{"id":6517,"date":"2015-04-23T18:08:34","date_gmt":"2015-04-23T18:08:34","guid":{"rendered":""},"modified":"2015-04-23T18:08:34","modified_gmt":"2015-04-23T18:08:34","slug":"whitewater_explainer_for_millennials","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2015\/04\/23\/whitewater_explainer_for_millennials\/","title":{"rendered":"Whitewater Explainer for Millennials"},"content":{"rendered":"

\"Listen<\/a><\/p>\n

RUSH: For you younger listeners, those of you who are Millennials, and others of you who were alive and paying attention during Whitewater but still are not sure what it really was, would you like for me to tell you in one paragraph what it was? You really want to know what Whitewater was? It\u2019s real simple, and it\u2019s real slimy. <\/p>\n

Whitewater, the Clintons\u2019 Whitewater scam with Jim McDougal and his wife, Susan, he was the money guy. The Clintons didn\u2019t have any money. It was a real estate scam where they bought development property, resort type property near bodies of water and so forth, Whitewater, in Arkansas. They built homes, they bought lots, and what they did, they aimed this development at seasoned citizens. It was not an old folks\u2019 home. It was single-family homes that seasoned citizens, wealthy, moderately wealthy retirees could buy and live in, single family dwellings. <\/p>\n

The Clintons would cheat the seniors out of their down payments. If the buyer missed one mortgage payment, the Clintons repossessed the property and resold it, and they did this over and over and over. It was a scam designed to sell property to people who couldn\u2019t afford it. They got the down payment from them, and then, you know, of course when something\u2019s financed, the finance company gives you the payment, and the person living in it makes monthly payments. So you sell a house, you get the money for it, from the bank or wherever. The person with the mortgage pays the bank back. <\/line><\/p>\n

Well, the Clintons got the money, the McDougals got the money from whoever was financing it, and if these retirees missed — it was in the document — if you missed one mortgage payment, the thing was repossessed. They did this and they kept flipping these properties over and over. I mean, it was targeted to the seasoned citizen population. It was not just limited to them, but the people that ended up getting approval to buy property were people who it was suspected might not be able to make a payment at some point. And when they missed one, the Whitewater Development Corporation swept in there and repossessed the property and kicked out the old folks and resold the property. That\u2019s essentially what Whitewater was. <\/p>\n

Now, it took the New York Times, gosh, how many days and reams of paper and words to explain it all. But if you\u2019re like me, and you can make the complex understandable, that\u2019s essentially what it was. In other words, the Clintons were the original predatory lenders. The Clintons were the ones that showed the subprime guys how it\u2019s done. You qualify people who aren\u2019t qualified, you take advantage of when they can\u2019t pay, you repossess, and you resell it. The subprime was obviously a little different than that, but that\u2019s what Whitewater was. It was a get rich quick scheme. <\/p>\n

It was designed to sell again and again properties over and over. Not sell a bunch of properties, just sell a few and flip \u2019em. Predatory lending. And the Clintons, “That\u2019s what everybody else did.” There weren\u2019t any legitimately wealthy people. Everybody cheated people. I mean, hell, that\u2019s what liberals think anyway. They don\u2019t need to resent rich people on the come. They do anyway. They don\u2019t believe that wealth is legitimate unless it\u2019s inherited, like the Kennedys. <\/line><\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Let me give you another explanation of what Whitewater was. It is actually a better one than the one I gave you. It comes from, interestingly enough, Peter Schweizer and his book. What\u2019s the title of his book? Do as I Say (Not as I Do)<\/a>. It\u2019s page 108, 109. The Schweizer book, Do as I Say (Not as I Do), was not a hit piece on the Clintons per se. It was a book that chronicled the hypocrisy of a whole bunch of liberal politicians and public figures. <\/line><\/p>\n

It contained data, information on the Clintons, but if you remember, it hit a lot of people. Here\u2019s what Schweizer wrote about Whitewater: “When customers wanted to buy a lot, they signed a simple purchase agreement, but this was no ordinary real estate contract. The small proton at the bottom read, ‘In the event the default continues for 30 days … payments made by the purchaser shall be considered as rent for the use of the premises.\u2019 <\/p>\n

“In other words, the buyers did not actually take ownership of their property until the final payment was made. If a buyer missed just one monthly payment, all of their previous payments would be classified as rent and they would have no equity in the land at all.” That\u2019s what Whitewater was. Miss one payment and it doesn\u2019t matter how much you\u2019ve paid prior. You lose your equity; you\u2019re automatically reclassified as a renter. <\/p>\n

Guess where the equity went? Guess where it ended up being transferred to? Well, the people at Whitewater that ran it! That would be the McDougals and the Clintons. So you ended up losing all your equity. You became a renter if you missed just one payment. That\u2019s the fine print in the clause I just read to you, and in some cases they had foreclosures. They could repossess if you missed a payment, and then they\u2019d just sell it and flip it again. <\/p>\n

That\u2019s what Whitewater was. <\/p>\n

It was a screw job. <\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: For you younger listeners, those of you who are Millennials, and others of you who were alive and paying attention during Whitewater but still are not sure what it really was, would you like for me to tell you in one paragraph what it was? You really want to know what Whitewater was? It\u2019s […]<\/p>\n","protected":false},"author":14,"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":"\nWhitewater Explainer for Millennials - 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:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2015\/04\/23\/whitewater_explainer_for_millennials\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"Whitewater Explainer for Millennials - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: For you younger listeners, those of you who are Millennials, and others of you who were alive and paying attention during Whitewater but still are not sure what it really was, would you like for me to tell you in one paragraph what it was? 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