Post by prossman on Jul 17, 2011 14:19:17 GMT -7
Barack Obama Has Destroyed the Economy in Two-and-a-Half Years
July 14, 2011
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BEGIN TRANSCRIPT
RUSH: "Boehner: Dealing With the White House 'Has Been Like Dealing With Jell-O' -- In a meeting with a small group of reporters in his Capitol Hill office this morning [he] criticized President Obama and White House officials for their lack of resolve in negotiations. 'Dealing with them the last couple months has been like dealing with Jell-O,' Boehner said. 'Some days it's firmer than others. Sometimes it's like they've left it out over night.' Boehner explained that talks broke down over the weekend because, he said, the president backed off entitlement reforms so much from Friday to Saturday, 'It was Jell-O; it was damn near liquid.'" We can't count on what the guy says. What he says doesn't have any lifespan to it. He'll say something and then the next time we talk it's like he never said.
You know, once when I was in negotiations -- early on in my career, when I never done it -- it was my first time negotiating a contract rather than just being hired. It was at a radio station and I had, for the first time in my life, some leverage. I didn't realize how much, but I had a lot. So I didn't have an agent. I don't have an agent now. I did it all on my own, figured, why...? Eh, I don't want to get into why no agent. I just didn't have an agent. I decided to do it myself, I do everything myself. So a session is scheduled (after we've had three or four meetings) in the boss's office for 7:30 in the morning. The program started at nine.
So I walk back for the meeting, he says, "What are you doing here?"
"Well, I'm here for our negotiations."
"We don't have a meeting. What are you talking about? Are you losing your mind or something? We've got nothing to talk about today."
So I walked out of there (laughing) and called some people. They said, "Ah, it's a standard tactic. It's just a standard tactic. You're just learning."
So that's what Boehner's saying it's like with Obama. They'll agree to have some measure of entitlement reform or at least some of it will be on the table and the next time they meet, it's like they never talked about it. It's like Jell-O. He says, "'The only thing they've been firm on is these damn tax increases,' the Speaker said. The Speaker also made it clear that he believes the President waited too long to get personally involved. When he phoned the president Saturday to give him the bad news about talks breaking down, President Obama seemed surprised but not shocked, the Speaker said. The phone call lasted 35-40 minutes.
"Boehner said that the tax increases the White House have been pushing for as part of what the president calls 'a balanced package' cannot make it through Congress. 'What the president is asking us to do just won't pass,' he said. [He] said that he believes the public supports the GOP line in the sand. 'The American people want us to hang tough,' he said." They do. There's a Rasmussen poll out today: 55% of the American people agree with the Republican position on this, and yet the Republicans remain very nervous that they ultimately are going to end up being blamed because that's just the way things always have worked out. Jobless claims announced today to be 405,000. That was seen as good news in that the experts expected 415,000 jobless claims, but don't get too excited about 405,000 jobless claims. It's still a weak number.
This is like 30 weeks in a row they've been over 400,000. But the real news in the labor report the published today -- we predicted this last week -- is last week's claims number was revised upward by 9,000. Last week on this very day the reported number for jobless claims was 418,000. We said, "But that number doesn't really mean anything because it's going to be revised upwards. They all are." Well, today it was to 427,000, so they actually missed on the low side by 9,000 last week. It makes a four-week moving average of 423,800 jobless claims. The economy has not turned any corners. There is no recovery. It's Obama's economy, and Obama needs the Republicans to save him from himself. Obama needs the Republicans to get reelected. Obama needs the Republicans to cave. (interruption)
What color is Jell-O? Red. What other color could he be talking about with Obama? Snerdley wanted to know what color Jell-O was talking about that Obama was. Red Jell-O. It's 806 days, ladies and gentlemen, since Senate Democrats -- and they run the place -- have passed a budget. There are 365 days in a year. So it's well over two years since the Democrats, who run the place, have passed a budget. The law requires them to pass a budget every year. It's 806 days and counting -- and this, by the way, is the strategy. There's no question. They devised two years ago a strategy: We're not gonna present a budget: We're not gonna tie ourselves down. This was part of the 2010 reelection strategy: Do put a budget out there because we don't want voters to have any specifics about what we intend.
So they didn't. Now the strategy remains implemented so that they don't have to tie themselves to any of their own numbers specifically, so while they have no numbers, they have no budget -- and Obama hasn't presented one, either -- the Republicans do. The Republicans are acting like the adults. The Republicans are presenting plans. Say what you want about some of them, but Republicans have ideas with numbers designed to seriously address the problem and fix it. Start down the road of fixing it. The Democrats, as a strategy, do not. For the sole purpose of doing nothing but assaulting the Republicans for the numbers that they present. In so doing, the Democrats have a free road in claiming that Republicans want senior citizens to die and the sick people to die and all this, 'cause the Democrats don't have any numbers.
They have no specifics. They have no budget. Nor does Obama, other than this monstrosity from last February with a $3.7 trillion budget that not even one Democrat voted for. Other than that, they don't have one -- on purpose -- so that the only numbers out there are Republican numbers that they can demagogue. That's the strategy. So if Senate Democrats don't have to project spending and revenues -- if they can just choose not to in violation of the law -- then why should I have to pay quarterly taxes? Why do I have to go to the trouble to project and pay taxes to the government based on my estimated taxable income, which I have to do every three months -- and the second quarter is actually a beast 'cause you gotta do it in two months.
You gotta do it April 15th and then back in June. Now, in a sense quarterly taxes, like budgets, are an estimate. They are a projection of taxable income. How about I just publish it once a year? Maybe every two years! How about I don't estimate my income for two years? How about I don't project anything and therefore I don't pay anything? For just two years, maybe. Three! Sure, the law says I'm supposed to make that estimate in payment every quarter, but so what? The Senate Democrats aren't following the law; why should anybody else? Yeah, I know. They'll put me in the cell next to Madoff or Wesley Snipes or somebody, if I know don't. Exactly.
Maybe we need to ask: Why are the Senate Democrats above the law and why doesn't the media care? I'll tell you why the media doesn't care. It's because they marvel at the strategy. They just love the strategy. "Look at how smart these Democrats are! They don't present a budget and make the onus on the Republicans. The only numbers out there are Republican numbers." Of course you can rip them to shreds all you want. The last thing you're gonna do is agree with any of them. "Moody's Investors Service said late [yesterday] it had placed the US government's triple-A bond rating on review for possible downgrade due to rising risk of default. 'The review of the US government's bond rating is prompted by the possibility that the debt limit will not be raised in time to prevent a missed payment of interest or principal on outstanding bonds and notes,' Moody's said."
Folks, we gave you the numbers on this yesterday. It's not possible to miss a payment unless somebody doesn't make it, which that falls to Obama. We have the money there. Moody's -- or as Stuart Varney at Fox says, "Moodis." Stuart Varney, I was listening to him this morning on Fox. He's very worried about this. You know, Stuart's a good guy but he's very, very worried about this. (paraphrased) "If we miss one payment, then we're in a world of total humiliation, embarrassment. If we miss one payment!" You know, the American people need to ask themselves a question. We elect Barack Hussein Obama, and two-and-a-half years later we find ourselves on the verge of budgetary default. We elect Barack Hussein Obama president, and in two-and-a-half years, we're on the verge of an unprecedented US default with worldwide -- first time ever -- humiliation, embarrassment, and whatever else would accompany default.
No other president has ever brought us anywhere near anything like this, and yet (laughing) blame it on the Republicans! Just blame it on the Republicans. Democrats in Congress are ignoring another law, a law Obama demanded and they all wanted, and that's Paygo. They just laugh when anybody brings it up, like Jim Bunning did. Paygo. You pay-as-you-go. You don't pay for anything you don't have. The current US debt is larger than the entire economy of China, in two-and-a-half years of Barack Hussein Obama -- and, by the way, in two-and-a-half years, this country's approval ratings in the Arab world are near an all-time low. Now, how can that be? Remember just by virtue of the fact of our president's middle name, we were supposed to be loved and adored and appreciated.
It was gonna be a new world out there; the Arab world was going to love us. They're gonna stop terrorizing us. They we're gonna stop throwing the suicide bombers at us. They were gonna love us after all this, and President Obama goes and makes the Cairo speech. How can any of this be in two-and-a-half years this utter, total, near destruction of our country, in two-and-a-half years? Really, it's scary to realize that's all it's taken is two-and-a-half years. By the way, lest we forget on this Moody's business, Congress tightened its regulation of credit ratings companies last year with the so-called Dodd-Frank Wall Street Reform and Consumer Protection Act. Yes, that Wall Street, that financial regulatory reform bill included in it regulation of credit rating companies like Moody's. So these companies like Moody's know which side of the bread their butter is on.
They realize that they now have to toe the line and advance the interests of the Democrat Party. Bill Hemmer today on Fox asked Stuart Varney, "Look, Stuart, are these guys totally objective?" Stuart Varney said, "They say they are. They say they are, and we have to take them at their word." It was clear to me that, to Stuart Varney, Moody's is the gold standard. They're god, they're the absolute truth. They don't lie, don't make it up, but all I know is that they are now regulated under the Financial Regulatory Reform Act, and that tells me they know what they have to do to stay safe, and that's advance the interests of the Democrat Party. But still, again, just think about it: Obama is elected president a mere two and a half years later, Moody's is talking about the possibility of the United States defaulting on our debt. Aside from the fact that it's really a coincidence, does anybody really...?
I mean, how in the world does anybody even talk about this guy seriously getting reelected?
BREAK TRANSCRIPT
RUSH: One more thing about Obama and this Arab business. In truth, Obama's not Arab. His father was Kenyan. See, this idea that there's gonna be some special bond with the Arab world was always a farce. It was just more of the farce that was Obama and the media and the image makers. So Moody's, if they're aligned with the Democrats, what are they saying? They're saying that we should continue to spend and print and borrow. Is that the credit advice Moody's is giving? Is that how Moody's wants to be known? They want to take themselves seriously as a credit rating agency, so for us to stay solvent, continue to do more and more that's brought us to the brink of disaster, is that what Moody's is saying?
How do we know that Moody's is not concerned about Obama and the Democrats? Why do we always assume that Moody's is worried about the Republicans? The Republicans are actually trying to get the fiscal house in order. Even these idiots at Moody's can see that, maybe Moody's is actually aiming their comments at Obama. It would make economic sense.
BREAK TRANSCRIPT
RUSH: You know, I'm holding here in my in my formerly nicotine-stained fingers a story from McClatchy. Kevin G. Hall wrote the thing April 12th of 2010, "How Moody's Sold Its Ratings and Sold Out Investors." April 12, 2010. "As the housing market collapsed in late 2007, Moody's Investors Service, whose investment ratings were widely trusted, responded by purging [i.e., firing] analysts and executives who warned of trouble and promoting those who helped Wall Street plunge the country into its worst financial crisis since the Great Depression. A McClatchy investigation has found that Moody's punished executives who questioned why the company was risking its reputation by putting its profits ahead of providing trustworthy ratings for investment offerings.
"Instead, Moody's promoted executives who headed its 'structured finance' division, which assisted Wall Street in packaging loans into securities for sale to investors. These are the pools of mortgages, the mortgage-backed securities which were worthless. "It also stacked its compliance department with the people who awarded the highest ratings to pools of mortgages that soon were downgraded to junk. Such products have another name now: 'toxic assets.'" The McClatchy investigation found that Moody's purposely avoided rating the worthless stuff, thereby continuing the notion investors could feel free to invest in it. They got rid of executives who sounded the warning bell about this, and they promoted executives who did the opposite.
They sold its ratings; they sold out investors, according to McClatchy. April of 2010 is the date of the story.
July 14, 2011
Listen To It! WMP | Flash
Audio clips available for Rush 24/7 members only -- Join Now!
BEGIN TRANSCRIPT
RUSH: "Boehner: Dealing With the White House 'Has Been Like Dealing With Jell-O' -- In a meeting with a small group of reporters in his Capitol Hill office this morning [he] criticized President Obama and White House officials for their lack of resolve in negotiations. 'Dealing with them the last couple months has been like dealing with Jell-O,' Boehner said. 'Some days it's firmer than others. Sometimes it's like they've left it out over night.' Boehner explained that talks broke down over the weekend because, he said, the president backed off entitlement reforms so much from Friday to Saturday, 'It was Jell-O; it was damn near liquid.'" We can't count on what the guy says. What he says doesn't have any lifespan to it. He'll say something and then the next time we talk it's like he never said.
You know, once when I was in negotiations -- early on in my career, when I never done it -- it was my first time negotiating a contract rather than just being hired. It was at a radio station and I had, for the first time in my life, some leverage. I didn't realize how much, but I had a lot. So I didn't have an agent. I don't have an agent now. I did it all on my own, figured, why...? Eh, I don't want to get into why no agent. I just didn't have an agent. I decided to do it myself, I do everything myself. So a session is scheduled (after we've had three or four meetings) in the boss's office for 7:30 in the morning. The program started at nine.
So I walk back for the meeting, he says, "What are you doing here?"
"Well, I'm here for our negotiations."
"We don't have a meeting. What are you talking about? Are you losing your mind or something? We've got nothing to talk about today."
So I walked out of there (laughing) and called some people. They said, "Ah, it's a standard tactic. It's just a standard tactic. You're just learning."
So that's what Boehner's saying it's like with Obama. They'll agree to have some measure of entitlement reform or at least some of it will be on the table and the next time they meet, it's like they never talked about it. It's like Jell-O. He says, "'The only thing they've been firm on is these damn tax increases,' the Speaker said. The Speaker also made it clear that he believes the President waited too long to get personally involved. When he phoned the president Saturday to give him the bad news about talks breaking down, President Obama seemed surprised but not shocked, the Speaker said. The phone call lasted 35-40 minutes.
"Boehner said that the tax increases the White House have been pushing for as part of what the president calls 'a balanced package' cannot make it through Congress. 'What the president is asking us to do just won't pass,' he said. [He] said that he believes the public supports the GOP line in the sand. 'The American people want us to hang tough,' he said." They do. There's a Rasmussen poll out today: 55% of the American people agree with the Republican position on this, and yet the Republicans remain very nervous that they ultimately are going to end up being blamed because that's just the way things always have worked out. Jobless claims announced today to be 405,000. That was seen as good news in that the experts expected 415,000 jobless claims, but don't get too excited about 405,000 jobless claims. It's still a weak number.
This is like 30 weeks in a row they've been over 400,000. But the real news in the labor report the published today -- we predicted this last week -- is last week's claims number was revised upward by 9,000. Last week on this very day the reported number for jobless claims was 418,000. We said, "But that number doesn't really mean anything because it's going to be revised upwards. They all are." Well, today it was to 427,000, so they actually missed on the low side by 9,000 last week. It makes a four-week moving average of 423,800 jobless claims. The economy has not turned any corners. There is no recovery. It's Obama's economy, and Obama needs the Republicans to save him from himself. Obama needs the Republicans to get reelected. Obama needs the Republicans to cave. (interruption)
What color is Jell-O? Red. What other color could he be talking about with Obama? Snerdley wanted to know what color Jell-O was talking about that Obama was. Red Jell-O. It's 806 days, ladies and gentlemen, since Senate Democrats -- and they run the place -- have passed a budget. There are 365 days in a year. So it's well over two years since the Democrats, who run the place, have passed a budget. The law requires them to pass a budget every year. It's 806 days and counting -- and this, by the way, is the strategy. There's no question. They devised two years ago a strategy: We're not gonna present a budget: We're not gonna tie ourselves down. This was part of the 2010 reelection strategy: Do put a budget out there because we don't want voters to have any specifics about what we intend.
So they didn't. Now the strategy remains implemented so that they don't have to tie themselves to any of their own numbers specifically, so while they have no numbers, they have no budget -- and Obama hasn't presented one, either -- the Republicans do. The Republicans are acting like the adults. The Republicans are presenting plans. Say what you want about some of them, but Republicans have ideas with numbers designed to seriously address the problem and fix it. Start down the road of fixing it. The Democrats, as a strategy, do not. For the sole purpose of doing nothing but assaulting the Republicans for the numbers that they present. In so doing, the Democrats have a free road in claiming that Republicans want senior citizens to die and the sick people to die and all this, 'cause the Democrats don't have any numbers.
They have no specifics. They have no budget. Nor does Obama, other than this monstrosity from last February with a $3.7 trillion budget that not even one Democrat voted for. Other than that, they don't have one -- on purpose -- so that the only numbers out there are Republican numbers that they can demagogue. That's the strategy. So if Senate Democrats don't have to project spending and revenues -- if they can just choose not to in violation of the law -- then why should I have to pay quarterly taxes? Why do I have to go to the trouble to project and pay taxes to the government based on my estimated taxable income, which I have to do every three months -- and the second quarter is actually a beast 'cause you gotta do it in two months.
You gotta do it April 15th and then back in June. Now, in a sense quarterly taxes, like budgets, are an estimate. They are a projection of taxable income. How about I just publish it once a year? Maybe every two years! How about I don't estimate my income for two years? How about I don't project anything and therefore I don't pay anything? For just two years, maybe. Three! Sure, the law says I'm supposed to make that estimate in payment every quarter, but so what? The Senate Democrats aren't following the law; why should anybody else? Yeah, I know. They'll put me in the cell next to Madoff or Wesley Snipes or somebody, if I know don't. Exactly.
Maybe we need to ask: Why are the Senate Democrats above the law and why doesn't the media care? I'll tell you why the media doesn't care. It's because they marvel at the strategy. They just love the strategy. "Look at how smart these Democrats are! They don't present a budget and make the onus on the Republicans. The only numbers out there are Republican numbers." Of course you can rip them to shreds all you want. The last thing you're gonna do is agree with any of them. "Moody's Investors Service said late [yesterday] it had placed the US government's triple-A bond rating on review for possible downgrade due to rising risk of default. 'The review of the US government's bond rating is prompted by the possibility that the debt limit will not be raised in time to prevent a missed payment of interest or principal on outstanding bonds and notes,' Moody's said."
Folks, we gave you the numbers on this yesterday. It's not possible to miss a payment unless somebody doesn't make it, which that falls to Obama. We have the money there. Moody's -- or as Stuart Varney at Fox says, "Moodis." Stuart Varney, I was listening to him this morning on Fox. He's very worried about this. You know, Stuart's a good guy but he's very, very worried about this. (paraphrased) "If we miss one payment, then we're in a world of total humiliation, embarrassment. If we miss one payment!" You know, the American people need to ask themselves a question. We elect Barack Hussein Obama, and two-and-a-half years later we find ourselves on the verge of budgetary default. We elect Barack Hussein Obama president, and in two-and-a-half years, we're on the verge of an unprecedented US default with worldwide -- first time ever -- humiliation, embarrassment, and whatever else would accompany default.
No other president has ever brought us anywhere near anything like this, and yet (laughing) blame it on the Republicans! Just blame it on the Republicans. Democrats in Congress are ignoring another law, a law Obama demanded and they all wanted, and that's Paygo. They just laugh when anybody brings it up, like Jim Bunning did. Paygo. You pay-as-you-go. You don't pay for anything you don't have. The current US debt is larger than the entire economy of China, in two-and-a-half years of Barack Hussein Obama -- and, by the way, in two-and-a-half years, this country's approval ratings in the Arab world are near an all-time low. Now, how can that be? Remember just by virtue of the fact of our president's middle name, we were supposed to be loved and adored and appreciated.
It was gonna be a new world out there; the Arab world was going to love us. They're gonna stop terrorizing us. They we're gonna stop throwing the suicide bombers at us. They were gonna love us after all this, and President Obama goes and makes the Cairo speech. How can any of this be in two-and-a-half years this utter, total, near destruction of our country, in two-and-a-half years? Really, it's scary to realize that's all it's taken is two-and-a-half years. By the way, lest we forget on this Moody's business, Congress tightened its regulation of credit ratings companies last year with the so-called Dodd-Frank Wall Street Reform and Consumer Protection Act. Yes, that Wall Street, that financial regulatory reform bill included in it regulation of credit rating companies like Moody's. So these companies like Moody's know which side of the bread their butter is on.
They realize that they now have to toe the line and advance the interests of the Democrat Party. Bill Hemmer today on Fox asked Stuart Varney, "Look, Stuart, are these guys totally objective?" Stuart Varney said, "They say they are. They say they are, and we have to take them at their word." It was clear to me that, to Stuart Varney, Moody's is the gold standard. They're god, they're the absolute truth. They don't lie, don't make it up, but all I know is that they are now regulated under the Financial Regulatory Reform Act, and that tells me they know what they have to do to stay safe, and that's advance the interests of the Democrat Party. But still, again, just think about it: Obama is elected president a mere two and a half years later, Moody's is talking about the possibility of the United States defaulting on our debt. Aside from the fact that it's really a coincidence, does anybody really...?
I mean, how in the world does anybody even talk about this guy seriously getting reelected?
BREAK TRANSCRIPT
RUSH: One more thing about Obama and this Arab business. In truth, Obama's not Arab. His father was Kenyan. See, this idea that there's gonna be some special bond with the Arab world was always a farce. It was just more of the farce that was Obama and the media and the image makers. So Moody's, if they're aligned with the Democrats, what are they saying? They're saying that we should continue to spend and print and borrow. Is that the credit advice Moody's is giving? Is that how Moody's wants to be known? They want to take themselves seriously as a credit rating agency, so for us to stay solvent, continue to do more and more that's brought us to the brink of disaster, is that what Moody's is saying?
How do we know that Moody's is not concerned about Obama and the Democrats? Why do we always assume that Moody's is worried about the Republicans? The Republicans are actually trying to get the fiscal house in order. Even these idiots at Moody's can see that, maybe Moody's is actually aiming their comments at Obama. It would make economic sense.
BREAK TRANSCRIPT
RUSH: You know, I'm holding here in my in my formerly nicotine-stained fingers a story from McClatchy. Kevin G. Hall wrote the thing April 12th of 2010, "How Moody's Sold Its Ratings and Sold Out Investors." April 12, 2010. "As the housing market collapsed in late 2007, Moody's Investors Service, whose investment ratings were widely trusted, responded by purging [i.e., firing] analysts and executives who warned of trouble and promoting those who helped Wall Street plunge the country into its worst financial crisis since the Great Depression. A McClatchy investigation has found that Moody's punished executives who questioned why the company was risking its reputation by putting its profits ahead of providing trustworthy ratings for investment offerings.
"Instead, Moody's promoted executives who headed its 'structured finance' division, which assisted Wall Street in packaging loans into securities for sale to investors. These are the pools of mortgages, the mortgage-backed securities which were worthless. "It also stacked its compliance department with the people who awarded the highest ratings to pools of mortgages that soon were downgraded to junk. Such products have another name now: 'toxic assets.'" The McClatchy investigation found that Moody's purposely avoided rating the worthless stuff, thereby continuing the notion investors could feel free to invest in it. They got rid of executives who sounded the warning bell about this, and they promoted executives who did the opposite.
They sold its ratings; they sold out investors, according to McClatchy. April of 2010 is the date of the story.