{"id":32199,"date":"2011-05-19T02:30:26","date_gmt":"2011-05-19T02:30:26","guid":{"rendered":""},"modified":"2011-05-19T02:30:26","modified_gmt":"2011-05-19T02:30:26","slug":"president_obama_apologizes_for_america_s_runaway_capitalism","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2011\/05\/19\/president_obama_apologizes_for_america_s_runaway_capitalism\/","title":{"rendered":"President Obama Apologizes for America\u2019s “Runaway Capitalism”"},"content":{"rendered":"
\n

RUSH: Barack Obama was in Mexico, a brief visit yesterday, on his way to the Summit of the Americas. And he published an op-ed in a lot of newspapers down there, and it\u2019s almost like the teleprompter wrote the op-ed. Here\u2019s an excerpt. ‘Too often, the United States has not sought or maintained relations with our neighbors.\u2019 This is published in Mexico. It\u2019s published in Florida. It\u2019s published 15 places in Central and South America. ‘Too often, the United States has not pursued and sustained engagement with our neighbors. We have been too easily distracted by other priorities, and have failed to see that our own progress is tied directly to progress throughout the Americas. My Administration is committed to the promise of a new day. We will renew and sustain a broader partnership between the United States and the hemisphere on behalf of our common prosperity and our common security.\u2019 <\/p>\n

Now, ‘Too often, the United States has not sought or maintained relations with our neighbors.\u2019 Let\u2019s pretend we\u2019re in Mexico City and we open the newspaper. We\u2019re reading this. In the \u201990s — and I won\u2019t forget this because I got a call from the then-chairman of the Federal Reserve, Alan Greenspan, explaining it to me, a $25 billion bailout for the government of Mexico, because they were in big, big trouble. What percentage of the Mexican workforce do you think we employ? How many of them are here? We signed NAFTA. How many American businesses have relocated? What in the world is he apologizing for? He\u2019s apologizing because he wants people around the world to have their hate for this country confirmed by no less than the President of the United States, because the more people inside and outside this country who disapprove of it, the more opportunity and power he will be given to reshape it. <\/p>\n

To rebuild it, with his ‘new foundation.\u2019 This part\u2019s pretty interesting, too: ‘To confront our economic crisis, we don\u2019t need a debate about whether to have a rigid, state-run economy or unbridled and unregulated capitalism is better — we need pragmatic and responsible action that advances our common prosperity. To combat lawlessness and violence, we don\u2019t need a debate about whether to blame right-wing paramilitaries or left-wing insurgents — we need practical cooperation to expand our common security.\u2019 Once again, here is the time honored technique that Barack Obama uses: the straw man. Runaway capitalism? We don\u2019t have runaway capitalism. What he means by ‘runaway capitalism\u2019 is no regulations on any business whatsoever. <\/p>\n

‘[W]e don\u2019t need a debate about whether to have a rigid, state-run economy or unbridled and unregulated capitalism is better…\u2019 We most certainly do, but we need to redefine the terms here, because here\u2019s the sad reality — and this is where we find ourselves today. We have to admit — those of us who are capitalists, we have to admit — that some of these people at the banks, they did overstep. But I\u2019m not willing to concede that it\u2019s a number one problem and fault of the banks, when you\u2019ve got Barney Frank and Ted Kennedy and Bill Clinton and Chris Dodd and Janet Reno threatening these banks to make loans to people that they couldn\u2019t pay back. So the banks are dealing in worthless paper. They have to come up with ways to make the worthless worth something. <\/p>\n

So they create all these new derivatives, credit default swaps, package these mortgages and securities; sell them and sell them; as long as the boom is going great and everybody seems to be making money. It seems to be going fine. And everybody was making a mistake at the same time, because basic foundational principles were being ignored. You cannot loan money to people that can\u2019t pay it back and survive, as the lender. At some point, if you pass off your horrible business experience of loaning lots of people money that they can never pay back — if you pass it up to somebody else down the line and they pass it off — at some point it\u2019s going to come due, and it has. The debate most clearly is about what is the best way to provide prosperity for the greatest number of people in the world. And you can go around the world, folks, and you can find the unequal distribution of capitalism as the number one reason why people remain poor.<\/p>\n

Here\u2019s the problem that always results — and I have mentioned this on several occasions. When capitalism screws up, or when the case has been persuasively made that capitalism screws up (such as these banks) you get more government. You get more government to fix it! Everybody looks to the government to, ‘Make it fair, Mr. Limbaugh,\u2019 but then when government screws up, you don\u2019t get more capitalism. When government screws up, you get more government. When the Great Society doesn\u2019t work, when it doesn\u2019t eradicate poverty, you get more poverty programs that don\u2019t work. So we\u2019re kind of screwed here. Philip Klein in American Spectator asked a question I\u2019m going to paraphrase here. Ask yourself: Who do you want essentially running the economics of the United States in this hemisphere, Marx, Lenin, Stalin or would you rather take your chances with some American CEOs? I know how I would answer that, but right now Obama\u2019s ruling that out. <\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: Barack Obama was in Mexico, a brief visit yesterday, on his way to the Summit of the Americas. And he published an op-ed in a lot of newspapers down there, and it\u2019s almost like the teleprompter wrote the op-ed. Here\u2019s an excerpt. ‘Too often, the United States has not sought or maintained relations with […]<\/p>\n","protected":false},"author":25,"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":"\nPresident Obama Apologizes for America's "Runaway Capitalism" - 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\/05\/19\/president_obama_apologizes_for_america_s_runaway_capitalism\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"President Obama Apologizes for America's "Runaway Capitalism" - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: Barack Obama was in Mexico, a brief visit yesterday, on his way to the Summit of the Americas. 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