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Frontline Blames Clinton Economic Team for the Wall Street Collapse

BEGIN TRANSCRIPT

RUSH: High Point, New Jersey, next, Bob, welcome to the EIB Network, sir. Hello.

CALLER: Yeah, hi, Rush. Nice to speak with you.

RUSH: You bet.

CALLER: I'm calling in reference to a PBS special they had on, Frontline, it was called The Warning and what it did was it focused on this lady called Brooksley Born, who was the chairman of the Commodity Future Trading Commission in the Clinton administration. And it shows exactly what happened with the derivatives, and they knew as far back as 1997 that there was going to be a collapse and she tried to warn -- she's a Democrat -- she's tried to warn them --

RUSH: What was her name again?

CALLER: Brooksley.

RUSH: Okay.

CALLER: -- Born. And she was blocked by Rubin, Greenspan and Summers, who were the president's working group. They hammered this woman. She was in hearings before Congress that there's going to be a major collapse if these derivatives aren't relegated, and they crushed this woman. This is an outstanding program. It can be seen online, but it's a must-see.

RUSH: And when did you first see it, when did it air?

CALLER: It was Wednesday night.

RUSH: You know, I heard about this. I read a review of this show which intrigued me because the review pretty much said what you said and added a couple things, and it really just laid the whole blame for this on the people you mention, Rubin and I think even Clinton's name was mentioned and perhaps a couple congressmen or senators, I don't recall which. But I was stunned, too, that it ran on Frontline.

CALLER: Yeah, Geithner was involved in the working group at that time.

RUSH: Yeah. Yeah.

CALLER: Summers is still presently in the White House.

RUSH: Yeah.

CALLER: And he was referred to as the enforcer in this group and he hammered this woman, and she ultimately resigned. She was a Democrat but she had some integrity.

RUSH: Well, thanks for the heads-up on that. We'll find the link to it and put it at RushLimbaugh.com. I appreciate that Bob. This reminds me, there's a point that I forgot to make yesterday with this pay czar business. This Feinberg pay czar, he's running around saying, "Don't call me a czar." He's running around saying, "Obama does not have the constitutional authority to do this; I do," or something like that. Obama couldn't have done it, I had to do it, so it's deniability so forth. Here's the thing about this, I'm sorry that this escaped me yesterday because there's been a fundamental point that I have made repeatedly during all of this. These bankers, the hatred has been ginned up against them. The story is that the American people are demanding their heads, they're demanding their pay cut, they're demanding as taxpayers that they not get their bonuses and all this, they destroyed the financial system and so forth.

Ladies and gentlemen, they had to do what they were told. The federal government created policies that made them make these loans to people who couldn't pay them. That's what the subprime mortgage crisis is all about. The architects of that are Bill Clinton, Barney Frank, Chris Dodd, and a whole bunch of other minor bit players. ACORN's involved, ACORN's running around hassling banks if they don't make loans to people. So now, after following mandated policy, federal law, the Community Redevelopment Act under Carter, it was put on steroids in the late nineties with Clinton and the bunch and that thing forced the banks to make these loans. And so these banks, after following orders, are now being blamed for the problem.

It's the same thing in New Orleans with Hurricane Katrina and the levees. The local politicians down there pocketed money instead of reinforcing the levees with federal money, the Congress which appropriated the money did not do any oversight, the levees break during Katrina, the flood happens and Congress says, "What the hell happened down there, what's going on?" As though they're innocent bystanders when they were involved in the whole bit of corruption that led to the levees falling apart. It wasn't the hurricane that did it, it was shoddy levee construction. They didn't reinforce them like they should have. The stories were legion on this. So the same thing is happening now. Now we got a pay czar who I maintain does not have the constitutional authority to do what he's doing, either. This is how tyranny starts. Cutting the pay -- and, by the way, it's not just these seven companies now, it's 28 more, they are expanding beyond companies that took federal bailout money, but of the people, the banks that are getting creamed here and the salaries being pulled back, all they did was implement federal law.

They were forced to make these loans that led to all of this disaster. When regulators came in, in the Bush administration and tried to say this, "We gotta stop this, this is a coming debacle," Barney Frank jumps on the regulator. I forget his name right now, we've played the audio. So this whole thing is just outrageous. These guys go do what they're told to do by the federal government, it bombs out and the federal government and the members of it specifically, individually that made it happen, "Whoa, these people are thugs and criminals! We're going to send ACORN to protest on their front yards, and we're going to cut their salaries. " This is sick stuff that's happening, folks, right before your eyes.

BREAK TRANSCRIPT

RUSH: Would you say, folks, that we are a nation of risk takers, we always have been? You hear what the pay czar said? The salary caps are designed to reduce risk-taking. Yeah. Let's just take everything out of our culture that defines us as Americans. That's what's happening.

END TRANSCRIPT

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