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Rush Limbaugh said this today concerning Comrade Chuckie:

By the way, I have a little story here. Do you know that the Treasury secretary, Hank Paulson, was giving Bernie Madoff and his associates personal briefings on the market as it was plunging through a political action committee? So the regulators were telling Madoff in advance where we’re heading, what’s happening. I’ll give you details on it in just a second. And then Mr. Snerdley reminded me, it was Chuck Schumer — when was this, in September? Early October? It was sometime in the fall. We’ll double-check it. Chuck Schumer started a run on a California bank. Schumer said, (paraphrasing) “It’s my responsibility, people have to know the health of our financial institutions.” And so whatever this bank was in California, people started a run on it because a United States Senator on high-ranking committees had told ‘em their bank was worthless. And I’m just wondering — of course, this cannot be proven. It was IndyMac in late June. All right, so it was preconvention, and that’s when all of this started, when people started losing faith in their own bank, “Oh, my God, Indy bank in California, Indy bank?” And there was a run with people standing in line, started by Chuck Schumer, and he was asked about it, and he denied it, “No, we’re just trying to protect the solvency and the safety of Americans’ assets out there.”

Within days of Chuck Schumer starting this run on IndyMac, $1.3 billion had been taken from the bank, people had taken that much out, the Feds, the FDIC had to step in there and stop it to save the bank, because there was such a run. It was started by Chuck Schumer. Now, just cut to the chase here. Back to this October Surprise. I am just wondering — as I say, it can’t be proven — I’m just wondering if a lot of this was by design, to create economic panic, remember now, the Iraq war had dominated everything, and the economy was said to no longer be an issue in the campaign, for the first time. Corruption, other things were, ethics, when the Republicans had those problems, but the economy wasn’t. They wanted to create economic crisis, a mind-set of this. So Chuck Schumer goes out, starts a run, a $1.3 billion run on IndyMac, and then all of us, look what we learned, all these mortgages are worthless, all the mortgage derivatives and the mortgage backed assets, they are worthless, everything was worthless, there was no “there” there. Every institution, every guy in the institution was an empty suit, and we had to bail out this and bail out that and it didn’t help.

I just wonder if what was a planned attempt to scare people economically, start a little run on a bank and do this, that, and the other thing, has now spun so far out of control, it’s gone so far beyond what the intention was, just to win an election, that nobody knows what to do about it now. The only mitigating argument against that is that the number one, the primary beneficiary of this — and you have to look, even in an economic collapse like ours, there are beneficiaries. Who’s benefiting? Who is benefiting? Aside from the people being bailed out, the Democrat Party and Barack Obama are benefiting. They got elected, they increased their numbers in the House, they increased their numbers in the Senate, they got the White House now, and they’ve got a crisis that people think can only be fixed with the almighty and powerful government interceding to save this or to save that or to do whatever when in fact the government is going to nationalize the automobile industry, gonna nationalize some banks, is gonna nationalize the mortgage industry, and may end up nationalizing the automobile industry. And everybody is sitting around arguing on the merits, “Oh, God, glad they did it, oh, I’m glad they did it, oh, thank goodness, they saved the UAW, they saved the auto companies.”

Everything has been presented to us, “We can’t let this fail; it’s the end of America.” We recently learned also that the Treasury secretary, Hank Paulson was cited talking about how bad the economic conditions were, was wrong. The numbers that he was given to cite how rotten the economy, they were wrong just before we did the $700 billion TARP bailout. But doesn’t matter, we’ve done it, and now TARP has become United Auto Workers bailout. People are sitting by letting this happen with great hope, by the way, that it will fix what’s wrong. Miraculously the stock market will rebound. So the Obama team and the Democrat Party are benefiting tremendously from this, even if it has spun outta control. If it’s spun outta control they’ll make due with the new crisis they’ve created a la Rahm Emanuel. But the reason I think it has spun a little bit out of control and gone a little further than they intended is that even the Obama people are saying, “Hey, it’s going to be really bad for a really long time.”

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