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Biden Lies on "Inherited" Economy

BEGIN TRANSCRIPT

RUSH: Now, listen to this. Joe Biden was on Larry King Alive last night. And Larry King, following right along with the questions they gave him, said (impression), "Are you optimistic about the jobs bill?"

BIDEN: By the spring I think people are gonna begin to have more confidence in the policies we've -- we've put in place. I think you're going to see net creation of jobs every month. Now, it's not going to be seven million jobs in the next six months. It's a depression for millions of Americans. But we took this job knowin' we were facing a gigantic hole we were going to fall into.

KING: Inherited it.

BIDEN: We inherited it.

RUSH: Yeah, "We inherited it." You know, why don't they do something: Take the New Madrid Fault where I live -- and Obama, that's a New Madrid, Missouri, a short little stop at Cape Girardeau. There's an earthquake fault there. Been predicting the big one there just like the San Andreas for a long time. I think what Obama could do is maybe Obama and Biden have a joint, big, wallapaloozing ceremony in honor of President Bush and name the New Madrid Fault after him so it becomes "Bush's Fault." Because this seems to be the only thing these people have to say. Now, what Biden's talking about here, "The United States..." This is State-Controlled AP. "The United States is likely to average 95,000 more jobs each month this year, while personal savings will remain high as credit remains tight, according to a White House report released [today].

"The Council of Economic Advisers also trumpeted the $787 billion economic stimulus package, which it said has saved or created about 2 million jobs. In a message to Congress, President Barack Obama pointed out that the economy he inherited was losing 700,000 jobs each month but now says 95,000 jobs will be produced net every month starting this spring." Now, by this time I have a simple question. Who cares what Obama or his people say about the economy and what they predict in the future? They have been grossly wrong time and time again! Who cares what they predict? Here's the truth: The American left, the liberals, keep attacking the regulatory system that was in place before Obama was elected; when in fact it is mostly their regulatory system. They complain about inheriting deficits when in fact they pushed for even bigger deficits when Bush was president, including Senator Obama.

Senator Obama voted for every spending bill that came down the pike! He cannot distance himself from all of this. In fact, he and the Democrats were asking Bush to spend more. Look, it's the Democrats and their buddies that ran Fannie Mae and Freddie Mac and we just did a Morning Update today on the sorry shape they're in. They are so in debt. They've been bailed out. There's no hope that Fannie Mae and Freddie Mac are ever going to get whole. The people that run Fannie Mae, Freddie Mac, received tens of millions of dollars in bonuses -- and, meanwhile, Obama is out there complaining about everybody else getting bonuses. So what exactly...? I need to ask, what exactly did the Republicans do to reduce regulations? Honestly. What specifically did they do to eliminated some key regulation that would have prevented the housing collapse?

Specifics, please! They can sit around here and they can blame Bush and blame the Republicans all they want, but I want to know what the Republicans did. Because the truth of the matter is: They did it. The Community Reinvestment Act was hatched by Carter, it was expanded by Bill Clinton, it was used by ACORN and their allies to wreck the housing market by wrecking the mortgage market by demanding that mortgages be given to people who could no way pay 'em back. Ergo, the subprime mortgage crisis. It was called "affordable housing," and it was designed to wreck the whole system. AIG and the rest? I mean, I don't defend AIG, but they were trading loans (derivatives, if you will) that were based fundamentally on loans created by liberal policies. I'm really getting fed up with this notion that everything they inherited was Bush's fault.

They have doubled down on whatever was wrong! I want them to name whatever these regulations are the Republicans did that created this mess. Because my memory is that George Bush, a number of times, tried to stop some of this stuff going on with the subprime crisis. His poor regulator got up there and got beat up by Barney Frank and whoever, Chris Dodd, and the regulators just lost their teeth and kind of slinked away. I mean, the problem here, folks -- as it's always been, and I'm sure those of you who own and operate small businesses will agree with me -- is there are too many regulations. There are too many laws. You can't keep up with them, now. There's too much government interference. So here we have the left, Obama and his buddies with Biden out there on Larry King last night creating yet another lie that persists for decades: That deregulation caused this recession.

It was liberalism! It was socialism! It was big government and their liberal groups that caused all this. Deregulation? There wasn't any deregulation! That's their favorite ploy, though: "If you let the capitalist, free market system go wild, everything falls apart and only a precious few end up doing well and everybody else gets creamed because the precious few doing well are stealing from everybody else." It's absurd, it's nonsense, but this is their constant refrain. "Regulation," "reform" is always growing government, more regulations, more obstacles, more putting people behind an eight ball with more obstacles in their way so they can't possibly overcome them to be successful. We have inherited... If you want to talk about inheritance, we have inherited what Obama and his party and his friends have created, and even if we win these elections in November it is going to two or three... I don't know long. It's going to take a generation to fix all it is, the damage they have done in -- well, not just one year, because the Democrats took over the House in 2007.

You can track -- you can track -- when unemployment started track up. You can track when the GDP started to go down. You can track any number of things to the Democrats acquiring more and more power and finally President Obama in November of 2008. Take a look unemployment then. Take a look at unemployment in November 2008 and forward and you'll find that people in charge of knowing how to run a business, "Uh-oh. We in heap big doo-doo." So we have inherited, folks, what Obama and his party and his friends have created. Joe Biden.... Joe Biden was in the Senate for over 30 years. He was a big spending, free spending liberal. You will find no record at all of Biden demanding the government stop pushing banks make loans to people who couldn't afford them. Biden dares go on Larry King last night and say he inherited all this? He helped create it!

And any other Democrat in office for 10 years, 20 years, 30 years, joins Biden as an architect of this disaster. Meanwhile, in case you don't know it, Obama still has not killed the Community Reinvestment Act. Obama still supports it. Obama still supports the very thing that caused the subprime mortgage crisis in the first place. ACORN still supports it. Barney Frank and Chris Dodd, both of whom should be sharing a cell with Bernie Madoff, still support it. So let me challenge. They're not going to come on this program and debate me. I know they're not going to do that on health care. Let me challenge them again: Obama and the Democrats, eliminate the Community Reinvestment Act and all laws that compel banks to make loans to poor people who can't afford 'em. Let's get rid of some of these regulations, requirements that have led to this snafu and this big problem. But they're not going to do that because they want the snafu, they want the big problem, they want radical redistribution of wealth. They have targeted the US private sector, and they continue to do so each and every day, and now Obama's gone "agnostic" on middle-class tax cut.

(paraphrased) "Well, you can't say I'm for 'em now because they'll kill me for flip-flopping so I gotta act like I'm open to anything at this point," which is what he's doing, and he hopes to get away with that because of your perception of his superior intelligence. Corpse-man, 57 states, and then any time the guy speaks without a teleprompter, it's a roll of the dice. Job growth? This business of 95,000 jobs every month, net, starting this spring. Do you know why job growth is not lowering unemployment? There are a whole lot of people unemployed, not looking for jobs anymore. They're totally dispirited. A reduction in jobless claims doesn't mean these people are getting new jobs. It means they've dropped out of the system altogether. That's why you gotta look at the U6 unemployment figure, which puts it up 17, 18%. Not this 9.7%. So now they're on welfare, food stamps, what have you -- and, of course, I have a stack here with two different stories on how the food stamp stigma is gone. The welfare stigma is gone. It's just absolutely wonderful that all these programs exist for people who are unemployed. This is the purpose. They want all of us on food stamps. I'm not exaggerating. They want all of us depending primarily on government for whatever it is we have. That's who these people are. Make no mistake about it.

END TRANSCRIPT

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