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Obama: You Ain't Seen Nothin' Yet!

BEGIN TRANSCRIPT

RUSH: Barack Obama at the Beverly Hilton hotel in Los Angeles last night said this.

OBAMA: Take heart of the change we've already brought but I want you to know, Los Angeles, you ain't seen nothing yet. (cheers and applause) We're going to deal with these issues. We are going to bring back a better America.

RUSH: We're going to deal with these issues, the last two things he said, we're going to deal with these issues; we're going to bring back a better America. Obama is saying to rich Hollywood donors last night -- he's out there raising all kinds of money, by the way, in Las Vegas and in Los Angeles in the middle of a recession. And he's saying the American economy, we're going to bring it back from the brink, we're going to bring it back, the American economy back from the brink. The president told the donors and celebrities at the Beverly Hilton hotel that the stimulus bill passed three months ago is starting to improve the economy. It is an out-and-out lie. The White House has been warning us to go easy on Sotomayor. Did you hear about that? They're warning us against this tough language. Here's Gibbs, Robert Gibbs, daily White House press briefing yesterday, Chip Reid of CBS, "Newt Gingrich said, 'Imagine a judicial nominee, "My experience as a white man makes me better than a Latina woman." Wouldn't they have to withdraw? New racism is no better than old racism, Gibbs. A white man racist nominee would be forced to withdraw; Latina woman racist should also have to withdraw.' That's what Newt said. What's your reaction?"

GIBBS: I think it is probably important for anybody involved in this debate to be exceedingly careful with the way in which they've decided to describe different aspects of this impending confirmation.

RUSH: That is a threat. That is a threat from the office of dictates. That is a threat from Robert Gibbs. People better be careful. This White House makes a habit of threatening critics. They did it to Rick Santelli at CNBC. Gibbs repeated this yesterday. Exceedingly careful. So I guess I'm a little bit strong here when I say, when Obama tells donors and celebrities at the Beverly Hilton hotel the stimulus bill passed three months is starting to improve the economy. Let's see here. I have a couple stories. There's one story in the stack here, and I forget what newspaper it's from, but it details how in Michigan none of the stimulus money is going to shovel-ready projects, none of it. How can the economy said to be back from the brink, folks, when the market tanked 200 points yesterday? And how about these two stories, back-to-back, after the president says the economy is back from the brink?

"One of eight US households with a mortgage ended the first quarter late on loan payments or in the foreclosure process in a crisis that will persist for at least another year until unemployment peaks, the Mortgage Bankers Association said on Thursday. US unemployment in April reached its highest rate in more than a quarter century and is still rising, helping propel mortgage delinquencies and foreclosures to record highs." The economy is back from the brink? See, it's not what Obama says, ladies and gentlemen, as I've always pointed out, it is how he says it. So we've got mortgage delinquencies at a record high. This is from the AP. I can't quite figure this out, because we, of course, have had all these programs to pay for people's mortgages. We've had how many billions of dollars, if not trillions, have been spent to stop this? How much bailout money, how many programs, how much money, seriously, has been targeted to stop foreclosures and to keep people in their homes? We keep hearing Barney Frank talk about it; we keep hearing Chris Dodd talk about it; President Obama has talked about it since before he was immaculated.

The economy is back from the brink.

"A record 12 percent of homeowners with a mortgage are behind on their payments or in foreclosure as the housing crisis spreads to borrowers with good credit. And the wave of foreclosures isn't expected to crest until the end of next year, the Mortgage Bankers Association said Thursday. The foreclosure rate on prime fixed-rate loans doubled in the last year, and now represents the largest share of new foreclosures. Nearly 6 percent of fixed-rate mortgages to borrowers with good credit were in the foreclosure process. At the same time, almost half of all adjustable-rate loans made to borrowers with shaky credit were past due or in foreclosure. The worst of the trouble continues to be centered in California, Nevada, Arizona and Florida, which accounted for 46 percent of new foreclosures in the country. There were no signs of improvement." Whoa, whoa no, no, no, no, because the president told rich Hollywood donors last night that the economy is back from the brink, and that we ain't seen nothing yet.

That scares the hell out of me, I must tell you. If we ain't seen nothing yet, it means hell is facing us as traditional conservatives. "President Barack Obama's recent loan modification and refinancing plan might stem some foreclosures, but not enough to significantly alter the crisis," says AP. President Obama's recent loan modification and refinancing plan -- there's a website that you can go and you can apply, maybe have your mortgage taken care of and not get foreclosed. It isn't working. The automobile bailouts did not work. The bailout of the banks has not worked. The bailout of the mortgage industry has not worked. Stemming foreclosures has not worked. The economy is not back from the brink. None of it has worked. All of the political fixes have not worked. The sad reality is that when they don't work, it is good news for President Obama. It's more chaos. It is the need, he thinks, that people will have for even more government intervention and more tax increases and an ever growing government to fix the problems. He feeds off the crisis. He feeds off the chaos. At the same time he mysteriously gets accolades and credit for trying to fix the problem.

What everybody ought to be asking is where in hell did all of these trillions of dollars go that were supposed to save the auto industry, supposed to save the mortgage industry, supposed to save the banking business, and supposed to save your house. Where in hell did all that money go? That's what somebody needs to research and find out. It went somewhere. It has been spent or it is scheduled to be spent. Who got it? It obviously did not help the automobile companies. It did not help you who are being foreclosed on. It did not help the mortgage industry. It has not helped the banks. It has not helped Wall Street firms such as AIG. Where has all of this money gone? Let's assume for a moment that all of the money went to where the government and Obama said it was going to go. If that's the case, can we all agree it hasn't worked? Can we all agree the economy is not back from the brink? Can we all agree the economy is getting worse? Unemployment in April, a 25-year high.

I've got one of the most amazing stories in the stack today, the AP, maybe Washington Post, somebody running a story here on the good things happening as a result of the economic downturn. And you know what one of them is? With fewer people working, it means there are fewer people on the roads, fewer people going to work, which means there's less traffic. Shazam! A smaller carbon footprint and easier commutes. So we're supposed to be happy that how many millions of our fellow citizens are out of work collecting unemployment, not on the roads, not creating traffic jams. But the economy is back from the brink, President Obama told Hollywood lefties last night. Well, the Hollywood economy is not doing that great, gangbusters, either. There are very few sectors out there doing well. The EIB Network is doing well, but there aren't that many sectors. There's no GDP growth. GDP is negative growth and hasn't turned around. Back from the brink? This is just more smoke and mirrors. He says it, must be true, he's The Messiah. Facts on the ground say otherwise.

BREAK TRANSCRIPT

RUSH: So there's Barack Obama. He's in Los Angeles, which is in one state. It's in California, a state that is what? Tanking! A state that is falling apart; a state that may need to be bailed out; a state that is near bankrupt and he's telling people in that state they ain't seen nothing yet? If I'm in that state, I head for Idaho or somewhere. I'd be running for the hills. I'd have all my cash and I'd grab my gun and I would get out of there. They ain't seen nothing yet. Here's that story I was referring to earlier. It's in USA Today. "States hit hardest by the recession received only a few of the government's first stimulus contracts, even though the glut of new federal spending was meant to target places where the economic pain has been particularly severe. Nationwide, federal agencies have awarded nearly $4 billion in contracts to help jump-start the economy since President Obama signed the massive stimulus package in February. But, with few exceptions, that money has not reached states where the unemployment rate is highest, according to a USA TODAY review of contracts disclosed through the Federal Procurement Data System. In Michigan, for example -- where years of economic tumult and a collapsing domestic auto industry have produced the nation's worst unemployment rate -- federal agencies have spent about $2 million on stimulus contracts, or 21 cents per person. In Oregon, where unemployment is almost as high, they have spent $2.12 per capita, far less than the nationwide average of nearly $13."

But the economy is coming back from the brink. The stimulus bill, by USA Today's own measurement, isn't working. In fact, it may be hurting. We get nothing but lies from this administration. We get nothing but empty promises that sound wonderful but are empty. And here's AP. "Vice President Joe Biden and two Cabinet secretaries unveiled a national program Tuesday to train workers for 'green jobs' that will make public housing more energy-efficient. Biden, Housing Secretary Shaun Donovan and Labor Secretary Hilda Solis announced the plan in Denver at a meeting of President Barack Obama's task force on the middle class. Donovan said some of the $4 billion from Obama's $787 billion economic stimulus plan that was budgeted to renovate public housing will be spent to create jobs for making the dwellings more energy efficient. Solis, another task force member, said $500 million will be distributed as grants for training workers."

None of this is going to happen! And if it does happen, it's going to have the same impact that bailing out the automobile companies had -- zero! It's going to have the same impact that bailing out the banks had -- zero. It's going to have the same impact that saving your home mortgage has had -- zero! Four billion dollars, four billion with a "B," to make a new government program, make another government program green. We already have a government program to build schools and to modernize 'em. Now we're going to spend four billion more to make 'em green. We do not need this. We need cops. We need highways and roads without potholes. We need more mental hospitals 'cause people are going insane in this economy. Four billion dollars and it's not gonna work. You really have to ask yourself, my friends, where have all these trillions gone to bail out the automobile company? Where's the money? Where has all the money gone to save the banks, to save your mortgage, to save Wall Street, to save the mortgage industry? Where has it gone? It didn't work wherever it went. Don't you think it's time for business solutions to these problems rather than political?

In the story I held over from yesterday, from the Sacramento Bee: "The steady increase of mentally ill residents in California --" where they ain't seen nothing yet, "-- combined with Sacramento County's budget woes forced the county's main psychiatric hospital late Friday to close its doors to new patients." Now, this shows up yesterday in the Sacramento Bee. I have lived in Sacramento, and I know what's going to happen here. People read this story, and they're going to say, "Oh, my God, oh, my God, more crazy people roaming the streets! More crime, oh, my God, we need to spend more on the mental hospitals," and that's how the cycle perpetuates itself. "The doors remained closed through Tuesday -- and might stay closed for several more days, officials said, until its caseload falls. Officials said the scene could repeat itself throughout the year as local and state funding continue their decline. The situation, officials and advocates say, suggests the state is at the brink of a mental health catastrophe." Yeah, I'd say so, but they ain't seen nothing yet, Barack Obama last night in Hollywood.

"'I think that Sacramento County -- like all counties in California -- is facing a mental health crisis,' said Dorian Kittrell, executive director of the Mental Health Treatment Center. 'Unfortunately when (budget) cuts are needed, health care is often at or near the top of the list over and over again. And unfortunately, there's only so much a system can bear before it breaks.' ... Caseloads have risen in recent years as the region's population has grown. The crisis center now sees about 590 patients a month, compared with 540 a month in fiscal year 2004-05, Kittrell said." This is an example of what drives some people crazy. In fact, this story could drive you to a mental health hospital because what this story is pointing out plain as day for anybody who wants to admit it is, socialism does not work, big government does not work, taking care of everybody cannot work. And here's an example, a teachable moment. The government taking tons of money to support mentally deranged people. It doesn't work. It works for a little while, it gives a false sense of comfort but it's not sustainable. Then they come out, they use a story like this. And the lack of police and the opening up of prisons like Governor Schwarzenegger said, "We may have to turn prisoners loose."

So you've got crazies. The story is you're going to have wacko, lunatic people, mentally deranged people running loose all over the state of California because the people don't pay enough in taxes. So this is to scare you so that the leaders can go ahead and spend billions on their green programs or whatever else they want. Schwarzenegger the perfect example, running off for a photo-op with Obama for more stupid green garbage while his voters said no, no, no, no, no, to every proposition he put up. Now, the thing about socialism is that eventually you run out of other people's money, and we've reached that point. We're now printing it. We've run out of other people's money, you libs, and any conservative worth a damn could look at the city of Sacramento, the state of California and the budgets and find a way to keep these hospitals open, keep the police on the streets, and the jail doors locked. Those people have fled California. California has been surrendered to the nuts to run it into the ground, and now they're walking the streets.

BREAK TRANSCRIPT

RUSH: I got a note from a friend, Steve Gilbert, who points out, "I didn't even know we had any mental health centers. I thought Reagan closed them all and that's where the homeless came from." And, by gosh, he's right. Remember, it was Reagan's fault we had homeless 'cause he shut down all the mental health centers, all the mental health hospitals. Now all of a sudden they're back up and running and they're overflowing. Here is Barack Obama last night in Los Angeles saying the economy's back from the brink and you ain't seen nothing yet, but this is the economy back from the brink comment.

OBAMA: When you look at the economy right now, I think it's safe to say that we have stepped back from the brink, that there is some calm that didn't exist before.

RUSH: Where is the calm that didn't exist before? We've stepped back from the brink? We have not. It is only getting worse.

END TRANSCRIPT

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