaged all this stuff together, they sell it to unsuspecting investors who think they're buying a phenomenal income stream.
And all of this is backed up by Fannie Mae and Freddie Mack.
And remember they kept selling these things as as as one group of buyers discovered they had been taken.
They quietly repackaged what was worthless and sold it again.
And this kept happening until finally there were no suckers left to buy this stuff.
And what happened was people were unable to pay these mortgages.
The banks all over this country were left holding the bag, all five of the Wall Street investment houses either went under or had to be bailed out by the federal government.
Lehman brothers went south, get the movie margin call.
It's fabulous.
And then after it was all over, after that happened, guess what we were told?
We were told that the banks, this is the subprime mortgage crisis.
So we were told that The banks had engaged in predatory lending.
That they had forced these unsuspecting, unwitting, unqualified poor people of color to take these loans.
I mean, these people were walking on the street.
They're past the front door of the bank, and some evil banker went out there and grabbed them and pulled them in and intimidators.
You are going to buy that house and you're going to do it with this mortgage.
It were forced to this was the story.
You remember how all of this led to the financial crisis?
It's still the foundation of what's plaguing this country to this day because all of this cost the government a trillion dollars.
It destroyed the housing market because it put a bunch of people into it who had no ability to be there, so equity went south, home prices went south, and they're still going south, and home values are still plummeting, and home sales.
This subprime mortgage thing, which was a government creation, brought to us by liberals under the guise of compassion.
It's unfair that some people should have homes and others shouldn't.
All of this cost at least trillion dollars, put the government in a gigantic hole that we are still in.
We have we still have not dug ourselves out of it.
You've heard me tell this story how many times?
Then we had the investors jumping in.
Interest only loans, no documentation loans, We had people calling here telling us that they went to seminars put on by the government how to get people with no credit rating, a triple A credit rating, how to do all this.
Well, you might be saying, Well, yeah, Rush, we know all this.
What the what's the point?
Well, according to William Tucker, the American Spectator, the federal government is about to start the whole process again.
Believe it or not, the federal government is now starting another initiative to force banks to loan money to low credit rated blacks and Hispanics, not just anybody, but specifically blacks and Hispanics.
The government is threatening and already collecting huge punitive fines if they don't do it.
And moreover, this time they're going even further.
They're going to take over the credit rating agencies and force them to change their standards to accommodate blacks and Hispanics so that nobody will have any idea who is a bad credit risk and who isn't.
In other words, the government is about to impose its will on the entire home lending market again and force another round of bad loans so that the banks are going to be looted once again so that even the federal government may not be able to bail them out this time.
I not make it I know it sounds impossible.
This is I am not kidding.
No, it's not a joke.
It's it's being done on purpose.
Sterley wants to know if he qualifies for this, because he's black.
Well, let's uh let's let's find out.
The principal instrument in the new round of subprime mortgages, I guess that's what we're gonna call this, is not the Justice Department or Fannie Mae or Freddie Mack as it was last time.
The brand new Consumer Finance Protection Bureau, designed by Elizabeth Warren is administering this.
I think that's part of Dodd Frank, if I'm not mistaken.
Am I right about that?
The uh Consumer Finance Protection Bureau, I think it's not, it's Dodd Frank.
As reported in last Sunday's New York Post by Hoover Institution Media Fellow Paul Sperry, the Consumer Finance Protection Bureau has just announced that it's adopting a 20-page policy statement on discrimination in lending issues by the interagency task force on fair lending in 1994 that kicked off Janet Reno's draconic enforcement of the Community Renewal Act.
They're apparently readopting that.
They're going way back to the Clinton years and just gonna duplicate this.
Applying different lending standards or offering different levels of assistance to applicants who are members of a protected minority class is permissible, it says, in some circumstances, providing different treatment to applicants to address past discrimination would be permissible if done in res.
You know what they're doing now?
You know what this is?
The first time they were sneaky about it.
They did exactly what they did, but they did.
Now they're doing it.
Open it shut.
We got people been discriminated against.
They ought to be in houses.
They're not in houses because the banks are racist, and we got this new part of Dodd Frank that allows us to go ahead and do this, so they're just redoing it all over again.
Two weeks ago, it says here.
Wells Fargo caved to a Justice Department of Defense that paid 175 million dollars for alleged past discriminating against minority buyers.
Be right back.
I don't know if you've seen it or not.
Eric Holder has already been shaking down the banks on this.
Folks, they're they're reinstituting this.
They're doing it all over again.
Uh, this time under the auspices of Dodd Frank.
They're they're replicating it.
Uh-uh, under the guise that this time they're being open and upfront about it.
The first subprime mortgage fiasco, there was never any of this.
We're gonna make sure that we got um uh people that that can't uh pay Mike uh the loan.
It was it was there was none of that.
Now they're just being upfront and admitting that that's what they're doing.
And here the last two paragraphs of William Tucker's story, The American Spectator.
With the current administration in power, the perception is growing among minorities that everything in the economy is rigged against them, but that Obama and his regime are gonna solve everything for them.
That's exactly right.
That's what Obama out there saying, you didn't build it.
You didn't make that happen.
That's exactly what that's all about.
Exactly.
Obama is essentially trying to tell minorities, and I think everybody who is in economic straits, that they've been screwed since the founding of this country.
This country's been run by the one percent ever since the days of the founding.
The current incarnation of the one percent of the Republicans and Mitt Romney and Wall Street guys.
And they got rich unjustly, unfairly, immorally.
They didn't pay you for what they took from you.
They didn't pay you for the work that you did.
You made it possible for them to get rich, and they did nothing but but but screw you.
That's exactly what Obama's doing.
That's his whole campaign.
And Tucker says that the perception's growing among minorities that everything's rigged against them.
Of course, they've always believed that, and that Obama and his administration are going to solve everything for them.
For instance, there's a scam going on around the country right now where con artists call up homeowners and tell them that Obama has a new program he's gonna pay their electrical bills.
We told you about you remember that?
This is a scam.
It happened during the power outage in the great capital of this country, Washington, D.C. in Maryland.
And at the time people started calling up and saying Obama wants to pay your electric bill.
This is gonna make sure that the power company continues to have power so there won't be any more power outages.
All the homeowner had to do was provide his social security number and other personal information.
It was an identity theft screen uh uh scam, which we told you about.
It started in Michigan among minority populations in depressed cities like Flint and Grand Rapids.
It's now spread as far as Florida and Mississippi.
More than 2300 people in Michigan were built out of a million dollars, and they were told specifically Obama was going to pay their electric bills.
Not the government, Obama.
And they believed it.
And you know full well that there are a number of minorities who thought that that's what Obama's election meant.
Now, as Tucker points out, what's amazing is that all these people actually believe Obama's ready to pay their electrical bills.
It's symptomatic of a rising tide of dependency in the growing sense that nobody has to be responsible for anything anymore and can live all off the rich.
And he says, if we don't give these people out of office soon, there isn't going to be much left to pick over in the American economy.
By design, it's exactly what's happening.
Now, talking about loans here and how easy they're going to be to get.
This is interesting.
I've I saw this uh last night.
Congressman Mike Kelly, Pennsylvania, Republican, got a standing ovation while he spoke in the House.
That doesn't happen.
No applause is allowed for members of Congress.
President could go in there and of course they uh they raise the roof.
But the protocol does not permit applause, standing ovation, this kind of stuff.
He got a standing ovation for what he said.
And I there uh there's a visual here that I want you to uh have while you listen.
He holds up a stack of pages, stack of paper, it's 1,100 pages, and it's it's uh lending requirements.
And what he's he's on the war path here about how regulation is killing jobs in his district, and he it's an amazing story.
Somebody built a ballpark in his district, little league ballpark, and uh federal regulators came in and wouldn't open it, wouldn't allow it to open on the day they're gonna play the first game, little kiddies are all there, about to have their first baseball game, and they said, Nope, you can't open it because the mirror is in the men's room or a quarter of an inch too low on the wall.
Three sounds, we've broken this up into three sound bites.
Here is the first.
We renovated a ballpark in my hometown, a guy named Tom Bernatowski, veteran.
A couple million dollars to renovate our ballpark.
The day we were gonna open up, I got a call at the dealership and said, Mike, would you come down?
I said, Why, what's going on?
He said, We're having trouble with the occupancy permit.
So I went down to see, I said, So what's the problem?
He said, Well, here, come in the men's room, let me show you what the problem is.
I said, We know we have 1,500 people want to come see the opening ball game.
They say, Yep, we've got a major problem.
You see the mirrors in the restroom or a quarter of an inch too low.
So you can't possibly open that ballpark.
Can't possibly open it.
Here's the next bite.
So you want to know the price of regulation?
You want to talk about the thousands and thousands of pages that we put on the backs of the job creators?
You want to talk about creating jobs in America?
When you want to see a nation that doesn't want to participate but wants to dominate in the world market, then let them rise.
Take the heavy boot off the throat of America's job creators and let them breathe.
The jobs we are talking about are not red jobs or blue jobs.
They are red, white, and blue jobs.
They are not Democrat jobs or Republican jobs or independent jobs or libertarian jobs.
They are American jobs.
You know what's amazing about this to me is how infrequently stuff like this is said in the House of Representatives.
This is so unique.
Talking like this, apparently so unique, doesn't happen very often in the House of Representatives, that it gets applause, that it gets a standing ovation.
One more sound bite.
We are so out of touch with the American people, and you know what all this does?
It adds layer after layer after layer of cost.
And that cost is ultimately paid for by the American consumer.
You want to have more revenues?
Then let the tide rise for all votes.
Let us be able to not only survive but to thrive.
I urge all my colleagues on both sides now.
This is not a left or right issue.
This is an American issue.
I urge you to rise today and vote for HR 4078.
Let's let America get back to work.
And with that, I yield back.
USA!
He started out there there was a motion to um a motion to recommit that he started up, but this is ridiculous.
This is the most ridiculous thing I've ever seen.
Now, you know what strikes me about that?
This what you just heard, and what you say every day to your friends, is what we all talk about amongst ourselves.
A member of Congress finally starts talking about this stuff, and why it blows the roof off the place.
Why do we don't hear this kind of talk in here before.
It's only one thing I would disagree with.
I know the point he was trying to make, and I understand why he said that there's no uh red jobs or blue jobs or whatever.
But the the bottom line here is that uh we are in this mess because a particular ideology has taken us in this direction and and delivered us here.
With with the assistance of Republicans by not stopping it.
By not trying to stop it, even in some cases.
That is Congressman Mike Kelly, Republican Pennsylvania.
Uh Romney has an ad called It Worked.
You know what's happening to people appear in Romney ads, they're being harassed.
This guy, Gilchrist that appeared in one of Romney's ads uh within the past ten days in New Hampshire, is being harassed on the phone and in but not threatened yet, but he's being harassed.
People that raise money for Romney, people that donate to Romney are being harassed by the regime by Obama soldiers.
Just want you to know that, and these people are not backing down.
The donors, the people appearing in the commercials, they're not backing.
Yeah, yeah, uh get to Romney in the Olympics.
It turns out he was right, and it wasn't that bad a thing to say anyway.
You know, you view can't go someplace and be honest about about something.
What's the point?
He wasn't being insulting.
This is political correctness run among.
You can't come over here to tell the truth.
What are you talking about, Sir Romney?
Who do you think you are?
Come over here tell the truth.
Romney has an ad in response to Obama saying we tried our plan and it worked.
That's that's the next one.
The first Obama soundbite that we've been playing, you didn't do that, you didn't build that, you didn't make that hip.
And then running around and saying it worked.
We tried our plan and it worked.
Listen to the ad Romney's team put together off of that.
We've tried our plan and it worked.
That's the difference.
That's the choice in this election.
That's why I'm running for a second term.
You know, I had to file my own personal bankruptcy.
Uh I had to close my business.
I've been looking for a job for two years.
You know, it's difficult to find employment.
A year ago, I was laid off from my job.
I have to work part-time in order to make things meet.
So sometimes I feel like I'm a failure.
Good evening.
This is the worst economic recovery America has ever had.
And then there's a graphic that says, Do you agree it's working?
Some of the graphics over this um ad, for example, uh, after Obama says that's why I'm running for a second term, the graphics is it worked.
First guy says, you know, I had to file my own uh personal bankruptcy, had to close my business.
The woman says I've been looking for a job for two years.
The graphic is 45 million Americans now on food stamps.
And a woman says, year ago I was laid off from my job.
Graphic 23 million Americans struggling for work.
Guy says, Sometimes I feel like I'm a failure.
The graphic over that is over 46 million Americans now in poverty, highest ever.
It is a good ad, folks.
It's a good ad.
And it's uh well put together, and it illustrates the problem Obama's got.
Gotta take a brief time out.
Sit tight, we'll be back.
Open line Friday rolls on right after this.
Open line Friday.
Let's take a call.
Always try to go to the phones in the first hour on Open Line Friday.
We seldom do.
Uh Monday through Thursday.
And where are we starting?
Let's uh Janet Shiloh, Illinois.
Great to have you on the program.
Hello.
Hi, last man standing.
How are you?
I'm fine, thank you very much.
Hey, we have to be we have to celebrate today.
And it's the June Fund the June Obama's June fundraising numbers.
They tell a deeper story of how badly Obama's doing.
And by that I mean in May, he Obama had to come out for gay marriage.
And he was rewarded by being on the cover of Newsweek.
And in June we were told he had a whole lineup of fundraisers in LA from the gay crowd, and he had gay bundlers who had who had all been holding back until he did this.
And now we have those numbers.
And the gays did not contribute to Obama anywhere near what ordinary or capitalist Americans are donating to Romney.
And that's really a phenomenal story.
And I think that might be why Mitt why um Rom Emanuel stepped into the chit filet in Broglio, because Rom Emanuel is the architect of the Mark Foley scandal that gave the house to the Democrats in two thousand six.
And so Mark, for Ron Emanuel to even step into that one, shows that they're either trying to gin up the gays to give more...
Or, well, I think that's what they're doing.
They're trying to get the A's to open up their wallets more, because what they did in June didn't cut it, and Obama's spending more than he's taking in, and they're not going to make it until November.
So you think it hurt him though more than helped him.
Hurt who I'm Obama.
I mean if it's not.
Oh, oh, I think you know ush um yeah, we don't know, okay.
Wait a minute, you're just no no no.
No, I'm I'm please, please.
I'm I'm contexting this.
I think you had a uh black man call you, conservative from California.
Fabulous call.
And we also have to go back to the Mormons in California in 2008 with the black churches getting together to strike down Proposition Eight.
There is already a relationship between Mormons and black Christian ministers getting together for the culture to do what's right.
And Obama has ignored this.
And team Obama up in Chicago, hi guys, you're blowing it.
I don't think you can do anything different at this point.
Well, that's what I'm saying.
You you you called saying his fundraising is down.
And so if Rahm Emanuel is doing what he's doing and the mayor of Boston Manino's doing what he's doing with Chick-fil-A and uh and gay marriage isn't working.
Uh we had the uh the report that Romney's super PAC is uh is is is is running rings around um Obama's I'll tell you, I I've seen so many conflicting stories on the on the fundraising.
Uh I've I've seen it both ways.
I've seen that that r Obama's way behind.
Um I have seen he's spending more than he's taking in.
Uh then I've had people say, Rush, don't believe that garbage.
Obama's not gonna be out raised by Romney.
That's just stuff that they're putting out.
They're trying to you know, Obama's trying to make himself out to be Mr. Poor Man, Mr. Poor Old Guy, uh Mr. Average middle class guy, the rich don't want to support anymore.
Uh, and so don't don't buy into this notion that that Romney's outraising Obama.
Um I on the super PAC side, I I think it is true that that Romney's ahead of Obama, and Obama, by the way, is raising money off of his birthday now, folks.
We have spies here who have signed up at all the various Obama websites, a democratic uh national committee websites, and they gotta this is a a standard Democrat tactic, uh uh of the it's a poor mouth.
Oh, woe at me, oh poor me.
And Obama's got a fundraising letter saying that it's his birthday next week, and it may be the last birthday he ever spends in the White House.
But that's up to you.
Because you have to send him money.
Now, one thing we know didn't work was in Obama was asking people getting married to tell their guests, instead of giving the med the worried married couple gifts, send that money to Obama.
We know that bombed out.
People didn't take to that.
But it's a um I d I don't know you can draw a correlation here between what what Rahm Emanuel and Thomas Manino uh are do I think that's just who they are.
I think that's just who they are.
And I think their backs may be up against the wall a little bit, but neither of those guys is in trouble in their towns.
Emmanuel owns Chicago.
Manino owns Boston.
Anyway, got that quick timeout, folks.
Sit tight.
We'll be back after this.
Don't go away.
Well, I don't know how she you feel.
I mean, I whether she knew it or not, our first caller was was essentially saying that Obama was blowing it with his gay support.
Because he's out there trying to get all his money, and he's lagging behind, she believes.
So but she didn't want to she she uh anyway, it's it's it's as far as Chick-fil-A goes and and Rama Manuel and the Boston May, folks, that's just who they are.
We will let me explain what I mean by that we get back.
First hour's already gone.
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