Rush Limbaugh LIVE Radio Thread - Thursday 9/25/08

The EIB Network ^ | September 25, 2008 | Rush Limbaugh

[AliVeritas]

Exonerated Marine to sue Rep. Murtha
http://www.freerepublic.com/focus/f-news/2090274/posts

NATHAN: ‘Vapid’ liberalism Race war if McCain wins?
http://www.freerepublic.com/focus/f-news/2090253/posts

White House presses for action on bailout (Scandal brewing from Barney Frank in bailout bill)
http://www.freerepublic.com/focus/f-news/2090243/posts

Stuff for the breaks, from earlier:

How A Clinton-Era Rule Rewrite
Made Subprime Crisis Inevitable
Investor’s Business Daily, by TERRY JONES

One of the most frequently asked questions about the subprime market meltdown and housing crisis is: How did the government get so deeply involved in the housing market?The answer is: President Clinton wanted it that way. Fannie Mae and Freddie Mac, even into the early 1990s, weren’t the juggernauts they’d later be. While President Carter in 1977 signed the Community Reinvestment Act, which pushed Fannie and Freddie to aggressively lend to minority communities, it was Clinton who supercharged...

http://ibdeditorial.com/IBDArticles.aspx?id=307149667289804

****Oh yes, you have to get this background... a must:

http://www.city-journal.org/html/10_1_the_trillion_dollar.html

****Do me a favor, read all of this (take in the legislation snips:

http://www.just-a-regular-guy.com/2008/09/22/fannie-mae-freddie-mac-the-wall-street-bailout-and-those-sneaky-democrats/

First off, lets get the official one:

Text of Draft Proposal for Bailout Plan
New York Times, by U.S. Treasury Department

http://www.nytimes.com/2008/09/21/business/21draftcnd.html?ref=business

(Everyone pick your pages, so we can whip through it)

Obama’s Scandalous
BankUnited Appearance

Sen. Barack Obama Graces BankUnited on the Day it Fired Over Half its Compliance Staff, Gave New Duties to Regional Manager Recently Arrested for Drug Possession and Possibly Planned to Cancel Quarterly Interest Payments to Seniors BankUnited is America’s most liberal bank. It may also be America’s nastiest.

http://canadafreepress.com/index.php/article/5181

Attitude Check... let’s look at those numbers again:

http://tinyurl.com/6ohlbz

Judgment Day
by Cal Thomas

At the Senate Banking Committee hearings Tuesday, Democrats, led by Chairman Chris Dodd of Connecticut, seemed to think the mortgage crisis, aided and abetted by Fannie Mae and Freddie Mac, AIG, Bear Stearns, Lehman Brothers and other disasters, occurred on someone else’s watch. Dodd, joined by ranking Republican Richard Shelby of Alabama, criticized what he said was the ad hoc nature of the government’s response to the financial crisis and complained that the Bush administration’s proposals lack detail.

Some history is important. It was pressure from the Carter and Clinton administrations that forced Fannie and Freddie to grant more high-risk loans to people who otherwise would never qualify. They mostly wanted to promote not only new home ownership numbers, but also more home ownership in the minority community. That was a noble goal, but the cost turned out to be too high.

http://townhall.com/columnists/CalThomas/2008/09/25/judgment_day

Let’s Get It Right

Congress is running around in circles trying to figure out how to handle the hot potato the Bush Administration has handed them with its $700 billion bailout proposal, and how they can load it up with their own list of taxpayer-financed handouts. If left to their own devices they’ll turn it into a giant cookie jar

http://townhall.com/columnists/MichaelReagan/2008/09/24/lets_get_it_right?page=1

Countrywide Made Home Loans
to Gorelick, Mudd

Countrywide Financial Corp., the biggest U.S. mortgage lender, made large, previously undisclosed home loans to two additional executives of Fannie Mae, the government-chartered firm at the center of the U.S. credit crisis. One of Countrywide’s previously undisclosed customers at Fannie was Jamie Gorelick, an influential Democratic Party figure whose $960,000 mortgage refinancing in 2003 was handled through a program reserved for influential figures and friends of Countrywide’s chief executive at the time, Angelo Mozilo.

http://online.wsj.com/article/SB122230672551773977.html

Do you see folks, do you see? Barney’s worried about getting more homeowners who couldn’t pay in the first place, not the markets, as are all the socialists... now what:

Let’s Keep People In Their Homes
Wall Street Journal, by Hillary Rodham Clinton

There is a broad consensus that Congress must act to stave off deeper turmoil on Wall Street. Irrespective of the final agreement yet to be reached, there are several principles that must be part of a broader reform effort that begins this week and continues in the coming months. This is not just a financial crisis; it’s an economic crisis. Therefore, the solutions we pursue cannot simply stabilize the markets.

http://online.wsj.com/article/SB122230767702474045.html?mod=googlenews_wsj

- You’re right Hill, it’s not just about the markets, when can you and Bill testify?

Even the NYPost wants some:
HOUSE OF CARDS
LIBERALS FUELED WALL ST. WOES

HOW did America wind up in its worst financial crisis in decades? Sen. Barack Obama explained it this way last week: “When sub-prime-mortgage lending took a reckless and unsustainable turn, a patchwork of regulators systematically and deliberately eliminated the regulations protecting the American people.”

That’s exactly backward. Mortgage lending took that “reckless and unsustainable turn” because of regulation - regulation driven by liberals and progressives, not free-market “deregulators.”

Pushed hard by politicians and community activists, the regulators systematically and deliberately altered financially sound lending practices.

http://www.nypost.com/seven/09242008/postopinion/opedcolumnists/house_of_cards_130479.htm?page=0

WTH?
They’re Launching America’s First Carbon
Cap-And-Trade Program Today?

Did you know that a 10 state coalition is holding our nation’s first ever carbon allowance auction at 9:00 AM EDT today? Or that the same states will be imposing a mandatory cap-and-trade program on their electric plants beginning next month? (Snip) Nonetheless, the New York-based Regional Greenhouse Gas Initiative launches today, striving to freeze CO2 emissions through 2014 and then gradually reduce them to 10 percent below current levels by 2018

http://www.americanthinker.com/2008/09/theyre_launching_americas_firs.html

The U.S. Global Insurance Company

http://www.theamericanprowler.com/dsp_article.asp?art_id=13941

Wait for that file:

US told it must hold talks
with Taliban’s Mullah Omar

http://www.telegraph.co.uk/news/worldnews/asia/pakistan/3073379/US-told-it-must-hold-talks-with-Taliban.html

Charles Rangel and the
forensic squad: CSI Harlem?

The Chairman of the powerful House Ways and Means committee has hired a forensic accountant to help untangle the web of artifice the Congressman has submitted for the past 10 years in lieu of legitimate tax returns. It seems Mr. Rangel will need a forensic property manager to help him sort out his rent-controlled apartments from what he thought was a tax-free condo rental down in the Carribean.

http://www.americanthinker.com/2008/09/charles_rangel_and_the_forensi.html

Barack Obama and Alinsky’s
Rules for Psychopaths

A psychopath is a person without conscience; someone who constantly breaks the moral rules of the community. Saul Alinsky was a ‘’community organizer’’ who found a career that fit that personality disorder. In the Orwellian upside-down world of the Left, community organizers disorganize communities. That is the meaning of revolution, to overturn whatever exists today in the raw pursuit of one’s own power.

http://www.americanthinker.com/2008/09/barack_obama_and_alinskys_rule.html

The Taranto Principle

http://www.theamericanprowler.com/dsp_article.asp?art_id=13938

We care file:

Cuban and other Latin leaders (Cuba... shakes head)
criticize U.S. bailout

UNITED NATIONS — Without ever pronouncing the two words ‘’United States,’’ Cuba’s First Vice President José Ramón Machado Ventura condemned Washington on Wednesday, telling the leaders gathered at the United Nations that the country’s quest for fast money at the expense of the poor was to blame for the world crises currently threatening the ``existence of mankind.’’ Speaking at the U.N.’s 63rd General Assembly, Machado Ventura said Washington’s manipulative trade policy stifled growth around the world.

http://www.miamiherald.com/news/americas/cuba/story/700419.html

Moving on:

Colombia’s Uribe wants
trade deal with U.S.

NEW YORK - Colombian President Alvaro Uribe said on Wednesday his government expects to have signed 45 free trade agreements by the end of his administration, including one with the United States. Talking to investors in New York, Uribe said Colombia is working hard to sign several trade agreements, though the one most coveted is with the United States.

http://www.reuters.com/article/marketsNews/idUSN2446815820080924

(Roll the r’s with me... Sarrrrrah)

She’s forgotten her first love, Gomer file:

Ahmadinejad meets with
ultra-religious, anti-Zionist Jews
http://www.haaretz.com/hasen/spages/1024405.html

How? file:

Biden works to assure Jewish
activists of Barack Obama’s
pro-Israel stance

http://www.jpost.com/servlet/Satellite?cid=1222017383872&pagename=JPost%2FJPArticle%2FShowFull

(btw, no lie, they are sending Jewish children and grandchildren down to FL to ‘talk’ to their relatives. I know how it sounds... trust me)

The other sexual deviant file:

Bill Maher’s Nasty Circus of the Stars

http://townhall.com/Columnists/BillSteigerwald/2008/09/24/bill_mahers_nasty_circus_of_the_stars

We owe them, so we’ll die thank you file

Chinese candy sold in U.S.
has harmful chemical

http://www.usatoday.com/money/industries/food/2008-09-24-tainted-milk_N.htm

Paging Mr. Pink:

Pakistan: Suspected Marriott
bombing ‘mastermind’ emerges

http://www.adnkronos.com/AKI/English/Security/?id=1.0.2509917874

India arrests founder
of Islamic militant group

http://news.scotsman.com/world/India-arrests-founder-of-Islamic.4525797.jp

Four Palestinians arrested at checkpoint

http://www.jpost.com/servlet/Satellite?cid=1222017380419&pagename=JPost%2FJPArticle%2FShowFull

Damn! (snaps fingers)
2 arrested in alleged plot to kill Chavez

http://www.washingtontimes.com/news/2008/sep/24/2-arrested-in-alleged-plot-to-kill-chavez-1/

Dude. Medical.

Heart Attack Care Often
Delayed for the Poor (pinging Michelle Obama, private joke)

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/22/AR2008092202368.html

Probe: Medicare paid billions
in suspect claims (what jumps out in this paragraph)

Washington - The government paid more than $1 billion in questionable Medicare claims for medical supplies that showed little relation to a patient’s condition, including blood glucose strips for sexual impotence and special diabetic shoes for leg amputees, congressional investigators say. (snip) the government-run health program (snip) paid out claims with blank or invalid diagnosis codes, such as a “?” or “zzzzz.” Medicare officials say even smiley-face icons could have been accepted.

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/24/AR2008092400625.html

Dude Ed file:

Sweden.
Teacher in the clear
after feeding kids cat food

http://www.thelocal.se/14542/20080924/

Science!

Scientists witness colliding planets
http://www.smh.com.au/news/specials/science/scientists-witness-colliding-planets/2008/09/24/1222217331504.html

Will no one rid me of this...

Rowan Williams betrays his liberal roots
again saying communist Karl Marx
was right in wake of credit crunch

http://www.dailymail.co.uk/news/article-1061269/Rowan-Williams-betrays-liberal-roots-saying-communist-Karl-Marx-right-wake-credit-crunch.html

- The picture becomes clearer. How long Lord, how long?

Ancient statue of Ramses II
found near Cairo (by any chance, did it look like... nevermind)

http://www.telegraph.co.uk/news/worldnews/africaandindianocean/egypt/3074496/Ancient-statue-of-Ramses-II-found-near-Cairo.html

Biden Fact Check:
No US Diplomats In Tehran (Sigh, ping BidenGaffeClock site... again)

http://embeds.blogs.foxnews.com/2008/09/24/biden-fact-check-no-us-diplomats-in-tehran/

Financial Crisis Has Little Sway in Presidential Poll

http://online.wsj.com/article/SB122228902289272455.html

(did they figure out the % mortgages affect the market? You coulda fooled me)

Last... and least:

Couric Scolds Palin for ‘Great Depression’
Scare — Which Couric Raised

http://newsbusters.org/blogs/brent-baker/2008/09/24/couric-scolds-palin-great-depression-scare-which-couric-raised

[Cinnamon Girl]

Yeah, this is Ted Bell: http://www.philhendrieshow.com/Radio/Guests.aspx?action=view&id=34&name=Ted+Bell

[AliVeritas]

[MHGinTN]

No, lazy almost blackman Obamessiah didn’t vote, he told the leadership to call him if they ‘need his help’! That’s not even rising to the level of voting present, he’s not present, he’s AWOL.

[mewzilla]

The Paulson Plan Will Make Money For Taxpayers

It's not a bailout. It's a rescue.

SNORT.

[Clint N. Suhks]

Sen. Quisling from Blacklight, NV is flopping like a caught trout in a fishermans boat.

I'm thinking Berry was flopping around after W invited both of them too. LOL!

Mrs BELB's instincts are correct about Barney Fwank, he's a living caricature of the stereotypical Sodomite.

[longtermmemmory]

“A leader is not an administrator who loves to run others, but someone who carries water for his people so that they can get on with their jobs”
Robert Townsend

___________________

The sleazy democrats and their paper pushing cronies of the derivative markets made UNDER COLLATERALED LOANS.

so now they want the us tax payer to guarantee THEIR BAD LOANS or else.

They now realize that the 2005 bankrupcy reform FAILED TO CREATE THE PEONAGE of people forced into perpetual indenture.

People are just walking away from their homes rather than become slaves to the banks.

This is not about resuing main street, this is about the sleazoids who leant 400k on a 150k collateral property.

The democrats want to administer us out of a crisis.

You can’t administer your way out of a crisis, you have to LEAD the way out of a crisis.

[Fishtalk]

from what I can tell, it lacked essentials for the more fiscally astute.

Funny you should say that. There were a few sentences Bush said during his address that made if much more clear to me. Suddenly I understood the dilemma quite clearly and, in fact, came up with a scenario of my own which differs from thatg presented by Bush.

When Bush said that only the Federal Government is "patient" enough to sit and wait for these assets to grow in value as they surely will once the housing market settles down. I paraphrase but I do think I heard the word "patient".

Then it made sense. Just because a buyer couldn't meet a $3,000 a month mortgage doesn't mean the property purchased is worth nothing. Suppose that buyer was short the monthly payment by only about $500 a month?

Small banks and the big investment firms with those handsome bundles of joy stocked full of subprime loans simply couldn't sit and wait for this to settle. They've got too much of these things on their books, the pipeline's clogged.

But the federal government can purchase these mortgages, ostensibly foreclose as appropriate, then sell the property and could, indeed make money from it.

In principle this makes sense but the idea is so absurd. The federal gubmint as big mortgagor? My mind boggles.

Still and so, it's not a bad idea. We have a bunch of assets that no one knows what they're worth but common sense is that a half million house did not suddenly become worth ten thousand bucks with what is essentially a small downturn in housing.

I say that instead of all those dire things Bush predicted that some foreign nation, maybe Saudi Arabia, maybe a consortium of countries...Russia, Syria, Iraq...like that...I say someone like this would buy up those mortgages in a minute. This way our enemy would be right here, in America, in the neighborhoods, infused in our economy. These foreign nations would have "patience" as well.

I suspect that Bush is as concerned about this eventuality as all that he said outright but this assumes my above scenario is right and hey, it's just speculation.

[navymom1]

You’re welcome about Pumpkin. It’s always very hard when you lose a member of your family. Hopefully things will look brighter soon.

[AliVeritas]

Former Fannie Mae Chairman Johnson Still Advising Obama

Ben Smith at Politico reported:

Former Fannie Mae chairman Jim Johnson was dumped from Obama’s vice presidential search team, but he’s still playing a behind-the-scenes role on the campaign.

Former Senator Tom Daschle, a top Obama backer, emailed a select list this afternoon that he and Johnson would be leading a briefing intended largely for Clinton’s campaign brain trust next month.

“Jim Johnson and I have scheduled another informal breakfast discussion and update on the campaign early next month,” he wrote to a list including Senator John Kerry, James Carville, and Richard Holbrooke, as well as Clinton’s former top campaign aides, including Howard Wolfson, Geoff Garin, and Harold Ickes.

Johnson’s involvement comes at a moment when political association with the failed mortgage giants is particularly toxic. He was already the subject of a McCain ad attacking Obama.

Much more at:
http://gatewaypundit.blogspot.com/2008/09/former-fannie-mae-chairman-johnson.html

[Nascar Dad]

..

[KittenClaws]

Rush just said what I’ve been saying.

Fear. The Government is using fear to get into the mortgage loan business.

[Clint N. Suhks]

Jeeze Ali, a 9 page link list?

That’s big even for you! LOL!

[SilvieWaldorfMD]

Let me explain:

Every time that Chris is in the middle of a heated argument, discussion or topic, he always has some lame story to say about himself and/or what he discussed with his “friends at dinner last night”.

He’s starting to sound like a liberal elitist — going out to dinner in fancy establishments every night and then telling the listener about it the next day.

I don’t care about that. I just want him to ‘rip Obama a new one’.... there’s only 40 days left to go......

[AliVeritas]

Hi, SE!

Do me a favor, ping me to the good stuff; I’m off to the USO gig in Times Sq.

[austinaero]

Barney Franks lover was at FANNY Mae?? I guess he loves FANNIES!! :)

Maybe Barney’s nickname was “Fanie Mae” Franks! Sorry, had to do it.

[longtermmemmory]

“Blaming speculators as a response to financial crisis goes back at least to the Greeks. It’s almost always the wrong response.”
Larry Summers

---

How many Democrats have been able to get rich with the mortgage bundling?

Remember Congress is EXEMPT from insider trading and a host of those 1930 rules.

WILL DEMOCRATS AGREE TO BE SUBJECT TO THE SAME REGULATIONS AS THE REST OF US INVESTORS?!

[AliVeritas]

LOL

Check it out
http://atlasshrugs2000.typepad.com/atlas_shrugs/

[workerbee]

Fear. The Government is using fear to get into the mortgage loan business.

Didn't HL Menken say something about this?

[longtermmemmory]

“Every crisis offers you extra desired power”
William Moulton Marston