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Fed's QE2 is a Backdoor Tax Hike

BEGIN TRANSCRIPT

RUSH: Ron in Etters, Pennsylvania, you're next on the EIB Network. Hello, sir.

CALLER: Mega dittos, Rush.

RUSH: Thank you.

CALLER: The reason I'm calling is I just want your take on the back door cap and tax between Bernanke with quantitative easing raising the oil prices and the EPA new restrictions that they're publishing for state government.

RUSH: Well, let me first understand your theory. You think that QE2 is a backdoor to cap and trade? Is that what you're saying?

CALLER: That with the other agencies, yeah.

RUSH: Well, the dirty... (groans) The truth is that the EPA can implement cap and trade if they want to right now.

CALLER: Right.

RUSH: The Supreme Court has given them authority over carbon.

CALLER: Yeah, but quantitative easing with the devaluation of the dollar is going to raise a barrel of oil to astronomical sums.

RUSH: Well, yeah, theoretically the price of oil could go up.

CALLER: Well, it's already going up.

RUSH: Well, I mean to astronomical levels. The price of --

CALLER: (barking)

RUSH: Sir, is that you?

CALLER: No, it's my dog.

RUSH: Oh.

CALLER: (laughing)

RUSH: (laughing) I was gonna say.

CALLER: Oh, by the way, Rush --

RUSH: Everybody else has been disagreeing with me today. I'm used to be being treated that way, like a dog today. Anyway, the last time the oil price got to $150, the gasoline price was four bucks, and that was a tipping point. That's when people went nuts.

CALLER: Well, we're climbing that way again.

RUSH: Well, you devalue the dollar... So your theory is the backdoor way is to get the price of oil up which gets the price of gasoline up which cause everybody to use less, drive less, ergo cap and trade's in play without them having to implement it?

CALLER: Correct.

RUSH: Correct.

CALLER: Also my wife did come up with another word for "sponge" for you. That's parasite.

RUSH: Parasite, yeah. I like that, too. Al Franken's one of those.

CALLER: Oh, yes.

RUSH: There are a number of parasites out there. Look, devaluation of the dollar is a back door tax on everything, folks. The devaluation of the dollar is a back door tax on everything. It's a mess. You know, whether they're going backdoor cap and trade, backdoor whatever. All you need to know is just listen to Obama. The days of our exceptionalism are done and over with; the days of us leading the world are over with. He's happy about all of this, and his policies are responsible in large part for the direction that we are headed.

END TRANSCRIPT

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