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The Democrat Attack on Romney's Wealth

BEGIN TRANSCRIPT

RUSH: Okay, Chance in Salt Lake City, you're first here, and it's great to have you on the EIB Network. Hello.

CALLER: Hey. Thank you so much, Rush. I'm a huge fan of the show, and I just have two quick points to get to. The first one is you said Romney wasn't directly speaking to those people in the audience. I disagree with that because it doesn't matter who was in the audience. Whether African-American women, whites, Asians, Hispanics, anyone in that audience, the message that he delivered was directly to them because it was about free enterprise and capitalism. The issue wasn't the message he was giving but how it was received. That's the huge problem most people have is the fact that they don't understand capitalism. So when it's better understood, the message Romney gave was for anybody and everybody.

RUSH: Yeah, but... No, my only point was that I don't think Romney tailored a message only for people in that room. All I mean is he took the occasion of this speech to give a total policy speech on issues that apply to everybody because he knew the media was going to be there covering it. He knew the TV cameras, the networks would be covering it, some of them. So he took advantage of this opportunity to get his entire message out, not one tailored to that particular audience. That's all I meant.

CALLER: Okay. All right. I just... It's frustrating because I'm a huge fan of capitalism. I myself am not wealthy but I look at the rich, and I don't envy them but I strive to become like them. I don't want their money. I want to make my own money. I see what they have and I want it. It's a beautiful thing.

RUSH: Exactly. You are the epitome of what I said the other day. We used to live, folks, in a country where people wanted to be millionaires. We used to live in a country where people wanted to improve their standard of living. They wanted to earn more. Instead today we live in a country where people want to get a government check. Or too many people do. But it's not just that. The people that do want to become millionaires, the people that do want -- via work -- to improve their standard of living, are said to be bad people.

They're out of touch.

They're basically thieves.

The message from Obama and the Democrat Party is that. You said you like capitalism? You know what they're telling people capitalism is? It's theft. Capitalism is the rich stealing from the middle class and the poor. That's what profit is. Profit is theft. It's exorbitant, it's obscene, and it is ripping people off. So the pursuit of wealth is, A, bad; and, B, theft. And the latter, by the way? Pursuing a government check?

That's said to be good. That's equality. That's fairness. This is where Obama and the left have taken us. What you said your view of your life and your future is, that used to be part of the definition of the American dream, for crying out loud! So today the American dream, as everybody has understood it, is now bad. It's theft, it's greed, it's selfishness. And this is a problem. I appreciate your call. I do.
Dale in Ventura, California, you're next. Great to have you on the EIB Network. Hi.

CALLER: Rush, it's a pleasure to talk to you again.

RUSH: Thank you, sir.

CALLER: My comment is regarding the allegations of the offshore accounts with Romney and his profit from investments. If most of us look at our 401(k)s, you'll find more than likely that you have investments offshore just like he does. And when you profit from it and you take a disbursement, you will claim it on your taxes just like he did. So their argument is no good.

RUSH: Well, that's exactly how it is that Debbie "Blabbermouth" Schultz has $15,000 invested in an offshore investment of some kind, as a result of her 401(k). But, see, what they would tell you the difference is, Dale, is this: "Well, Debbie 'Blabbermouth' Schultz doesn't manage her own money. She's not trying to screw the United States! She's not trying to hide any income. But Romney, as a rich Republican, is seeking out these havens! He is seeking out these places to hide his money from the poor and the middle class and Uncle Sam. But Debbie 'Blabbermouth' Schultz, why, it's her evil, greedy investment manager that's doing it! She didn't know."

BREAK TRANSCRIPT

RUSH: Yeah, this notion about Romney and rich people being greedy.  Remind me again, why is being successful as a result of your own hard work and education, why is that a negative?  Why is that greedy?  It's like I said earlier this week, greedy is expecting somebody else to pay for your health care.  Greedy is expecting somebody else to buy your car. Greedy is expecting somebody else to pay for your food stamps.  Greedy is your average Democrat voter.  Nobody gets rich by themselves.  Elizabeth Warren, factory owner, (imitating Warren) "We pave the roads, we built the utilities, we made it possible for you to get rich," all of that. 

Now, I want to go back to this Romney, Grand Cayman stuff offshore, because it's all perception.  You know, Romney has all of his finances in a blind trust since 2003.  He has no say-so over where his money is invested.  Debbie "Blabbermouth" Schultz does.  She can be in total charge of her 401(k,) where the money goes and where it doesn't go.  Romney cannot do that.  But you see the perception of the rich is that they are in total control of everything. They know every secret. They know every trick. They know every way to skirt the law just by being rich, because the way it's been structured by the left for 50 years is that's how you got there.  You got there by cheating. You got there by stealing. You got there by skirting the law. You got rich by taking advantage of other people. 

You didn't get there because of your hard work.  And so only these select few who know how to game the system have offshore accounts.  And even if you tell them Romney's money is in a blind trust, "Nah, that's what they say, but you know Romney tells his people where to put the money. He's a rich guy, he doesn't trust it to anybody else."  This is just the perception.  Well, the reality is, he can't by law have anything to say about where the money goes.  It's in a blind trust.  On the other hand, Debbie "Blabbermouth" Schultz has a 401(k) that invests in a Swiss bank.  Here she's out on television talking about Romney having a Swiss bank account, her 401(k) invests in a Swiss bank as well as British banks, and even a Danish drug company. 

So Debbie "Blabbermouth" Schultz has a 401(k) that is invested with Big Pharmaceutical.  And since it's a 401(k) and not a blind trust, there's nothing stopping Debbie "Blabbermouth" Schultz from knowing about these overseas investments and from removing her funds from them if she wants.  She's also out there demanding that since Romney's running for president, he release all of his tax returns.  She will not.  Debbie "Blabbermouth" Schultz refuses to disclose her own tax returns, even while she's demanding that Romney release more of his.  Despite the fact that Romney has released as many returns as anybody else has. 

Now, here's what she said, I think it was on Fox News Sunday: "I’d really like to see Mitt Romney release more than one year of tax records because there’s been disturbing reports recently that he’s got a ... secretive Bermuda corporation that no one knows anything about, investment in the Caymans ... he’s got a  Swiss bank account.  Americans need to ask themselves: why does an American businessman need a Swiss bank account and secretive investments like that?  It's just a thought that I'd like to leave people with." 

Meanwhile, she's got money, although it's smaller amounts, in all of these places.  But for a large portion of my life, on the left, the Democrat Party, and a lot of middle-class people, nobody got rich by earning it.  The kind of wealth that we're talking about, it really is rare.  For example, this statistic still holds.  It's pretty close to this.  People don't believe this until they have it shown to them or look it up themselves.  If you make $60,000 a year in this country, you're in the top 10%.  You are, if your family income is 60 grand a year, you're in the top, it really hasn't changed had a much.  Now, with all the unemployment, obviously there's some statistical change in that, but the kind of wealth that these people criticize is really rare. 

Most people can only relate to income via wages, and they just don't see people being paid, other than athletes and entertainers, they don't see people being paid millions of dollars.  They know that they will never be paid millions.  Nobody is gonna have a salary, unless you're an athlete or a movie star, of a million dollars.  So, they said, "Well, how did these people get it, then?"  Well, they own a business.  You small-business people, let me ask you, how many people in the community where you own your small business think you are rolling in dough simply because you own a business?  I would venture to say that more people than you'd believe think you're rolling in it and that you just are keeping most of it rather than hiring more people or giving your existing employees raises.  And this perception has been fueled and furthered by the American left, the Democrat Party, et al, practically from the beginning of time.  It's just human nature. 

So when you combine the fact that people can't relate to being paid in the form of wages the kind of money that the wealthy have, and you couple that with their perception that owning a business equals rolling in dough, and then the more dough you have, you have cut corners to get it, you really haven't worked hard... isn't this the case with union people?  They think they're the backbone of America.  They think they're the ones, the only ones working hard and they're getting shafted.  They ought to be the ones being paid millions of dollars, not the boss, not the investor, not the owner, not the guy who's taking the risk.  And that has drifted down to affect a lot of people in the population. 

Now, the cherry on top of this little ice cream cone is the rich will never defend themselves.  There's nothing to be gained doing it.  The rich will never speak out.  Those that do are also a rarity.  And take a look at those who do.  They're considered braggarts, rude, arrogant, if they talk about their wealth, if they brag about how they got it.  And so, whereas we used to have a country where this is what people aspired to, and they thought it was hard work that got them there, more and more people don't think hard work leads to the acquisition of wealth, or the creation of wealth.  They think there are corners cut, that there's some kind of cheating going on.  That's why they're very open to the idea of having these people punished with higher taxes.  It's that simple. 

So the wealthy are not gonna defend themselves, and they're not going to take advantage of the opportunity they've got to educate people how they can also do it themselves.  The Soviet Union taught people that everybody who had money had to have stolen it.  All the Soviet leaders went to the ends of the earth to hide their fabulous wealth.  It's why all of the trappings of their wealth were out in the woods, outside Moscow and outside the cities where the other people couldn't get there. That mentality is still alive and well in Russia today, and that mentality is alive and well through much of liberalism.  That's probably one of the things that drives and motivates Occupy Wall Street, for example. 

BREAK TRANSCRIPT

RUSH: By the way, folks, according to ABC News (which is interesting that they are the source for this), Valerie Jarrett -- who is probably Obama's number one adviser -- on her "financial disclosure form filed on May 4th lists a line of credit from a Bermuda insurance company valued between $100,000 and $250,000 a year." Valerie Jarrett has an offshore bank account in Bermuda, a line of credit in Bermuda. You people in Rio Linda, do you know what a "line of credit" is?

It's between a hundred grand and 250 grand. Let's say it's 250,000. That means there's a pool of money. If she needs $5,000, she can go get it and draw down from that. She can borrow it. And in order to get a line of credit you have to prove to the bank you're good for it in any number of ways and have appropriate collateral and all kinds of things. Even if you work for Obama you have to do this. So Obama's number one adviser has got a loan, essentially, from a Bermuda insurance company. A bank.

BREAK TRANSCRIPT

RUSH: Let's go to audio sound bites.  David "Rodham" Gergen is in crisis.  This is Anderson Cooper 34 last night, Anderson Cooper said, "David 'Rodham' Gergen, this attempt to pivot from a bad jobless report to a full-on attack on Romney, clearly a concerted strategy from the Democrats.  Is it working?"

GERGEN:  Hard to say, Anderson.  The early indications were that it might be working in some of the swing states, but now we have numbers that have come out on how much the Obama campaign has spent on advertising in swing states like Ohio, and the Obama campaign has outspent the Romney campaign on advertising about three to one. Even if you add in the PAC money on the Republican side, Obama is still ahead, and yet these anti-advertisements don't seem to have moved the needle.  It's still a very, very tight race in Ohio.

RUSH:  David "Rodham" Gergen in crisis.  In other words, Obama's attack ads are not moving the needle.  They just aren't working out there, and there's a little crisis, 'cause that's all they've got, folks.  All they've got is to destroy Romney.  They can't do anything other than run attack ads.  That's why Obama needs the money.  I'm sounding like a broken record, but they can't run on one aspect of Obama's record. 

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