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<\/p>\nRUSH: Let me use me. 1988. We decided to do the EIB Network. We did not do a whole bunch of audience research. All we did was say, “You know what? We got a good show here. We\u2019re gonna try to syndicate it in the daytime. It\u2019s never worked before, on a mass scale. It\u2019s never made any real money. Syndicated talk in the daytime has never made any money.” And the dirty little secret was it didn\u2019t make any money at night, either. Particularly overnight.<\/p>\n
It might have made some money at night, but overnight (midnight to six), that was loss-leader time. Nobody bought ads then. It\u2019s how… Remember the old Mutual news network? Well, Mutual was the network that syndicated Larry King from midnight to six. Larry King\u2019s real value to Mutual was that, if a station wanted Larry King\u2019s show, they had to carry Mutual News in the daytime. They had to carry Mutual News, or they had to run Mutual News spots during the day.<\/p>\n
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Therefore Mutual, as a network, got their spots aired when there was an audience, not when King\u2019s show was on. King\u2019s value was not his show per se and the audience there, but the fact that his show was popular and people wanted it so they had to carry Mutual News during the daytime if they wanted Larry King. That\u2019s the way the business worked. But, at no time did Mutual News say, “What we\u2019re here to do is create jobs.”<\/p>\n
So when we started the EIB Network, everybody in the world said, “You can\u2019t do it, Rush. We wish you the best, but it\u2019s never worked. Radio in the daytime\u2019s gotta be local: Local phone numbers, local issues, local hosts. This has never worked.”<\/p>\n
“Okay, well, then if it doesn\u2019t work, we\u2019ll just join the long list of failures and move on to something else. If it works, fine.”<\/p>\n
But at no time when we started the EIB Network did anybody say that our purpose here is to create jobs in radio. We were trying to do a good show that attracted an audience so we could charge confiscatory advertising rates — and that\u2019s where it stopped. Now, what\u2019s happened? Since that success, since the EIB Network\u2019s success, look at all the AM radio stations still on the air that probably wouldn\u2019t be. Look at all the conservative talk shows. There has been massive job creation. There has been massive amounts of much new money brought into the business.<\/p>\n
We expanded the pie. But not once did any of us say our purpose is to create jobs, but we did, with massive growth. (interruption) Why are you frowning, Snerdley? Is this hard to understand? (interruption) I have created more jobs than Obama and Romney put together — damn right! — and for a longer period, for 23 years. I have a greater record of job creation than Romney or Obama. And in the process of creating all those jobs, I still have mine. I did not cannibalize myself.<\/p>\n
BREAK TRANSCRIPT<\/p>\n
RUSH: Rush Limbaugh — saving more industries and creating more jobs than Barack Obama and Mitt Romney combined. The Excellence in Broadcasting Network. Great to have you. Telephone number if you want to be on the program, 800-282-2882.<\/p>\n
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This is why living in Realville is such a challenge and why it can be so frustrating at times. Everything coming out of the Obama administration is a lie. Everything about their campaign is a lie. Everything about themselves and everything about Romney. Everything they\u2019re saying is misdirection, purposeful lying. No question about it. To sit here and listen, and try to digest this stuff? Ah, it\u2019s funny, yeah, but sometimes it gets frustrating. Look at the EIB Network. Go back to that for just a second.<\/p>\n
The EIB Network was started with private equity. One man\u2019s money started the EIB Network. A man by the name of Ed McLaughlin, who was the former president of the ABC Radio Networks, who retired when Capital Cities merged with (and essentially took over) ABC. Ed was one of the ABC execs that went off on his own and in his package when he left, they gave him two hours of satellite time from noon to two to fill as he chose. That\u2019s one of the forms of compensation. And then, using his own money, he built this network. He was the founder.<\/p>\n
And it was all private equity.<\/p>\n
And at no point in any of this did any one of us ever talk about, “Yeah, what we really can\u2019t wait to do here is create jobs.”<\/p>\n
That was not the focus; it never is.<\/p>\n
It\u2019s just automatically assumed you\u2019re going to need good people if the thing works, or to make it work.<\/p>\n
BREAK TRANSCRIPT<\/p>\n
RUSH: Now, let me give you the numbers, folks. These are approximate numbers. In 1988, when this program started, I\u2019ll set the stage for you again. In 1988, which to me seems just like yesterday. It\u2019s a long time ago, almost 24 years ago now. August 1st, 1988. The only cable news network was CNN. That was it. You had CBS, NBC, and ABC. They still had their monopoly 24 years ago. They had a news monopoly. They had a monopoly over what was reported and what wasn\u2019t reported, and they had a monopoly on commentary. You had the Washington Post, the New York Times, the Los Angeles Times. USA Today was up and running. You had TIME and Newsweek, US News. That was the major media. Then you had all the local papers. That was it. <\/p>\n
At the same time in 1988, there were 200 radio stations in America that were doing talk, and not very many of them were doing conservative talk. Ten years later, less than ten years later, there were 1,200 radio stations doing talk, and at that time the vast majority of them were AM, which everybody was saying was dead in 1988. So now look at it. Now you\u2019ve got 1,200 stations doing talk, which means countless local talk show hosts and jobs. You had countless national talk shows. The vast majority are conservative, but the libs have tried, they have their little shows here and there and their networks here and there. Then you\u2019ve got Fox News, which sprung from the concept of talk radio, particularly Fox primetime. <\/p>\n
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<\/a>So there\u2019s been an entire expansion of the media pie. We didn\u2019t take anything from anybody else. We just expanded it. And during this whole time my audience, all these new talk shows and news stations have not taken any audience from me. The pie, the financial pie, the literal number of stations, has grown, countless thousands, hundreds of thousands of jobs, all these new revenue streams and so forth. All started, private equity, with one two-hour show from noon to two on a satellite on August 1st, 1988. This is Realville. And at no point, folks, did anybody sit around and say our objective here was to create jobs. But look at what happened with the growth of the business. <\/p>\n