{"id":35239,"date":"2011-05-19T01:05:28","date_gmt":"2011-05-19T01:05:28","guid":{"rendered":""},"modified":"2011-05-19T01:05:28","modified_gmt":"2011-05-19T01:05:28","slug":"geithner_promises_elegant_funeral_for_wall_street_firms","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2011\/05\/19\/geithner_promises_elegant_funeral_for_wall_street_firms\/","title":{"rendered":"Geithner Promises “Elegant Funeral” for Wall Street Firms"},"content":{"rendered":"
\n

RUSH: This is this morning on Joe Scarborough\u2019s show on Mess NBC. The Treasury secretary, Tim Geithner, was the guest, and the cohostette, Mika Brzezinski, asked Geithner, ‘Is ‘too big to fail\u2019 actually really being prevented here? I mean, you got the system set up and some of these proposals that provide this orderly wind-down for firms that they do. Why not just break \u2019em up so they\u2019re not so big, so they don\u2019t fail and collapse?\u2019<\/p>\n

GEITHNER: Good bill, tough bill with teeth. It constrains risk taking so these guys can\u2019t take on this huge risk which (unintelligible) going to leverage, uh, imperil the system again. But if they do, we get to put them out of their misery, unwind them, you know, organize the elegant funeral for them.<\/p>\n

RUSH: That is your regime speaking about the American private sector. Well, it\u2019s a good bill, tough bill, with teeth, constrains risk-taking. These guys can\u2019t take on this huge risk with leverage, imperil the system again. But if they do we get to put them out of their misery, we get to unwind them, you know, organize the elegant funeral for them. And he sounded diabolically happy, this little egghead of a Treasury secretary. I got a note: ‘Rush, would this financial regulatory reform be this harsh, would the regime want this much control if the Supreme Court had not ruled that corporations could, despite McCain-Feingold, contribute to political campaigns?\u2019 It\u2019s an interesting question. I don\u2019t think it would change the degree to which Obama wants to control things. I do think it might have an impact on how fast he\u2019s trying to get it done. I thought in the big scheme of things, cap and trade and then immigration — and I thought they\u2019d get to this at some point — but all of this was proposed before the ruling. Dodd came up with this bill, all of this was proposed before the ruling. Now, the intensity with which they want this done I think is a direct result of the Supreme Court ruling. <\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Odessa, Florida. This is Tom. I\u2019m glad you waited, sir. Welcome to the program.<\/p>\n

CALLER: Thanks, Rush. I\u2019m a busy banking executive down here in Florida and third-time caller and I\u2019m going for my hat trick. You\u2019ve agreed with me in the past.<\/p>\n

RUSH: Okay, cool.<\/p>\n

CALLER: You state that the government is at the cause of the banking crisis, and as a proof of that there\u2019s one very simple question that proves it, and that is: How could any of this banking crisis have occurred if Fannie and Freddie did not exist to begin with?<\/p>\n

RUSH: Explain that.<\/p>\n

CALLER: Well, they are governmental agencies that buy mortgages from on the banking system, and it\u2019s government guaranteed. What happened, actually, is that they changed the conforming rules for the purchase of mortgages over time by reducing credit equality — i.e., buying subprimes.<\/p>\n

RUSH: Yeah.<\/p>\n

CALLER: And also by changing the information requirements — i.e., not requiring income verification —<\/p>\n

RUSH: Right.<\/p>\n

CALLER: — and that\u2019s what caused all these mortgages to be sucked up by Fannie and Freddie from the banking system. And if the banks didn\u2019t issue conforming loans, then they\u2019re held under contempt under the CRA, the Community Reinvestment Act for not doing mortgages that are conforming to the system.<\/p>\n

RUSH: Let me see if I understand. I\u2019ve got 30 secondsIf Fannie and Freddie didn\u2019t exist, these banks would not be able to hold onto these worthless mortgages. They wouldn\u2019t be able to off-load them, so they\u2019d never make them in the first place?<\/p>\n

CALLER: And they would have never issued them to begin with.<\/p>\n

RUSH: Okay. That\u2019s exactly it. Okay, once I\u2019m told something it\u2019s ‘indwelled\u2019 in my brain forever.<\/p>\n

CALLER: And then they were assembled and then they went to Wall Street and did all the slicing and dicing and the CDOs and the derivatives to hedge and all that. But none of it could have happened if those loans weren\u2019t purchased by Fannie and Freddie to begin with which couldn\u2019t have happened if Fannie and Freddie didn\u2019t exist to begin with.<\/p>\n

RUSH: Amen. Can\u2019t make it any simpler than that.<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: This is this morning on Joe Scarborough\u2019s show on Mess NBC. The Treasury secretary, Tim Geithner, was the guest, and the cohostette, Mika Brzezinski, asked Geithner, ‘Is ‘too big to fail\u2019 actually really being prevented here? I mean, you got the system set up and some of these proposals that provide this orderly wind-down […]<\/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":"\nGeithner Promises "Elegant Funeral" for Wall Street Firms - 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\/geithner_promises_elegant_funeral_for_wall_street_firms\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"Geithner Promises "Elegant Funeral" for Wall Street Firms - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: This is this morning on Joe Scarborough\u2019s show on Mess NBC. 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