{"id":35262,"date":"2010-04-27T01:01:01","date_gmt":"2011-05-19T01:05:21","guid":{"rendered":""},"modified":"2011-05-19T01:05:21","modified_gmt":"2011-05-19T01:05:21","slug":"soros_schumer_and_shorting","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2010\/04\/27\/soros_schumer_and_shorting\/","title":{"rendered":"Soros, Schumer, and Shorting"},"content":{"rendered":"
\n

RUSH: Walt in Glendale, Arizona, it\u2019s great to have you on the program. Hi.<\/p>\n

CALLER: Mega dittos, Rush.<\/p>\n

RUSH: Thank you.<\/p>\n

CALLER: It\u2019s interesting that today they\u2019re going after Goldman Sachs and they\u2019re slapping them around, but a year ago in March they sold IndyMac bank to who else but George Soros and John Paulson along with a couple of other people.<\/p>\n

RUSH: Yes. You know, I\u2019m glad you brought this up because that\u2019s the thing. Remember who got that ball rolling.<\/p>\n

CALLER: Yes, Chuck Schumer.<\/p>\n

RUSH: Chuck-U Schumer who goes public with how IndyMac is not solvent, it\u2019s a big problem. He created a run on the bank. Guess who gets in there and buys it? You\u2019re exactly right: George Soros and John Paulson, who is also the hedge fund guy who made the billion dollars here shorting the collateralized debt obligations of Goldman.<\/p>\n

CALLER: And it was a private sale, too, not a stock sale. There are no stockholders, and in the first nine months, they made $1.6 billion — and if you figure that, that\u2019s about a million dollars an hour.<\/p>\n

RUSH: Yeah.<\/p>\n

CALLER: So I\u2019m getting slapped around a little bit, I\u2019ll take a million dollars an hour.<\/p>\n

RUSH: Well, thing about this, too, is that we\u2019re always told the Republicans all this insider trading stuff, profiting here — and look who\u2019s involved in all this. George Soros is by no means a Republican, and I don\u2019t know about Paulson, but I don\u2019t think he cares. We know that Obama is not. This is corporate cronyism — and that may not be an apt description of what all\u2019s going on here.<\/p>\n

CALLER: If you look at the other people that bought it, one guy had 17 years at Goldman Sachs and went out and started his own management fund and the other one had 20 years at Goldman Sachs. The problem is these people to me — I\u2019m an Ayn Rand capitalist — aren\u2019t producing something. But I still think Wall Street they provide a real service. It\u2019s a marketplace. As long as the marketplace is a fair marketplace then it helps the economy completely. I hate this thing about ‘Wall Street versus Main Street\u2019 because Wall Street is really important in our overall economic strength. It\u2019s when someone has an advantage — and usually the government provides that — that\u2019s where it\u2019s unfair, and that\u2019s where it\u2019s not capitalism. I don\u2019t even want to call it ‘crony capitalism.\u2019 It\u2019s fraud, basically.<\/p>\n

RUSH: Well, okay. I get your point. I get your point on that. What it is is class warfare is what\u2019s happening here.<\/p>\n

CALLER: Oh, yeah.<\/p>\n

RUSH: It\u2019s a class warfare strategy which does nothing more than advance liberalism.<\/p>\n

CALLER: But, Rush, where are the reporters? This is a Pulitzer Prize. Here you have George Soros. You were talking about the British thing. That was September 6, 2002, when he made $1.1 billion in one day. It was the biggest profit on the Forex exchange ever and that was the day — it\u2019s called ‘Black Wednesday\u2019 in Britain because that\u2019s the day — the British pound died and he basically took $10 billion and shorted the pound because it was weak and he knew it was weak and that\u2019s what you do if you want to make a lot of money. He knew that the British government was not going to put up the money to change that, and I don\u2019t think they realized they had someone out there that could do this. Along with him, with other people, too, when he started is to short it. But he made $1.1 billion in one day just shorting the pound.<\/p>\n

RUSH: Well, what was your question about that? You said where is who on that?<\/p>\n

CALLER: Where are the reporters?<\/p>\n

RUSH: Ahhh!<\/p>\n

CALLER: Just think about it, Rush. If you connected the dots here —<\/p>\n

RUSH: (groans)<\/p>\n

CALLER: — just on IndyMac, it\u2019s a great story. It\u2019s an interesting story. Why can\u2019t they? You know, you take the Democrats, and they\u2019re making this money with IndyMac.<\/p>\n

RUSH: That\u2019s like asking, ‘Why doesn\u2019t Satan tell us the truth about hell?\u2019<\/p>\n

CALLER: Yeah. (laughing)<\/p>\n

RUSH: It\u2019s not going to happen.<\/p>\n

CALLER: Well, I have a reporter from the Times who\u2019s been following this because I was an IndyMac customer. In fact, after Chuck Schumer wrote that letter on a Thursday my mortgage was due and I went to the bank the following Monday after the FDIC had taken it over. There was a line around the block with people taking their money out, and I was putting money in. These people at IndyMac were shocked. They didn\u2019t understand what had happened. They said, ‘Why are we being picked out for this?\u2019 because at that point they felt they were just a good bank. And, you know, there was —<\/p>\n

RUSH: I\u2019m sure Angelo Mozilo is trying to figure out, ‘What the hell happened here?\u2019<\/p>\n

CALLER: Yeah. (laughing)<\/p>\n

RUSH: ‘I gave Dodd his favorable mortgage. I gave all these guys low-rate mortgages and look at me! I\u2019m outta work and I\u2019m destroyed. What happened to me?\u2019<\/p>\n

CALLER: Yeah. Another thing, I have a friend who is in the bank, and I\u2019m in the construction business, and we can\u2019t get loans here, and I asked him, ‘What about construction loans?\u2019 and they said, ‘Oh, we stopped giving those a long time ago.\u2019 So the question is: How can you make $1.6 billion in nine months without giving loans to people? There\u2019s another story in there. I\u2019ve just heard some rumors on how this deal went through with the FDIC, but still it\u2019s hard to believe that you took a bank that Chuck Schumer killed and that you somehow can make $1.6 billion in the first nine months.<\/p>\n

RUSH: Right.<\/p>\n

CALLER: I mean, how does that happen?<\/p>\n

RUSH: Well, it\u2019s not too hard to do when the SEC investigators are watching porno movies on the Internet in their offices.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Salt Lake City, John, welcome, sir, to the EIB Network. It\u2019s nice to have you with us.<\/p>\n

CALLER: Thank you, Rush. I appreciate you taking my call.<\/p>\n

RUSH: You bet.<\/p>\n

CALLER: Hey just one thing I noticed with this TARP thing and the things that were going on. A good friend of ours, he was an entrepreneur, had great credit, and he had just under a hundred thousand in the bank to make payments on the line of credit that he bought some land he was going to develop it and so forth. Coincidental with TARP, the bank used its 30-day call privilege, which I guess most lines of credit have. So they called the 30-day call and said, ‘We need to have this money.\u2019 So basically what ended up happening is they tried to negotiate but the bank declared it ‘uncollectable,\u2019 and then of course foreclosed on the land. I\u2019m just wondering: How many other people out there had their lines of credit killed because TARP came out and they were able to get rid of some of these troubled assets — things that they felt might not be well — and then rather than work with the customers, just — just clean \u2019em out, put them into bankruptcy and then, you know, do whatever they want with that money.<\/p>\n

RUSH: The point is what? The point is that TARP allowed…?<\/p>\n

CALLER: The point is they wouldn\u2019t have foreclosed on the land had the bank had to work with them. But with the government backing the things they can go through their books and say, ‘Well, I don\u2019t think this loan is that great, I\u2019m going to collect and I\u2019m going to make you pull the loan back now.\u2019<\/p>\n

RUSH: Well, this is anecdotal, so I don\u2019t know how widespread this was.<\/p>\n

CALLER: Well, I just felt that a lot of folks… You know, my wife\u2019s in a business that deals with a lot of businesses and we find that a lot of these things were happening. Maybe it was anecdotal but I find it very interesting that because of the bailout and because of those things a lot of entrepreneurs and the smaller businesses got all their lines of credit jacked.<\/p>\n

RUSH: Well, when I say ‘anecdotal,\u2019 I don\u2019t know if this was systematic. I mean, you might be able to tell me 25 or 30 people it happened to, but I don\u2019t know from that that we can extrapolate that this became active bank policy undercover, so to speak. The point here is that the TARP bailout allowed banks to get rid of what they considered some risky stuff and they ended up putting a lot of people in big financial trouble, and had it not been for the TARP bailout, that wouldn\u2019t have happened. So once again, your point is the government steps in ostensibly to help solve a major crisis, and they created one at the same time.<\/p>\n

CALLER: Well, I think so, and that\u2019s exactly what happened to these folks — and, you know, they\u2019re wiped out. And it\u2019s unfortunate for them, and then also these other businesses that were trying to expand or try to get working capital to be able to expand and create jobs, they can\u2019t get the loans to go forward and go.<\/p>\n

RUSH: Well, I know that\u2019s been a problem. When it comes to the loans, most — up until recently and I don\u2019t know if this has changed, most — of what I had heard, most businesses didn\u2019t want to borrow any money. There was no need to. They weren\u2019t growing. I know that it was tough to get them anyway, and the people you\u2019re talking about would have practically been impossible for them to get a loan if they\u2019d had a loan called and they were unable to pay it. It\u2019s an unfortunate circumstance, but this is what happens when you have meddling — when the referee, the regulator, the government, starts playing the game rather than regulating it.<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: Walt in Glendale, Arizona, it\u2019s great to have you on the program. Hi. CALLER: Mega dittos, Rush. RUSH: Thank you. CALLER: It\u2019s interesting that today they\u2019re going after Goldman Sachs and they\u2019re slapping them around, but a year ago in March they sold IndyMac bank to who else but George Soros and John Paulson […]<\/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":"\nSoros, Schumer, and Shorting - 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:\/\/www.rushlimbaugh.com\/daily\/2010\/04\/27\/soros_schumer_and_shorting\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"Soros, Schumer, and Shorting - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: Walt in Glendale, Arizona, it\u2019s great to have you on the program. 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