RUSH: It is a crying shame, ladies and gentlemen, that that economic speech at Brookings that President Hoax and Change just gave was not in primetime. Hoax and Change. It's a shame it was not in primetime so all of America could have the choice of listening to his latest version of "I inherited and I am great." That is the theme of his speeches, I inherited, and I'm great. He dumped all over the Bush administration. TARP was flawed, his treasury secretary designed it! His tax cheat secretary designed it! It was flawed? My God, it is unbelievable what an immature little kid this guy is, bumping and blaming everything on prior administrations. I tell you, folks, it is breathtaking to watch this. Now, when the speech began, the Dow Jones Industrial Average was down 80. When it ended it was down 72. I just checked five minutes ago and it was down 80. By the way, greetings, Rush Limbaugh, you know that. It's down 84. EIB Network, telephone number, 800-282-2882, if you want to join us; e-mail address, ElRushbo@eibnet.com.
Now, if these proposals that he announced today were gonna excite the private sector, investors will vote with their capital and they're not voting with their capital. Hoax and Change does not sell in the Universe of Reality, and we got a Universe of Lies speech today at Brookings on the economy that's breathtaking. It was so sweeping a series of lies that it's hard to start with which one first. His words, his ideas are what have resulted in the loss of millions of jobs, and yet we've had a turnaround, we are growing, we are out of the recovery now, we have the best job report news we've had in three years. It was as though we are now into a new era of prosperity the likes of which this country has never seen before. There's absolutely no credibility. He can give speeches all day long, but this isn't a campaign. He's not running against anybody anymore. He's running against his own lousy record and the blame game does not wash. Obama voted for everything that caused these deficits when he was in the Senate. And he sits there like a spoiled rotten school kid blaming it on somebody else.
I can't wait 'til Karl Rove shows up on Fox to respond to this because these guys ought to be livid. This ought to bring George Bush out of the woodwork and start defending some of this stuff because this is getting out of hand. And then he says he's reading children's letters every night. It's pathetic. The total silence, there was no applause during this speech. I know he was up there at an academic think tank and these people probably think they're above applauding. But there were no columns, no screaming crowds, and without that, President Obama is nothing. The University of Lies has met the Universe of Reality. The reality is we've got 17% of the working population unemployed. The reality is that Obama has created deficits that cannot be paid, and it's silly. He's got $200 billion of unspent TARP money, he talks about, "Well, banks are going to be repaying this stuff, profits to the taxpayers," and then that profit's going to be what? Recycled and spent back on more stimulus creating jobs that have not been created by stimulus?
This economy, if it is fighting back, this economy, if it is showing some sort of a trend and a positive, is happening in spite of him, not because of him. Obama, by the way, his approval number is down to 47%, as I told you yesterday, 47% in a Gallup poll and they react to this at the White House, they don't like this. Gibbs says, yeah, well any kid with a crayon could do that. This is not a bunch of happy campers. Let's go to the audio sound bites. This is the president summing it all up here blaming George W. Bush.
OBAMA: One of the central goals of this administration is restoring fiscal responsibility. The deficit had been building dramatically over the previous eight years.
RUSH: In one year Barack Obama has added more to the deficit than George Bush did in eight years. Recue that to the top. I mean this is an example of I don't know where to begin. I could start-stop this whole speech. It would take me three hours to do it and by the time I finished, I'd need blood pressure medicine. I could do a start-stop on every sentence of this abomination today. All right, here. Try it again.
OBAMA: One of the central goals of this administration is restoring fiscal responsibility.
RUSH: Stop the tape. I'm sorry, but you have destroyed it! There is no fiscal responsibility. He's back to the old, "Don't listen to what I say; listen to how I say it." Cue it back to the top again. I promise I'm going to try to get through this without too many stops.
OBAMA: One of the central goals of this administration is restoring fiscal responsibility. The deficit had been building dramatically over the previous eight years. Folks passed tax cuts and expansive entitlement programs without paying for any of it, even as health care costs kept rising year after year. These budget-busting tax cuts and spending programs were approved by many of the same people who are now waxing political about fiscal responsibility while opposing our efforts to reduce deficits by getting health care costs under control. It's a sight to see.
RUSH: Do you see what I mean? He voted for all of it! Well, he didn't vote for the tax cuts because he wasn't there, he was community organizing. He voted for all of this stuff that he's decrying! He supported all of it, and he is the single biggest spender in the history of American presidents, out-of-control spending.
RUSH: Let's not forget also, my friends, as I have just recently been reminded that the Democrats have been in charge of everything on Capitol Hill since 2006 -- everything since 2006. And remember: George W. Bush was going along with them for much of it. So Obama trying to blame all this is just -- I don't know what it is. It's unbecoming somebody who holds this office. I don't know what else it is. It's childish, it's immature, it's arrogant, it's conceited.
RUSH: Here's more from the Brookings Institute address, President Obama this morning.
OBAMA: Our economy is growing for the first time in a year, and the swing from contraction to expansion since the beginning of the year is the largest in nearly three decades.
RUSH: You -- stop it! Do you believe what you just heard? The economy, the swing from contraction to expansion since the beginning of the year is the largest in nearly three decades. The problem is, there is no expansion. Zip, zero, nada. I mean, the audacity of this is breathtaking.
OBAMA: Finally, we're no longer seeing the severe deterioration in the job market that we once were. In fact, we learned on Friday that the unemployment rate fell slightly last month.
RUSH: Stop the tape. That's because the figures were taken over two days of the Thanksgiving week where people were not working, were not looking for work, were not filing claims and so this -- wait 'til that number is revised. Wait 'til the number ends up being revised, it's going to go up. Anybody that thinks there's an expansion underway -- it's not possible. Business cannot and will not expand 'til they know what the rules of the game are going to be, and they're not going to know that until health care is disposed of one way or the other, and the same thing on cap and trade. I mean this is just myth making.
OBAMA: This is welcome news, and news made possible in part by the up to 1.6 million jobs that the Recovery Act has already created and saved, according to the Congressional Budget Office.
RUSH: We have lost seven million-plus jobs. There are almost a million people, according to statistics, who have stopped looking for work. The real unemployment number in the country is about 15%. There is no way to calculate a "saved" job or even a "created" job in the recovery program, and the CBO also said that in the same report. There's not one word of truth in that sound bite you just heard. Not one. Let's try another one.
OBAMA: We held a jobs forum at the White House that brought together small business owners, CEOs, union members, economists, folks from nonprofits, and state and local officials to talk about job creation. And I've asked people to lead forums in their own communities sending the results to me. So we are hearing as many voices as possible as we refine our proposals. We've already heard a number of good ideas and I know we'll learn of many more.
RUSH: Lead forums in their own communities? Sending the results to him? Are any of you in this audience participating in a jobs summit in your local community, and if so, with who? With whom are you conducting talks about jobs and you are going to send these reports to Obama? My God, I feel like I'm in a social studies class here. One of the attendees at the jobs summit was Fred Smith, the chairman and CEO FedEx. Here's what he said: "I urge the president to accelerate the expensing the capital investment, reduce the corporate income tax rate, and champion free trade. As detailed by former Treasury officials Ernie Christian and Gary Robbins, every dollar of tax cuts for expensing adds about nine dollars of GDP growth. Allowing companies to expense more of their capital outlay is an inexpensive way to create jobs because the only cost to the government is the time value of money." Now, here's a guy in the -- none of what he suggested will be implemented, none of what he suggested was even listened to.
RUSH: The market's down 95 points, ladies and gentlemen, in response to President Obama's second attempt to destroy prosperity. Here's a story. We've gone from the largest contraction to expansion in three decades, he said today. And yet Reuters, State-Controlled Media, has this: "Hunger is spreading while the number of homeless families is increasing as a result of the recession and other factors, according to a report on Tuesday. The US Conference of Mayors said cities reported a 26 percent jump in demand for hunger assistance over the past year," and there's of course food insecurity out there. We've heard that term being bandied about. So there's more homelessness out there, and it's getting colder out there, and we are somehow hearing fewer reports of people dying from exposure, but, anyway, the news just does not jibe with the rhetoric that the president uttered today. This is the TARP comment that nearly sent me through the roof when I watched it live.
OBAMA: Launched hastily under the last administration, the TARP program was flawed, and we have worked hard to correct those flaws and manage it properly. TARP is expected to cost the taxpayers at least $200 billion less than what was anticipated just this past summer. And the assistance to banks, once thought to cost taxpayers untold billions, is on track to actually reap billions in profits for the tax-paying public. This gives us a chance to pay down the deficit faster than we thought possible.
RUSH: This is unreal.
OBAMA: And to shift funds that would have gone to help the banks on Wall Street to help create jobs on Main Street.
RUSH: Launched hastily under the last administration. He demanded it! He urged the president to do it. It was to save the financial system of the entire world, we had to vote on it in 24 hours, this is what they were telling us. Launched hastily and then it ended up being flawed? Let me tell you something, the whole thing is nothing but a slush fund. It was nothing but a slush fund from the get-go. Let me explain this, folks. If you are an incoming president and if you want some money to pass around for whatever reasons, you got this financial crisis that comes up, you can't go in and say, "Pass me a slush fund." But you say, "Pass me a TARP plan, a troubled asset program so that we can save the financial system and we gotta do it in 24 hours," bam, bam, bam, do it, and now after a year of this massive, massive emergency, $200 billion of this remains unspent. And we're going to now take that $200 billion and do a second stimulus with it, which is against the law, by the way, the TARP law is very specific about what that money can be spent on. And, remember, even that was changed. It was originally to buy up toxic assets and then Henry Paulson changed that to, well, we're going to get the banks to get a little bit more free lending, get credit activity," and what was predicted happened, the banks simply invested the money, rather than putting it in circulation.
Now we've got $200 billion of it unspent, we had about $600 billion unspent of the Porkulus bill, folks, and he says, "Well, this has already been allocated so it's not a deficit buster to not pay the money back," and then he talks about profits to the taxpayers. There aren't any profits to the taxpayers. He has spent three-and-a-half trillion dollars this year. I really do not know where to stop talking about this. I could analyze this till the end of the day about what chock-full of lies this is and how childish and immature. Launched hastily under the last administration? His Treasury secretary, the tax cheat, the guy we were told was the only person capable of dealing with this problem, so we had to overlook his tax cheating. Timothy Geithner designed it. We have worked hard to correct those flaws and manage it properly? Here, got two more.
OBAMA: Even before this particular crisis, much of our growth had been fueled by unsustainable consumer debt and reckless financial speculation while we ignored the fundamental challenges that hold the key to our economic prosperity. We cannot simply go back to the way things used to be. We can't go back to an economy that yielded cycle after cycle of speculative booms and painful busts.
RUSH: So that's the official proclamation that capitalism is finished in this country. We're going to end capitalism. We're going to have no more risk-taking; we're not going to have any up and down cycles; we're going to have a straight line of mediocrity, managed by me, praising myself while blaming my predecessor. Much of our growth had been fueled by unsustainable consumer debt, reckless financial speculation. Why was that? You know what that's primarily in reference to is the subprime mortgage crisis, again brought to us by people like Barack Obama: Chris Dodd, Barney Frank, forcing banks to make loans to people who couldn't pay them back. Reverend Jackson and the sound bite we played of him basically accused the banks of redlining blacks, browns, and minorities. But if they were redlining them they wouldn't have got loans, and they did get loans, and now the Reverend Jackson's upset the loans they got, they're in foreclosure so they could not have been redlined. They were lent money. We had people who had no business borrowing money, they were throwing it at them in the guise of affordable housing and ending the inequities of the American dream, and the banks were forced to do this. They were forced to make loans that were worthless.
The paper was worthless. They knew they were never going to get the money back so they tried to create new investment products to give themselves insurance on this bad paper and they started buying and selling that. No money down, derivatives, all this sort of stuff. The government is at the forefront of all of these problems. The government created all these problems. I'm not saying that Wall Street's blameless. Plenty of risk takers up there and so forth, everybody plays games. But my gosh when you're forced to make investments that were worthless by government policy, when the door's closed you're gonna try to come up with a way to insure yourself you don't lose money, you pass the loss on to some other sucker. People are always going to find a way around oppression and tyranny in a country like this where we have never experienced it.
We're getting our first taste of it and you're going to see people not react to it the way Obama thinks. But I mean this is just the death of capitalism, no more reckless financial speculation. You could define that as small businesses saying, "Okay, it's a risk to borrow money to grow my business. Not going to do it. It might not work, I can't do it anymore, the president says we're going to get rid of these cycles." See, these business cycles, that's the free market at work, that's capitalism, and Obama thinks that's a sin, he wants to end all that, manage it, control it, command-and-control economy, and wherever you look in the world where this has been tried it has never resulted in prosperity for anybody. Here's the final Obama bite. This is the one with the kids' letters.
OBAMA: Every night I read letters and e-mails sent to me from people across America. The toughest letters are in children's handwriting. Kids who can't just be kids because they're worried about mom's having her hours cut or dad losing her job or a family without health insurance. These folks aren't looking for a handout. They're not looking for a bailout. All they're looking for is a chance to make their own way, to work, to succeed, using their talents and skills. And they're looking for folks in Washington to have a seriousness of purpose that matches the reality of their struggle.
RUSH: And this is pure Alinsky. He doesn't believe any of this. He's simply speaking in the language his audience understands and believes to try to convince us that he's one of us. But he doesn't believe in people succeeding, making their own way, using their talents and skills because the people who do are people he ends up resenting. And Mr. President, the people writing you letters, I venture to say the vast majority of them just want some money from your stash. I'll bet you most of the letters he gets are from people asking him for money. I'll bet he's not getting a whole lot of letters from people saying, "Would you please get out of my way so that I can go back to work?" It's Obama's stash that these people are seeking in their letters. But anyway, he tells us he's reading these letters from these kids and he's making economic policy out of it, or wants people to think so.
RUSH: Wallingford, Connecticut. This is Sharon. Great to have you on the EIB Network. Hello.
CALLER: Hi, Rush.
CALLER: How are you? Hello?
RUSH: I'm fine, thank you.
CALLER: Oh, good. I just wanted to make a comment. I was watching the Obama speech, and after it ended I was almost in tears. I'm a small business owner. He's clueless. There is absolutely nothing that he outlined today that is going to help small businesses.
RUSH: Really? The Dow Jones Industrial Average is now down 107, it was down 80 when Obama started. I guess Wall Street's reacting the way you on Main Street are. I thought he offered some sort of a capital gains tax to small business. Did he?
CALLER: Well, I could tell you this. I know most of what I had heard was about loans, small business loans. Small businesses, the last thing they want to do right now is take out a loan with all what's going on with cap and trade, we don't know where anything's going to happen --
CALLER: -- as far as that goes. And if a small business is brave enough right now to take out a loan, they're not going to take out a loan and hire people because they don't know what's going to happen.
RUSH: Excellent point. It's not just cap and trade. You don't know what health care is going to foist on you.
RUSH: And you don't know what tax increases the guy's got planned.
CALLER: Exactly. And I just can't see any small businesses right now that are going to take a loan out to hire people when we don't know what's going to happen.
RUSH: See, once again, I mean the hoax continues. This speech was not about jobs. Everybody thinks it's about jobs. This speech was about: I am great, my predecessor was horrible, I inherited a mess, and I make really good speeches, and we've turned the corner, and we've had the biggest recovery in 30 years, from contraction to expansion. It's all a lie. You can stop this speech after every sentence and point out something about it that was not true.
CALLER: As far as our business, we're struggling, and in fact we've been in business for 20 years and it's the first time where I actually have -- because we can't afford a salary for me -- I'm going to have to look for a job, and with the employment numbers, it doesn't count, I can't collect unemployment because I own a business.
RUSH: Right. Exactly. Self-employed people do not qualify for unemployment compensation. They don't want you being self-employed out there. They don't want to encourage that. They want to encourage dependency. Thanks, Sharon.
RUSH: Mel in Griffith, Indiana. Great to have you on the program, sir. Hello.
CALLER: Hello, Rush.
CALLER: Glad to talk to you, and also I want to thank you for your efforts in trying to open up the American eyes.
RUSH: Thank you very much, sir.
CALLER: My question is, currently the banks are paying back the stimulus package with interest to the feds. Why aren't the feds paying off the trillions of dollars that we owe the Chinese with this money?
RUSH: You want to take a stab at answering that yourself?
CALLER: As to why they're not doing this?
CALLER: I know why they're not doing this. They have too many petty projects to take care of.
RUSH: They are, I like Levin's words, statists. I think this is further evidence that what's happening here is purposeful and is strategic. He goes out there today and says we gotta reduce our deficit, we going to do it by having health care, we had the greatest contraction to expansion in 30 years, while we still got 10% unemployment, gonna lower our deficits, while he has busted, he has bankrupted this country for decades. It was a sight to behold to watch this speech. So here's this $200 billion in unspent TARP money, and, by the way, TARP money that's being paid back. I want you to think about this. When the TARP money was allocated, we were in a 24-hour emergency. We had 24 hours to save the US financial system and maybe the global financial system. We had 24 hours. We had to bum-rush everybody into this vote. And the Republicans didn't go along with it at first and it was a week or two delay, and the panic built and built and built. The banks we then learned were forced to take the money, even banks who didn't want to take the money, they were forced to, that gave the government control over their operations.
Now the banks are paying it back and we're told, "Hey, the economy doing so great the banks are paying it back." The banks are paying it back because they don't want Obama running them. But at the end of the day, at the end of this crisis, this emergency, this 24 hours away from disaster we have $200 billion of it unspent? Huh? Say what? What would the Reverend Wright say about that? (imitating Wright) "The white bankers of America are coming home to roost!" So now we have the $200 billion unspent, and we're going to do more job creation. But we're not creating jobs. We're losing jobs! Somebody goes out and says we had the best jobs report in three years at 10% unemployment? Does anybody remember it was mere years ago, a few short years ago that we were at 4.5% unemployment. Not that many years ago, two or three years ago, and now we're at 10% and we're talking about a great economy we've got? This is on purpose. He's not going to pay down any debt. He's going to keep running debt up. When you are in debt you lose your freedom, you lose liberty. That's what this is all about. Don't doubt me.