RUSH: The economic crisis of 2008. “What the Nation Got for $800 Billion.” We almost have here a random act of journalism from the New York Times. They admit that the $800 billion that Bernanke, chairman of the Federal Reserve, has pumped into the financial markets hasn’t done anything for the country.
They even point out that this amount, this $800 billion, is “more than twice what the federal government spends on welfare programs, including food and nutrition assistance, unemployment benefits and disability payments. ” This is not the stimulus. Folks, the Federal Reserve… This is QE 1 (Quantitative Easing 1), Quantitative Easing 2, and QE3 now. This is the Federal Reserve propping up Wall Street. This $800 billion has been digitized and created just put into accounts that end up buying stocks and securities on Wall Street.
I want you to notice something what happens on Wall Street with the Dow Jones Industrial Average. The next time that the chairman of the Federal Reserve publicly speculates that Quantitative Easing might be coming to an end, I want you to watch what happens. The market plunges. All he has to do is speculate that it might end and the market plunges because the people on Wall Street know that it’s the Federal Reserve essentially printing money and buying stock with it that’s keeping the stock market up, because Main Street ain’t up.
The average, ordinary, every day economy ain’t up. But Wall Street is, and administration points everybody to Wall Street. “See, the economy’s going great guns! Look at Wall Street! We got a new record on the Dow, 15,000 plus, whatever it is. Look at the price of stock, skyrocketing, great news!” Well, you and me and most mom-and-pops are not buying the stock. The Federal Reserve is, to the tune of $800 billion.
The New York Times has a long story here basically asking: What have we got for it? I’ll tell you what we’ve got for it. You want to hear some real cynicism? What is really happening here is that the people who contribute in large amounts to political campaigns, issues and candidates, are the ones getting the money. That’s where the economy is growing: Political donors. Whatever industries they are in, they’re doing well.
You know, I make a joke about, “Well, this is simply the Fed making sure that their buddies hold onto their summer homes in the Hamptons.” There is a grain of truth to that. But if you look, the people that donate to candidates and campaigns are largely the recipients of this money. It’s another small version of the money-laundering scheme that the Democrats have with unions. So while the rest of the economy is stagnant, not growing at all, the people who play in the political arena happen to be the ones doing pretty well right now.
RUSH: No, no. What I’m saying is, ladies and gentlemen, that the income of those people who contribute big numbers to politicians, their income is okay. There aren’t a whole lot of laws or policies taking place that harm the income of people who play big time in political finance. You want cynicism, there’s some cynicism for you.