{"id":36120,"date":"2010-08-12T01:01:01","date_gmt":"2011-05-19T00:40:29","guid":{"rendered":""},"modified":"2011-05-19T00:40:29","modified_gmt":"2011-05-19T00:40:29","slug":"barack_h_for_hoover_obama","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2010\/08\/12\/barack_h_for_hoover_obama\/","title":{"rendered":"Barack H. (for Hoover) Obama"},"content":{"rendered":"
\n

RUSH: Screw this Hussein business. It\u2019s Barack ‘Hoover\u2019 Obama. Look at this, folks. Look at the jobs numbers out here. New applications for unemployment insurance rose last week to their highest level in almost six months. It was just yesterday that Barack ‘Hoover\u2019 Obama told us that the worst was over, that we had turned a corner. It\u2019s like the fourth or fifth time he told us that the worst was behind us. This is a gobsmacked AP: ‘The employment picture is looking bleaker as applications for jobless benefits rose last week to the highest level in almost six months. It\u2019s a sign\u2019 ahem, a little indication, a hint ‘that hiring is weak and employers are still cutting their staffs.\u2019 Really? What\u2019s the first clue? Unemployment claims rise and the AP says it\u2019s a sign employers are still cutting their staffs. Really? The sun came up this morning. That\u2019s a sign that dawn happened. These people at the Associated Press are masters at figuring out cause and effect. <\/p>\n

The Labor Department says, ‘First-time claims for jobless benefits edged up by 2,000 to a seasonally adjusted 484,000. Analysts had expected a drop.\u2019 Meanwhile, Obama\u2019s off to Martha\u2019s Vineyard for a couple days to pal around with Skip Gates.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Barack ‘Hoover\u2019 Obama\u2019s Summer of Recovery continues, backed up by the Vice President Joe Bite Me, who actually labeled it the Summer of Recovery. By the way, I checked. Obama has 12,386,642 people signed up on his Facebook page, but, of course, he\u2019s giving away the store! Obama is giving away the country. No wonder he\u2019s got 12 million suckers. And, of course, it\u2019s just a front for his campaign, where you are expected to buy things, while he creates the illusion that he\u2019s giving you things. And everything has the Obama logo on it, and now here in the Summer of Recovery, Barack ‘Hoover\u2019 Obama\u2019s Summer of Recovery, is a new way to look at his logo — that circle logo thing? It looks like the red, white, and blue going right down a drain. You check it out, check out his logo, and looks like you can see it. It looks like red, white, and blue encircling the drain, going down the drain.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: ‘Is This Finally the Economic Collapse?\u2019 Fortune magazine, Keith McCullough. It\u2019s depressing, folks. All the financial wizards are saying the Fed\u2019s outta bullets, bought up some more debt, didn\u2019t inspire any confidence. For all Obama has done, there\u2019s still this great unknown. Businesses have no clue yet what the tax structure is going to be come January. All this talk about extending the Bush tax cuts or sun-setting them for some if not everybody or keeping them for the rich but letting them continue for everybody else, nobody knows. People are still trying to get their arms around health care costs, business-wise, what\u2019s that going to do. You can look to the Federal Reserve and monetary policy or you can look to the regime to try to get all these positive stories which they\u2019re really not known for. But until there is some certitude to what the future holds, and most people think they know it\u2019s not good, you\u2019re not going to have expansion, you\u2019re not going to have private sector growth. And the more this goes on, the more you start to have to conclude that some of this has to be purposeful. Nobody in their right mind would continue failing programs like this unless they had some other agenda. <\/p>\n

I remember January 16th of 2009 is when I first said, ‘I hope he fails.\u2019 What I meant by that, I hope he fails getting health care implemented. I hope he fails with his massive stimulus plan. I hope he fails implementing socialist liberal policies. In that sense he\u2019s not failed. He\u2019s gotten what he wanted. What\u2019s happened is the country is failing as a result, which is what I knew would happen, which is what I feared would happen. And now here we are with Fortune magazine: ‘The Great Depression. Wall Street in 1987. Japan in 1997. Points of economic collapse are generally crystal clear in the rear-view mirror. Professional politicians in Japan have been telling stories for 20 years as to why they can prevent economic stagnation. In the US, the storytelling started in 2007. All the while, stock market and real-estate prices have repeatedly rallied to lower-highs, then collapsed again, to lower-lows. Despite the many differences between Japan and the US, there is one similarity that continues to matter most in the risk management model my colleagues and I use at Hedgeye, our research firm — debt as a percentage of GDP. Now that the US can\u2019t cut interest rates any lower, the only option left on the table is what the Fed just announced it would start doing — buying Treasury debt. And that could lead the country to the brink of collapse,\u2019 because that\u2019s the end of the bullets. <\/p>\n

‘According to economists Carmen Reinhart and Ken Rogoff, whose views we share, crossing the 90% debt\/GDP threshold is the equivalent of crossing the proverbial Rubicon of economic growth. It\u2019s a point from which it\u2019s almost impossible to return. … Markets trade on expectations. Yesterday\u2019s zig-zag in the S&amp;P 500 was unlike most sleepy August trading days in America. That\u2019s because the ‘government is good\u2019 crowd leaked word that this second round of ‘quantitative easing,\u2019 known as QE2, was coming, and that Ben Bernanke was going to respond to our buy-and-hope begging.\u2019 And that\u2019s buying up Treasuries and mortgage debt and so on and so on. So now what? ‘With 40.8 million Americans on food stamps (record high) and 45% of the unemployed having been seeking employment for 27 weeks or more (record high), what\u2019s left if (or when) QE2 doesn\u2019t kick-start GDP growth.\u2019<\/p>\n

Folks, there\u2019s nothing out there that\u2019s gonna kick-start GDP growth. What this buying of Treasury bills, buying up debt is supposed to inspire Wall Street and others to go borrow themselves, that the debt\u2019s being purchased, it\u2019s being guaranteed, nothing better than US Treasuries. But it isn\u2019t working. And the reason it isn\u2019t working and the reason it won\u2019t work is because of what I just talked about, the uncertainties that start in 2011. Right now we know what some certainties are. Right now, if things don\u2019t change, a massive tax increase hits, because some tax cuts sunset. People want to argue about the terminology: ‘No, Rush, it\u2019s not a tax increase, they\u2019re just ending some tax –‘ the practical effect is less disposable income in the private sector. I don\u2019t care what you call it, tax increase, tax cut, whatever you want to call it, January 2011 there is going to be less money in the private sector, more money is going to going to government. There\u2019s a story in the stack today, a bunch of economists have come out and said we cannot extend tax cuts for the rich, we just can\u2019t do it. So I read further into the story for why, why can\u2019t we extend tax cuts for the rich? You know why? Because it will cost the Treasury $36 billion a year. <\/p>\n

Now, stop and think about this. It will cost the Treasury $36 billion a year. And that\u2019s why we cannot extend tax cuts for the rich. So they\u2019re saying we need that $36 billion taken away from the millionaires and the well-to-do and we need to put that in control of the government. Now, how does that help us? The government just spent $26 billion that it doesn\u2019t have to shore up the pensions and retirement funds and health care of teachers, on top of a trillion-dollar Porkulus bill a couple years ago, year and a half ago. And yet keeping $36 billion in the private sector, we can\u2019t have that. That will destroy the country because the government\u2019s not going to get its hands on that $36 billion? Everything\u2019s out of whack here. We\u2019ve already robbed the private sector. This regime has already waged war on the private sector, has already depleted the amount of capital in the private sector. There will be no GDP growth whatsoever if the only growth is in government, \u2019cause they don\u2019t make anything. All they do is redistribute and destroy wealth. They do not create wealth. Well, even that\u2019s not so much true anymore. I mean if you work in the right places in government you will get rich. But it\u2019s not moral, and it\u2019s not just. <\/p>\n

Stop and think of this, though. There is an activist move to prevent these tax cuts from continuing, because it\u2019ll cost the precious government $36 billion. (gasping) The government, why we can\u2019t have that, the government will be starved $36 billion, and they\u2019re positioning it by saying, ‘Yeah, yeah, well, it\u2019s either that or leave that money in the hands of millionaires.\u2019 We\u2019re supposed to think, ‘Millionaires, ooh, yuk, yeah, we hate millionaires.\u2019 Well, given where we are right now, who would you rather have that money, the wealthy, who are gonna spend it in the private sector, called stimulus, maybe hire people. Whatever they do with it, even if they bank it, it\u2019s gonna employ people. Or would you have that money in the hands of people who are already making this country worthless, whose policies are already causing greater harm and more damage? <\/p>\n

Back to this piece in Fortune magazine: ‘Before the Fiat Fools — Hedgeye\u2019s name for political actors and bankers who have placed their hopes of economic recovery in printing endless supplies of new cash — run out campaigning for QE3, maybe they should analyze some real time market results to yesterday\u2019s announcement of QE2,\u2019 which is buying up the debt and take a look at what happened to the stock market: It didn\u2019t work. Normally the market opens down; by noon it starts to tick back up. It didn\u2019t. It continued to fall, finishing down 265 or something yesterday. Today it\u2019s also down. So what Bernanke did yesterday did not work. They\u2019re running out of bullets. The evidence, I think, is pretty clear. After a year and a half of stimulus here and bailout there and stimulus over there, can we conclude it doesn\u2019t work? We\u2019ve been told how many times we\u2019re back from the brink; we\u2019ve been told how many times it would have been much worse if we hadn\u2019t done what we\u2019re doing. How can it get any worse? It has gotten worse ever since this regime assumed office. <\/p>\n

Now, we\u2019re coming up on two years, and this regime is going to continue to try to blame Bush. That\u2019s the only option they have left. And yet, on the ground, reality is that their way of stimulating, growing economic activity does not work. We don\u2019t even need to rely just on these 18 months. There is enough world history to show that command-and-control economies do not grow. They do not expand. They don\u2019t create private sector jobs. All the government can do is confiscate wealth, take wealth, steal it, whatever you want to call it, tax it, and redistribute it, in the process destroying it. They destroy not only wealth, but they damage the opportunity for wealth creation on the part of the vast majority of American people. There\u2019s just no other way to look at this. Thirty-six billion dollars, no, we can\u2019t let that stand in the hands of millionaires, they\u2019re the ones that got us in the problem in the first place. Right. <\/p>\n

The American people, I don\u2019t care how much they have, the American people with money in their pocket, that\u2019s what Obama wants you to believe is the cause of where we are. If they want to tell you that Bush economic policies put us where we are then what they\u2019re telling you is, you keeping more of what you earn led us to this precipice, because you keeping more of what you earn starved the precious beast of government. And yet it didn\u2019t, did it? The precious beast of government is eating and eating and eating, whether we have tax increases or tax cuts, guess what happens? They\u2019re just printing money that they don\u2019t have, borrowing money that we don\u2019t have. Government\u2019s not starving. No matter what tax policy is, government is not starving, especially not under this crowd. This government is drunk. They stopped eating long ago. Now they\u2019re drinking it all. <\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Remember, my friends, the rich are not all millionaires, especially as this regime defines them. This regime defines the rich as any of you making $200,000 a year or more, and in some cases you can earn less than that and be called rich for their purposes. Yet they use the word ‘millionaires\u2019 in this story: let the nation\u2019s millionaires hold onto this $36 billion. The more accurate question would be, do we want to leave that $36 billion in the hands of America\u2019s small business? But even at that, even if you don\u2019t look at it that way, where have we gotten to the point that all money has to go to government first and then government sends it out to where it needs go? That\u2019s a crock. Eric Cantor the other day, paraphrasing, said, ‘We\u2019re going to have to decide whether the private sector exists simply to support the government or whether the government exists to support private sector.\u2019 <\/p>\n

Can you believe we\u2019re even asking this question? Yes, I can. ‘Cause I knew this is who we were electing. United States of America, we gotta ask ourselves a question: What\u2019s the purpose of the private sector, to support government? And, yes, it is. That\u2019s the answer if you\u2019re a Democrat today. If you\u2019re an American liberal, a leftist, or what have you, the private sector is the golden goose that they\u2019re killing to support them, bunch of lazy idiots. Many of them don\u2019t want to really work. Nonprofits, siphon contributions as their salaries and so forth and think of themselves as good people, charitable people. I mean these people are rapists in terms of finance and economy. The financial sector, the private sector of this country is being raped, is the way to look at this, plundered, whatever. <\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: Screw this Hussein business. It\u2019s Barack ‘Hoover\u2019 Obama. Look at this, folks. Look at the jobs numbers out here. New applications for unemployment insurance rose last week to their highest level in almost six months. It was just yesterday that Barack ‘Hoover\u2019 Obama told us that the worst was over, that we had turned […]<\/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":"\nBarack H. (for Hoover) Obama - 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\/08\/12\/barack_h_for_hoover_obama\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"Barack H. (for Hoover) Obama - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: Screw this Hussein business. It\u2019s Barack ‘Hoover\u2019 Obama. Look at this, folks. Look at the jobs numbers out here. New applications for unemployment insurance rose last week to their highest level in almost six months. 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