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RUSH: Barack Obama expresses tepid support for the bailout plan? Wonder why that is since it’s his party’s? Since it’s his whole party’s bailout plan, why tepid support? Greetings, my friends, from the EIB Southern Command in beautiful south Florida. I would like to dedicate today’s program and the Dow Jones Industrial Average today to the honorable Nancy Pelosi, Harry Reid, and Barney Frank, ladies and gentlemen. It’s Rush Limbaugh and the Excellence in Broadcasting Network. Great to have you with us. Telephone number is 800-282-2882. The e-mail address, ElRushbo@eibnet.com.

Let me tell you what we have coming up and a note to the board ops at our affiliate radio stations, I’m going to be taking the first break in this hour a little sooner than usual because I have the most amazing YouTube video. It runs about eight and a half minutes. We’ve had to chop it up here into individual sound bites. It will make clear exactly who is responsible for this fiasco that is going on in Washington the past week and now the debate in the House of Representatives, which is simply surreal. The vote upcoming, regardless how the vote turns out, I am not going to quit today until everybody listening to this program understands who’s responsible for what is going on, and it’s the very same people who have put themselves in charge of even more power over that which they totally, 100% screwed up. My hope is to get it all in one segment without having to chop it up.

Also, ladies and gentlemen, we’re going to do an extensive parsing of the debate on Friday night between Obama and McCain. I saw a different debate than, of course, a lot of the commentators. I reject this notion that because Obama was the underdog and therefore he came out okay and finished in a tie, that he thus won. I reject the whole spin of that. I reject the whole conventional wisdom. The last 45 minutes of that debate John McCain wiped the floor with Barack Obama. The problem is, the first 30 minutes he didn’t, on matters of the economy. It’s going to boil down to what people remember.

Now, let’s talk about this crisis for just a second. I’m wondering just how big a crisis this really is. The Democrats have been saying it’s a crisis. The president has been saying it’s a crisis, but has anybody actually been treating it as a crisis? Now, by this I mean something very simple. The Democrats had the votes all last week to do this. They could have avoided a week of angst, they could have avoided a week of anxiety, they could have avoided a week of nervousness, but they didn’t. The Senate is not gonna vote on this, take this up until Wednesday regardless what happens in the House today. Now, they have all been talking about a doomsday scenario in the terms of a Great Depression or so forth but they have not been treating it like a crisis. They have been creating a crisis mentality. Thirty-five days before an election, they have created in everybody’s mind that there is a crisis in the US economy that only immediate action can stave off and resolve. The problem is there has been no immediate action. We still don’t have a piece of legislation. We still don’t have a piece of legislation that everybody can easily understand. We don’t have any votes on this yet. All we have is a bunch of people working 24/7, ‘Oh, we’ve never gotten harder work out of people, we’re spending all this time.’ But the fact of the matter is, this is manufactured crisis.

I’m not saying something doesn’t have to be done here, but if it were as desperate as they have said that it is, they had the votes to fix this, they had the votes to take all the credit for the fix without involving the Republicans. They did not have to make all these maneuvers designed to get the House Republicans on board, in order to give them cover. Let’s face it, a crisis is a crisis. So this crisis that the Democrats have created around this bailout I am convinced is a political ploy in part to get everybody nervous, upset and worried to death about their own personal financial situation going into this election. As to the debate, it is fascinating, folks. I read some of the coverage in the Drive-By Media of the debate. The stories are almost identical from the first Kerry-Bush debate, nearly identical to the ones written over the weekend here about Obama and McCain, even with some of the same bylines, stories about Kerry making gains in the battleground states from 2004; same stories about Obama making gains in the battleground states after their first debate. We predicted it. I just want you to be aware of it.

The media is in full-fledged destroy mode. They’re out to destroy Sarah Palin. Do you know what the top four e-mailed stories in the New York Times, as they say today, are? The top four e-mailed stories, or maybe even five, all have to do with Sarah Palin. Nobody apparently who reads the New York Times is e-mailing or reading their stories on the economy, on this crisis, on this doomsday. It’s all about Sarah Palin. You are going to have to buck up out there, folks. You’re going to have to gut it up. You’re going to have to understand exactly what’s happening as far as what the media is trying to do with the willing accomplices of Obama and the Obama campaign, and you’re also going to have to realize that the McCain campaign does not get the ideological aspect of this. Now, last week — and it was evidenced in the debate — McCain had three or four chances to end Obama’s campaign Friday night. How about when Obama was saying, ‘Nobody’s talking about losing in Iraq.’ Really? really? How many times have you guys waved the white flag before the surge even started? He could have finished Obama Friday night and didn’t because he doesn’t look at things ideologically. You can drive around in various parts of this country, you’ll see Obama signs everywhere, you won’t see McCain signs, people that want McCain signs can’t get ’em. It’s going to be up to us, folks, to turn out. This is going to be a referendum on Barack Obama as president of the United States, as I have said from the get-go. One last thing on this bailout before we go to the early break here. Let me read to you the preamble of the United States Constitution.

‘We the people of the United States, in order to form a more perfect union, establish justice, insure domestic tranquility, provide for the common defense, promote the general welfare,’ not insure it, ‘promote the general welfare, and secure the blessings of liberty to ourselves and our posterity, do ordain and establish this Constitution for the United States of America.’ Let me read to you Section I, short title, of the bailout bill: ‘Emergency Economic Stabilization Act of 2008, Section 2, Purposes: Provides authority to the Treasury Secretary to restore liquidity and stability to the US financial system and to ensure the economic well-being of Americans.’ This absurdity is better known as socialism. Our government is going to pass a law that has as its stated purpose the secretary of the Treasury ensuring the economic well-being of Americans? No, ladies and gentlemen, that is not what is in the United States Constitution. Some Hugo Chavez or some Brazilian president attacked the US over the weekend, saying that the US Constitution is out of whack. Somebody needs to tell him the US Constitution is not in play anymore. The US Constitution has been abrogated and is being tossed overboard section by section by the Democrat Party and the American left.

BREAK TRANSCRIPT

RUSH: All right, here’s what we’re up against, folks, or not up against, but here’s what we’re dealing with. Senator McCain, Sarah Palin are in Columbus Ohio doing a rally right now. In the midst of all this, McCain’s promising to end pork barrel spending. The Democrats are in the process of stealing the country, and he’s out there talking about earmarks. This is what I meant in the early part of the program where he does not ideologically understand or get or care what’s going on. This is not about earmarks. All the earmarks in the world do not add up to the country being stolen by a political party for its own political purposes, which is precisely what’s happening here.

BREAK TRANSCRIPT

RUSH: Mr. Snerdley told me during the break here at the top of the hour that he’s received a bunch of phone calls from some of you who are angry that I am not detailing the agreement that will soon be voted on in the House of Representatives. That’s right, my friends, I’m not detailing it, because the details are irrelevant. The Treasury Secretary’s been empowered to do whatever he wants to do, whenever he wants to do it. You can go through this and you can read the details all you want, but let me tell you the truth here. For every person you hear saying this is going to strengthen the market, it’s the exact opposite. The market cannot possibly be strengthened by virtue of this bailout because the market has yet to work. The market’s not being allowed to work here. The losers haven’t been flushed out. We’re papering over the losers. The market is not working. This is not the market fixing this, and the market is the only thing that can fix it. This is a temporary patch to deal with people’s psychology while at the same time toying with their psychology by creating this crisis mentality in everyone that something has to be done or else. We face Armageddon, we face a depression.

Isn’t it fascinating, don’t you find it curious that all this is taking place 35 days before a presidential election, with the Democrat candidate’s mantra being ‘Change’? We can get into the specifics of this if you want to. Yeah, the ACORN stuff is taken out, but ACORN is going to get what it wants if there are not structure changes here in the market. You know what led us to this is fear of being accused of racism and political correctness. If you want to boil it all down that’s what led to Republicans not having the guts when they ran the Congress to actually stop this. The second thing that’s driving this is the Democrat Party’s desire to steal the country, to simply take it and make it over as their own. I find it fascinating. You can go to the details all you want. To me, this is about the very people who broke it now saying they can fix it while they’re blaming other people for having broken it and they’re putting themselves in charge. It’s mind-boggling when you stop and think about what is really happening here. The details, to me, are not the point, because the details are not even things that we can count on. This is going to come out in installments, there is supposedly accountability, there is supposedly new regulation. We had all that when Fannie Mae and Freddie Mac were going in the tank and the regulator was destroyed by the Democrats in a hearing, audio sound bites that we just aired for you.

I want to read to you again the preamble to the Constitution of the United States, and then I want to read to you the purpose of the Emergency Economic Stabilization Act of 2008. Here’s the preamble to the Constitution. It’s not insignificant. The Constitution is the framework, the foundation of our capitalist system. It is the reason that we have remained the greatest country in the history of earth. ‘We the people of the United States, in order to form a more perfect union, establish justice, insure domestic tranquility, provide for the common defense, promote the general welfare, promote the general welfare, and secure the blessings of liberty to ourselves and our posterity, do ordain and establish this Constitution for the United States of America.’ There’s nothing in there about ensuring the general welfare, just promoting it. Here is what is being proposed by the Congress and being voted on today: ‘Emergency Economic Stabilization Act of 2008. Purposes: Provides authority to the Treasury Secretary to restore liquidity and stability to the US financial system and to ensure the economic well-being of Americans.’

Now, you can go get as specific as you want, you can go look at all details that you want of this bill, of this piece of legislation, and you can go to the things that were in it that have been thrown out, the bad things that were thrown out, you can look at some of the good things you think have been thrown in, Treasury Secretary, authority to ensure the economic well-being of Americans? That’s endless, that’s limitless. That’s absurd, and it’s known as socialism. We’re about to pass a law here that has as its stated purpose the Secretary of Treasury ensuring the economic well-being of Americans. That’s a frightening statement to me. Is that the job of the Secretary of the Treasury? What the heck kind of law is this? And who is he? Who is any Treasury Secretary? I don’t need to read another word. I don’t need the details. The Congress is giving the Treasury Secretary the job of ensuring the economic well-being of Americans. I’d call that central planning. I would call that an assault on the foundation of our economy. I’d call that a capitulation to people who have every intention of imposing change like we’ve never seen. The kind of people who would use police to strip away First Amendment rights, the kind of people who intentionally lie in campaign ads ’cause they know they’ll be held unaccountable by the propaganda ministers in the Drive-By Media.

The Treasury Secretary can’t ensure anything anyway, and he shouldn’t. An honest man would resign if he was told that that was his job. You mean to tell me my job now is to ensure the economic well-being of Americans? Sorry, I can’t do that. Tell me how the hell I’m supposed to pull this off, especially with you guys providing oversight here if you don’t like what I’m doing? And then what happens if we get a Republican secretary of the Treasury in here who goes against what your intentions are, what’s going to happen to him after you guys in Congress get through with him? I don’t know, folks. Everybody’s falling prey to the crisis. Everybody’s falling prey to the manufactured crisis. I don’t doubt that something needs to be done, but the market is where whatever needs to be done needs to happen, and it’s not happening in the market. It’s happening in Washington, DC. It’s happening on however number of pieces of paper the legislation is. The market works.

I’ll tell you what’s going to happen. Miraculously, sometime after the election, if Obama wins, you wait and see how within a week, two, maybe month, crisis has been averted, everything is fine now, we’ve all got it fixed, it was the right thing to do, the legislation, electing Obama, and then the market’s going to come back, markets in this country always do, they’re going to come back booming and bigger than ever, going to come back strong, for a while. And these guys are going to take credit for it and they’re going to claim this is how you do it. We can now manage the markets. We can see to it that you will never lose your home. We can see to it that you will never, ever have to miss a car payment. We can see to it that you’ll never, ever miss a credit card payment. Well, because we’re going to ensure the economic well-being of every American. We’re going to ensure the economic well-being of every American. So when the economy comes back and it goes roaring and strong for a while, the credit is going to be given to government. So keep a sharp eye on all this. I sit here and I’m stunned. We’re being told if we don’t nationalize the home mortgage market by this afternoon in the House and Wednesday in the Senate, stock market’s going to crash, the Great Depression 2 will begin. We’re told this.

Now, once we nationalize the home mortgage market, and once we nationalize bank liquidity, those sectors of the free market will perform much better. By the way, you should know this. There are some people, if you want specifics about the bill, there are some people saying, hey, those of you who are about to be foreclosed on, you may still be. This bill is not going to stop a lot of foreclosures. Well then tell me what the hell is it being done for? You answer the question. If the Treasury Secretary’s job is to ensure the economic tranquility or whatever the hell else, well-being of the American people, and even after this, some of you are going to lose your homes, then what the hell is going on? What the hell is this about? I repeat, if this was Armageddon, if this is the crisis leading to the Great Depression 2, Armageddon, life-changing events as we’ve never seen them before, why wait ’til now to pass the bill? Why not pass it last Monday? Why wait for the Republicans if it’s that crucial. This is what leads me to believe it is not the crisis we’re being told. This is a political ploy right out of the left-wing Democrat playbook: ‘Crisis’ is the easiest way to manage the behavior of a frightened citizenry. That’s what’s going on here.

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