RUSH: This is Cranbury, New Jersey, Perry. Welcome, sir, glad you waited. Welcome to the EIB Network. Hi.
CALLER: How are you doing, Rush? It’s like 24 degrees out here. I’m walking my cocker spaniel, Little Lulu.
RUSH: Twenty-four degrees. What’s the wind chill?
CALLER: It’s even colder than that.
CALLER: I’m not even taking that into consideration. The actual temperature, what I’m looking at now, 25. Cold.
RUSH: I was up there. We were up in New Jersey on Saturday and the wind chill was like 10.
CALLER: Yeah, man, it’s cold out here.
RUSH: So I put on my suit jacket instead of just wearing short sleeves, it’s cold.
CALLER: This is what I wanted to say to you.
CALLER: About an hour ago, before I took Little LuLu out, I was watching TV and they said that Standard & Poor’s is gonna have to pay a $1.4 billion fine for its role in the 2008 crash, and what that is, you know, I hear you say all the time that liberals want free stuff. Well, I’m a liberal, and I don’t want free stuff, even though I didn’t make a lot of money in my life, I’m 60 years old, I was investing and I had a broker. The broker told me that these mortgage-backed securities were AAA rated by Standard & Poor’s and I should go ahead and buy them.
RUSH: What a crock that was.
CALLER: Excuse me?
RUSH: What a crock that was, AAA rated? Subprime mortgages were —
CALLER: By Standard & Poor’s. And so it turned out that when it crashed, not only did I lose my money, but my tax money had to go bail out Wall Street.
RUSH: Yes! Exactly.
CALLER: And so, as a liberal, I don’t want free stuff, but I want to make sure that somebody regulates and keeps an eye on what these people do, because so far we found out, Rush, that the honor system just doesn’t work, and that’s what regulations are for.
RUSH: Okay, so what is your real point here? Are you calling as a liberal to say we do need regulation, are you translating that to the vaccines, or are you just talking about something entirely different than the vaccines that —
CALLER: No, I’m not talking about vaccines at all. I’m talking about —
CALLER: — you know, the news that just came on —
CALLER: — the news an hour ago.
CALLER: That now we’re starting to find out that the reason why, you know, the whole economy crashed was because the Bush administration was looking the other way while Wall Street did what it did.
RUSH: Oh, see, no, that’s not why the economy crashed.
CALLER: It’s not?
RUSH: No. It’s not why the economy crashed.
CALLER: I lost half of my net value that year. Thankfully it came back, big time. I tripled my net value.
RUSH: That must have happened in the Obama administration, then.
CALLER: That I tripled it?
RUSH: Had to be.
CALLER: But the honor system doesn’t work. Rush, the first thing that the Republicans did when they just got in this new Congress was repeal Dodd-Frank, because Dodd-Frank was put in there to make sure that companies like Standard & Poor’s couldn’t lie —
RUSH: It hasn’t been repealed.
CALLER: They didn’t repeal it, but they took away a lot of the —
CALLER: A lot of the regulations.
RUSH: No they haven’t. They wanted to. They announced it and made a proposal, but it didn’t go anywhere because the Democrats oppose it, Obama’s not gonna sign it.
“You guys in California, you like your second and third homes in Lake Tahoe and Palm Springs?”
They said, “Yep.”
“Do you like your private jets where you’re flying your dog and kids around?”
“Well, then you’re gonna sign this piece of paper demanding that you want $35 billion minimum from the government.”
The Wells Fargo guy, “I didn’t do this. I didn’t join this parade. I don’t want a bailout.”
Paulson said, “You’re not getting out of the this room ’til you sign it.”
So they all signed it, all the banks did, making it look like every bank needed to be bailed out. That gave us TARP and a number of other things, all to save the global economy. Now, what’s the caller’s name? Perry. Perry, I know you’re still out there. If you want to know why all of this happened — and, by the way, your dollars were used to fund mortgages for people that had no money to pay ’em, had no business being given them. If you want to know why all that happened, the Democrat Party behaving under the auspices of liberalism, led by Jimmy Carter, the first fool to get involved.
Bill Clinton saw a great idea and tried to expand on it, got Janet Reno threatening the banks and it was people in the regulatory agencies that you seem to love here during the Bush administration that were trying to get accountability into this and to shut this down, and it was Democrats led by Barney Frank of liberalism, which was doing everything to intimidate these regulators to shut up and go the hell away. This one’s owned from beginning to end by the Democrat Party. There may have been some Republicans involved in this bailout and Paulson, don’t know what he was, he was part of the Bush administration engineering all this, but this was a bailout, and what do you think quantitative easing is, buddy?
That is more of your liberal Democrat banking buddies being given money, printed by the Federal Reserve so that they can enjoy profits through the roof in the stock market. Everything you’re supposed to hate is propping up Wall Street at the expense of Main Street. You ought to be out there decrying every day that Wall Street has a big gain. Because the reason it’s happening is that the insiders are taking care of themselves. The Fed’s printing money, buying stock with it. You want to know why there’s a big gap, wealth distribution gap, why the rich keep getting richer? What do you think is gonna happen? The Fed is gonna print three and a half trillion dollars and essentially give it to the stock market. You think people in the stock market, Perry, are gonna do okay?
Now, who’s in the stock market? Who do these people on Wall Street vote for, Perry? Same guy you voted for. Do you realize under Barack Hussein O this income distribution gap, the income gap, however it’s portrayed, the wealth gap, income gap, inequality, what, it has skyrocketed under Barack Obama. It’s just mathematics. You print three and a half trillion dollars, and that’s not an error, called quantitative easing, is to make sure the stock market didn’t plummet with the rest of the economy. Because the Masters of the Universe are gonna take care of themselves and not become paupers. If they control the money, if they control the printing presses, why in the world should they ever go broke? That’s the way they look at it. That’s the value of going to Harvard, Princeton, Yale, whatever. Anyway, gotta take a break . How did that call happen? I’m still trying to figure it out.