RUSH: Here Is Patty in Naugatuck, Connecticut. I’m glad you waited. You’re on the Rush Limbaugh program, hi.
CALLER: Oh, thank you so much, Rush, for taking my call. I so appreciate it.
RUSH: Thank you, madam.
CALLER: I want to congratulate you on your marriage —
RUSH: Thank you.
CALLER: — and my best wishes to you and your wife. I have two very, very important questions I have not heard discussed anywhere. I wanted to run them both by you and for the sake of time-consuming, I’d be willing to ask you the questions and even listen to you off air. The first one is vitally important also, to all Americans including myself, both are. In regard to the financial reform bill, do you feel that Fannie and Freddie were intentionally omitted because of the variable home mortgages due to reset at the end of this year? Number one. Number two. The electronic medical records, known as EMR passed in the stimulus bill regarding health care. Currently we have to sign a release in order to send records from one office to the other. Do you feel they are in direct violations of the HIPAA laws, and our freedoms, and our information, and currently under this bill there will be a password that any physician in the country can get into our private records anywhere we go in the country.
RUSH: Last question first. I don’t know specifically about passwords and so forth. I do have no doubt that the era of privacy of medical records is about to end, you know.
CALLER: What about the HIPAA laws?
RUSH: Well, the HIPAA law doesn’t even protect them. The HIPAA law is a big fraud, too. Did the HIPAA law help me? The HIPAA law did not stop people getting my medical records. The HIPAA law would not have stopped the media publishing them if they’d gotten a hold of them. I remember the first time I had to go sign this HIPAA thing, I said, ‘What am I signing?’ ‘Well, you’re signing away permission for people to see your medical records in case they –‘ ‘No, no. I thought this was about protecting them?’ ‘Oh, no, no. You have to sign this because it gives permission for us to share your records with other people if they need them in the case of emergency or something.’ ‘I thought HIPAA was to protect –‘ ‘Oh, no, no, you misunderstand.’
RUSH: Medical records, once they get digitized, they’re — look, ask Michael Jackson, well, if you can next time you see him, about —
CALLER: That will be awhile, though.
RUSH: Yeah, it will be a while — but about medical records.
RUSH: You could ask me about medical records. Your first question, Fannie and Freddie, yeah, it’s because the mortgage is going to reset, but the reason Fannie and Freddie are not included is because that is the home base of the fraud.
RUSH: Fannie and Freddie is where all of the fraud took place. That’s where Barney Frank and Chris Dodd lived. It’s where they created the mess.
RUSH: That’s why Fannie and Freddie are exempted.
CALLER: And at the end of year there could be a potential huge problem because these variable mortgages reset.
CALLER: And they are not part of this financial reform. I question intentionally, I heard on Neil Cavuto’s show Congressman Hines said they will be added at another time.
RUSH: Yes. We really don’t know what’s exempt and what isn’t because the proverbial secretary will have discretion to decide. That’s why Chris Dodd says we’re not going to really know how this is going to shake out until it’s implemented because so much of it is wide open, Patty. It’s up to bureaucrats to decide how they to want play this law.
CALLER: Well, I’ve heard that these particular financial reform bills, that we will lose more liberties than we have under the health care bill.
RUSH: I’ve heard that said, too.
CALLER: They will micromanage our life.
RUSH: Yeah. They’re already starting to do that now.
CALLER: Yes, sir.
RUSH: That is the express purpose of people like Obama and the left that is now in power. Patty, thanks for the call.
RUSH: As to this question, ‘Are we going to lose more freedom with health care or the financial reform bill?’ what do you do more often? Do you have a financial transaction more often or do you go to the doctor more often? I mean, the financial aspects of your life are multiple times a day. Some of you only go to doctor five times a day. A lot of you will use financial transactions ten, 25 times a day. So I don’t think there’s any question about this. Now, about financial reform, Chris Dodd last Thursday said, ‘It’s not a perfect bill. I’ll be the first to admit that. We don’t know ultimately how well the ideas we’ve incorporated here will achieve the results we desire. We don’t know. It’ll take the next economic crisis, as certainly it will come, to determine whether or not the provisions of this bill will actually provide this generation or the next generation of regulators with the tools necessary to minimize the effects of that crisis when it happens.
‘We’re not gonna know whether any of this is gonna work until that happens.’ Now, wouldn’t you love to have your auto mechanic tell you that when he delivers your car after fixing the brakes? ‘We’re really not gonna know if the brakes are gonna work until you’re heading down the highway at 70 miles an hour and have to put on the brakes real fast to avoid hitting a Democrat crossing the street. We really, really won’t know about that.’ Now, unintended consequences from Stephen Spruiell at the National Review Online. He’s just basically citing here the Wall Street Journal, reporting this: ‘The nation’s three dominant credit-ratings providers have made an urgent new request of their clients: Please don’t use our credit ratings.
‘The odd plea is emerging as the first consequence of the financial overhaul that is to be signed into law by President Obama on Wednesday. And it already is creating havoc in the bond markets, parts of which are shutting down in response to the request. Standard & Poor’s, Moody’s Investors Service and Fitch Ratings are all refusing to allow their ratings to be used in documentation for new bond sales, each said in statements in recent days. Each says it fears being exposed to new legal liability created by the landmark Dodd-Frank financial reform law. The new law will make ratings firms liable for the quality of their ratings decisions, effective immediately. The companies say that, until they get a better understanding of their legal exposure, they are refusing to let bond issuers use their ratings.’
So I guess this means if you go out and you want to buy a municipal bond somebody can’t tell you today it’s AAA rated because the people are not going to stand by the rating ’cause they do not know what their liability is going to be because of this bill. ‘This is important because some bonds, notably those that are made up of consumer loans are required by law to include ratings in their official documentation. That means that new bond sales in the $1.4 trillion market for mortgages, autos, student loans, and credit cards, could effectively shut down if they can’t be rated,’ and remember Chris Dodd said: We won’t know, no one will know until this is actually in place how it works. And Dodd has said it again. He said it last Thursday. We’re not gonna know until the next crisis whether or not regulators have the right tools here to see that this works.