RUSH: If Obama can complain, I can. Well, he's out there whining. The highway bill, "Hey, this isn't socialism!" What a great rationale for doing it. Yeah, I've got it here. Gonna find it in just a second. But it boggles the mind what this guy is out there saying. (imitating Obama) "It's not crazy. It's not socialism. It's not the imperial presidency. No laws are broken. It's just building roads and bridges like we've been doing."
No, we haven't. We were gonna do it with the stimulus, but the money went to the unions. "Middle-class families can’t wait for Republicans in Congress to do stuff. So sue me. As long as they’re doing nothing, I’m not going to apologize for trying to do something." See, he really cares. See, he really wants to help people. See? The Republicans are just mean-spirited, don't like people, don't care about people, they're sleazy and if people die, they don't care. Well, what a rationale. "It's not crazy. It's not socialism. It's not imperial presidency." It must be if he's up there denying it. I'm telling you, folks, we're in the guy's head, I don't care what else.
RUSH: "'Obama Threatens to Go It Alone if Congress Doesn’t Help Fix Highways' -- President Barack Obama’s speech Tuesday was intended to call Congress to action on replenishing a fund for state and federal highway projects. Instead, it turned into a political rant against House Republicans, with Obama saying he’ll proceed without Congress’ help if need be.
"The Highway Trust Fund is due to run out in 58 days, according to the American Society of Civil Engineers, putting 877,000 jobs and $28 billion in U.S. exports at risk. The fund is rapidly depleting due to declining gas tax revenues, a problem Obama wants to fix by eliminating corporate tax breaks."
There aren't any corporate tax breaks. I had a story in the Stack the other day. Walgreen has officially, ownership-wise, aligned itself with a foreign company, making it foreign so it can escape or lower its taxes. Apple, you've heard they got 150, $160 billion in the bank? Over a hundred billion of it is overseas. They're not gonna bring it back because of the high corporate tax rate. There aren't any corporate tax breaks! The only corporate tax breaks are the Obamacare waivers that he has handed out to various friends and donors of his.
So he says he's gonna go it alone. If Congress doesn't act, he's gonna go it alone. Why doesn't anybody remember? We shouldn't be in this crisis with our roads and bridges. What happened to the great stimulus of 2009? That was nearly $900 billion, and we were gonna fix the roads and repair the bridges and rebuild schools and it was gonna be utopia, and were gonna create all these new jobs. What happened to all of that? So now here we are six years into this Regime, and we're told that 700,000 jobs are at stake because the Highway Trust Fund is about to be emptied or bankrupt, not replenished. Here is Obama yesterday afternoon, Washington, Georgetown Waterfront Park.
OBAMA: If this Congress does not act by the end of the summer, the Highway Trust Fund will run out. Won't be any money there. All told, nearly 700,000 jobs could be at risk next year. That would be like Congress threatening to lay off the entire population of Denver or Seattle or Boston. That's a lot of people. It would be a bad idea.
RUSH: They also said some other things. That in itself is typical. If the Republicans don't act, we're gonna lay off the city of Denver. Why is the trust fund running dry? What kind of incompetence is leading to this? Is this because of the gas tax? Well, who's responsible for gas tax revenues plummeting? I'll tell you who. The environmentalist wackos. They're demanding everybody go out and drive these little cheap cars that don't get any gas mileage so people are buying less gasoline.
The price of gasoline going up is also a factor. There's a hundred million people not working in this country. They don't have the money to be driving around like they used to. They're not using as much gasoline. It's not because corporations aren't paying their fair share. It's because consumption of the product is down, and those that are still using it, many of them are using less because they have followed orders from the Regime 'cause they think they're destroying the planet so now they're gonna save the planet by driving around in these little hybrids and these other little death traps, thinking they're being good citizens, and instead they are depleting the Highway Trust Fund 'cause they're not paying enough in taxes.
The state, local government, they tell you that you're wasting water, you gotta cut back on your water use, ditto your electricity, whatever, and gasoline, the gasoline tax at the state level and so forth. And you end up using less to conserve and save the planet, and then they find out they're getting less tax revenue, so they come back and raise your taxes somewhere else after you have done what they said. After you have dutifully obeyed the good citizenship command from your government to use less of this destructive, polluting product known as gasoline, they end up with less money. So it's your fault no matter what you do. You're gonna pay no matter what you do.
Then Obama also said, "We're not spending enough on the things that help our economy grow." Really? What does Washington do that helps the economy grow? I'm getting blue in the face saying all this. Washington, government, does not create wealth. It destroys it. It confiscates it. It redistributes it, but it does not create wealth. We're already spending a trillion dollars that we don't have. Half a trillion to a trillion every year that we don't have. What more can they do? What more damage can they do? So he says, "We're not spending enough on the things that help our economy grow, the things that help businesses move products." He doesn't know the first thing about moving products! What does he know about it? He has never done anything but resent the people who know how to do it.
"We're not spending enough on the things that help workers get to the job." What in the name of Sam Hill, what do we have to spend to get people to the job? What are we not spending enough on there? During his critique of the Republicans where he said, if they don't act, he's gonna do it on his own 'cause somebody's gotta do something, 'cause it's a crisis, right? He said he acknowledged congressional Republicans are patriots.
"They love their country, they love their families; they just have a flawed theory of the economy that they can’t seem to get past." And once again here came his definition of the flawed theory of economies that Republicans have. The flawed theory is, they believe in tax cuts for the rich. They want to eliminate regulations on big banks or polluters, and they want to get rid of the safety net for the middle class. That's Republican economic policy. Tax cuts for the rich, get rid of regulations on banks, and get rid of welfare.
Now, let me tell you something about eliminating regulations on banks. There was a piece of legislation that had been around for decades in this country, called Glass-Steagall, and without going into great detail, what Glass-Steagall did was keep certain types of banking separate. Commercial banks over here where you put your money in and write checks on it, blah, blah, separate. Investment banks over here, i.e., banks that invest, take money, and invest in things that grow, whatever, where the hedge fund guys would be, the Goldman Saches of the world. Bill Clinton came along, a well known Democrat, and eliminated -- they repealed Glass-Steagall. They simply got rid of it.
It was the thing that kept certain types of banking separate. When Glass-Steagall was repealed is the beginning of the subprime mortgage crisis where commercial banks could start behaving like investment banks and vice-versa. And if anybody eliminated regulations on the bank, it wasn't the Republicans. It was good old Bill Clinton and Robert Rubin. Those are the two architects. You could even say that the repeal of Glass-Steagall is what led to the so-called financial crisis in 2008, and there's not a Republican fingerprint on it. It's all Bill Clinton and Robert Rubin.
Look, folks, I am sorry to be shouting here. I have most of the day. It's just one of those days where everything that I hear coming out of the mouths of these people is blowing my gaskets. And I got plenty of gaskets left, don't worry, but this is just insane, the level of lying, the misinformation and the stupidity of people who accept it and buy it, because we have a corrupt media who is willing or unknowing, could well be they're ignorant, too, spreading all this drivel. Republicans want to eliminate regulations on banks? Take a look at Obama's donor list. You'll find every banker in New York on it, except maybe a couple. It's just absurd here.
Look at all the waivers in Obamacare. They're all big-time Democrat, bankers and otherwise, who donated to Obama and love hanging around the guy. He's one of the best friends the Democrat Party's -- look at the, it's stupid, what was it, Dodd-Frank bill. That compounded the errors of repealing Glass-Steagall. Now, Glass-Steagall was really complex. I mean, it did a whole bunch of things. But one of the things it did was separate the various types of banking, and when that was repealed, then you talk about eliminating regulation. I just want you to know there's not one Republican fingerprint on that. They might have voted for it in the end, but the whole impetus for it was Bill Clinton and Robert Rubin.