Cavuto and Coburn on the Bailout

RUSH: The audio sound bites. This is last night. On the Record with Greta Van Susteren, she interviewed Neil Cavuto about the Senate passing this $850 billion bailout. She said, ‘A lot of people are very happy about this, but give us the rundown Neil, is this going to save a lot of things, loosen up the credit, get the money flowing.’

CAVUTO: I use as a proxy just foreign market reaction. The Asian markets are down a little bit, so they were totally unswayed by this. Our futures, our stock futures, which will trade in and out here until we formally open tomorrow morning, down — that is the Dow futures down north of 110 points. So there is a concern here.

RUSH: Whoa. So what he was saying was that the futures market last night, after passage, was down 110 points. There’s some concern here. This was not supposed to happen, and don’t tell me that last night they were worried about the employment numbers coming out this morning. Cavuto then continued with this.

CAVUTO: One of the things that we were told not only by Barney Frank and some of his colleagues is that it will be tough in the House to get some of those who had voted against this, the 95 Democrats in particular, to switch sides now. There was a thought, Greta, you know, that the big sell-off we had on Monday after the House rejected this would have provided sort of a wake-up call to some of those congressmen and women, cover, if you will, that if they were to vote for this the second go-round they could say, ‘Well, I didn’t want you to suffer what you suffered on Monday.’ Now that is not such a sure thing.

RUSH: Exactly my point because — and the Dow did not go down 777 points after the House did not pass this on Monday. It was down 350. It went down basically 422 points roughly. After the House failed to pass it, the Dow went down an additional 422. Today the Dow, after failing to pass last night, after the Senate passes it, the Dow is down hovering around 300. So it doesn’t seem to have mattered. Cavuto then continued here.

CAVUTO: Friday morning it’s voted on, and that’s why they feel that the better part of valor is to rush this thing. Where there’s speed, there’s more likelihood of approval. Where it drags out, less likelihood. So Friday morning, up or down, and these guys are hoping up, but I gotta tell you, Greta, judging from market reaction, it is not a sure thing.

RUSH: I hope our guys are rolling tape on Pelosi. I don’t have time to read the closed-captioning, obviously can’t listen to what she’s saying, but it’s got to be good. I wonder if she’s in the process of once again trying to torpedo the vote — he-he-he — that will take place on Friday. You have to hear Senator Tom Coburn on the Senate floor late yesterday — we have some sound bites here — speaking about the $700 billion bailout.

COBURN: We have a patient with cancer, and they have secondary pneumonia because of the cancer and we’re going to treat the pneumonia. But we’re not going to fix the cancer. We’re gonna ignore the cancer. Let me tell you what the cancer is. The cancer is Congresses for years upon years have totally ignored the Constitution of the United States and taken to us areas where we have no business being. There is no way you can justify in the US Constitution that the country ought to be the source of mortgages for homeowners in this country, and yet Fannie Mae and Freddie Mac control 70% of the mortgages in this country.

RUSH: He then continued.

COBURN: If anybody in America is mad about this situation, there’s only one place they need to direct their anger, and it’s right in the Congress of the United States. What we’re going to do is we’re going to continue to treat the symptoms rather than directly go after the cause that has created the greatest financial risk and peril this country has ever seen. We’re not going after the cause. The cause is get back within the bounds of the Constitution that very specifically says where we have business working and where we don’t. We decided that we would ignore the wisdom of our founders and create systems that are outside the enumerated powers that were given to us because we know better, we know better. We don’t know better, it is obvious.

RUSH: This is Oklahoma Senator Tom Coburn. He finally said this.

COBURN: This body continues to spend more, authorize more, and create bigger and more intrusive government, limiting the power of the great American experiment to in fact supply an increased standard of living. We’re in tough times, but they’re going to get tougher until the American people hold this body accountable to live within the rules set out in a very wise, a very providential way that served this country well. We ignore this book, this Constitution at our peril, we are reaping exactly what we have sown.

RUSH: He’s dead-on about this and I would add to it here that what he recites is exactly what the American left wants. They want the Constitution shredded. They want government in charge of as much as possible. This is not an accident that this willful disregard for the Constitution by people sworn to uphold it, it is not a coincidence this is happening.