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February 24, 2009 |
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Story #1: Market Hangs on Words of Idiots Like Chris Dodd
 RUSH: Now, they had Ben Bernanke up there today, chairman of the Federal Reserve, and he's testifying before the Wizards of Smart, primarily Chris Dodd. Did you hear the cheap shot that Dodd aimed at Bernanke? He asked Bernanke right off the bat, "What would have happened had we privatized Social Security?" These guys are constantly on the attack. So he's going to go out there and he's going to bash Bush as much as he can. First of all, it would not have affected current retirees. Current retirees' money was not going to go in any of the investment markets. Second of all, bonds went up. They didn't go down. What a punk this guy is, and here's a beauty in his opening statement. I'm paraphrasing. "We were warned to deregulate, or all the business would have gone to London." What he was talking about was not mortgage regulation or banking regulation. He was talking about Sarbanes-Oxley, which had nothing to do with this problem or solution irony mark-to-market which some people are pushing. What a punk this guy, Chris Dodd, is.
Meanwhile, Bernanke says the economy is suffering a severe contraction and could get worse, but he expects it to get better. He hopes. He hopes! He doesn't "expect," he hopes that the recession will end late last year or early next year which caused a minor little blip on Wall Street. And I, frankly, am not excited about Wall Street hinging over syllable that comes out of Washington, but that's where we are. Central planning has taken over and the markets are responding to what is said by idiots, people who are not in the market, have not been in the market, don't know what the market is, couldn't run a business in the market if they had to. All they can do is screw the market up. They've done it; they've done it well. They've done it better than anybody could had they been trying to, and yet that's who the markets now are being forced to listen to.
Story #2: Washington State Sends Out $1 Food Stamp Checks
RUSH: The state of Washington sent out $1 checks to the 250,000 food stamp recipients in the state. The reason they did this was to trigger an additional $43 million in federal food benefits. They needed 250,000 more dollars to be spent, so they sent every food stamp beneficiary a buck to qualify for $43 million more.
Story #3: Ayn Rand on How Statists Strangle Capitalism
RUSH: I want to read something to you that Ayn Rand (or "Ann" Rand, however you wish to pronounce it) wrote in 1975. "[O]ne of the methods used by statists to destroy capitalism consists in establishing controls that tie a given industry hand and foot, making [the industry] unable to solve its problems, then declaring that freedom has failed and stronger controls are necessary." Is that not exactly what is happening to, say, Wall Street? The rules on making loans to people that couldn't afford 'em. Establish "controls that tie a given industry hand and foot making it unable to solve its own problems, then declare that freedom has failed," the market has failed, "and stronger controls are necessary."
That's Barney Frank almost verbatim. "These words were written more than 30 years ago, but they apply exactly to today's financial crisis. Today's problems are the result of a government-controlled financial and housing system that rewarded irrational behavior and punished responsible behavior. Yet they are being blamed on 'the free market' -- with more controls offered as the solution. Why? For the same reason that the controls were passed in the first place. The dominant moral and political ideas in our culture lead Americans to believe that a free market, with its unfettered pursuit of self-interest, is immoral and destructive -- whereas a government that controls and manipulates the economy in some indefinable 'public interest' is seen as a source of economic security and prosperity," and that's exactly where we are.
Story #4: Bankruptcies Threaten Drive-By Media Industry
RUSH: I wonder what highly paid journalists are really saying behind closed doors. Remember that song by Charlie Rich, Behind Closed Doors? There are highly paid journalists in New York and Washington who have carried Obama's water. They invested their money, too. They have watched their savings evaporate as a result of Obama's War on Prosperity. You have to know that behind closed doors their spouses ask, "What happened? What's going on?" Markets are continuing to plummet, and they're gotta be, behind closed doors, worrying about their own financial circumstances. I mean, I know they love the politics of Obama, but I don't believe for a moment that they like what has happened to their money. Some of their fellow non-journalists have lost their jobs. Nobody's going to be getting better contracts or bonuses or expensive, frivolous trips. The stocks of the companies paying their salaries are fast approaching worthlessness. Did you see the owner of the Philadelphia Inquirer and Daily News has filed for bankruptcy? Its $394 million in debt. The statements that this guy made are hilarious. "Well, we wouldn't be having to do this if we were able to service our debt." Really? You wouldn't be having to do it if you were able to service your debt, or some such thing as that?
Story #5: Global Warming Satellite Crashes After Launch
RUSH: You want to hear some irony? You want to hear some comedy? You want to hear some justice? "A satellite launched from California failed to reach orbit today, crashing into the sea near Antarctica and dooming a $273 million mission to study global warming gases." Ha, ha! "'The mission is lost,' National Aeronautics and Space Administration spokesman Steve Cole said in a telephone interview from the launch site at Vandenberg Air Force Base in California. The NASA satellite was to orbit 438 miles (705 kilometers) above Earth and observe how carbon dioxide enters and leaves the atmosphere, helping scientists predict future increases in the main greenhouse gas blamed for global warming. Instead, the satellite fell into the ocean near Antarctica. The mission manager said at no point did the craft pass over land." Well, big whoop.
Story #6: PMSNBC Poll Designed to Pressure GOP on Porkulus
RUSH: MSNBC just released the results of one of their polls. The Republicans opposed the stimulus for purely political reasons. Now, that's an out-and-out lie. That is an out-and-out lie and these people are out doing polling with slanted questions like this. This is designed to put pressure on the Republicans. Nobody knows what's in this, except we know enough to oppose it on substance! Sigh.
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Story #7: Kerry Denounces "Idiotic Abuse of Taxpayer Money"
 RUSH: Listen to this. Senator John Kerry, who served in Vietnam, said he's going to "introduce a bill to end 'the extravagant spending practices of U.S. banks' after reports that Northern Trust Corp, which got taxpayer bailout money," it did not want the money, by the way, "last week threw lavish parties around a California golf tournament." Said Kerry, who served in Vietnam, "I'm sick and tired of picking up the newspaper and reading about another idiotic abuse of taxpayer money, while our country is on the brink." Folks, I know, I know. Idiotic abuse of taxpayer money defines John Kerry. Idiotic abuse of taxpayer money defines Barack Obama. They are the idiotic users of taxpayer money, not Northern Trust! Everything is outta whack. I know. I am here to tell you, they are going to get theirs. It will happen. They are going to overreach. Trust me and hang in with me. It will happen.
Story #8: Dems Plan Bush Administration "Truth Commissions"
RUSH: The Senate Judiciary Committee is going to hold a truth commission hearing, meaning: "We're gonna see if we can come up with war crimes charges on George Bush." Every Bush administration official should tell them to go to hell under oath if it goes that far.
Story #9: Late Breaking Gallup Poll: Obama Approval at 59%
RUSH: Gallup poll, Barack Obama -- just out today -- Barack Obama approval rating 59% lower than Jimmy Carter at this stage of his presidency.
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