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RUSH:  I’m gonna tell you something else here, folks.  I think on this whole, whatever you call it — the Great Recession, the housing crisis, and Trump (throw Trump in there)… I have a suspicion that a bunch of Democrats are gonna be hearing things for the first time, and they’re not going to know how to deal with it.  Such is the safety of the cocoon that has been built by them, for them.  I can’t think of an example off the top of my head, but there are numerous ones that we pointed out just in recent months.

We’d be watching a cable news show, and some subject like the housing crisis will come up — or something where it’s automatically assumed it’s George W. Bush’s fault — that the left and the media have successfully woven deep tentacles of deceit throughout, so that everybody thinks… Including Democrats, everybody thinks that whatever it is we’re talking about is directly attributable to Bush, and all of a sudden somebody comes on saying, “No, no, no, no, no! That’s Bill Clinton.”

They starting pointing out that that’s Bill Clinton, and you can see these Democrats. The physical looks on their faces and their instinct is, “That’s crazy!” But they don’t quite know what to do with it because they’ve never heard that version of the story.  It happens to CNN anchors all the time.  It happens to a lot of Drive-By news agencies. Like Chris Cuomo will hear a version of the story that’s just gobbledygook to him; he doesn’t get it.  I think this housing bubble thing, the subprime mortgage crisis is a classic.  Now, I’ll explain what I mean here in just a second.

But first, Elizabeth Warren and Hillary Clinton are out there ripping Trump because he admits that he wants the market to go low so he can buy in and turn a profit as the market rebounds, ’cause who doesn’t? They’re trying to portray Trump as a heartless, mean guy that doesn’t care about people’s suffering and doesn’t care about people hurting.  The problem with that is… You know, this is a classic.  They make this allegation because it’s the same allegation they make about every Republican or every conservative: Heartless, cold, mean-spirited.

They don’t even wait for a Republican to open his mouth.  They just level the charge.  Because nobody ever calls them on it.  So they’re doing it now.  They’re gonna get a sound bite from Trump in 2006 where he’s waiting for the bubble to crash, then profit from it, and they say, “A-ha! A-ha! See? He’s mean-spirited, cold-hearted, cruel, doesn’t care about suffering.”  And they launch with the attack.  What they fail to do is listen to what Trump is saying on the campaign trail, and I will guarantee you that everybody supporting Donald Trump is convinced he cares about them.

Everybody supporting Donald Trump is convinced he’s looking out for ’em.  Everybody supporting Donald Trump is convinced that, finally, their concerns are going to be addressed and dealt with.  That’s why Trump has the support that he does.  But here comes Hillary Clinton and here comes Elizabeth Warren and whoever else they throw out there making the generic charge that Trump — because he’s a Republican and a businessman — has no heart, has no soul, has no compassion.

But it isn’t going to work because the exact reason Trump has support is because the people supporting him think that he has all of that and more, because they think he’s looking out for ’em, that finally there is somebody representing their interests, when they don’t think they’ve had anybody representing their interests in years.  So the charge that the Democrats usually get away with making is going to backfire.  Again, it boils down to, they are not used to a Republican firing back at them and doing two things: Defending himself and then obliterating them in the process.

They’re used to getting away with the charge.  The charge becomes proof.  The charge becomes fact. Allegations that Romney, George W. Bush did something? They sit there and take it and move on.  Every other Republican, there’s no response to it.  Trump hears it, fires back — and in the process, insults them.  So the third reply is what they’re up to, and they’ve never been there. They’re never had to get into this with the third reply.  Some of the folks have like Lanny Davis, but Hillary hasn’t. So they end up befuddled and all they’ve got are these playbook, textbook allegations.

“Republicans = racist, sexist, bigot, homophobe! Republicans = cold-hearted, mean-spirited, cruel, heartless!” Whatever. They say it about every Republican without concern for whether it’s true or not.  They never listen to what Republicans say.  In Trump, they’ve got somebody who has support precisely because he is all of that.  So here’s Elizabeth Warren, and she’s out there ripping into Trump — along with Hillary — for the usual reasons.  And if the candidate were any of the other Republicans in the field, except maybe for Cruz (water under the bridge now), she could be confident that all of the hypocrisy that she’s engaged in in her life will never be mentioned.

And if it is, the media won’t give it any attention and therefore nobody hears it. So Hillary, Elizabeth Warren, every liberal Democrat under the sun is used to getting away with defamatory allegations.  But with Trump, it’s gonna be reacted to.  Elizabeth Warren is a huge hypocrite when it comes to the housing bubble and the subprime mortgage crisis.  This is a story from 2012, June the 2nd:  “When she’s not looking out for the little guy being taken advantage of by predatory lenders, Elizabeth Warren is making high-interest, short-term loans to family members and flipping homes for a profit.

“That’s the revelation in a story published today by the Boston Herald, which identifies nine instances when Warren made a quick profit either buying and reselling homes or loaning money to family members to flip homes in the late ’90s. For instance, in 1993 [Pocahontas] purchased a foreclosed home in Oklahoma City for $61,000. She resold the home 18 months later for $95,000. In several more cases, [Pocahontas] provided loans so that her brother could buy homes and flip them. In 2000, she reportedly gave her brother a loan with 9.5% interest so he could buy a home for $35,000. He sold the home three months later for a 10% profit.

“Flipping homes was a profitable investment for the Warren family, which made as much as 383% on a five-month transaction. The average gain [in the Warren home-flipper family] seems to have been closer to 40%. There was nothing illegal about the practice, but it was singled out by progressives connected to the Obama administration as one of the irresponsible practices that led directly to the financial crisis,” and therein lies the route to my next point.  Here you have Elizabeth Warren engaging in the home flipping by buying low, selling high, taking advantage of it.

The same thing they’re accusing Donald Trump of being a bad guy for doing, she did it.

It will be thrown back in her face if she keeps this up.  Trump will do it himself.  And he won’t wait for an event; he’ll do a Twitter thing on it.  We’ll have a whole Twitter thread about it at some point.  And then we find out that Obama was out ridiculing this kind of behavior as filthy profiteering and as one of the things that led to the housing crisis, the financial crisis.  And, no, it’s not.  What led to the housing crisis is Bill Clinton and people like Barney Frank and the attorney general at the time, Janet Reno, who were demanding that banks lend money to people that had no hope of ever paying it back.

The Democrats were trying to capitalize on “a home for every American.”

I think that was even the phrase: “A home for every American,” like “affordable health care for all Americans.” As Nancy Pelosi said, “A home has always been the symbol of the American dream.” And, of course, not everybody can afford a home.  Well, that’s just not right, and that’s just not gonna stand.  So how are we gonna do it?  Well, people who can’t afford loans, we’re gonna give them loans, and we’re gonna find other ways for people to pay that money back. But we’re gonna have people in homes, and we Democrats are gonna get the credit for every American that wants one being in a home, ’cause we care, ’cause we’re compassionate. Because we don’t like concept of winners and losers! We don’t think it’s right some people have big homes; others have small homes.

We don’t think it’s right some people have homes and others don’t.

And don’t forget in Half-Baked Moon Bay, California, they tried to suspend homework on the premise that not everybody had a home. It wasn’t fair to assign homework because some kids don’t have homes and therefore they can’t do work at home so it’s not fair.

Jimmy Carter actually concocted the original scheme and then it went dormant for awhile. Clinton revived it, much as Obama and Eric Holder revived Fast and Furious, which, by the way, is coming back.  There have been some documents apparently hidden that are coming back to life on Fast and Furious.  That’s resurfacing.  But more on that later.

Well, your average Democrat has never heard this version of the story.  Your average Democrat thinks that the subprime mortgage crisis is owed to one thing:  evil, greedy bankers.  This is what your average Democrat, including elected Democrats, believe.  They believe that on their own, bankers, because they’re reprobates and scum, and forever wanting to profiteer on the backs of the poor and the insolvent, they found a way to trick people into taking out mortgages.

They honestly believe this, folks.  This is what they’re on television saying throughout this crisis.  The banks tricked people.  Obama even has said it.  That the banks tricked people, unsuspecting low income, who only wanted to live the American dream.  They just wanted a home.  The banks lent them money, and they knew they’d never be able to pay it back.

And why did the banks do this?  Because the banks wanted the homes. The banks couldn’t wait to foreclose on these poor people and take the property away and call it their own without having to actually invest in it in the first place.  And this is what your average Democrat, your average reader at Media Matters, your average reader at any Democrat blog, this is what they think, folks.  This is what the mayor of Philadelphia, no doubt, believes.  This is what they all believe at CNN, that the subprime mortgage crisis originated with evil, cheating, thieving bankers.  That’s why they hate them so much, among many other reasons.  And, besides that’s just what corporate people do.

The Democrats would have you believe that all corporations either want to kill their customers or screw them, right?  Take a look at how they talk about Big Pharma and about Big Box Retail, about Big Oil, are not corporations either killing their customers with foul water, dirty air, poisoned water, or screwing their customers with high prices or what have you?  Along come the bankers, lending money, tricking innocent old middle class Americans into buying a home they can’t afford.

And then shortly it gets foreclosed on, and people end up homeless and it’s just horrible.  The bankers don’t care.  And at that point Obama and the boys get to come in and claim that they saved the day rescuing this or that and the other thing, by punishing the bankers and all this other stuff that never really happened.  The banks underwrite the Democrat Party.

What really happened was in the nineties Bill Clinton ordered these loans to be made, and Janet Reno, who was the attorney general at the time, threatened these banks with investigations, open-ended investigations into whatever they might be doing if they didn’t comply.  And so they did, just like they were all called into a room during the financial crisis and told they were going to take loans or subsidies or buyouts or whatever, $25 billion, even the banks that didn’t need it.  This was TARP.

So that’s what led to the subprime mortgage.  It was a disaster brought to you by the United States government as presided over by Bill Clinton at the time.  It’s inarguable, this is what happened.  Your average Democrat doesn’t know it.  They have bought hook, line, and sinker a total different story, including elected Democrats.

So my point is that when somebody informed on this stuff appears with them on TV during this campaign and tells the truth about this you’re gonna have Democrats react like the mayor of Philadelphia did the other night on CNN, got this empty look on his Face, Nutter is his name, he’s got this empty look on his face. He had no idea what he was hearing. He looked quizzically at who was saying this, “I’ve not heard this before.”

He didn’t reject it out of hand, he was just stunned, he’d never heard this.  And this happens a lot, as I watch certain cable news networks, particularly CNN, it’s amazing what the people that work there don’t know.  Whatever event we’re talking about or policy, you name it, if it is not something that is part of the leftist narrative, they don’t know it.  Because they don’t take the time to read things other than stuff that they’re familiar with.

That’s why they don’t know what conservatism really is, and they don’t know who conservatives really are and what they believe in.  They just have never exposed themselves to it ’cause it’s not worth the trouble.  And it’s that way on many other things.  I predict that the Trump campaign is going to actually cause this kind of elucidation to occur more and more as more and more left, and a lot of the liberal hypocrisy is gonna be exposed in ways nobody else has done it, either.

BREAK TRANSCRIPT

RUSH:  I knew it was gonna happen.  I’m always prepared.  I checked the email during the break, a bunch of doubting Thomases.  “You know, you say that Clinton was responsible for the subprime mortgage, but you never offer any proof.  You just say it and you expect everybody to believe it.  And your mind-numbed audience believes everything, but I don’t.  You’re not fooling me.”

After 28 years you would figure that, even the left would know, I don’t make it up.  But let me share with you from the New York Times, September 30th, 1999.  And, Koko, I want you to go get this, I want you to bullet point this, or I want you to pull quote this or box it or whatever you do up there at RushLimbaugh.com for this segment.  September 30, 1999, New York Times, from the article.

“Fannie Mae Eases Credit To Aid Mortgage Lending.”  That’s the headline.  Here’s the details.  “Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.”

Well, the banks make loans, but who underwrites them is Fannie Mae.  The banks do it but Fannie Mae underwrites them and so forth.  What this story is saying is that Clinton was pressuring the underwriters of all of these mortgages, Fannie Mae, to make more loans available to the poor.  Exactly what I told you he was doing.  But the other side of that is, Fannie Mae has stockholders, and they weren’t crazy about it ’cause it made no business sense to do this.

“In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae’s and Freddie Mac’s portfolio be made up of loans to low and moderate-income borrowers.”

How much plainer do you people need it?

September 30, 1999, New York Times.  “In July, Department of Housing and Urban Development proposed –” that’s the Clinton administration, “– proposed that by the year 2001, 50 percent –” that’s half, “– of Fannie Mae’s and Freddie Mac’s portfolio –” i.e., underwritten mortgages “– be made up of loans to low and moderate-income borrowers.”

This was the beginning of it.  Well, actually, ’97 was, but don’t doubt me on this stuff.  This is what happened.  “Last year,” it says here, which would have been 1998, “44% of loans Fannie Mae purchased are from moderate and low income.”  It was expanding.  The pressure was on.  Janet Reno was out demanding these banks lend the money or we’re gonna investigate you for whatever we can find.

And then finally from the New York Times: “The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants.”

So, the sum total of this is Housing and Urban Development via Fannie Mae, Freddie Mac, demanding the banks loan more and more money to people that couldn’t pay it back, and then Housing and Urban Development was investigating the banks for racial discrimination.  This is how they made it all happen.

George W. Bush was governor of Texas.  George W. Bush had nothing to do with any of this.  In fact, the truth of the matter is, George W. Bush and the inspectors general, the investigators, tried to shut it down, and Barney Frank told the investigators to go pound sand.

RUSH: We even played the audio sound bite of a number of those hearings.  The Bush administration tried to bring some sanity to this.

I didn’t make up a word of it.  I find it amazing, here we are in 2016 and we’re still trying to get the truth of this out there.  But, see, this is my point.  This is what’s gonna happen in this campaign.  The Democrats think that they’ve already won this story by painting Republicans as the evil, heartless, cold, mean, whatever.  And the truth is gonna come out.

The more Elizabeth Warren Pocahontas keeps talking and the more Hillary Clinton keeps talking, Hillary Clinton of Whitewater fame, she wants to go out there and try to accuse Trump of profiteering, the woman that made a hundred thousand dollars on a $10,000 cattle investment?

They are gonna pay a price for all of the cover the media has given them their entire careers. They’re gonna pay a price ’cause this stuff’s gonna get exposed because the media can’t help itself, it’s gonna cover Trump.  Now, it’s somewhat related, NBC Nightly News last night, the two lead stories were on the TSA and VA problems.  Transportation, whatever it is, authority, and the VA, and they detailed the problems.  And it was pretty bad.  I mean, they really, really, really spelled out how badly these two units are operating.

But not once in the entire NBC Nightly News newscast was the phrase “Obama administration” uttered.  So whoever watches the NBC Nightly News, has no clue.  They were not told that the TSA and the VA are part of the Regime.  They were not told they’re part of the Obama administration.  Therefore Limbaugh Theorem wide open once again, Obama’s ability to totally escape all accountability and responsibility for the bad things happening during his presidency.

Everybody else gets blamed.  Obama gets portrayed as the guy trying to fix it.  Obama gets portrayed as the guy who’s being sabotaged and screwed with.  Here’s a great president, our first African-American president, he’s trying to get health care for everybody, and he’s trying to get jobs for everybody, he’s trying to do everything, and he’s got people at the TSA and the VA undermining him every day.  It’s a scandal.  It’s a scandal.

Never, ever does he get blamed.  Limbaugh Theorem on full display here.  Well, that’s another thing that’s gonna end in this campaign, I predict.  I mean, you see the evidence of it as the campaign’s unfolding even now.

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