{"id":33791,"date":"2009-10-23T01:01:01","date_gmt":"2011-05-19T01:45:30","guid":{"rendered":""},"modified":"2011-05-19T01:45:30","modified_gmt":"2011-05-19T01:45:30","slug":"frontline_blames_clinton_economic_team_for_the_wall_street_collapse","status":"publish","type":"post","link":"https:\/\/www.rushlimbaugh.com\/daily\/2009\/10\/23\/frontline_blames_clinton_economic_team_for_the_wall_street_collapse\/","title":{"rendered":"Frontline Blames Clinton Economic Team for the Wall Street Collapse"},"content":{"rendered":"
\n

RUSH: High Point, New Jersey, next, Bob, welcome to the EIB Network, sir. Hello.<\/p>\n

CALLER: Yeah, hi, Rush. Nice to speak with you.<\/p>\n

RUSH: You bet.<\/p>\n

CALLER: I\u2019m calling in reference to a PBS special they had on, Frontline, it was called The Warning and what it did was it focused on this lady called Brooksley Born, who was the chairman of the Commodity Future Trading Commission in the Clinton administration. And it shows exactly what happened with the derivatives, and they knew as far back as 1997 that there was going to be a collapse and she tried to warn — she\u2019s a Democrat — she\u2019s tried to warn them —<\/p>\n

RUSH: What was her name again?<\/p>\n

CALLER: Brooksley.<\/p>\n

RUSH: Okay.<\/p>\n

CALLER: — Born. And she was blocked by Rubin, Greenspan and Summers, who were the president\u2019s working group. They hammered this woman. She was in hearings before Congress that there\u2019s going to be a major collapse if these derivatives aren\u2019t relegated, and they crushed this woman. This is an outstanding program. It can be seen online, but it\u2019s a must-see.<\/p>\n

RUSH: And when did you first see it, when did it air?<\/p>\n

CALLER: It was Wednesday night.<\/p>\n

RUSH: You know, I heard about this. I read a review of this show which intrigued me because the review pretty much said what you said and added a couple things, and it really just laid the whole blame for this on the people you mention, Rubin and I think even Clinton\u2019s name was mentioned and perhaps a couple congressmen or senators, I don\u2019t recall which. But I was stunned, too, that it ran on Frontline.<\/p>\n

CALLER: Yeah, Geithner was involved in the working group at that time.<\/p>\n

RUSH: Yeah. Yeah.<\/p>\n\n

CALLER: Summers is still presently in the White House.<\/p>\n

RUSH: Yeah.<\/p>\n

CALLER: And he was referred to as the enforcer in this group and he hammered this woman, and she ultimately resigned. She was a Democrat but she had some integrity.<\/p>\n

RUSH: Well, thanks for the heads-up on that. We\u2019ll find the link to it and put it at RushLimbaugh.com. I appreciate that Bob. This reminds me, there\u2019s a point that I forgot to make yesterday with this pay czar business. This Feinberg pay czar, he\u2019s running around saying, ‘Don\u2019t call me a czar.\u2019 He\u2019s running around saying, ‘Obama does not have the constitutional authority to do this; I do,\u2019 or something like that. Obama couldn\u2019t have done it, I had to do it, so it\u2019s deniability so forth. Here\u2019s the thing about this, I\u2019m sorry that this escaped me yesterday because there\u2019s been a fundamental point that I have made repeatedly during all of this. These bankers, the hatred has been ginned up against them. The story is that the American people are demanding their heads, they\u2019re demanding their pay cut, they\u2019re demanding as taxpayers that they not get their bonuses and all this, they destroyed the financial system and so forth. <\/p>\n

Ladies and gentlemen, they had to do what they were told. The federal government created policies that made them make these loans to people who couldn\u2019t pay them. That\u2019s what the subprime mortgage crisis is all about. The architects of that are Bill Clinton, Barney Frank, Chris Dodd, and a whole bunch of other minor bit players. ACORN\u2019s involved, ACORN\u2019s running around hassling banks if they don\u2019t make loans to people. So now, after following mandated policy, federal law, the Community Redevelopment Act under Carter, it was put on steroids in the late nineties with Clinton and the bunch and that thing forced the banks to make these loans. And so these banks, after following orders, are now being blamed for the problem. <\/p>\n

It\u2019s the same thing in New Orleans with Hurricane Katrina and the levees. The local politicians down there pocketed money instead of reinforcing the levees with federal money, the Congress which appropriated the money did not do any oversight, the levees break during Katrina, the flood happens and Congress says, ‘What the hell happened down there, what\u2019s going on?\u2019 As though they\u2019re innocent bystanders when they were involved in the whole bit of corruption that led to the levees falling apart. It wasn\u2019t the hurricane that did it, it was shoddy levee construction. They didn\u2019t reinforce them like they should have. The stories were legion on this. So the same thing is happening now. Now we got a pay czar who I maintain does not have the constitutional authority to do what he\u2019s doing, either. This is how tyranny starts. Cutting the pay — and, by the way, it\u2019s not just these seven companies now, it\u2019s 28 more, they are expanding beyond companies that took federal bailout money, but of the people, the banks that are getting creamed here and the salaries being pulled back, all they did was implement federal law. <\/p>\n

They were forced to make these loans that led to all of this disaster. When regulators came in, in the Bush administration and tried to say this, ‘We gotta stop this, this is a coming debacle,\u2019 Barney Frank jumps on the regulator. I forget his name right now, we\u2019ve played the audio. So this whole thing is just outrageous. These guys go do what they\u2019re told to do by the federal government, it bombs out and the federal government and the members of it specifically, individually that made it happen, ‘Whoa, these people are thugs and criminals! We\u2019re going to send ACORN to protest on their front yards, and we\u2019re going to cut their salaries. ‘ This is sick stuff that\u2019s happening, folks, right before your eyes.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Would you say, folks, that we are a nation of risk takers, we always have been? You hear what the pay czar said? The salary caps are designed to reduce risk-taking. Yeah. Let\u2019s just take everything out of our culture that defines us as Americans. That\u2019s what\u2019s happening.<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: High Point, New Jersey, next, Bob, welcome to the EIB Network, sir. Hello. CALLER: Yeah, hi, Rush. Nice to speak with you. RUSH: You bet. 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