{"id":26593,"date":"2007-08-17T01:01:01","date_gmt":"2011-05-19T05:05:18","guid":{"rendered":""},"modified":"2011-05-19T05:05:18","modified_gmt":"2011-05-19T05:05:18","slug":"breck_girl_makes_millions_foreclosing_on_katrina_homes","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2007\/08\/17\/breck_girl_makes_millions_foreclosing_on_katrina_homes\/","title":{"rendered":"Breck Girl Makes Millions Foreclosing on Katrina Homes"},"content":{"rendered":"
\n

RUSH: Have you heard about the Breck Girl? This is just too good to be true. The Wall Street Journal today: ‘As a presidential candidate, Democrat John Edwards has regularly attacked subprime lenders, particularly those that have filed foreclosure suits against victims of Hurricane Katrina. But as an investor, Mr. Edwards has ties to lenders foreclosing on Katrina victims.\u2019 He does! This is the second time he\u2019s stepped in it. Well, it\u2019s more than that. He goes out and says that Hillary Clinton ought to give back any money that Rupert Murdoch has donated, and then we find out the Breck Girl\u2019s made all kinds of money from Murdoch and his related company. The Wall Street Journal has identified 34 New Orleans homes whose owners have faced foreclosure suits from subprime-lending units of Fortress Investment Group LLC. Mr. Edwards has about $16 million invested in Fortress funds, according to a campaign aide who confirmed a more general Federal Election Commission report. Mr. Edwards worked for Fortress, a publicly held private-equity fund, from late 2005 through 2006.\u2019 This is the hedge fund he went to, he said, to ‘learn about poverty,\u2019 and what he learned was, it\u2019s not good, and he doesn\u2019t want to be part of it. ‘Asked about the matter, Mr. Edwards yesterday pledged that he would personally provide financial assistance to New Orleanians who are facing foreclosure by Fortress-affiliated businesses or have lost their homes already. ‘I intend to help these people,\u2019 said the Breck Girl. I can\u2019t let this go so quickly. <\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Folks, this is just too good to be true. He goes to work for this place called Fortress Funds. He learns. He says he wants to go there to ‘learn about poverty.\u2019 Fortress Funds has offshore accounts. (laughing) They do all these other things, and they\u2019re in the subprime lending market, and the Breck Girl, as you know, announced his presidential run in New Orleans. In fact, let\u2019s go back. This is like on June the 4th. Was this his poverty tour? Whatever it was, this is June the 4th. This is Edwards, and I think it\u2019s on a Faith and Politics special on CNN.<\/p>\n

THE BRECK GIRL: This cause of New Orleans is also very personal to me because you may know that I announced my campaign from the Ninth Ward of New Orleans.<\/p>\n

RUSH: Yeah, we knew that.<\/p>\n

THE BRECK GIRL: The single biggest thing to be done is the president of the United States needs to put one person, a very high-level, competent person —<\/p>\n

RUSH: Yeah.<\/p>\n

THE BRECK GIRL: — in the White House.<\/p>\n

RUSH: You!<\/p>\n

THE BRECK GIRL: — in charge of New Orleans, and that person should be in the president\u2019s office —<\/p>\n

RUSH: Can foreclose on their houses!<\/p>\n

THE BRECK GIRL: — every morning telling me what you did in New Orleans yesterday. What has happened in New Orleans is a national embarrassment.<\/p>\n

RUSH: (Laughing.) Yeah, and the company you have $16 million invested and worked for has foreclosed on 34 New Orleans homes, whose owners have not been able to pay. By the way, this is not a blind trust thing. This all happened before he had to put his investments in a blind trust. <\/p>\n

Now, there\u2019s a great column today by George Will on this whole thing, the Federal Reserve\u2019s role and so forth, but I want to read you a couple of quick paragraphs here, because what the Breck Girl and Hillary Clinton are both doing is taking this subprime mortgage meltdown and blaming the lenders, of course, and of course the poor people who were credit risks to begin with are the usual victims. It\u2019s a class envy opportunity. Blame Wall Street and blame the rich guys for exploiting these poor people and foreclosing on their houses. Well, throw the Breck Girl in there because his company is doing it. Here\u2019s how George Will writes about it: ‘Many banks, hedge funds and other institutions have pocketed profits from their dealings in the subprime market. The losses are theirs, too. [Hillary] Clinton leapt to explain the subprime problem in the terms of liberalism\u2019s master narrative — the victimization of the many by the few. In a speech favorably contrasting a ‘shared responsibility\u2019 society with an ‘on your own\u2019 society, she said, in effect, that distressed subprime borrowers are not responsible for their behavior. ‘Unsavory\u2019 lenders, she said, had used ‘unfair lending practices.\u2019 Doubtless there are as many unsavory lenders as there are unsavory politicians. So, voters and borrowers: caveat emptor. <\/p>\n

‘But this, too, is true: Every improvident loan requires an improvident borrower to seek and accept it. Furthermore, when there is no penalty for folly — such as getting a variable-rate mortgage that will be ruinous if the rate varies upward — folly proliferates. To get a mortgage is usually to commit capitalism; it is to make an investment in the hope of gain.\u2019 His point is that when you have a loan, you\u2019ve got a lender and you\u2019ve got a borrower, and they\u2019re both culpable, and they\u2019re both taking a risk, and they\u2019re both trying to make this work in an investment sense. But when it goes south, the liberal narrative steps up to blame the few wealthy guys running these subprime loans to these poor, unsuspecting dummkopfs who have no business. If you bail them out and there\u2019s no penalty for the loss, this is just going to keep on happening. So this is how the Breck Girl is attempting to cover and explain his own involvement. Also, the Breck Girl said what he\u2019s going to do, is he\u2019s going to help these people out in the subprime markets. Let me find the quote here. He ‘pledged that he would personally provide financial assistance to New Orleanians who are facing foreclose by Fortress.\u2019 Well, guess what? The number of New Orleanians facing foreclose is going to double once they hear that the Breck Girl is going to bail \u2019em out personally. But the problem is in this case he\u2019s gotta do it with his money. He\u2019s going to be a one-man welfare state with his money. Well, don\u2019t say it will never happen. Well, let\u2019s get the quote. I know he\u2019s a liberal, it doesn\u2019t matter, but still here\u2019s what he said. He said he would personally provide financial aid. (Breck Girl impression.) ‘Well, what I mean by that, Limbaugh, is I will deliver it. I will personally take it there.\u2019 <\/p>\n

END TRANSCRIPT<\/p>\n

*Note: Links to content outside RushLimbaugh.com usually become inactive over time.<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: Have you heard about the Breck Girl? This is just too good to be true. The Wall Street Journal today: ‘As a presidential candidate, Democrat John Edwards has regularly attacked subprime lenders, particularly those that have filed foreclosure suits against victims of Hurricane Katrina. 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