{"id":35076,"date":"2010-04-05T01:01:01","date_gmt":"2011-05-19T01:10:22","guid":{"rendered":""},"modified":"2011-05-19T01:10:22","modified_gmt":"2011-05-19T01:10:22","slug":"caller_on_commercial_lending_i_ve_never_seen_it_worse_than_this","status":"publish","type":"post","link":"https:\/\/www.rushlimbaugh.com\/daily\/2010\/04\/05\/caller_on_commercial_lending_i_ve_never_seen_it_worse_than_this\/","title":{"rendered":"Caller on Commercial Lending: I\u2019ve Never Seen It Worse Than This"},"content":{"rendered":"<section>\n<p>RUSH: Ed in Palm Beach, Florida. Thank you very much for waiting, and welcome to the EIB Network. Hello.<\/p>\n<p>CALLER: Hello, Rush. It\u2019s really an honor to talk to you today. I\u2019ve never called a radio show before. I\u2019ve listened to you since you\u2019ve been on the air, but I just got so aggravated listening to the administration\u2019s arguments that they\u2019re doing everything to help commercial lending when I know it\u2019s not true, and I just thought &#8212; I\u2019m a little nervous but I thought I would call you today and let you know what\u2019s really going on out here.<\/p>\n<p>RUSH: Well, please do. You don\u2019t sound nervous at all. By the way, you live in Palm Beach, do you live on a beach?<\/p>\n<p>CALLER: No.<\/p>\n<p>RUSH: Okay.<\/p>\n<p>CALLER: I\u2019m actually about 15 minutes west of you.<\/p>\n<p>RUSH: Oh. Well, that means you have to be south \u2019cause 15 minutes away from me is in the inland.<\/p>\n<p>CALLER: (laughing) I\u2019m not on the water, I\u2019m west.<\/p>\n<p>RUSH: (laughing) <\/p>\n<p>CALLER: (laughing) But I can say we bought our car at the same place, we both have the same car. Like I say, it\u2019s an honor. I did want you to know I\u2019ve been in commercial lending for about 40 years, and I\u2019ve gotta tell you, I\u2019ve lived through all the recessions of the seventies, the eighties, that terrible time in the nineties, nothing has compared to this. I mean I think we have a situation now that most people aren\u2019t even aware what\u2019s going on. I\u2019m a commercial lender, for example, I have a client in Maryland that has about $12 million worth of equities being held by the bank. He owes them $2 million. His credit is in the high 800s, he\u2019s a perfect credit risk, he never missed a payment, and he called me a couple months ago in a panic that the bank had called his loan. So I know the people at the bank, I call them, and said, &#8216;Why would you do this to this guy? He owes $2 million, you\u2019re holding $12 million worth of real estate collateral,\u2019 and they\u2019re telling me that a 27-year-old from this administration had come into the bank substituting his judgment with the bank manager\u2019s judgment, who\u2019s been there 35 years, and saying, &#8216;You have to get these loans off the books.\u2019 Now he is in a panic because he doesn\u2019t have $2 million.<\/p>\n<p>RUSH: Now, wait, wait just a second here, Ed. What agency is the 27-year-old punk from?<\/p>\n<p>CALLER: Well, these people that audit the banks. I guess Resolution Trust or (unintelligible) they go in, they audit these banks. And they don\u2019t let them capitalize loans. They have all kind of new regulations. First of all, what aggravates me about the Republicans is the Democrats keep talking about, &#8216;Do you want to go back to the Bush times?\u2019 Well, the truth is what was so wrong about the Bush times? I know what caused this problem. Between 2000 and 2006 we had the strongest economy that the United States ever had. We had 4% unemployment, and I don\u2019t know why the Republicans aren\u2019t saying this. People that wanted to sell their house got the highest prices for their house, things were great. What turned the economy, there are two basic things that turned the economy. And I saw it coming. One was when Barney Frank and Senator Dodd changed the rules that FHA and Fannie Mae, and I heard about it in 2006 with this SASI loans, which were where people could buy houses with stated income and stated assets.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125111.Par.89380.ImageFile.jpg\" width=\"300\" height=\"200\" class=\"alignright\"\/>RUSH: It was part of the subprime problem.<\/p>\n<p>CALLER: It was the subprime. But I know President Bush and his administration fought that but they didn\u2019t get anywhere. I think Senator McCain proposed legislation to stop it. But you had Raines and Johnson who had taken over Fannie Mae and Freddie Mac who were now getting a percentage of every loan, so anybody who could make an X would get a loan and I think you\u2019re aware that one of them left with $90 million and one left with $10 million while they destroyed the country. When I heard about that problem we started liquidating our own loans because I saw this coming and I\u2019m just a very small guy and I saw it coming and they had to know it was coming. Frankly I think they\u2019re doing it on purpose &#8212;<\/p>\n<p>RUSH: I was just going to get there, I was just going to get there because the Democrat National Committee and the media, the whole Democrat Party turned the economy in order to run in 2006 and win Congress back. They have been talking up a recession for who knows how long. The subprime crisis, loaning people money that they could never pay back, they knew what the result was going to be. They\u2019ve wanted this chaos, they wanted to be able to blame it on Bush, Bush was in power, Republicans ran the Congress up \u2019til this time, they wanted to blame all this, they needed a bad economy to get back in power, and they got it.<\/p>\n<p>CALLER: You are absolutely correct and why the Republicans aren\u2019t saying that, it surprises me.<\/p>\n<p>RUSH: Well, people have been asking me for 20 years why don\u2019t the Republicans say &#8212; I don\u2019t know. I really haven\u2019t the slightest idea.<\/p>\n<p>CALLER: I mean you are right on and you\u2019ve always been right on. You have not only the show that\u2019s the most correct and most informative, but do I say the most entertaining (laughing) quite a challenge that you have. But I love listening to you. This economy is terrible. It\u2019s breaking my heart. I\u2019ve done very well. I\u2019m almost 70 years old and I\u2019m sure I\u2019ll live out my life financially secure. But watching so many people, we have hundreds of clients that are just terrified. I had dinner with somebody the other night who told me that his wife goes to bed every night crying. I think this administration is the worst threat against the United States in 200 years.<\/p>\n<p>RUSH: Let me ask you a question about your statement that you have enough wealth to survive this or withstand it or so forth. Do you think you really do? I\u2019m not asking for a number, but I know a lot of people who think they\u2019ve got a lot of wealth who, the way this administration\u2019s going, envision the day where over half of it is just confiscated.<\/p>\n<p>CALLER: Rush, I was brought up in a very poor family. I\u2019ve done very, very well. I did not graduate college. I love this country, it\u2019s been great country. I\u2019ve seen people have opportunities here that they could have nowhere else in the world, and what\u2019s happening now is truly heartbreaking. Do I think I have enough? Yes, I think I do. Do I have less wealth than I did two years ago? Far less. But I\u2019ve talked to people in much worse shape than myself.<\/p>\n<p>RUSH: Right.<\/p>\n<p>CALLER: I talked to somebody here in Palm Beach yesterday that I ran into at Costco. We put a large addition on our home and he was the foreman, I hadn\u2019t seen him in \u201905. His wife worked for Western Mutual.<\/p>\n<p>RUSH: Wait a minute. People that live in Palm Beach go to Costco?<\/p>\n<p>CALLER: Yeah, they do. (laughing) Yes, it\u2019s very popular.<\/p>\n<p>RUSH: I\u2019m just kidding, folks, I\u2019m just kidding. I\u2019ll bet you go to Publix yourself, too.<\/p>\n<p>CALLER: Yes, I do.<\/p>\n<p>RUSH: I knew it.<\/p>\n<p>CALLER: We have to eat. (laughing) But, no, things are very scary right now.<\/p>\n<p>RUSH: I know. I\u2019m horrified, I am terrified for the future of the country. I really am. And not for myself. I\u2019m not the guy who makes the country work. The people who make the country work are having opportunity just yanked out from under them. It is frustrating, it\u2019s maddening, and it\u2019s depressing at the same time. Ed, thanks much for the call. <\/p>\n<p>BREAK TRANSCRIPT<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125111.Par.4584.ImageFile.jpg\" width=\"300\" height=\"200\" class=\"alignright\"\/>RUSH: You know, folks, we\u2019re always told that the economy and our individual states of mind are all about confidence, right? And it\u2019s true. And the Democrats did everything they could to undermine that confidence, starting first with the attack on the war in Iraq (imitating Harry Reid) &#8216;This war is lost.\u2019 They tried to squish our confidence over victory by calling our soldiers terrorists, rapists, murderers, thugs, and all that, and when they gave up on losing the war, they did all they could to destroy our confidence in the economy. The one great thing about this country that has distinguished us from the rest of the world &#8212; and there are many &#8212; but economically the one great thing, we are the one country in the world that has never had a permanent underclass until we got LBJ\u2019s Great Society, until the war on poverty, and the Obama regime needs a permanent underclass to get and retain power. And they are doing all they can to get a permanent underclass. All of these taxes coming in Obamacare are going to ensure that the middle class will not be able to rise up the income quintiles and better themselves. Too much of what they earn will be taken away. They will never have the disposable income to expand their style of living. This, my friends, is by design. <\/p>\n<p>BREAK TRANSCRIPT<\/p>\n<p>RUSH: To further the point here, folks, about a permanent underclass, which is the objective here, the more dependence Obama creates, the less upward mobility because their work ethic will be ruined among other things, and if they can\u2019t find a job, what can they do anyway? How do you move up if you can\u2019t find a job? The best way to control people is to keep them unemployed and subsisting on a very small endowment. They hated Reagan. They despised Reagan because he almost destroyed LBJ\u2019s permanent underclass, and that\u2019s why they hate Reagan. He got in their way. They want to destroy people, folks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RUSH: Ed in Palm Beach, Florida. Thank you very much for waiting, and welcome to the EIB Network. Hello. CALLER: Hello, Rush. It\u2019s really an honor to talk to you today. I\u2019ve never called a radio show before. I\u2019ve listened to you since you\u2019ve been on the air, but I just got so aggravated listening [&hellip;]<\/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-35076","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Caller on Commercial Lending: I&#039;ve Never Seen It Worse Than This - 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\/2010\/04\/05\/caller_on_commercial_lending_i_ve_never_seen_it_worse_than_this\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Caller on Commercial Lending: I&#039;ve Never Seen It Worse Than This - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: Ed in Palm Beach, Florida. 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Thank you very much for waiting, and welcome to the EIB Network. Hello. CALLER: Hello, Rush. It\u2019s really an honor to talk to you today. I\u2019ve never called a radio show before. I\u2019ve listened to you since you\u2019ve been on the air, but I just got so aggravated listening [&hellip;]","twitter_image":"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125111.Par.89380.ImageFile.jpg","twitter_misc":{"Written by":"admin","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2010\/04\/05\/caller_on_commercial_lending_i_ve_never_seen_it_worse_than_this\/#article","isPartOf":{"@id":"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2010\/04\/05\/caller_on_commercial_lending_i_ve_never_seen_it_worse_than_this\/"},"author":{"name":"admin","@id":"https:\/\/www.rushlimbaugh.com\/#\/schema\/person\/911066e449df26406b107ca78cbbde0b"},"headline":"Caller on Commercial Lending: I\u2019ve Never Seen It Worse Than This","datePublished":"2011-05-19T01:10:22+00:00","mainEntityOfPage":{"@id":"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2010\/04\/05\/caller_on_commercial_lending_i_ve_never_seen_it_worse_than_this\/"},"wordCount":1746,"commentCount":0,"image":{"@id":"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2010\/04\/05\/caller_on_commercial_lending_i_ve_never_seen_it_worse_than_this\/#primaryimage"},"thumbnailUrl":"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125111.Par.89380.ImageFile.jpg","inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2010\/04\/05\/caller_on_commercial_lending_i_ve_never_seen_it_worse_than_this\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2010\/04\/05\/caller_on_commercial_lending_i_ve_never_seen_it_worse_than_this\/","url":"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2010\/04\/05\/caller_on_commercial_lending_i_ve_never_seen_it_worse_than_this\/","name":"Caller on Commercial Lending: I've Never Seen It Worse Than This - 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