Limbaugh Letter<\/a> and explained how all of this happened with Janet Reno and Barney Frank and Clinton threatening these financial institutions that if they didn\u2019t make these loans, that the federal government was gonna bring everything it had to bear on this business — fining them, CEOs running the company and so forth and so on.<\/line><\/p>\nSo the lending institutions created these loans that nobody could ever pay back, and then they invented the financial products that they sold to other dupes, hoping to make the worthless loans that they had been forced to make worth something to themselves. Now, my question to you. Your theory is that this all happened because we wanted it, society wanted homes. So are you saying…? And I\u2019m not challenging you. Don\u2019t misunderstand my tone in my voice. Are you saying that Clinton and the government only instituted this program because a number of citizens wanted to buy homes that couldn\u2019t?<\/p>\n
CALLER: Well, it was like when the banks first offered credit cards. I think they knew that the people would run up huge balances and have to pay high interest rates, and a certain amount of people wanted nicer houses. They offered them the subprime loans, which allowed \u2019em to purchase these houses, and now they\u2019re underwater.<\/p>\n
RUSH: Well, but not all the homes underwater are subprime.<\/p>\n
CALLER: No, no.<\/p>\n
RUSH: Subprime is basically a mortgage that should never have existed because the person who was lent the money was never, ever going to be able to pay it back. But that didn\u2019t matter to Bill Clinton or Janet Reno.<\/p>\n
CALLER: Right.<\/p>\n
RUSH: What mattered was this whole notion of home ownership and spreading that around, being seen as responsible for making it possible for all these poor people to own homes and then thus always vote for Bill Clinton and Democrats. Which was the theory. So I understand the theoretical thing that you\u2019re saying here, like, “We like to blame the banks, but they were only giving us what we want. You might want to get on the banks for these interest rates. Just unconscionable. But we\u2019re the ones who wanted the money. We\u2019re the ones who wanted to be able to borrow. We\u2019re the ones that wanted to be able to charge stuff.” I think it\u2019s admirable to want to take on blame, but at some point here, even just because we want it doesn\u2019t mean we have to have it given — and this was a debacle orchestrated by politicians.<\/p>\n
BREAK TRANSCRIPT<\/p>\n
RUSH: Let us not forget, Barack Obama, back in the old days, sued Citibank for redlining. It was one of his two lawsuits as a lawyer. Obama, back in Chicago, sued Citibank for redlining. Now, Barack Obama as president has said that the banks snookered people into these mortgages. And our previous caller, “Hey, this only happened \u2019cause we wanted it. Government, the banks, I mean they really can\u2019t be held accountable. We wanted it, they gave it to us.” It would be interesting to know, was there an association of poor people who made it be known to the Democrat Party, “It\u2019s unfair we can\u2019t have houses. We want houses.” Jesse Jackson running around. Where did this start? How did this all get started? <\/p>\n
![](\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/barney-frank-_89380_ImageFile.jpg\"\/)
Well, it was ACORN\u2019s primary function, but these shakedowns are a classic of the Reverend Jackson. And this was a shakedown of the banking industry, is what this was. The subprime mortgage thing was a shakedown. ACORN and others upset, it\u2019s not fair poor people couldn\u2019t have houses, too. Barney Frank, (imitating Frank) “What we need more of in this country is affordable housing. It\u2019s just not right, so we will set it up so if you cannot afford a house, you still live in one,” and they did it. And they went to the banks, “You\u2019re gonna make loans to these people and if you don\u2019t, we\u2019re gonna put you in jail, or we\u2019re gonna investigate you, we\u2019re gonna do something, we\u2019re gonna make your life hell.” And it\u2019s exactly what happened. <\/line><\/p>\n
If Wall Street had had their way, there wouldn\u2019t have been a subprime mortgage collapse in the first place because they wouldn\u2019t have made these loans. If pure capitalism had actually been at work here, been allowed to run its course, the banks would not have been making loans that they didn\u2019t want to make, but that wasn\u2019t a factor. You got Clinton, Reno, Cuomo — don\u2019t forget, Andrew Cuomo as Clinton\u2019s HUD secretary was big on this Community Redevelopment Act, which was a subprime mortgage instigator. Franklin Raines over at Fannie Mae and Chris Dodd, I mean this den of thieves. They\u2019re the ones that got this all started. <\/p>\n
Fannie Mae and Freddie Mac, we\u2019re still bailing them out. There\u2019s a story today about the executives at Fannie Mae and Freddie Mac and the huge bonuses that they are being paid this year. Execs at Fannie Mae and Freddie Mac are earning huge bonuses. Somebody needs to tell Occupy Wall Street about this. But nobody will, and they won\u2019t protest Fannie Mae and Freddie Mac because they are asking government to do something. ACORN, you\u2019re right, Snerdley, ACORN was the organization that got all of this started, it was about putting people into houses. Cuomo doubled the number of houses that were made available under the Community Redevelopment Act. It was a huge, huge scam and nowhere did anybody ever ask who was really gonna end up paying for this. <\/p>\n
I\u2019ve said it over and over, okay, so the banks were the first ones to have to make the money available. They had to figure out a way to earn it back so they figured out creative ways to package or pool these subprime mortgages. Yes, they pooled them into — I forget what they called them, momentary mental block. I forget the name of it, but they pooled these mortgages and they sold them as securities to people as an investment. They said, “Oh, yeah, you\u2019ll be able to live on the income stream from people repaying the mortgages.” Well, those buyers found out they\u2019d been had so they came up with a product, trumped up, phony product to sell to the next group of idiots on a phony scam. And finally it all caved in on itself like Madoff did when there were no dupes left to sell this stuff to, and that\u2019s when it collapsed, essentially. <\/p>\n
It\u2019s a scam from the get-go just like Madoff was a scam.<\/p>\n","protected":false},"excerpt":{"rendered":"
RUSH: Here\u2019s Bill in Arroyo Grande, California. Great to have you on the program, sir. CALLER: Thank you, Rush. Greetings from a conservative in California. There are a few of us out here. RUSH: Yeah, yeah, yeah, I know. It\u2019s not many but you\u2019re at least proud to admit it. CALLER: Yeah, I\u2019m calling regarding […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0},"categories":[],"tags":[],"yoast_head":"\n
We're All to Blame for the Subprime Mess? - The Rush Limbaugh Show<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/admin.rushlimbaugh.com\/daily\/2011\/11\/01\/we_re_all_to_blame_for_the_subprime_mess\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"We're All to Blame for the Subprime Mess? - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: Here\u2019s Bill in Arroyo Grande, California. Great to have you on the program, sir. CALLER: Thank you, Rush. Greetings from a conservative in California. There are a few of us out here. RUSH: Yeah, yeah, yeah, I know. It\u2019s not many but you\u2019re at least proud to admit it. 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