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More Obama Fail: Another Week, Another Half a Million Out of Work

BEGIN TRANSCRIPT

RUSH: "The number of newly laid-off American workers seeking unemployment benefits, unchanged last week, remains above the level that would indicate the economy is adding jobs." (laughing) They're struggling so hard, State-Controlled Associated Press, "remaining above the level that would indicate the economy is adding jobs." Still, "new claims are down about 22% from the spring." That's because so many people have given up! "The Labor Department says first-time claims for jobless benefits were a seasonally adjusted 505,000, the same as the previous week's revised figure and matching analysts' expectations." Oh, so nobody was surprised. (laughing) This is a first. Nobody was surprised! When was the last time we've read a jobless report where the experts weren't surprised? Mark this day down on the calendar! It actually says here, "matching analysts' expectations." Okay. So how is that hope and change working out for you?

Here's a little added data to this from Rasmussen: "Data from Rasmussen Reports national telephone survey shows that 15% of Democrats in the workforce are currently unemployed and looking for a job. Among adults not affiliated with either major party that number is 15.6%, while just 9.9% of Republicans are in the same situation." So the story here is that Democrats and unaffiliateds are more likely to be unemployed than Republicans are. Democrats hardest hit. Democrats, women, and minorities hardest hit. "These findings are from interviews with 15,000 American adults in October. The numbers show an increase in all categories from earlier in the year. The percentage of unemployed Democrats has grown less than a point from 14.2% in February." But it's inching up almost a full point to 15% now. (laughing) I shouldn't be laughing. I'm sorry, I shouldn't be laughing.

It's going to be a long, cold winter, ladies and gentlemen. "One Million Workers Could Lose Unemployment Benefits in January Unless Congress Extends Aid -- More than 1 million people will run out of unemployment benefits in January unless Congress quickly extends federal emergency aid, a nonprofit group said Wednesday." So the pressure being brought to bear -- does anybody doubt that we're going to extend unemployment benefits? I don't. This is exactly the agenda. This is the point: Get as many people as possible depending on government. I'll tell you, the more you extend unemployment benefits, the less -- this is just human nature. The less people are going to look for work. Oh. And, folks, I'm sorry to keep pounding you here with reality but I must do it. "More than 14 percent of American homeowners with a mortgage were either behind on their payments or in foreclosure at the end of September, a record-high for the ninth straight quarter and a problem that could threaten the economic recovery." (laughing) Every story contains the fig leaf of hope that maybe there's a recovery going on, but this really could hamper that.

"The Mortgage Bankers Association's report Thursday suggests the housing market and broader recovery could be thwarted by the continuing surge in home loan defaults, especially as the unemployment rate keeps rising. Lost jobs, rather than the shady loans made during the housing boom, are now the main reason homeowners fall behind on their mortgages." Shady loans. So now the subprime crisis is being referred to as "shady loans." And, of course, we're supposed to be thinking that the banks are the ones who are "shady" here when it was just the banks who were forced to make these shady loans. I thought this was fixed! I really thought Obama had a program here to fix this. Let me find the related story because it proves... (interruption) Yes, yes, I'm going to get to health care. Look, I can't do everything in the first 15 minutes. I got a lot of stuff on Reid's health care bill. It's funny. Where is this? I should have gotten this off the bottom of the stack and put it up at the top, but basically all of these plans to help people pay their mortgages and so forth, I think maybe 15% of the money's been authorized. That is all there is, which just proves to me again that the whole thing is just a slush fund. It's like 15% of the stimulus. Here it is, and it's in no less than the CNNmoney.com: "Obama Mortgage Rescue: Only a few get lasting help -- Only a handful of homeowners are receiving permanent loan modifications under the Obama administration's foreclosure prevention plan." That's the headline and the subhead.

Here's the way the story starts out: "Only a tiny percentage of troubled homeowners have received permanent modifications under President Obama's foreclosure prevention plan, raising concerns about the effectiveness of the $75 billion effort." When will the fact that Obama is helping no one anywhere filter through the haze that surrounds this man? We've had 15% of the stimulus spent. It's a slush fund. And now 1.26% of all trial adjustments were made permanent after three months, only 1.26%. So this $75 billion here is just another slush fund. The overall percentage is this: "Fewer than 5% of the trial modifications on loans owned or guaranteed by Freddie Mac were converted to long-term adjustments as of Sept. 30th." So mortgage delinquencies hit a record high. Obama mortgage rescue? Only a few get lasting help. Billions of dollars were allocated to fix this! Not one thing, not one thing that he has done has resulted in a fix of anything.

At some point that fact that he is helping no one anywhere has got to filter through the haze that surrounds him. (interruption) His hair is turning gray because of the pressure? He's losing weight because of the pressure, too. Somebody not eating out there. That's the story. He cares so deeply, you know? He cares so deeply. I mean, his heart aches over all of the pain that is happening out there. Now, this CNN story contradicts the AP story: "While the foreclosure rate has eased a bit recently thanks in part to the growing number of people in trial modifications, some experts fear foreclosures will start rising again unless more people receive permanent assistance." Mortgage delinquencies hit record high is the AP story. Foreclosure rate eased a bit.

Get this: "Experts fear foreclosures will start rising again unless more people receive permanent assistance." Permanent assistance. Now, those of you who are in a mortgage, who have a home in a mortgage and you're paying it, understand that there are experts out there who think others ought to have their mortgages permanently paid for by a plan that only has spent 5% of the money allocated to it. So there are slush funds all over this administration. TARP is a slush fund. The stimulus package is a slush fund, no question about that; and now this foreclosure plan, that's obviously a slush fund, too, because it's not being spent on the stated purpose.

Fox News/Opinion Dynamics poll out just today: Obama's approval rating is 46% in the Fox News/Opinion Dynamic poll. The last period was October 27th and 28th. He was at 50% approve and 41% disapprove. This polling period is 900 registered voters. The 17th and 18th of November which is just the last couple of days. Forty-six approve, 46 disapprove. Eight percent don't know. So he's under 50% in two polls now, Quinnipiac and the Fox News/Opinion Dynamics poll. Gallup has him just teetering on the little teeter-totter at 50% and they're doing everything they can -- they're upping the sample to black Americans -- to keep him up at 50% in the Gallup poll.

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