RUSH: Mel in Chattanooga, Tennessee. Thank you for calling, sir. It’s great to have you on Open Line Friday.
CALLER: Yes, Mr. Limbaugh, can you hear me?
RUSH: Yeah, I do.
CALLER: Great. It’s an honor to talk to you. Thank you for everything you’re doing for us. It’s two questions to ask you, and I please need your input on it. Please. If the dollar collapses, how do I protect my savings?
RUSH: Well, now you’re putting me in a risky situation because my job is not financial advisory.
RUSH: But if the dollar collapses there’s one thing: You could short the dollar. You could find out how to short the dollar and make a profit on the dollar collapsing, or you could go buy gold. What’s happening today in Europe, it’s not widespread, but the euro, it’s starting to come back but it was plummeting from the open today, and there were people lined up at some banks, closing their accounts in euros and buying gold, which is another thing that you might look into doing.
RUSH: Or you might want to invest in Canadian dollars or Singapore dollars. There are any number of paths. You know, it is a serious thing. China cannot sell its debt. We are not going to be able to tell all of our Treasury note debt in the next auction. We’re going to have to sell $2 trillion of debt.
RUSH: And we may not have buyers for it. The US Congress, the Democrats have said they are not going to present a budget resolution before the election. Normally the fiscal year starts October 1st. They are required to have a budget. That’s where reconciliation comes into play. You can get a budget bill passed in the Senate without 60 votes. They’re not going to even take it up. They’re not even going to have hearings or debates on the budget. The reason is, it’s Obama’s and theirs and they don’t want people to know what’s in it. They don’t want people to know just how much more debt we’re going to be racking up. They are not going to do their constitutional responsibility because they’re afraid of the damage they’re suffer at the elections if they do.
RUSH: What had you planned on doing if the dollar collapses?
CALLER: I was thinking about gold. (chuckles)
RUSH: Well, gold has had quite a run because a lot of people are running to it right now, and I think gold is at an all-time high price.
CALLER: Well, let me get to the next question —
CALLER: — which I think is more relative to what’s going on today. In November we’re basically hoping that things change in Congress, that we can take our country back.
CALLER: Here’s my thing: The Democrats that voted for the health care thing like that, they didn’t seem to be too worried about losing their job. My question is: With all, you know, the backroom deals that Obama’s doing and buying votes, can this regime fix the elections and he’ll say to the Democrats, ‘Don’t worry about what it is. You’ve got your job’?
RUSH: I don’t think they can fix elections to the point that they’re going to matter. I disagree with you. The Democrats are scared. David Obey is not running for reelection, doesn’t have a chance. He’s the chairman of the Appropriations Committee. There are a lot of Democrats that are not running. John Boehner said the other day that 130 seats are now in play, not 100. Here, from the Capitol Hill newspaper called The Hill: ‘Dems Feel Healthcare Fatigue — Healthcare reform fatigue has set in among Democrats, casting doubt that Congress will move much health-related legislation the rest of this session.’ So just as we all knew, folks, now that they’ve crammed it down their throats, there’s not going to be one more mention of health care from now until November. We all knew this was going to happen.
All these so-called ‘fixes’ that people said we we’re going to have to make to the bill? They may not make ’em because the Democrats are not going to hold a majority. They’re not going to hold enough of a majority in order to be able to blanket-ly change things. ‘Democrats in the House and Senate alike,’ it says here, ‘are eager to focus on vote-getting issues such as job creation as the midterm elections approach.’ Earl Pomeroy, Democrat, North Dakota, ‘who voted for the health overhaul,’ doesn’t want to talk about it at all. He’s already running ads for his reelection. He said, ‘The healthcare bill is done. The action on healthcare is now in the executive branch as they implement the bill.
It’s critically important that they implement it in a sound way, and I believe the attention of Congress is best spent on overseeing the sound implementation of this bill.’ They don’t want to talk about it. They don’t want to have anything to do with it. They know it’s a vote killer. So now they want to focus on ‘vote-getting issues like job creation’? What do they know about that? They can’t even hold onto their own jobs now. Obama, he’s setting himself up to have nothing to do with the congressional Democrats. He’s setting himself up as an outsider, surveying all this damage and saying (impression), ‘Somebody’s gotta go in there and fix it. I’m not going to tolerate it anymore!’ No, they’re scared to death over what health care has done to them, and the rest of their agenda as well.
RUSH: Here’s Warner in Maine. We go back to the phones. Welcome to the EIB-Network, sir. Great to have you here.
CALLER: Dittos, Rush, and thank you for sharing your air with me today.
RUSH: Thank you, sir.
CALLER: I thought I’d like to share with you what I’d love to see for a Republican response to this oil spill, and that would be to point out that had this been an American company working on American soil, history would suggest that the likelihood of a spill like this would be diminished — and if it did happen, an American company would be on the same page as the EPA with cleanup protocols and containment. Therefore, America should be producing all of its own oil at a minimum and the best case scenario is we should be the world’s biggest producer of oil because who better to prevent ecological damage?
RUSH: Now, I understand what you’re getting at here, but I need to ask you a question.
RUSH: Why do you say, or why are you assuming, that this would not have happened if an American company had leased the rig? BP doesn’t own the rig.
RUSH: Transocean owns the rig. BP leases it. Halliburton, an American company, was involved in constructing parts of it. So how would this have been any different if an American company owned or leased the rig?
CALLER: Well, we’ve been drilling for oil in Texas for close to a hundred years, and I don’t ever recall Texas being a wasteland. The only oil spill that I can remember in my history was the Exxon Valdez, and that was because somebody ran aground with a tanker, but it wasn’t an oil rig that blew up.
RUSH: No, but it was a drunk American.
CALLER: Right. Right. (chuckles) It was one individual driving a big bus. But I just think that Americans in general, I trust ’em more to do a technical job than anybody.
CALLER: That’s American exceptionalism.
RUSH: Right. I knew that’s what you were talking about, but you put this in the context of what the Republicans ought to be doing here, and I think if the Republicans want to enter this fray — and I’d, frankly, be more interested in hearing what Chris Christie says about it than a lot of other Republicans. But if they want to enter the fray, it should not be to complain about British Petroleum and turn this into, ‘An American company would fix this! It wouldn’t even have happened with America.’ What we need to talk about here is the fact that the administration, the regime is using this in an attempt to advance their agenda of anti-oil, anti-drilling, anti-progress, anti-growth. They’re taking advantage of this accident to suggest that this is what always happens, and they are trashing capitalism at the same time. So the Republicans really need to be defending capitalism, drilling for oil, domestic oil, energy independence and so forth. It’s a golden opportunity here as there is on every issue for them to distinguish themselves.
RUSH: The high mountains of New Mexico. Mick. It’s great to have you on the program, sir, welcome.
CALLER: Hey, Rush, it’s Mike from the high mountains of New Mexico, 15 handicap, second-time dittos there, Rush.
RUSH: Great to have you here.
CALLER: Thank you very much. I’m under assault. I think Kerry and Lieberman’s bill is going to stick a knife right in my heart as a small business trucker. You know, the cap and tax is going to necessary skyrocket my diesel fuel costs. That, in effect, is the lifeblood that runs this country. Eighty percent of all our goods and services that come on the shelves are brought there by truckers, and about 80% of those truckers are small independents like me: three to five trucks, small business.
CALLER: I’m under assault, Rush, and I don’t know what to do. I call my congressman, I call my senators, and this cap and tax is going to ruin me. In addition they just opened up the pilot program to bring the Mexican trucks back across the border. They don’t run under the same hours we do. They don’t have documentation for over hours of service or drug testing or any of the other things. They’re going to infiltrate the country with this cheep Mexican trucking. They’ll be running Mexican fuel also that’s not the ultralow that they dictate for I gotta use.
RUSH: Wait a second. Wait a second here now, Mike. Are you saying that the Mexican trucks will not be subject to cap and trap?
CALLER: No. Absolutely not. They’ll be able to buy their diesel down south over there for pennies on the dollar while we’re forced to buy it at.
RUSH: Well, but they’re gonna have to buy some here. They aren’t gonna be able to make round trips depending how deep in the country they go.
CALLER: Oh, yeah. They can make a round trip, 1500 miles on 300 gallons. They can go and turn right back around and go right back.
RUSH: That’s about as much as mileage as I get in my car.
CALLER: You know, seven to eight miles to the gallon is the best that diesel engines do these days, Rush.
RUSH: Yeah. Well, mine isn’t diesel.
CALLER: Yeah. Well, diesel is the lifeblood that runs the country over there, and they’re gonna spike it with cap and tax.
RUSH: Look, I know that’s their objective. I want to hold out a little hope here for you, Mike. I don’t think they’re going to get anything done before the election. They’re going to talk about getting a lot done. They’re going to talk about getting ‘comprehensive immigration reform’ because they think talking about it will get them the Hispanic vote. They’re going to talk about cap and trade. Remember, Obama has broomed everything out of the way to get immigration to the front of the line, and Dingy Harry is leading that charge ’cause Dingy Harry needs the Hispanic vote to wake up if he has a chance to be reelected in Nevada in November. So they’re going to talk cap and trap and they’re gonna make it sound like it’s imminent, but they’re not going to get it done before November and they’re not going to have these large governing majorities in the House or the Senate in November. So it’s going to be tougher for them to get it. If they could do it before November, they would. Make no mistake about it.
CALLER: Hey, Rush?
CALLER: You know what they’ve done in Oklahoma under the guise — nobody knows. In Oklahoma they passed a law that every law enforcement officer there is ICE certified and then they passed a law over there where they had to have card check for all their employees — and miraculously over the course of about six months, 45,000 illegal aliens left Oklahoma. It’s unbelievable.
RUSH: Uh, where did they go?
CALLER: Well, they went to sanctuary states like my high mountains of New Mexico. They’re going to Arizona, they’re going to Texas, places where they aren’t subject to those things, but —
RUSH: Well, they’re not going to Arizona.
CALLER: — Oklahoma is leading the way.
RUSH: They’re leaving Arizona, too.
CALLER: Well, yeah, but when they can’t find a job, they’re going to leave — and, you know, that brings another point, all the ‘jobs that Americans won’t do.’ You know, if all of the illegals left those jobs over there, our unemployment rate would necessarily drop right away over there with all of the young people coming into the workforce that don’t go to college. Where were those jobs? Those jobs —
RUSH: No, no, no. I understand what you’re saying. I really do. But we’re just going to extend unemployment. Those kids that you’re talking about are actually holding out for jobs at Goldman Sachs.