{"id":35236,"date":"2010-04-22T01:01:01","date_gmt":"2011-05-19T01:05:29","guid":{"rendered":""},"modified":"2011-05-19T01:05:29","modified_gmt":"2011-05-19T01:05:29","slug":"honest_obe_goes_to_wall_street_to_seize_control_of_financial_industry","status":"publish","type":"post","link":"https:\/\/www.rushlimbaugh.com\/daily\/2010\/04\/22\/honest_obe_goes_to_wall_street_to_seize_control_of_financial_industry\/","title":{"rendered":"Honest Obe Goes to Wall Street to Seize Control of Financial Industry"},"content":{"rendered":"
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RUSH: So have you seen the lead paragraph in the McClatchy news story today? Well, let me read it to you. ‘While Goldman Sachs\u2019 lawyers negotiated with the Securities and Exchange Commission over potentially explosive civil fraud charges, Goldman\u2019s chief executive visited the White House at least four times.\u2019 My friends, do not doubt me. I wonder what happened in those four visits of the CEO of Goldman Sachs, Lloyd Blankfein is his name, I wonder what happened. I can imagine it. I can just imagine it. The president says, ‘Hey, don\u2019t fret, Lloyd. We have to do this first. We have to charge you guys, the SEC, we have to do this first before we can partner up in private and run all your competition outta business.\u2019 But Obama says, ‘Oh, we learned about this on CNBC. We didn\u2019t know about this \u2019til we watched it on CNBC.\u2019 <\/p>\n

Anyway, folks, it\u2019s great to have you with us, here we are three hours of broadcast excellence straight ahead on the EIB Network. Telephone number if you want to join us, 800-282-2882, and the e-mail address ElRushbo@eibnet.com. <\/p>\n

The market is plunging, down 84 points since Obama began speaking, Honest Obe speaking now at Cooper Union. It was supposed to start at 11:30, didn\u2019t start \u2019til ten \u2019til noon. I wonder why. He-he-he-he. We\u2019re not going to JIP any of it. We\u2019re rolling on it, but the whole thing is typical Obama, typical setup, it\u2019s a head fake, it\u2019s to get everybody looking in the wrong direction while something else actually happens. This is all about pushing his financial regulatory reform bill, and I was just reading the closed-captioning, he just said it\u2019s not correct to say that this is a bailout bill. It most certainly is. It is indeed a bailout bill. It\u2019s a bailout bill or a destroy \u2019em bill. The regulatory powers the executive branch is going to have after this bill passes is just another piece of the puzzle being put together to totally convert this from a private sector free-market economy to a command-and-control economy with the command-and-control coming from the regime in Washington. <\/p>\n

<\/a>Nicole Gelinas has a great piece today at the Investor\u2019s Business Daily on the op-ed page. She also writes for the New York Post, and the headline of her piece: ‘Wall St. Bailouts Would Be Invited, Not Prevented, Under Dodd\u2019s Bill — <\/line>President Obama castigated Senate Republicans last week for opposing Sen. Chris Dodd\u2019s Wall Street ‘reform bill.\u2019 Democrats say Republicans\u2019 main argument — that the bill won\u2019t prevent future bailouts — is false. The bill itself, though, is irrefutable evidence that the Republicans are dead on. Senate Minority Leader Mitch McConnell started the fight earlier in the week when he said the bill ‘not only allows for taxpayer funded bailouts for Wall Street banks, it actually institutionalizes them.\u2019 The White House and congressional Democrats have hit back hard. ‘I am absolutely confident that the bill that emerges is going to be a bill that prevents bailouts,\u2019 Obama said.\u2019<\/line><\/p>\n

How can this literal know-nothing be so confident what he\u2019s talking about? He told us all these wonderful things that were not and were going to be in the health care bill. What is in his background that makes anybody have any confidence he knows what he\u2019s talking about? This question occurs to me more and more now. Who is Barack Obama? Where is it written that Barack Obama, of all people in this country, is qualified to regulate the financial services industry? Where is it written that Barack Obama is qualified to manage, control, design, and run the health care industry in this country, one-sixth of our economy, where\u2019s the experience, where\u2019s the resume, where is the training? Why do we assume that just because he\u2019s been elected president and we got a bunch of know-nothings in Congress, they happen to be the experts? They get to cause all of these problems, then they get to act like spectators who were watching along with the rest of us and then they spot a bunch of fraud and say, ‘Look at how bad the capitalist system is. Look at how rotten the free market is. Unfettered free market, we never intended that, it\u2019s not a free ride.\u2019 <\/p>\n

Obama\u2019s bashing the free market again today. Who\u2019s he? I know he\u2019s been elected president but why is he reacted to — this will make him mad, too — why is he treated like Moses coming down from Mt. Sinai after a conversation with the burning bush? And that\u2019s exactly how he\u2019s being portrayed to us. This guy is coming down from the mountain, he\u2019s got the tablets, he\u2019s got the Ten Commandments, he\u2019s Moses, he\u2019s talked to God or whoever, he has all the answers. Where did this get conferred? Who conferred all of this on Barack Obama? Tim Geithner, by the way, was even stronger on this bailout business. He said the bill ‘will ensure that ‘if a major institution manages itself to the edge of the abyss, we\u2019re able to … dismember them safely without taxpayers being exposed to a penny of loss.” Now, doesn\u2019t that make you feel good? To have the government discuss how they will deal with a business they think has crossed the line. Dismember? Is that kind of like how when you rip kids\u2019 tonsils out for profit? Do you realize the power that they are granting themselves here? And they say, ‘without taxpayers being exposed –‘ guess who\u2019s going to be exposed? Taxpayers, because the taxpayers are the shareholders. The taxpayers are the investors. And the taxpayers are the employees of these firms that are now gonna come under command-and-control authority of the regime. <\/p>\n

Ask the bondholders at Chrysler how it is to do business with the regime. They\u2019re called greedy \u2019cause they want to get paid back on their investments when everything goes belly up. Obama said they\u2019re the problem. Too much greed. ‘Chris Dodd was the bluntest: ‘The bill as drafted ends bailouts. Nothing could be more clear,” says the man who helped ruin our economy. ‘In the 1,336-page text, though, Dodd left room for regulators to be generous with citizens\u2019 money. For example, the bill would direct the FDIC, which would wind down too-big-to-fail financial firms, to operate under only ‘a strong presumption that creditors and shareholders will bear the losses.” Duh! And what are they if not taxpayers? ‘The bill would direct the FDIC, which would wind down too-big-to-fail financial firms, to operate under only ‘a strong presumption that creditors and shareholders will bear the losses.” Meanwhile, ladies and gentlemen, over there is Fannie Mae and over there is Freddie Mac, and they have been bailed out and will continue to be bailed out to the tune of hundreds of billions of dollars by the regime. They are effectively now being run by the regime. They were a combination private sector, government-owned operation, was always an oxymoron to me. <\/p>\n

So we\u2019re not going to hold them accountable because they\u2019re Uncle Sam. Over there, Fannie Mae, over there, Freddie Mac, we\u2019re not going to hold them accountable because they are the government, they are the regime. But these private sector people, these investors and these shareholders, they\u2019re the ones who are going to bear the losses. Now, you might ask, how is an investor supposed to gauge what company is going to be too big to fail, and what is it that\u2019s going to have the regime cracking down on these firms? Is it that they make too much profit? If they make too much profit should they not invest in the firm that makes too much profit because a firm that makes too much profit is going to be targeted by the regime? Do they just try to pick losers to invest in knowing that the regime will be sympathetic to these people? ‘As for whether the bill puts taxpayers at risk: failed firms must repay ‘any amounts owed to the United States, unless the United States agrees or consents otherwise.” (laughing) He means that the Feds and the Congress can forgive repayment. That\u2019s what this means. ‘Any amounts owed to the United States, unless the United States agrees or consents otherwise.\u2019 So the command-and-control economy under the authority of the regime will be able to forgive loans, pick winners, pick losers. I wonder on what basis they will do that? <\/p>\n

Now, Nicole Gelinas says, ‘Why would the financial firm owe Uncle Sam money in the first place? Partly because of something else in the bill: an ‘orderly liquidation fund.\u2019 Big or complex financial firms would have to pay upfront into a Treasury-controlled $50 billion pot of money that would bear the cost of liquidating a future AIG.\u2019 In other words, Obama\u2019s stash. This is a tax. This is an up-front tax. They gotta put the fund in there, $50 billion that would bear the cost of liquidating the future AIG. That\u2019s why a financial firm would owe Uncle Sam in the first place. ‘The FDIC would have the authority to use this money as it sees fit, including guaranteeing bondholders, uninsured lenders, counterparties and other creditors to a failed company just as the government did with AIG and Citigroup in 2008. The idea that the financial industry can pre-fund its next arbitrary bailout with $50 billion is a pleasant fiction. How much would an ‘orderly liquidation fund\u2019 have needed to stem investor panic starting in 2008?\u2019<\/p>\n

Are you ready for the number? Twenty trillion dollars. Investor\u2019s Business Daily has the chart, way beyond TARP, Washington has committed $20 trillion to support Wall Street since 2008, including TARP but way above it. And they\u2019ve categorized here line item by line item how much the government has spent or bestowed on Wall Street, and it comes out to about $20,450 billion, that\u2019s $20 trillion. So if we have spent $20 trillion in the last two years to make sure Wall Street didn\u2019t collapse, what is a $50 billion fund going to do? ‘The true tab is not the retroactive cost. Rather, it\u2019s what investors demand at the time of an acute crisis so as not to flee the unknowable risks of a financial system in meltdown, precipitating depression. Think about everything that Washington has done in the past two years. TARP was $700 billion; that\u2019s easy. Outside of TARP, the Treasury said it would guarantee $3.4 trillion worth of money-market funds in the fall of 2008.\u2019 We have told you about that story, and that\u2019s the thing, the falling money market, that is what made everybody panic, that\u2019s what pulled McCain off the campaign trail, that\u2019s what everybody thought was going to start a run on every bank around the world, that\u2019s what they had to stop, and they did it by guaranteeing $3.4 trillion worth of money-market funds in the fall of 2008, right during the campaign. <\/p>\n

‘The Fed has purchased $1.25 trillion in mortgage-backed securities over the past year or so — providing a floor to avoid deeper housing-price declines and bank losses. It also offered $1.8 trillion to commercial-paper markets. The FDIC guaranteed up to $940 billion in financial-firm bonds and committed another $700 billion in expanded deposit guarantees, which allowed banks to avoid selling off assets at crisis-level prices. Taking Fannie and Freddie into conservatorship and guaranteeing other housing agencies and their debt? Another $7 trillion. Other sundry programs add up quickly,\u2019 and they\u2019ve got the table here, and it does equal $20 trillion in the last two years. So just like we look at California, these underfunded and unfunded pensions of half a trillion dollars, $500 billion, the overall indebtedness of the state, you sit there and say nothing was real, nothing was real. <\/p>\n

Has anything been real on Wall Street? If it has taken $20 trillion, which we don\u2019t have, to keep Wall Street above ground, has anything been real? Well, if you want to know where the $20 trillion is, we\u2019ll link to her piece here. Investor\u2019s Business Daily, we\u2019ll link to it and link the table at RushLimbaugh.com where you can go line by line and see what we have spent beyond TARP, which was $700 billion. <\/p>\n

I gotta take a time-out here, folks, we\u2019re a little long here but this is just a prelude to what\u2019s happening with Obama at Cooper Union today demanding financial regulatory oversight, command-and-control, the regime running your money.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Okay, here\u2019s the close of Nicole Gelinas\u2019 piece at IBD: ‘Democrats can\u2019t really believe that a $50 billion fund could avert the kind of investor panic we saw in 2008 — and if they do believe that, we\u2019re in real trouble.\u2019 They don\u2019t believe that, Nicole. They just want the money to do other things with like fund ACORN under the desk. It\u2019s a slush fund is all this is. It\u2019s a way of getting Obama control of $50 billion via legislation. It\u2019s the same thing that the Porkulus bill really was. It wasn\u2019t a stimulus to the economy. It was a slush fund, the vast majority of it yet to be spent. So, anyway, ‘The Feds could not invest $2 trillion in any financial markets — Treasury bond markets, global stock markets, real estate or some combination — without distorting them. And in a crisis, global investors would expect the bailout fund to dump some assets to pay for its rescues. <\/p>\n

‘This expectation would exacerbate price declines. The only regulation that would better protect the economy from future financial failures is a set of predictable rules…\u2019 How novel an idea is that! ‘[A] a set of predictable rules — including consistent borrowing limits and trading rules across financial firms and securities — like those we had before the 1980s. The Dodd bill doesn\u2019t propose such rules — and Republicans should point out that the mere idea of those rules is what really annoys the too-big-to-fail financial firms.\u2019 We\u2019re being scammed here again, folks.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

<\/a>RUSH: The New York City mayor is defending Wall Street. He did so today before Obama\u2019s visit. It\u2019s kind of like the pot calling the kettle… Uh, can\u2019t say that in this case because that would be racist. But here\u2019s Bloomberg, Michael Bloomberg, all upset about what Obama\u2019s going to do to Wall Street. Yet he\u2019s using his rich man\u2019s guilt to force all kinds of taxes and regulations and laws all over New York: Trans fats, salt, you name it. He\u2019s used his money to make himself king of New York forever. Here comes Obama, as Michael Goodwin said yesterday, to finish the job on Wall Street to really ruin it now, and Bloomberg starts whining and moaning. Now, I respect that he knows this business certainly a hell of a lot better than Obama does, but it\u2019s a problem for me \u2019cause he\u2019s done his own damage to New York, as the mayor.<\/p>\n

BREAK TRANSCRIPT<\/line> <\/line> RUSH: We have some audio sound bites here from Obama\u2019s address at Cooper Union, and as you listen to this — and we have, let\u2019s see…one, two, three, four, five of them if I use them all. We have five of them here, and as you listen to this man, as you listen to Obama, remember: You are listening to a guy who has never, ever held a real job in the productive economy. He has never, ever invested or taken a risk in a business. He has never, ever had to make payroll. He has not the slightest understanding for how commerce works. He has only resentment for capitalism. Yet this man (as I just so aptly described) is telling people on Wall Street — who risk everything, every day to make profits — that they are the danger to the prosperity of America. A man who has no idea what he\u2019s talking about, a man who has limited — not limited! Zilch, zero, nada experience. The only thing he\u2019s done with money is spend other people\u2019s. He has earned it by publishing a couple of books. He is the most unqualified person in any room he enters, and yet he goes to Wall Street today to tell people there that they represent — that they pose — the great threat to the prosperity of America. Unlike, of course, the federal government! Oh, no, no! The government doesn\u2019t pose a threat to prosperity, does it? Oh, no, no, no, no. Certainly not with this regime. So you keep that in mind as you listen to arrogance and conceit personified.<\/line><\/p>\n

OBAMA: I believe in the power of the free market.<\/p>\n

RUSH: You do not.<\/p>\n

OBAMA: I believe in a strong financial sector that helps people to raise capital and get loans and invest their savings.<\/p>\n

RUSH: Unh-uh.<\/p>\n

OBAMA: It\u2019s part of what has made America what it is.<\/p>\n

RUSH: But I don\u2019t…<\/p>\n

OBAMA: But the free market was never to be a free license to take whatever you can get however you can get it.<\/p>\n

RUSH: Stop the tape!<\/p>\n

OBAMA: That\u2019s what happened.<\/p>\n

RUSH: That\u2019s not what it was. That\u2019s not what it is. The free market today is the most regulated free market in the history of free markets. ‘The free market was never meant to be a free license to take whatever you can\u2019? That is the dead giveaway of how this man sees this country. You all are a bunch of thieves. You who have anything are thieves because this country has allowed you to just take whatever you can get however you can get it, and that\u2019s why he\u2019s gonna cut it down to size. That\u2019s why he\u2019s gonna reverse this. That\u2019s why he\u2019s going to ‘reform\u2019 this. Remember Obama said he felt like he was ‘behind enemy lines\u2019 when he was working for a business newsletter in New York City. Resume tape.<\/p>\n

OBAMA: Too often in the years leading up to this crisis, some — and lemme be clear, not all but some — on Wall Street forgot that behind every dollar traded or leverage there\u2019s a family looking to buy a house or pay for an education, open a business, save for retirement.<\/p>\n

RUSH: Really? O-ho-kay. So I remember the debate between Dole and Clinton \u201996. Dole got in a couple shots on Clinton\u2019s lack of character. Clinton said (doing impression), ‘You know, no attack — no attack! — ever fed a hungry child.\u2019 I guess we\u2019re back to this now. Trades on Wall Street destroy a family\u2019s chance to buy a house. Trades on Wall Street deny a family an opportunity to pay for an education. Trades on Wall Street mean that it\u2019s tougher to open businesses on Main Street. Because traders on Wall Street are trading, it\u2019s hampering others\u2019 ability to save for retirement. That\u2019s the message from a guy who has never, ever held a real job in a productive economy, who wouldn\u2019t know where to go to get a real job, whose only experience with money is spending other people\u2019s — and here he is passing judgment on others. Here\u2019s another sound bite.<\/p>\n

OBAMA: The system as it stands is what led to a series of massive, costly taxpayer bailouts — and it\u2019s only with reform that we can avoid a similar outcome in the future. In other words: A vote for reform is a vote to put a stop to taxpayer-funded bailouts. That\u2019s the truth.<\/p>\n

RUSH: Now, that\u2019s not true as we have demonstrated in Nicole Gelinas\u2019 column today and any number of places. You\u2019ve got a $50 billion slush fund. The regime will now be in charge of who makes it and who doesn\u2019t, who fails and who doesn\u2019t. What he means here, what he\u2019s trying to convey is: ‘Instead of bailing somebody out, we are gonna shut \u2019em down. If we decide that they\u2019re not worth it, we\u2019re going to fire their management.\u2019 They are going to be in control of it! The same people that write our tax code, the same people that gave us Social Security, the war on poverty, Medicare and Medicaid — the same people that gave you the DMV — are going to be running our financial system now. Somehow they are more qualified than experts. And the system did not lead ‘to a series of massive, costly taxpayer bailouts.\u2019 Government action did. So we have a classic case now: The government instituting policies that create great harm on the people that have to follow the regulations. The great harm results in massive losses, huge problems caused by the government, and then the government who caused the problem gets to sit around as a spectator and say, ‘Look what you SOBs did to our economy! Look what you evil capitalists did. We\u2019ve gotta fix this now.\u2019 So they get to do two things: They get to destroy it, and then rebuild it in their own image. Here\u2019s another sound bite from our man-child regime leader.<\/p>\n

OBAMA: Markets operated in the shadows of our economy, invisible to regulators, invisible to the public. So reckless practices were rampant. Risks accrued until they threatened our entire financial system. And that\u2019s why these reforms are designed to respect legitimate activities but prevent reckless risk-taking.<\/p>\n

RUSH: All these straw men. The construction of Obama\u2019s speech is a magical thing here. ‘These reforms are designed to respect legitimate activities\u2019 of which he doesn\u2019t see any, by the way, ‘but prevent reckless risk-taking.\u2019 Now, what is ‘reckless risk-taking\u2019? We don\u2019t know. He gets to decide now. The regime gets to decide what is ‘reckless risk-taking,\u2019 and if you are judged to be engaged in ‘reckless risk-taking\u2019 the regime can shut you down — or fire you and your board of directors and put their own people in there; ignoring, of course, the role that risk plays in the establishment of greatness, the invention of products and services and the efficiency of markets. Now here he is. You knew this was coming. It\u2019s time to dump on CEO pay and bonuses.<\/p>\n

OBAMA: These Wall Street reforms will give shareholders new power in the financial system. They will get what we call a ‘say-on-pay,\u2019 a voice with respect to the salaries and bonuses awarded to top executives. Americans don\u2019t begrudge anybody for success when that success is earned.<\/p>\n

RUSH: You do!<\/p>\n

OBAMA: But when we read in the past, and sometimes in the present, about enormous executive bonuses at firms — even as they\u2019re relying on assistance from taxpayers or they\u2019re taking huge risks that threaten the system as a whole or their company\u2019s doing badly — it offends our fundamental values.<\/p>\n

RUSH: It\u2019s also none of your damn business! They\u2019ve paid the money back. They have paid it! All these people have paid back the TARP money. It\u2019s none of your damn business what they pay people. They don\u2019t care what your ‘fundamental values\u2019 are. You don\u2019t have the right to impose them on every entity in this country, Mr. President! <\/line> <\/line>But that\u2019s what he\u2019s doing, folks. <\/line><\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Keep in mind you\u2019re listening to President Obama, a guy who has never, ever held a real job in a productive economy. The only thing he knows about money is how to spend other people\u2019s. He doesn\u2019t know how to earn it; he doesn\u2019t know anything about capital formation; he could not have known in 2007 what was coming. He has no experience. Somebody had to tell him what was coming in 2007, meaning the crash in 2008. He didn\u2019t have any experience to know. Somebody had to know, somebody had to tell him, for that somebody to know they had to have a hand in it. Can anybody say George Soros? Pulling the marionette strings here of our leader of the regime. This guy is such a sophist. You know the whole business of trades? We talk about the economy here being not a zero-sum game. The liberals have always wanted you to believe that somebody gets hired, somebody got fired, that if somebody got a raise, somebody got a pay cut, that if somebody\u2019s taxes went up, somebody\u2019s taxes went down. And the economy is not a zero-sum game. The pie is always expanding. <\/p>\n

But trades on Wall Street are a zero-sum game. For every winner there is a loser. It affects only the wrong side of the trade. Obama doesn\u2019t like that there are winners. That\u2019s his problem. No leftist likes winners. It\u2019s not fair because where there\u2019s a winner there\u2019s a loser. The loser feels bad, maybe the loser got shafted. But what was going on here at Goldman Sachs and the hedge fund and this John Paulson guy, these were sophisticated investors that were looking at these collateralized debt obligations, these pools of mortgages that had no value to them, and you had some sophisticated people thinking, ‘Okay, this pool is going to make money. Investors are going to come in and buy it and make money.\u2019 Paulson said, ‘Nope, I think it\u2019s going to bomb out, I\u2019m going to sell short.\u2019 He won, others guys lost. Happens every day. You take a look at the action, how many trades there are on Wall Street, there are that many winners and there are that many losers. You look at the volume, Dow Jones Industrial Average volume, whatever it is, there are that many winners and there are that many losers. It\u2019s a zero-sum game. He thinks it\u2019s a rigged game and he\u2019s gonna take the rig out of it by making sure nobody wins because the regime is gonna run the show. Here\u2019s the final sound bite.<\/p>\n

OBAMA: We produced a proposal that, by all accounts, is a commonsense, reasonable, non-ideological approach to target the root problems that led to the turmoil in our financial sector and ultimately in our entire economy.<\/p>\n

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

OBAMA: So we\u2019ve seen business as usual in Washington, but I believe we can and must put this kind of cynical politics aside. We\u2019ve gotta put an end to it. That\u2019s why I\u2019m here today. (applause) That\u2019s why I\u2019m here today.<\/p>\n

RUSH: You are the cynic. You are Mr. Cynical Politics. Non-ideological? Don\u2019t make me laugh. Cynical politics aside, business as usual in Washington. You are defining that, pal. Reverend Wright told PBS back in 2007, this is one of Obama\u2019s mentors, ‘People don\u2019t realize that to be rich you gotta keep somebody else poor. Most of us don\u2019t understand that. We enjoy the standard of living we have in the US by virtue of new poor people we keep so-called dead in developing countries and Third World countries. There\u2019s no connecting of the dots at all. That\u2019s amazing and disturbing to me.\u2019 Jeremiah Wright, this is what Obama believes. He spent 20 years in the guy\u2019s church. To be rich, you gotta keep somebody else poor. Zero-sum game. Total lack of understanding of how capitalism works, but this is what Obama believes. And he believes that every winner is a cheater. Every winner has screwed somebody in order to win. The loser has been jacked with. The loser has been defrauded. The loser\u2019s been tricked or what have you. And too often I\u2019m sure he\u2019s thought of himself as one of those losers in a manner of speaking. <\/p>\n

Gary in Ringwood, New Jersey, as we start on the phones, great to have you on the EIB Network, sir. Hello.<\/p>\n

CALLER: It\u2019s a pleasure to talk with you again, Rush.<\/p>\n

RUSH: Thank you very much.<\/p>\n

CALLER: Thank you for taking my call. Despite what family members say, that I should walk around on eggshells, I have to make this comment. If you allow this to pass with these financial derivatives, this could set a bad precedent throughout this whole economy. Like you said there\u2019s a buy and sell for everything. If I\u2019m in the dress business or apparel business, if I have a dress at $39.99, and two weeks later I have to mark that dress down to $29.99, could they now come in and say, ‘Well, you knew you were going to mark it down, so what you did is fraudulent.\u2019 So they can really go with this and start to take every single buy and sell order —<\/p>\n

RUSH: Absolutely. They can say the setting of every price is a fraud.<\/p>\n

CALLER: We cannot allow this to happen. Otherwise our whole economy will be totally taken over. This is scary.<\/p>\n

RUSH: Well, we mentioned that yesterday. You don\u2019t have to own the banks, and you don\u2019t have to literally take \u2019em over like you have the automobile business. To control the financial industry all you have to have is full regulatory authority. I mean rubber-stamp regulatory authority. That\u2019s what this bill gives the regime, rubbe-stamp regulatory authority on the fly. There aren\u2019t any rules here. They make \u2019em up as they go However Obama is feeling that day about the X, Y, Z widget company and did they donate to McCain or Sarah Palin. This is how regimes like this work. <\/p>\n

John in Tucson, Arizona, I have about a minute but I wanted to get to you, sir. Hello.<\/p>\n

CALLER: Hey, Rush, I just had a comment. Almost 25 years ago this country went through, on a smaller scale, an S&amp;L savings and loan crisis, and what was a small percentage of S&amp;Ls that were underfunded the Democrats came in, changed the rules and made a whole lot more of these savings and loan banks, made them underfunded and they all went belly up. We don\u2019t have very many of them left anymore. They\u2019re doing the same thing on a much bigger level.<\/p>\n

RUSH: Yeah, hello Charles Keating. Well, part the whole thing. And not only that, you had tax reform in 1986, which also took away some of the deductions for real estate investments. They changed the rules in the middle of the game and that\u2019s what led to the S&amp;L crisis having a problem because so many of the S&amp;Ls had invested in condo projects and commercial real estate projects, and the tax deductiblity was just yanked out from under people\u2019s feet when this happened. But he\u2019s gotta good point. This is just a much grander scale than what happened with the S&amp;L crisis in the late eighties. <\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: In that first sound bite that we played of Obama at Cooper Union, he said a free market was never meant to be a free license to take whatever you can get however you can get it. A license to take what you want? That\u2019s the definition of this regime. This regime is in the process of taking whatever it wants however it can get it. Usually, my friends, this is identified as theft, which is what is occurring here at the top of our federal government.<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: So have you seen the lead paragraph in the McClatchy news story today? Well, let me read it to you. ‘While Goldman Sachs\u2019 lawyers negotiated with the Securities and Exchange Commission over potentially explosive civil fraud charges, Goldman\u2019s chief executive visited the White House at least four times.\u2019 My friends, do not doubt me. […]<\/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},"categories":[],"tags":[],"yoast_head":"\nHonest Obe Goes to Wall Street to Seize Control of Financial Industry - 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:\/\/admin.rushlimbaugh.com\/daily\/2010\/04\/22\/honest_obe_goes_to_wall_street_to_seize_control_of_financial_industry\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"Honest Obe Goes to Wall Street to Seize Control of Financial Industry - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: So have you seen the lead paragraph in the McClatchy news story today? Well, let me read it to you. ‘While Goldman Sachs\u2019 lawyers negotiated with the Securities and Exchange Commission over potentially explosive civil fraud charges, Goldman\u2019s chief executive visited the White House at least four times.\u2019 My friends, do not doubt me. 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Well, let me read it to you. ‘While Goldman Sachs\u2019 lawyers negotiated with the Securities and Exchange Commission over potentially explosive civil fraud charges, Goldman\u2019s chief executive visited the White House at least four times.\u2019 My friends, do not doubt me. 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