RUSH: S&P has indeed gone ahead and downgraded Fannie Mae, Freddie Mac, and countless banks even as we speak. Let me tell you what that means: That means everything is gonna cost us more. Everything ultimately involving credit, capital, is gonna cost more. Standard & Poor's, is this right? They're even downgrading Warren Buffett? From the Wall Street Journal: "Berkshire Hathaway, other insurers get negative tag from Standard & Poor's after Standard & Poor's bit an appendage from the US' credit rating, the credit rating firm is smelling blood in the water at Warren Buffett's Berkshire Hathaway.
"S&P today marking down ratings on some US insurance companies based on direct and indirect sovereign risks from the country's credit going to AA+ from AAA," and don't
forget Obama blaming ATMs for the bad unemployment number! Holy smokes, folks, how bad can it get? How much worse do you want it to get? Now, of course it doesn't sound good. What's gonna happen is, he's gonna come out here at 1:30 with a statement on the downgrade and the Afghan attack and I guarantee you he's gonna blame somebody. He's gonna blame the reluctance on Republicans for new "revenues." He's gonna blame the Republicans and the Tea Party. He's gonna blame people for not wanting to pay more taxes. I don't know what he's gonna blame Afghanistan on.
RUSH: So why has Obama delayed his Debt Man Talking speech from one o'clock to 1:30? Maybe it's to give his Wall Street friends more time to get their money out of the stock market for fear of what's gonna happen to the stock market when he finishes speaking, 'cause here we are in the middle of Barackalypse Now. Obamageddon. A new CNN poll just released says six in ten Americans think the economy's still getting worse, and 75% believe the nation's doing badly. Who the hell are these other 25%? I'll tell you who they are. Unions! Unions and others who want further destruction. Seventy-five percent believe the nation's doing badly; 25% say, "Nope, doing fine!" Unions. They're public employee unions and everybody else Obama's passing out checks to.
RUSH: It's 1:33 in the afternoon, almost 1:34 Eastern time. The President is obviously waiting for this program's commercial break to end before coming out to speak as Debt Man Talking. Ha! Whenever he does make it out there, we will JIP it, we will carry it. Little Timmy. Look at that: Down a measly 334 now. There's been $2 trillion in asset value lost if in a week; $2 trillion in asset value pfft! Kaput. Lost. So Little Timmy Geithner, the tax cheat, hasn't said a word throughout the weekend. Obama hasn't said a word. So everybody's waiting with bated breath here in the midst of Barackalypse Now. So when he shows up, we will JIP it. That stands for "join in progress." We're not talking about some financial thing. It's a broadcast term, and it's J-I-P: Join in progress.
We're gonna join pretty soon after it starts. (interruption) I don't know how bad it can get. There aren't any stops. Would somebody tell me where are the brakes? Where's the brake pedal? What is the brake pedal? I'll tell you this: If this guy comes out here today and if he goes partisan in his remarks it's gonna take it down even further. If he comes out and starts blaming Tea Party, blaming Republicans, if he goes back and says, "If we'd-a just done the debt deal like I wanted to, the grand deal..." If he says what Axelrod did... Here, grab sound bite three. Yeah, grab sound bite three. This is Axelrod yesterday on Slay the Nation, Bob Schieffer. So you're saying that the president bears no responsibility for this? This was all the fault of the other side?
AXELROD: This is essentially a Tea Party downgrade! The Tea Party brought us to the brink of a default -- and, by the way, you said before, "The president said this wouldn't..." If
we had defaulted on our debt, the consequences would have been dramatic and lasting.
RUSH: What the hell are they now? You know, everything that everybody told us would happen if we didn't do the debt deal happened, despite doing the debt deal. We did a debt deal! A typical US debt deal: Immediate spending and cuts spread over ten years that will not happen, 90% of which won't happen. Okay, so here is one of Obama's political gurus yesterday blaming the Tea Party. If Obama comes out and does that? Pfft! You're gonna have another 200 points shaved off of this thing, I think. I think if he he goes partisan that's not what people are wanting to hear. If he starts blaming people? Look, he's president! This is the time when qualified presidential leadership surfaces. It's calming, restoring, inspirational, uplifting.
This guy doesn't know that, because he doesn't believe that about this country. He can't say that from his heart. Somebody better put the words in the teleprompter and he better be able to read 'em convincingly 'cause if that doesn't happen -- if it's typical Obama that we get out here -- "Hush, you know, I was just inaugurated yesterday. Look what I inherited! Uhhhh, Bush this, uh, regulate that. Bush that. It's worse than I thought it was. Nobody told me how bad it was," all that -- if he tries any of that -- I shudder to think. The correct thing to say is that Obama loves to run around and talk about all this bull crap that he inherited from Bush, then he inherited a AAA credit rating, too. Pharaoh Obama inherited a AAA credit rating. So you live by the blame you're gonna end up dying by the blame.
If you want to go out and say everything you inherited was rotten, you gotta also take the good that you inherited. We're still waiting. It was originally one o'clock, then it was 1:30. Now it's 1:38, minus 40 for our delay. It's almost 1:39. Well, actually no, real time is 1:39. You're hearing this 40 seconds late. I don't know. Maybe they're polling. Maybe they're focus-grouping various speeches. Maybe they got a couple of speeches and they're business focus-grouping them back there and trying to figure out which one to give, 'cause I tell you: He does not have uplifting and inspirational in his heart. I mean, we've been there, done that. That was Grant Park, 2008, the night he won the election and all during the campaign when he was gonna lower the sea levels and the birds are gonna start singing and all of that crap.
That wasn't even American specific. This guy, when the subject of American exceptionalism comes up, "Well, I think other countries think they're exceptional, too." He just doesn't have it in him. He doesn't have the concept of American greatness in him. Look, the way we get out of this mess is to reverse Obama policies. We've got to stop Obamacare. We have to repeal it. We have to start drilling for oil again. We have to get in charge of our food. For heaven's sake, the world needs two things that we have in abundance, food and energy, and we're not doing either. We're given up acreage for stupid snail darters and other environmental concerns. Ditto energy. hat we need to do is start producing what the world needs, what the world has to pay for and is willing to pay for.
It's what we've always done: Fed the world! Instead, we're in the biocrap. Look, folks, I apologize for my language. I'm just really frustrated. This really ticks me off, coupled with this thing in Afghanistan. The idea that a bunch of Seventh Century nomads able to pull off an operation like this means that they're getting intel from somebody, and so there better be an investigation to this, and the investigation better be, "Who is helping these people?" Exactly right: Iran. Everybody thinks it's Pakistan -- or, I'm sorry, "Pok-ee-stahn" -- but I'm telling you, it's Iran, in my mind that's provide much of the intelligence. Now, we had a caller a minute ago who really made, I think, a very good point: The Tea Party is being treated much the same way as returning Vietnam War troops: Spit on, blamed, castigated, sideline critics sitting around. One more. Audio sound bite number four. This is after Axelrod blamed the Tea Party on Slay the Nation, Schieffer played a clip of President Obama saying if the economy didn't improve, he's be a one-term president, and then Schieffer and Axelrod spoke about it.
SCHIEFFER: We're getting right up to that three-year point. Is this gonna be a one-term presidency?
AXELROD: We're in a different place than we were the day he did, duh, uh, uh, an interview --
SCHIEFFER: Well, we are. Things are worse than they were.
AXELROD: -- and -- and -- and -- and we were losing 750,000, uh, jobs a month. We've had job growth for 17 months.
RUSH: Really? Is this what they whine to themselves about, Axelrod? Are they really telling themselves in the White House that they've got economic growth out there? Are they really telling themselves that they're sitting pretty because of job growth? Is that really what they're telling themselves, or is that just what he's saying on TV with his good buddy Bob Schieffer? Here's Timmy Geithner, up to sound bite six, April 19th of this year on the Fox Business Network. The correspondent Peter Barnes was talking to the little tax cheat Timothy Geithner.
BARNES: Is there a risk that the United States could lose its AAA credit rating, yes or no?
GEITHNER: No risk of that.
RUSH: No risk of that whatsoever? The walking clueless. I'm gonna take a break. At some point this guy's gonna come out and speak. What are they doing back there? Are they really notifying their Wall Street buddies to start selling stock because of how bad it's gonna be after Obama finishes or are they focus-grouping various speeches to figure out what to do? How do you announce a one o'clock address and here it is 43 minutes later and you still haven't shown up?
RUSH: This guy has had the cable networks breathlessly awaiting the one o'clock speech for 53 minutes. Fox is having to... Whoa, see here he is right when we're one minute
away from our commercial break. Let's listen to one minute of this. We'll get a tone for it. Here it is. Oh, wait a minute. I'm sorry. I wrong. He has started but our microphones aren't on.
OBAMA: Our credit status is AAA.
RUSH: Well there we go. There we go.
OBAMA: In fact, Warren Buffett who knows a thing or two about good investments said, "If there were a AAAA rating, I'd give the United States that." I and most of the world's --
RUSH: Warren Buffett was downgraded today.
OBAMA: That doesn't mean we don't have a problem.
RUSH: His word isn't worth anything.
OBAMA: We don't need a rating agency to tell us that we need a balanced, long-term approach to deficit reduction.
RUSH: But they did.
OBAMA: That was true last week, that was true last year, that was true the day I took office -- and we didn't need a rating agency to tell us that the gridlock in Washington over the last several months has not been constructive, to say the least.
RUSH: Okay. Blame S&P.
OBAMA: They prolonged debate over the debt ceiling.
RUSH: Blame Republicans 134 debate where the threat of default was used as a bargaining chip --
RUSH: Okay, we gotta go to commercial break now. We know what he's doing, he's blaming everybody else, exactly what we knew was gonna happen so we don't need to hear it.
RUSH: All right, he said it: "Tax increases. People an afford it. We need to pay more." That's what his solution is. Don't be surprised here if what they're waiting on was for the Fed to flood the Standard & Poor's futures market with buy orders so that the market automatically floods up either now or tomorrow after his speech.
RUSH: Okay, so Barack Obama is finished, and he timed it so that we could not cover most of it, no doubt. He also basically said: We don't need the S&P to tell us that we have to raise taxes by trillions of dollars. He blamed political elements. He said the "balanced approach," again, which means raise taxes. "Shared sacrifice" means socialism. He promised more of the same. The market has so far not reacted positively to this. In fact, it's getting worse. It's really getting worse. It's now minus-428, 424. It was at 403. I'm a cynic, and if the following happens I won't be surprised. Now, I'm not predicting this, but I won't be surprised if one of the reasons for the delay was that it gave the Fed timing on out there and flood the futures market with buy orders.
If the Fed floods the futures market with buy orders, it will cause people who are shorting to cover and potential buyers to think that a rally is coming if something happens
overnight, the futures market shows up news tomorrow. It's been done before. The Fed has done that before, and if they've done it before, they can do it gonna. The Dow down 442. I don't know whether it's gonna happen today, tomorrow, whether it's gonna happen at all, but it is a possibility. I just want to remind everybody. It was just Friday that we had the numbers, and I'm having them clipped for me from the website, 'cause I don't have the piece of paper in front of me. We had the numbers of how much money there is among people. There are 8,000-some-odd people who earn $10 million a year or more in this country.
There are 8,000 of them -- and if you took everything they own, you would have $240 billion. There isn't the money to get anywhere close to solving our debt problem by raising taxes on, quote, unquote, "those who can afford to pay a little bit more;" and this is why I say that this is being done on purpose. He knows it! This is a concerted attack on capitalism. There can be no doubt after these remarks today that this is a concerted attack on capitalism. We also had a president today, Debt Man Talking, who said, "There's not much more we can cut in domestic spending. We got some Draconian cuts coming! There's not much more we can cut domestic spending." So he tried to make it look like in this speech today he was just elected today! He's been out of Washington sending in good ideas and nobody has been listening to him.
Mr. Potted Plant President says he's gonna be issuing plans in the weeks ahead. Did you hear him say that? He talked to the super committee in Congress. They're gonna get together and he's gonna issue some suggestions! He's going to issue some ideas. Shovel-ready jobs are back on the teleprompter. Earthquakes, need more unemployment checks. I'll tell you, this guy is grim. He's got nothing to offer but taxes and spending. He can't find anywhere to cut, but there's a lot more room for spending, a lot of room for more taxes, a lot of room for more regulation, a lot of room for more transformation, a lot of room for more destruction of the capitalist system of this country. This isn't even leading from behind. This is not leading. This is useless, except for the fact that it's so damages.
Obama said if Congress doesn't extend unemployment benefits again, it'll cost one million jobs. That, folks... That is... (sigh) Well, it's crazy, but I'm looking for... (sigh) It's just crazy! It's like Pelosi saying that for every $1 in unemployment benefits, we get $2 in economic activity back. If Congress doesn't extend unemployment benefits, it'll cost one million jobs? Somebody run the math on that for me! This is Pelosi crazy. Okay, the number is 8,274 people with incomes of $10 million per year or more earned a total of $240 billion in 2009. That's what the number is. So there are 8,274 people with incomes of $10 million per year or more earned a total of $240 billion in 2009. Now, those people paid a tax rate of about 25%.
If you confiscated everything they earned, $240 billion, you're not even close to wiping out the deficit -- and if you confiscate everything they've got, you can only do it one time,
because they don't have it then anymore. You can't go back and get the $240 billion because they're not gonna be earning. They're gonna stop earning, if a hundred percent of it's taken, they stop working. We waited an hour for that! I'll tell you something else, folks, just in terms of manners and character. Somebody who announces an address to the nation at one o'clock and shows up 53 minutes later has no regard for the public. Somebody who announces remarks at one o'clock and shows up at two o'clock has flipped the public the bird. We had the typical, arrogant, condescending -- head up, looking above everything -- as though all this has happened without him having had any role in it.
Now he's gonna come in and present some plans, and the plans are "shared sacrifice" and a "balanced approach." Tax increases and more socialism. Now, during the debt ceiling debate Obama told us that a credit rating downgrade would be a tax increase. He told us that. While he was trying to scare everybody into going along with the Democrat version of the debt deal, he told us that a credit rating downgrade would be a tax increase. So we already have gotten a tax increase, haven't we? By his own admission. Sometimes I really don't think he's concerned whether or not he's a one-termer. It's just "what damage he can wreak in these four years and make it so difficult to come back from," equals mission accomplished. Did you who listen to all of that, you who watched it on television while also listen to this program, hear anything inspirational?
Did you hear anything uplifting? Did you hear anything about the greatness of America and how, "Hey, we've been through tougher times than this, and we as Americans pulled together and we know..."? You didn't hear any of that. You didn't hear any inspirational, uplifting, motivational words. You didn't even get that as an attitude. You got cockiness. You got obstinate. "We didn't need S&P to tell us we have to raise taxes. We didn't need S&P to tell us... We didn't need S&P to... We didn't need S&P! We didn't need anybody to tell us. We don't need anybody to tell me what's going on! I know what I'm doing," and he does. He is Barackalypse Now.
By the way, that's Drudge's headline. That's Drudge's lead, Barackalypse Now. It's Obamageddon. There are people -- you may be one of them -- throughout this country thinking this is it, that this is the end. How do we come back from this, particularly after hearing this from the president. How do we come back from this? How do we stop this? And, folks, I'm here to tell you: We can recover from this, and this can be stopped. But not with the kind of thinking that currently exists in the White House and the Democrat Party. They are going to have to be made a large minority for this to be stopped and then reversed.
RUSH: (sigh) I'll tell you what, people are fainting again. People are fainting again when Obama speaks, mostly out of desperation now. Literally, people, say," Oh, my God!" They look at Obama speaking, they faint out of desperation -- and we don't need a super committee in Congress, folks. We need a super committee in the White House to do his job. We have every right after this to worry about whether or not he is fit to serve. This statement today was not reassuring to anyone. Now, I know, folks. Look, I hate to say things like this. The market, yeah, 483. It was down 500. It lost 200 points since he came out to speak, and it really dumbed down. It went down to below that and almost got down to minus 600 now.
It's down 479, and I just want to alert you to the possibility that while all this is going on, the Federal Reserve is buying futures, S&P futures to make it look like that there's huge market activity going on. Don't be surprised, and I'm not predicting it, it's a crapshoot, but I know that these people have done it before. They are manipulators of the news, they manipulators of public opinion, they are manipulators of government jobs reports, they are manipulators of everything they have to manipulate -- and I'm just saying: Don't be surprised if at some point during the afternoon today or night, the market looks like it's rebounding big.
The Fed can print money whenever it wants to, and it can go in and buy futures in the stock market, in the S&P, and it can make it look like that there is legitimate excitement in the Dow, on Wall Street -- all for the express purpose of making it look like, "After people stopped and considered what our brilliant president had to say, that the smart money, the people with skin in the game, said, 'You know what? He mighta said the only thing we can do is raise taxes!'" I just want to put it out there as a possibility only 'cause I know these people. (interruption) Why are you frowning at me? Do you think this is not possible? (interruption)
Snerdley, I'm not talking about legitimacy here! (shouting) I'm talking about fakery! I'm talking about the phony investment in the stock market. The Federal Reserve, not real buyers. You think the Fed cares what he says? All Obama cares about is making it look like somebody thought he made sense, and right now the only thing that people are using to measure is the stock market and the credit rating and so forth. So if they do something to manipulate market back into positive territory overnight or this afternoon, I'm just telling you: I'm not gonna be surprised. I don't care if in the real world raising taxes doesn't fly. You think the Republicans ultimately won't raise taxes if they could make it look like that's all that will save the country? (interruption)
You don't think...? You don't think they will? You don't think the Republicans in the House could be forced into capitulating on their no-taxes business? (interruption) Mmm-hmm. We'll see. I hope. I hope that you be right. I hope that you be right. Again, I want to stress, I'm not predicting that they're doing this in the market; I am just holding out the possibility 'cause, folks, this is something I do know. If overnight or later this afternoon, if something happens and this market goes crazy up, you and I both know there is nothing in reality -- nothing in Reality Heights -- that has caused it. There is no good news, there was nothing inspirational, there was no new idea.
There was not one thing new from this president today. There was not one new idea, not one new proposal. Not one syllable was inspirational, not one syllable was motivational, not one syllable of what he said today was anything other than frustrating and the same old same old! Now, if miraculously this market has some kind of recovery, all I'm telling you is it's been manipulated; it isn't real. That's it -- and don't doubt for a moment that it can be done. They can't do it all the time, otherwise, it would lose its effectiveness. They have to save it for moments of genuine need -- and certainly from Obama's perspective and the media's, this is one of those times.