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RUSH: Folks, there’s a new book out, been brought to my attention. I just downloaded it, my iPad on I books. I’m gonna start reading it this afternoon. The book is entitled “Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon,” and it’s by Gretchen Morgenson (who is an economics writer/business writer to the New York Times) and noted financial analyst Joshua Rosner. And this book apparently is a cover-to-cover indictment of Wall Street and the Democrat Party, Fannie Mae and subprime mortgages. This book answers the question that the American people have: Who is responsible for this debacle?

The American people know somebody really screwed up, but they don’t know who. This book provides the answer and in names. One of the big names mentioned is a guy named James Johnson, a huge Democrat Party power broker, facilitator, fundraiser. Barney Frank’s name is mentioned. ACORN. La Raza. The Democrat establishment with unbreakable ties to Wall Street. Angelo Mozilo. This book apparently makes it plain that this economic disaster is a pure creation of the Democrat Party and crony capitalist associates on Wall Street. Not the Republican Party. Pure and simple, the Democrat Party. Despite the fact that the lead author is one of the business writers for the New York Times, Gretchen Morgenson.

[Walter Russell Mead] well-known Democrat has reviewed the book. He says that the Republican Party and the Tea Party have just acquired a new weapon of mass destruction (it has nothing to do with Weiner), and that if the deploy the weapon effectively in the next election cycle — and Mead says it’s a big if — then they’ve got the biggest opportunity to move the country rightward since Ronald Reagan took the oath of office in 1981. And it is this book, that this book answers the question average Americans have: “Why is what’s happening to me happening? Why is my home worthless? Why don’t I have a job? Why can’t I get a loan? Why is this economy such a mess?”

This book answers it, and answers it with the names of Democrats on Wall Street in the Obama administration: Bill Clinton, Barney Frank, Henry Cisneros, Nancy Pelosi, ACORN, La Raza — and the big villain: A guy by the name of James Johnson, long one of the most important members of the Democrat establishment. He ran Mondull’s campaign with Beckel. He chaired the search of John Kerry (who, by the way, served in Vietnam) for a vice president. He’s the guy that settled on the noted anti-poverty warrior, John Edwards. Obama was so impressed with this James Johnson fellow that he reportedly asked him to lead Obama’s search in 2008 for a VP, though he withdrew.

Johnson withdrew when word got out that he benefited from the disgraced and disgusting Angelo Mozilo’s corrupt program of special mortgages for political people. [Mead] says this story as a killer app for the Republicans. It demonizes Democrats, it lends itself to attack ads, it divides Democrats between their Wall Street and union bases, combines Republican hate figures in ways calculated to unify the Republicans and heighten the intensity of the faithful. “The story illustrates everything the Tea Party thinks about the corrupt Washington establishment and the evils of big government. It demonstrates the limits on the ability of government programs to help the poor. It converts a complicated economic story into a simple morality play — with Dems as the villain. It allows Republicans to capitalize on public fury at the country’s economic problems. It links the Democrats to Wall Street — the one part of the private sector that the Republican base loathes. It exposes that mix of incompetence and arrogance that is the hallmark of the modern American liberal establishment and links this condescending cluelessness to the real problems of real American families. It links President Obama (through appointments, associations and friendships) with the worst elements of the Clinton legacy and it blunts some key Democratic talking points.”

The title of the book is “Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon,” and it’s still happening. This little exercise here with Obama and coal is one little microcosm, one small little example. James Johnson, as I say, was an official of Fannie Mae — and for compensation decisions made while he was a board member of United Health Care, one of the nation’s biggest medical insurers. So I don’t know if you ever heard the name James Johnson but he’s one of these apparently huge, behind the scenes (not even so much behind the scenes), big-time Democrat Party power broker. But imagine a book that has the answers is that every American is asking: “Why in the world is this happening to our country?” The book has it in lay terms. You don’t need a financial background to understand it, to decipher it — and then the answers point straight to the Democrat Party and their liberal, crony capitalist buddies on Wall Street.

Time-out, another one. Fastest three hours in media. Speaking of books, Ann Coulter will be here in 45 minutes to discuss her new book, and it’s a page-turner, too. It’s about the “mob-ocracy” that is the left, the Democrat Party, and how mobs generally define Democrats today and serve as their prime mover.


RUSH: By the way, folks, the review of that book, Reckless Endangerment, was actually Walter Russell Mead. Mead reviewed the book and that’s from which I was quoting, and it was Pat Caddell who sent Walter Russell Mead’s review around. Just to be clear.


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