RUSH: Now Obama’s on the phone to the Spanish prime minister. They got massive debt problems. They’re next in line after Greece. Obama has called the Spanish prime minister to give him a lot of grief over his high budget deficit and his lack of spending restraint, and he is demanding austerity, he’s demanding that Spain rein in their out-of-control spending. The audacity of this guy who has tripled our debt in less than one year to now lecture any other leader on theirs.
Two stories here, one is from the French news agency. Obama speaking to Spanish Prime Minister Jose Luis Rodriguez Zapatero Tuesday on the debt crisis, discussed reforms needed to rescue the Spanish economy. So first he calls Merkel and does a TARP routine on her. ‘If you don’t bail out Greece, the whole thing’s going to collapse by five o’clock this afternoon,’ and he calls Spain, urging them to act on the European debt crisis. And then in the UK Mail Online, the German people are fit to be tied over what’s happened there. ‘German anger at the 750billion Euro Greek bailout is swelling as world markets slid after initial excitement at the bailout fizzled. The headline on the front page of Germany’s biggest newspaper, Bild, summed up the national mood, declaring: ‘We are once again the schmucks of Europe!” (laughing) That’s the headline on their front page of the biggest paper in Germany! We are once again the schmucks of Europe, because they think they’ve been had.
They’re having to bail out a bunch of leeches. What they don’t know is that we’ve been had to. The Fed borrow window is wide open. I read some of the documentation today. If they don’t repay the loan it just rolls over with no penalty. It’s exactly as I theorized yesterday. There’s no security in these loans, there’s no collateral. So they really don’t have to be paid back. This is a mess. This is a literal, out of control mess.
RUSH: I can’t get these stories off the top of my stack. ‘Obama Speaks to Spanish Prime Minister to Discuss debt crisis.’ ‘Obama Urges Spain to Act on European Debt Crisis.’ The architect of the worst debt crisis in the history of this country is lecturing these other guys on their reckless, out of control debt and spending? Yeah, he is! That’s the audacity of the guy. And this German story from the UK Mail online: ”We’re Once Again the Schmucks of Europe!’ German Media’s Verdict as Anger at Greek Bailout Swells.’ For those of you who know (and the Germans do) what ‘schmuck’ means, to have that on the front page of the biggest newspaper in Germany! (interruption) I’m not going to tell you what schmuck means. If you don’t know what it means, Snerdley, go look it up, call Wikipedia, call your mother or something. The rest of you, if you don’t know what it means, don’t look to me to define it.
But to have that on the front page of Germany’s largest newspaper (laughing) and they’re talking about themselves! And of course Obama is the one that pressured Merkel into participating in this bailout, and then the New York Times today has one of the most naive stories on all of this that you could ever hope to read. ‘In Greek Crisis Some See Parallels, to US Debt Woes.’ Hmm, really? I mean, it is classic. You only have to read the first half of this thing to discover how amazingly naive it is. ‘It’s easy to look at the protesters and the politicians in Greece — and at the other European countries with huge debts — and wonder why they don’t get it.’ It is? It’s easy for whom? No one in Washington seems to be wondering that or identifying the problem, which is socialism. The problem is liberalism. There’s no question here.
Parallels? Damn right there are! ‘They have been enjoying more generous government benefits than they can afford. No mass rally and no bailout fund will change that. Only benefit cuts or tax increases can.’ This is the New York Times. It’s David Leonhardt that’s writing this — and with all due respect, Mr. Leonhardt, tax increases are going to make it even worse. Benefit cuts over there are already causing riots. The only thing that’s going to fix Greece is a systematic change to capitalism and conservatism and tax cuts and firing people who are in the public workforce and privatizing so many of the things that Greece has nationalized. ‘Yet in the back of your mind,’ writes Mr. Leonhardt, ‘comes a nagging question: how different, really, is the United States’ from Greece? Oh, yeah, the back of your mind, Mr. Leonhardt? Sorta nagging you in the back of your mind? It’s not a nagging little thought. This is a freight train, Mr. Leonhardt, headed right for us! You see the light in the tunnel, Mr. Leonhardt?
It’s a freight train! It’s called Greece and the European Union and Obama’s the conductor and it’s headed right for us. There’s nothing subtle about this. ‘The numbers on our federal debt are becoming frighteningly familiar. The debt is projected to equal 140 percent of gross domestic product within two decades. … The United States will probably not face the same kind of crisis as Greece, for all sorts of reasons. But the basic problem is the same. Both countries have a bigger government than they’re paying for. And politicians, spendthrift as some may be, are not the main source of the problem.’ Get the next line: ‘We, the people, are.’ ‘We, the people … have not figured out the kind of government we want.’ Oh, yes, we have, Mr. Leonhardt. I totally figured it out 250 years ago. The brilliant Founders of our country figured out what kind of government we want 250 years ago, a group of divinely gifted men. It’s called the Constitution, Mr. Leonhardt. We have our government, the one we figured out all outlined within that document. It is the plan, and we’ve all agreed to defend it. Now, the people in Greece, yeah, they are coconspirators in this mess — and we have some leeches in this country who are coconspirators in ours — but we know the kind of government we want, and it’s not the kind of government Obama is building. That is what we hope will fail.
RUSH: All right, ‘Greek workers today called a 24-hour strike on May the 19th, the latest in a series of protests against planned pension cuts.’ By the way, they’re not eliminating anybody’s pensions. They’re just asking the pensioners to agree to have them pared down a little bit, and of course the leeches are gonna go on a 24-hour strike to oppose this, and they’re not doing themselves any favors. The Germans do not want to bail out these lazy jackasses as you can see by the headline on the front page of Bild today: ‘Once Again, We’re the Schmucks of Europe!’ Now, when Americans figure out that we’re bailing out these Greek leeches as well, Americans are not going to be happy, and we are well on the road on this program to letting Americans know that, not only are we bailing them out, but we’re not securing these so-called loans.
And if they don’t make the payments on the required date, we just roll it over. We are, in effect, giving Greece the money. There’s no structural or systematic change in Greece right now that’s going to allow them to generate GDP that will allow them to pay back these so-called loans. So you have these rioting, lazy socialist union leeches in Greece upset that their unearned, unaffordable pensions are being pared back. Not eliminated, simply cut back so the country can survive. ‘Oh, no! Not on our backs you’re not going to do that.’ Europe, United States are, quote, unquote, ‘lending’ them money to make sure they keep their welfare, and these leeches in Greece — and the New York Times story does not once use the word ‘union’ in describing these people. They’re rioting. Okay, fine. So, folks, this is what you need to do.
You need to take a hard look at what’s happening in Greece. We have the largest debt crisis in the history of the world, right here in the United States of America. It has been authored by Barack Hussein Obama, mmm, mmm, mmm! So we gotta take a hard look at what’s happening in Greece. It’s our future if we keep Democrats and their union storm troopers in power. It’s our future, unless we elect principled conservatives. Chris Christie is a model. There’s a poll today in Utah. You know, Bob Bennett’s gone, and now Orrin Hatch is in trouble out there. Orrin Hatch is in trouble, and that to me is totally understandable. We’ve been suggesting on this program for I don’t know how long urging people calling here, otherwise, asking, ‘What can I do, Rush?’
‘You’ve gotta get involved,’ and a lot of young buck conservatives are getting involved. It’s time when they show up to support them. Now, I know Hatch isn’t up until 2012 but the fact that he’s in trouble? This is an establishment kind of guy who had, at one time, really down-the-line credentials. He was a fighter. Back in the Bork days and back in the Iran-Contra days, he was as staunch conservative as you could get. But now he’s out there saying, ‘Weeeeeell, you know, I could see voting for Elena Kagan. I don’t think that we’re going to have any need to filibuster.’ All right, fine and dandy. You know, don’t say it at this stage in the fight. For crying out loud, the objective here is to find out what this woman’s qualifications are, find out what’s in her mind.
What do we hope to get? What is there to gain — and Lindsey Grahamnesty is doing the same thing as Hatch. What is to be gained with anybody by running around and saying, ‘You know, I’ve looked at Elena Kagan, and I’m pretty open-minded here. I think she should be confirmed.’ What do we think is going to happen? The Democrats are going to play fair the next time we have a Republican president making nominations? It’s not going to happen! Who are we trying to impress here? Why we playing defense? There’s no reason to say I’m gonna vote for this woman yet. We don’t know what she thinks. We have a pretty good idea, but the hearings are to find that out. Are we trying to say, ‘Well, I’m going into this open minded.’ Why do you have to prove you’re open-minded, because other people say conservatives aren’t?
Screw it! Why always be on the defensive? Why accept every premise the left puts out and respond to that? That’s why I like these young conservatives coming along. They’re not afraid, they’re not embarrassed, they’re not ashamed and they don’t want to play defense all the time. Look, back to this Greece thing because it’s coming here. There’s no way — just like I said yesterday. If the Arizona law doesn’t stand, what are we going to do? If we can’t close the border, we’re going to grant amnesty but not close the border, where are we gonna end up? Likewise, there is no way to avoid a fight with Democrats and their union thug leaders. There’s no way to avoid it. It’s coming. It’s going to have to happen and they’re going to have to lose at the ballot box.
It would be much easier to take ’em on now rather than wait like Greece did. These pictures, these stories all coming out of Greece and Europe, they’re not going to help Obama. They’re not going to help Obamanomics. These people are just four or five years down the road ahead of us where we’re headed. It’s our future that we’re looking at. No question about it.