{"id":31350,"date":"2009-01-08T01:01:01","date_gmt":"2011-05-19T02:55:14","guid":{"rendered":""},"modified":"2011-05-19T02:55:14","modified_gmt":"2011-05-19T02:55:14","slug":"insane_obama_plan_the_biggest_economic_blunder_in_our_history","status":"publish","type":"post","link":"https:\/\/www.rushlimbaugh.com\/daily\/2009\/01\/08\/insane_obama_plan_the_biggest_economic_blunder_in_our_history\/","title":{"rendered":"Insane Obama Plan: The Biggest Economic Blunder in Our History"},"content":{"rendered":"
\n

RUSH: Well, the insanity that we spoke of yesterday, ladies and gentlemen, continued this morning with a campaign speech by President-select Barack Obama, a rehash of campaign rhetoric from his successful presidential campaign on the economy. And it is pure insanity, as we discussed yesterday. Great to have you here, Rush Limbaugh, at 800-282-2882. The e-mail address, ElRushbo@eibnet.com. <\/p>\n

I just heard something that, frankly, surprises me. I was watching a little post-speech commentary from our friends in the Drive-Bys, and Nina Easton, who is a Fox News contributor and analyst. She writes for Fortune magazine, so she writes for a business audience. She used to be the Washington bureau chief for the Boston Globe. She got out of there in the nick of time before the New York Times company had to declare bankruptcy. They own the Boston Globe. At any rate, she said that the business community has signed onto this. The business community is all for the Obama economic plan, because of the tax cuts that are in, for business, in the Obama economic plan. Now, when the speech began, the Dow Jones Industrial Average was down 50. As we speak now, ladies and gentlemen, the Dow Jones Industrial Average is down about 95. So it has fallen 45 points, yet the business community is behind the speech, behind the plan from the get-go. <\/p>\n

There were no specifics announced today. And, by the way, the Drive-Bys — I have a very, very detailed story here. The Drive-Bys are not concerned yet, but they\u2019re starting to note that there haven\u2019t been any specifics in any of Obama\u2019s economic plans, and today\u2019s speech (we have sound bites of it coming up) was just another series of airy platitudes rehashed from the campaign, but essentially what we\u2019re going to do here and what\u2019s happening is we are being led by somebody who knows nothing about economics, and his speech today was tantamount admission of that. We\u2019re told, though, since he doesn\u2019t know anything, that his economic team is superb, his economic team is made up of, you know, a bunch of Big Government types. We are told that the economy is so bad that only government can get us out of this, only the government can get us out of this, ladies and gentlemen. Then he said later on in the speech that we are going to have to get back to a new economy for the twenty-first century where hard work is once again rewarded. Now, I about choked, ladies and gentlemen, because that\u2019s the exact opposite of what his plan is. His plan taxes the hardworking, his plan taxes achievers. That\u2019s where he\u2019s gonna get some of the money that he\u2019s gonna give away to people who aren\u2019t working and to unsuccessful businesses. <\/p>\n

This Nina Easton comment, that business is on board here, well, I looked at some of the plan. They did get somewhat specific in the $340 billion tax cut plan. There aren\u2019t any tax cuts in there. There are welfare payments for unemployed people, people who don\u2019t pay taxes at all, income taxes, and there are business write-offs for businesses that lose money. But there\u2019s no tax cuts for people who are stimulating the economy. Who stimulates the economy, by the way? How many deficits have we been running as a nation, budget deficits, annual, for how many years now? And yet this recession still happened. We\u2019ve already tried this. It was just two months ago that we tried this very circumstance. We have been stimulating the economy in a robust way, according to the way the left defines it, and still The One tells us it\u2019s getting worse, and just like they sold the first $700 billion, ‘We gotta do it now, we can\u2019t wait, it\u2019s a crisis, we cannot wait any longer, our country can\u2019t afford to wait,\u2019 and we are being micromanaged and hurried into a blunder of historic proportions. <\/p>\n

This plan, if it happens, has been designed by Obama, is Jimmy Carter times a trillion. This is basically printing as much money as humanly possible. Because, folks, we don\u2019t have the value to back up the money that we are spending, we\u2019re not borrowing as much as we\u2019re going to spend. The ChiComs have sent out little warning notices saying, ‘Hey, you know, we may not continue to purchase your debt anymore,\u2019 and it\u2019s a bunch of foreign nations that have been purchasing our debt, T-bills and all that. We\u2019re having to print this money, and we are unloading it. We\u2019re going to unload this printed money on favored industries and unions and populations to promote left-wing policies and entities, such as the green movement, Democrat mayors. We\u2019re going to hand out massive welfare payments to nontaxpayers, and we\u2019re going to call it a middle-class tax cut. Jimmy Carter times a trillion. If this happens, as envisioned by Obama, this is gonna go down as the biggest economic blunder in American history. <\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: It was only two days ago, ladies and gentlemen, that we heard these words from the President-select, Barack Obama, explaining why he has refused comment on the war between the Gazookas in Gaza and the Israelis.<\/p>\n

OBAMA: I think the need to adhere to one president at a time is particularly important.<\/p>\n

RUSH: ‘The need to adhere to one president at a time is particularly important.\u2019 By the way, rockets were fired at Israel today from Lebanon. When rockets are fired from Lebanon, it\u2019s the Hezbos. So the Hezbos and the Gazookas are now teaming up against the Israelis. Hezbollah. Hezbollah has announced that they are ‘investigating,\u2019 this is an O.J. Simpson line. Hezbollah is ‘investigating\u2019 who fired the rockets. The Drive-By Media lapping up, saying, ‘We\u2019ll help try to find out who fired the rockets from Hezbo locations in Lebanon.\u2019 Now, let\u2019s hear 9-A again. This is Barack Obama two days ago.<\/p>\n

OBAMA: I think the need to adhere to one president at a time is particularly important.<\/p>\n

RUSH: This morning at George Mason University in Fairfax, Virginia, Barack Obama, the president-select, gave a major economic address.<\/p>\n

OBAMA: Only government can provide the short-term boost necessary to lift us from a recession this deep and severe. Only government can break the cycle that are (sic–is) crippling our economy. That\u2019s why we need to act boldly and act now — <\/p>\n

RUSH: We do that already.<\/p>\n

OBAMA: — to reverse these cycles.<\/p>\n

RUSH: We did that already!<\/p>\n

OBAMA: That\u2019s why we need to restart the flow of credit and ensure the rules of the road that will ensure —<\/p>\n

RUSH: We did this!<\/p>\n

OBAMA: — a crisis like this never happens again.<\/p>\n

RUSH: But it will happen again because recessions are cyclical. So here he is, basically, with a lie. This is a lie. It\u2019s not just wrong. Folks, this is not something that\u2019s just wrong. This is not a disagreement among people. This is proven fact. Governments do not ‘break\u2019 economic cycles. They cannot. If government could do that, there would never be a recession! There would never be depressions. It would be smooth sailing 24\/7 if government had this kind of power, but it doesn\u2019t. Well, it has the power to interfere, but it is not the means of ‘stimulating the economy.\u2019 Who stimulates the economy? Who stimulates it? What will be the definition of economic recovery, the real definition of economic recovery? Will we say after Obama\u2019s first… Well, forget Obama for a second. Let\u2019s go back to the first $700 billion last October. We had to have that done, too. <\/p>\n

It was a crisis! It was an emergency! Only government could do it. We had to do it then. We had to get credit flowing. We had to do all those things. We were told that that was the solution. That\u2019s just a couple short months ago, and here we are back and now we\u2019re going to do it again only this time over a trillion dollars. How come the economy is not fixed? No, no, I\u2019m not trying to be facetious. I\u2019m asking this as a serious question: Why isn\u2019t the economy fixed? If government doing this… Now, follow me. I know I\u2019m too logical here, and I know, ladies and gentlemen, that being right does not win elections. But that\u2019s not what this program is about. This program is about informative, accurate, truthful education, and a good time had by all at the same time. So I\u2019m not advising anybody on anything. We need to be as well informed as possible, and taking what Obama just said here, ‘Only government can do this.\u2019<\/p>\n

Well, we\u2019ve done how many bailouts, now? We\u2019ve 700 billion here, 350 there. We\u2019ve had a stimulus package or two since last spring. If government is the only entity that can break the cycle, why is the cycle not broken? And why are the markets not reacting as though the cycle has been broken? If government, if what Obama just said here — and believe me, he doesn\u2019t know what he\u2019s talking about. That\u2019s what I\u2019m trying to illustrate here. He literally does not know what he\u2019s talking about. He does not understand economics. He understands the empowerment of government. He understands the growth of government. He understands the strengthening and the enrichment of the Democrat Party for 50 years. That\u2019s what he understands. He does not understand the economy. <\/p>\n

If all of this government spending, all of this printing of money, all of this borrowing of money, all of this recycling with bailouts here and bailouts there, why aren\u2019t the markets going, ‘Yeah! Okay!\u2019 Why isn\u2019t the recession over, if only government can do this? Well, the reason the recession isn\u2019t over is because government doesn\u2019t fix recessions. Who stimulates the economy? What are we hoping happens here? Who are the people that make the country work? That\u2019s the better question. Who are the people that make the country work? It\u2019s all of you. It\u2019s all of us, gainfully employed; seeking to improve our lives; creating new jobs, ideas, inventions, services. Economic growth is more people earning, earning higher wages and paying higher taxes in the form of lower rates, you know, more tax revenue. Who stimulates the economy? Is it the person who hires people? Is it the person who gives them raises? It\u2019s the person or the organization that creates ideas and products that people want to buy. <\/p>\n

Those are the people who stimulate the economy and what\u2019s happening to them in Obama\u2019s plan? No tax cut for them. Obama, by the way, in his speech today said everything\u2019s on the table. No, it\u2019s not because he didn\u2019t mention tax cuts. The tax cuts he has mentioned prior to today are just Joe the Plumber wealth transfers, to people who are not working, or who have lost money in business — and the people paying for it are those who have persevered, worked hard, continue to employ people, and are showing a profit. Those are the people who stimulate the economy and those are the people who are gonna get punished. Liberal Democrats believe in the downtrodden. They believe everybody\u2019s a victim. They want as many victims as possible. That\u2019s what Obama\u2019s speech was about today, was making as many of you think you\u2019re a victim of whatever, capitalism, and only your benevolent government can fix this. ‘We need to restart the flow of credit, restore the rules of the road.\u2019 Um, the government that destroyed the housing market — the government that had a large role in destroying the domestic auto industry — is now saying only they can fix things. Here is yet another Obama excerpt.<\/p>\n

OBAMA: We have already tried the wait-and-see approach to our problems, and it is the same approach that helped lead us to this day of reckoning, and that is why the time has come to build a Twenty-First Century economy in which hard work and responsibility are once again rewarded.<\/p>\n

RUSH: How is hard work…? (laughing) I just had to laugh. ‘Time to build a Twenty-First Century economy in which hard work and responsibility are once again rewarded\u2019? That\u2019s only one way to do that, and he\u2019s not doing it, and that\u2019s cut their taxes! The people he\u2019s talking about are paying 50% of their income in taxes. Let me ask you a question. Those of you who are employees, let\u2019s say that your boss pays you a certain amount of money and government tax law requires that of what you make, over 50% of it will be deducted from your paycheck in addition to the taxes you pay that you don\u2019t see. Like at the gasoline pump, at the grocery store, wherever you pay sales tax. The people that own and operate businesses face those tax rates of over 50%: state, federal, cost of doing business tax, whatever the taxes are. <\/p>\n

What if you, as an employee, had to pay 50% of what your boss pays you in taxes? What would you do? Would it be profitable for you to continue to work, or would you be livid? The people that are going to be paying, in part, for this brilliant, compassionate stimulus; are those who are already doing the hard work and are not being rewarded for it. They\u2019re being punished! It is the slackers. It is the people who have not run businesses that are earning money that are going to be bailed out. It\u2019s the people who have not played by his precious rules that are going to be bailed out by the people who are obeying the rules and who are paying the freight. <\/p>\n

He\u2019s right to say we need to get back to the day where hard work and responsibility were rewarded. Unfortunately, he lives in a political party that does not believe in that philosophy at all, otherwise he would be talking about cutting taxes. He would understand where the real stimulus occurs in an economy and where this comeback will occur, because it always does. Do you know what the average lifespan of a recession is over the course of United States history? Twelve to 24 months. And then, magically, we start to come out of it, without government being involved. This is going to delay that. This is going to prolong and sustain this recession. And Obama is out there telling everybody it\u2019s going to be a long time and it\u2019s going to get worse before it gets better. <\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Barack Obama said in his speech this morning that we\u2019ve already tried the wait-and-see approach to our problems, and it\u2019s the same approach that helped lead us to this day of reckoning. You know, we\u2019re trying to be respectful of The Messiah and the new president-elect and so forth, but frankly that\u2019s balderdash. We have not tried waiting and seeing. We have been in crisis mode for six years. For six years our friends in the Drive-By Media have been trying to convince you that we are in a recession. For six years they\u2019ve been trying to do that, all for the express purpose of getting rid of Bush and Republicans and electing Democrats. Finally, a recession happened. We have been in crisis mode since last summer. We\u2019ve been in crisis mode perhaps even longer than that with the presidential campaign. But certainly we have been in crisis mode since October. We have not been in a wait-and-see attitude. We have not been in a laissez-faire attitude whatsoever. <\/p>\n

We have been hands-on to the point that government has never been this hands-on. We\u2019re getting close to already outspending what FDR did in the New Deal. Obama calls it wait-and-see. The same approach helped lead us to this day of reckoning? No. The approach that led us to this day of reckoning is the approach defined by Christopher Dodd of Connecticut, by Barney Frank of Massachusetts, by Franklin Raines and Jim Johnson at Fannie Mae, by Angelo Mozilla at Countrywide, by ACORN, the community organization group that pressured banks all over the country to make loans to people who couldn\u2019t afford them, and that whole game plan was set in motion by none other than Jimmy Carter. It was ignored for a while, then picked up by Bill Clinton and intensified in the late nineties. We are where we are precisely because of meddling liberal Democrat members of government and, sadly, a lot of Republicans in the last three to four years — they have to be included in this as well — for this irresponsible spending that has been taking place. And once the government spends it, the private sector doesn\u2019t have it. <\/p>\n

The private sector is where stimulus takes place. The private sector, the average American, that\u2019s who makes the country work. If the government and its actions guaranteed economic prosperity, Wall Street should be throwing parties, because we have spent already close to a trillion dollars in stimulus, and isn\u2019t it amazing how no impact. In fact, it\u2019s gotten worse, they all admit that it\u2019s gotten worse, which means that we need to spend another trillion and we need to overspend by a trillion dollars a year perhaps the next three to four, while at the same time they tell us this is the recipe for prosperity. This is a disaster. This outdoes anything Bernie Madoff ever even conceived of doing. And like Bernie Madoff, the future victims of this are so excited their tongues are practically on the floor as they suck up all the excitement out there. (panting) They pant away. They can\u2019t believe their good fortune in having America loved once again, somebody who can speak, somebody who will not embarrass the United States. May destroy it, but, he will not embarrass us. Here\u2019s more. This is Obama, the president-select, ramping up the crisis mentality.<\/p>\n

OBAMA: If nothing is done, this recession could linger for years.<\/p>\n

RUSH: Stop the tape a minute. Recessions come out of their cycles in 24-month periods if you just leave them alone. Wait and see is what works. It\u2019s the average length of time for a recession in America. Depression is a different thing. What now, Snerdley, what\u2019s the problem? Hm-hm. I\u2019m not suggesting benign neglect. I am suggesting that we have the undertaker in charge of the body before it\u2019s dead. Think of Washington as a giant funeral home, and we are the living, and the undertakers are not changing their jobs. Their jobs are to prepare bodies for burial. We are on the conveyor belt heading into the funeral home. Most of us are smiling like stupid idiots at the prospects for our future much all because some guy who can put ten words together, which say nothing, makes them feel good. All right, here\u2019s the rest of this bite.<\/p>\n

OBAMA: — reach double digits. Our economy could fall $1 trillion short of its full capacity, which —<\/p>\n

RUSH: It already has. You know, I could stop this after every word and analyze it, but I\u2019m not going to do that because I don\u2019t want to appear hypercritical of the new president because, quote, we all want him to succeed. Take me off the bus, folks. I don\u2019t want to be on the bus to success if this is how it\u2019s defined. Why should we want somebody to succeed who doesn\u2019t have the slightest clue what he\u2019s doing and doesn\u2019t understand economics, why should we want him to succeed? I\u2019ll tell you why our guys are saying that because they are a bunch of pantywaist cowards who are afraid to stand up for their own principles because they\u2019re afraid if they do so, they\u2019ll be called racists or roadblocks or gridlockers, even though they don\u2019t have the ability to stop anything.<\/p>\n

OBAMA: — place into more than $12,000 in lost income for a family of four. We could lose a generation of potential and promise — <\/p>\n

RUSH: Twenty-five years.<\/p>\n

OBAMA: — as more young Americans are forced to forgo dreams of college or the chance to train for the jobs of the future. In short, a bad situation could become dramatically worse.<\/p>\n

RUSH: See? Ramp up the crisis, your kid can\u2019t go to college, wink-wink, that might be the best thing for your kid, by the way, is to find some other way to get educated rather than by a bunch of liberals. And of course you won\u2019t get job training, nope, it\u2019s going to get bad out there. And then Obama — see if this doesn\u2019t sound like to you he\u2019s admitting that the plan won\u2019t even work.<\/p>\n

OBAMA: This recovery plan alone will not solve all the problems that led us into this crisis.<\/p>\n

RUSH: What?<\/p>\n

OBAMA: We must also work with the same sense of urgency — <\/p>\n

RUSH: Yeah?<\/p>\n

OBAMA: — to stabilize and repair the financial system we all depend on.<\/p>\n

RUSH: We did that.<\/p>\n

OBAMA: No longer can we allow Wall Street wrongdoers to slip through regulatory cracks.<\/p>\n

RUSH: They did.<\/p>\n

OBAMA: No longer can we allow special interests to put their thumbs on the economic scales.<\/p>\n

RUSH: This economic recovery alone will not solve all of the problems that led us into this approximate crisis. It won\u2019t? Ha. The Messiah is confirming what I have said in my analysis, it isn\u2019t gonna work. But here\u2019s the reason it isn\u2019t gonna work. We must also work with the same sense of urgency to stabilize and repair the financial system. Folks, we did that, it\u2019s called TARP. We did that. We have stabilized the financial system, don\u2019t you know? Pay no attention to the stock market, pay no attention to office rentals being down, pay no attention to the reality, we fixed it. That\u2019s what the $700 billion bailout of the financial — we bailed out a bunch of banks, we made \u2019em whole, we bailed out AIG, bailed out a bunch of people. And banks, of course, did exactly what I thought they would do, they didn\u2019t lend the money. (laughing) They saved it. Sarbanes-Oxley was supposed to fix all the ethical stuff, the Enron stuff, yeah. Well, it didn\u2019t work because people took their companies private to avoid Sarbanes-Oxley. Some of them did. Those that didn\u2019t take their companies did hurt. Folks, we have bailed out the financial system. This is what I\u2019m trying to say. If government action fixed this, we should all be throwing parties because we should be confident that if 700,000 people lose their jobs next month, it doesn\u2019t matter \u2019cause the government has acted and that\u2019s the fix. <\/p>\n

The Wall Street Journal has a column today. Just this paragraph. He wants to talk about the Wall Street wrongdoers and so forth? ‘The Congressional Budget Office reports that some $240 billion of the new spending,\u2019 bailout money, ‘is for the bailout of Fannie Mae and Freddie Mac. Congress will also want to keep in business Fannie Mae and Freddie Mac as part of its nationalization of the mortgage market. So that $240 billion to bail out Fannie Mae and Freddie Mac may never be repaid, although only last year our Solons and Treasury Secretary Hank Paulson were ensuring us that Fannie and Freddie were no threat to taxpayers.\u2019 Fannie and Freddie were no threat to taxpayers, they\u2019re fine. Well, we just bailed them out $240 billion and they\u2019re not going to have to pay it back. Think of it in Madoff terms. Think of it as Congress having stolen from the taxpayers, as a result of its Fannie Mae scam, nearly five times what Bernie Madoff made, have stolen from his clients. And yet the very people that led to the problem, now fixed it by — a scam five times the size of Bernie Madoff\u2019s, and Obama today says, ‘No longer can we allow Wall Street wrongdoers to slip through the regulatory cracks.\u2019 We put all this to song, ladies and gentlemen, to illustrate exactly, ladies and gentlemen, just what the gambit here is. They love the crisis; they want the crisis to continue. They\u2019re going to continue to stoke it, as Barack Obama sings in the song Recession. <\/p>\n

(playing of Recession song)<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: Well, the insanity that we spoke of yesterday, ladies and gentlemen, continued this morning with a campaign speech by President-select Barack Obama, a rehash of campaign rhetoric from his successful presidential campaign on the economy. And it is pure insanity, as we discussed yesterday. Great to have you here, Rush Limbaugh, at 800-282-2882. The […]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0,"footnotes":""},"categories":[],"tags":[],"class_list":["post-31350","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nInsane Obama Plan: The Biggest Economic Blunder in Our History - The Rush Limbaugh Show<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2009\/01\/08\/insane_obama_plan_the_biggest_economic_blunder_in_our_history\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Insane Obama Plan: The Biggest Economic Blunder in Our History - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: Well, the insanity that we spoke of yesterday, ladies and gentlemen, continued this morning with a campaign speech by President-select Barack Obama, a rehash of campaign rhetoric from his successful presidential campaign on the economy. And it is pure insanity, as we discussed yesterday. Great to have you here, Rush Limbaugh, at 800-282-2882. 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