RUSH: Now, I saw today on the Bloomberg News wire that the secretary of the Treasury, Henry Paulson, has decided that he needs to do something now about home prices. He needs to do something about getting people into houses. You know, Phil Gramm said something back during the campaign. Of course, McCain zapped him for it. He said we’re a nation of whiners. I never thought that this would happen. I thought that there was an innate toughness and an understanding of history by people in our country. We’re not a nation of whiners, but man, there are enough people in this country who are, and we have leaders who are willing to pander to them. I guess the idea of America now, it’s not just that you don’t suffer pain, you don’t suffer any discomfort. If there is any discomfort, why, the government has to come in and fix it, the government has to come in and alleviate your suffering and pain. We have too many politicians of both parties who are willing and able to run in there as fast as they can to try to take credit for doing that. It is shocking, and yet, while all this so-called pain and suffering is going on and we keep hearing people say Great Depression II, we don’t have anybody alive in this country who understands what the Great Depression really was. And this is nothing like it.
This is fat city compared to the Great Depression. And yet, okay, so the housing market’s in a slump and this market’s in a slump, and we gotta bail ’em out, we can’t have any pain, we can’t have any suffering. I guess the days of tough love are gone. Thank you, Baby Boomers. So the Treasury secretary says, ‘Well, I tell you what we’re going to do. We’re going to make sure that home mortgage interest rates are four-and-a-half percent.’ Did you see that? Okay. So what we have now is price fixing in the mortgage industry. They’ve already bollixed this once or twice with Fannie Mae and Freddie Mac. Are we going to learn from it? No! We’re going to have the Treasury czar fix prices now. Central Planning, that’s what I’m going to start calling the federal government because that’s what’s happening here, my good friends. Central Planning says that four-and-a-half percent mortgage rates are good for America.
Now, if Central Planning says that four-and-a-half percent mortgage rates are good for America and they’re probably either today or tomorrow going to say that $25 billion is a good bailout number for the Big Three automakers, where is Central Planning going to stop? Central Planning is gonna require Americans to submit term papers saying how they will save money and that our next car will get 30 miles per gallon and will be made by UAW workers if they get the four-and-a-half percent mortgage? Is Central Planning going to say, okay, you want a four-and-a-half percent mortgage, you must sign an agreement that manmade global warming is killing us and that a tax on carbon will save the planet and that you will eagerly pay it in exchange for your four-and-a-half percent mortgage? Is Central Planning going to say you must sign an agreement on tax increases who makes anything any more than you do? Is Central Planning going to say, you must sign an agreement that you will vote for and support socialized medicine in exchange for your four-and-a-half percent mortgage? And, by the way, if you have a private jet, you will not qualify for a four-and-a-half percent mortgage. (laughing) Well, if Central Planning starts saying you don’t need this and you don’t need that, then we’re screwed. Central Planning means federal government. You don’t need a tax cut right now. You don’t need that third car. You don’t need it. All this is going to be done for our benefit. Don’t misunderstand.