RUSH: Well, another power grab took place this morning with this financial regulatory reform bill. Obama doesn’t know what’s in it, he doesn’t care what’s in it because all he knows is it gives him more power and more authority and the government gets bigger. Chris Dodd’s out there saying, ‘Well, we really won’t know what’s in this ’til it starts taking place.’ Just like Pelosi, we gotta pass health care to find out what’s in it, same thing with this, another 2,000 pages. Folks, we are being ruled by a minority, and it is stark, this reality. ‘The number of Americans identifying themselves as conservative or very conservative stands at 42 percent according to new Gallup numbers. That’s compared to 35 percent who describes themselves as moderate and 20 percent who describe themselves as liberal. The results are based on eight Gallup surveys conducted over the past six months.
‘According to Gallup’s Lydia Saad: ‘The 42% identifying as conservative represents a continuation of the slight but statistically significant edge conservatives achieved over moderates in 2009. Should that figure hold for all of 2010, it would represent the highest annual percentage identifying as conservative in Gallup’s history of measuring ideology with this wording, dating to 1992.’ Gallup also found that self-identified independents are slightly more likely to label themselves moderate than conservative– 41 percent to 36 percent. Just 19 percent of independents consider themselves liberal.’ Now, that’s fine and dandy, but moderates are liberals without the guts to say so. Moderates are a bunch of liberals who think they’re smarter than everybody else, more tolerant than everybody else and less judgmental than everybody else, and more open-minded than everybody else. Still, doesn’t matter, we are being ruled by a minority. Twenty percent of this country is liberal and look what they’re doing!
There’s a story in the stack today, the Senate shot down this latest stimulus bill, the so-called $100 billion jobs bill, and it ends unemployment benefits for a lot of Americans. This is because of the pressures of reelection. However, I want you to listen to how the Associated Press presents this: ‘Republicans Kill Jobless Aid Measure in Senate.’ The Republicans can’t kill anything. It’s a damn lie. How can the Republicans kill a bill? They can’t kill anything. They don’t have the votes to kill anything. All they can do is kill themselves, which some might argue that they’re doing a halfway decent job of. But they can’t kill legislation. And yet look at this headline: ‘Republicans Kill Jobless Aid –‘ it’s a damnable lie.
RUSH: I got an e-mail from a friend this morning. He’s very proud for his son. His son got an e-mail yesterday from a guy in a company that hires summer part-time employees for a big computer gaming company, and this kid got hired for the summer not as an intern but a real job and he’s very proud because his son is immersed in animation — creating animation for computer games, smart phone games and so forth — and I said, ‘Well, congratulations. Look out. He might become a millionaire someday and Obama will end up taking 70% of it,’ which takes me to this financial reform regulation bill. ‘Key House and Senate lawmakers agreed on far-reaching new financial rules early Friday.’ Folks, this is an abomination. Wait ’til you find out what’s in this.
I was listening to Judge Eddie Munster — uh, Andrew Napolitano — on Fox today when I was driving in. He and Stuart Varney were giving details of this. If you listen to the State-Controlled Media talk about this, they’re all getting Democrat Party talking points and they’re regurgitating them as news. Judge Napolitano said that this is so far-reaching, and gave this example: If you have to take out a loan to do some orthodontics work on your kid, a federal agent will have the authority to deny you the loan or to inspect it and give you and/or the bank a lot of trouble over it. I mean, the loss of liberty may be even greater in this bill than in the health care bill. Virtually every financial institution is serving and operating at the whim of whatever federal bureaucracy or agent or person assigned to it.
If some bureaucrat thinks that Bank X is headed for big trouble, they can take it over, or they can shut it down, and there’s no recourse — and all this is said to be protecting the consumer. They’re trying to sell this thing by saying, ‘Well, yeah, but there really are some improvements in credit card companies. They can’t screw you with the interest rates.’ Well, there may be some of that in there, but it’s not offset (snorts) by all the horror that is in this piece of legislation. Any time… Folks, Barney Frank and Chris Dodd got a standing ovation from their colleagues early this morning when this deal was struck. Anything Barney Frank and Chris Dodd get a standing ovation on is something to be really, really worried about. Here’s Barney Frank, 5:33 this morning. This is the sound of Democrats seizing control of the US economy.
FRANK: With the votes of the House and the Senate conferees in favor of passage of the bill, I declare the bill passed and the conference committee is now adjourned. (applause.)
RUSH: And the standing O, and here was Chris Dodd this morning on Capitol Hill after the conference committee meeting had adjourned, he said this.
DODD: No one… No one will know, until this is actually in place, how it works. We believe the — had something that has been needed for a long time, it took a crisis to bring us to the point where could actually get this job done.
RUSH: What job done? You didn’t hear this: ‘No one will know, until this is actually in place, how it works.’ It’s 2,000 pages. No one will know until it’s in place how it works! Well, I can tell you. I can tell you how it’s gonna work. You lose liberty, the government gets bigger, they take over more and more of the economy, and the only bad guys here are Wall Street firms and banks. Fannie Mae, Freddie Mac, not touched by this. Government excess, government irresponsibility, government lawlessness, not affected by this. Another missile salvo fired right into the heart of the private sector. These tax rate increases coming in January associated with health care and whatever is in this that we will not know until it’s actually in place, we’re all gonna end up — certainly your kids and grandkids are all going to end up — essentially working for the government.
And this is a point that I think is really not emphasized enough here. The more money they take — and however they take it. The more money they take out of the private sector, the less liberty we have, both in terms of the time that we are forced to spend each day working not for our families, but to feed this ever-growing government, combined with the inability to use our money to ensure our own security and pursue our own dreams because our disposable incomes are going to shrink and shrink and shrink. All of our work will be or the vast majority of it will be to feed government. We are being forced now with legislation that the author says, ‘Nobody will know, until this is actually in place, how it works.’ We are being forced to pay for someone else’s goals and desires, Obama’s and the liberals Democrats’ — while they continue us our own goals and desires. It all gets back to liberty. It all gets back to the fact that this administration, this regime is hostile to liberty. Obama does nothing to protect or expand liberty.
Everything he’s done has taken a bite out of everybody’s liberty. He does nothing to protect it, nothing to expand it. In fact, Obama believes that we must lose our liberty to make his goals possible: Central Command, Central Planning. That’s what these people believe is the only way to have a fair and just society. That’s what higher taxes and more government spending, more government debt is all about: Transferring not just wealth from your family to the government but something else, your liberty, smothering your liberty to empower the government. Obama’s entire ideology is based on the denial of liberty and choices and opportunities to the people to empower the government. This is an administration, this is a regime that, to me — looking on as somebody like all of us going to be affected by this — looks like somebody who doesn’t like liberty, who thinks the problem with this country has been too much liberty. So Central Planning is gonna take over more and more of assigning dreams, goals, and whatever. He loves authority. Authority. That’s what’s driving all of this.
RUSH: I want to keep on with this Obama because, you know, if you stand in his way — and we see this each and every day. I don’t care who it is: If you stand in his way, you are the enemy. You are to be besmirched. You are to be punished. Obama will seize your money (redistribution). He will seize your free speech: The DISCLOSE Act. I think the House has passed the DISCLOSE Act. This is their counter to the Supreme Court ruling that permitted corporations once again to get involved in electoral politics.
DISCLOSE would subject grassroots people to all kinds of investigations and would eliminate certain kind of grassroots organizations from participating in politics via financial donations. Obama will seize your future with mandates and regulations. Look at what he did here with the attempt here at the oil moratorium. And when the judge slapped it down he said, ‘Okay, we’ll just do it again. To hell with the courts.’ So if you stand in the way, you are the enemy. Authority, control, power. This is what defines Obama’s ideology. Now, as for his personal abilities, you know, people continue to ask me, ‘Rush, is this guy really this sneaky smart or is he really just ignorant?’ My friends, like most authoritarians, he is an incompetent with no real-world experience.
We know this. He’s a community organizer. He has no real-world experience in anything. But he’s stubborn and he’s unwilling to learn from mistakes, such as the stimulus. This is the third stimulus now. Are we ready to admit now the stimulus has not created jobs? They have revised the economic growth rate down to 2.7%. That’s the big economic news today. We’ve seen the foreclosures are up and existing home sales are way, way down. No new jobs are happening in any significant number. It’s been a year and a half since the stimulus, and we are ready to admit that it was a mistake. Yes, everybody knows it was. But to Obama, it’s not a mistake! He’s not capable of making mistakes. That’s his ego.
He’s petulant. He cannot take any criticism and doesn’t abide it. Look at this phony regulatory bill. He doesn’t know what’s in it — it’s 2,000 pages — and he doesn’t care, ’cause what he does know is that it means more power for him, more power for the government, less freedom for financial institutions and the public. So he supports it. Same thing with the government-run health care and that 3,000-page bill. Same thing with cap and trade. He doesn’t care what’s in it. The end result is it’s more government, bigger government, more authority, and less liberty. He doesn’t read this stuff. Apparently Chris Dodd didn’t read it either. ‘No one will know, until this is actually in place, how it works.’ So most of the people voting on it haven’t read it, but it advances the transformation from liberty to (sigh) the most expansive government we could possibly imagine, grabbing power from the individual and taking it for themselves.
All of these bills are built on that same ideology: The destruction of individual unalienable rights and the promotion of government power. In this financial regulatory reform bill there are several unconstitutional aspects. You cannot have property seized. They can seize your property. Look at BP. They can get in the way of a private loan transaction you make for whatever purpose. If they don’t approve of it, you won’t get it. A teary-eyed Christopher Dodd: ‘It’s a great moment. I’m proud to have been here. No one will know, until this is actually in place, how it works. But we believe we’ve done something that’s been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done.’
A crisis created in part by you, sir: The subprime mortgage crisis — and your assistance, of course, from Barney Frank and Bill Clinton and all the rest. (interruption) Brian, is the HD Dittocam still out as well? All right, the standard definition, like Windows Media Player, RealPlayer, those are still working but we’ve lost the HD feed of the Dittocam. I know you know it. I just want you to know that we know it, too. We’re not a phone company. We know what’s going on inside our own shop — and lest we forget here something, folks. Intelligent rules of lending were followed by the banks until government intimidated lenders into stupid practices to accomplish social policy, i.e., subprime mortgages. Now the government is gonna make the practices they forced the banks to resort to to protect themselves, illegal.
The government that forces these loan policies, now when everything blows up on them, somehow it’s the banks’ problem and Wall Street’s problem! They have forced the banks to resort to this and now, without changing the law that forced the banks to give bad loans, the banks are still going to be blackmailed into giving bad loans! This is what this is all about. This is about social policy, social justice, or what have you. If the bank doesn’t loan money to the right people, this legislation allows them to shut down the bank. I mean, it is far-reaching. I’m not exaggerating. It’s arbitrary. The government, under the guise of making sure we don’t have a collapse, can shut down any financial institution if some idiot in the government thinks it’s about to go belly up, or for any other reason.
The banks are still going to be blackmailed into giving bad loans. They just won’t be allowed to foreclose as if all of that is their fault. As far as Obama is concerned, he wasn’t even an effective community organizer. He can’t point to a single significant accomplishment he achieved after years of being one! So it’s a depressing day on that score. We all knew it was coming. Republicans can’t stop it. There was no way. They don’t have the votes — and, ladies and gentlemen, they are gonna continue with this kind of thing. They’re going to go cap and trade. They’re going to go card check. They’re going to try to get all this stuff done before November, and if they don’t, believe me in what is known as a lame duck session (after the November elections, and before the new Congress is sworn in next January) they’re going to try to ram through as much of this kind of stuff as possible. This is what they’ve all lived for, and they’re going to have had a two-year window to get much of it done and they are going to do it and to hell with how anybody feels about it or how they’re affected by it, and those who are defeated in November will be voting on all this stuff that nobody wants, just like they didn’t want the health care reform bill. Here’s Pelosi. Remember, we just had Dodd who blatantly, honestly said, ‘Nobody will know, until this is actually in place, how it works.’
Here’s Pelosi last March the 9th.