RUSH: Frank in Charleston, South Carolina, welcome to the EIB Network.
CALLER: Hello, Rush. I’m a first-time caller. I’m not a trained articulate broadcaster, so please bear with me.
RUSH: All right.
CALLER: Okay. Rush, my call is regarding the SEIU’s plot or plan for Mr. Lerner to get mortgage holders to withhold 10% of their mortgages.
CALLER: Is this part of a bigger plan or plot, and how can we know if it is not investigated and the media will not report on it?
RUSH: Well, now, one thing — and I say this with some suspicion and doubt myself — is that Lerner is not a member of the SEIU anymore. The story is Stephen Lerner was tossed out of there. So the reason that that’s being made public is so everybody does not associate this theory or this strategy with the SEIU, that this guy is a lone wolf, so to speak. Now, your question: Could it work? That’s what everybody’s been asking me. Could a strategy designed to bring down Wall Street — to destroy the wealth of individuals there, to destroy the banking business for the effective purpose of taking $17 trillion they have and redistributing it back to people that this Lerner guy thinks have had it stolen from them — could it work?
You might say that this was tried in 2008. Do we really know what precipitated it? We have the subprime mortgage crisis, and what was that? The subprime mortgage crisis, if I may be blunt and honest, was a series of government directives to lending institutions demanding that they loan money to people who could not pay it back — under the guise of affordable housing, fairness, making things equal in the country or what have you. But if you are going to use the power of the government to tell banks, “You’ve gotta give these people money essentially; they’re not gonna be able to pay it back,” what are you doing to them? Are you not launching an assault on them as is?
Now, the thing that the left never considers is the dynamic aspect of what they do, or the dynamic aspect of the economy. They look at everything statically. They see a tax increase on the rich. “Oh, that’s gonna generate X numbers of dollars!” They don’t factor what the rich will do to avoid paying it. So they slap these demands on lenders and banks. “You’re gonna make loans to people that can’t afford it.” Well, what are the banks gonna do? They’re gonna try to figure out a way to get that money back somehow or shift and pass the loss down the line to somebody else, which is what happened in the form of new financial products called “derivatives” and “collateralized debt obligations” and all this other gobbledygook terminology that we heard, and where did it lead?
Well, it led in 2008 to a financial crisis that we were told could collapse the world financial system if we didn’t bail out the banks with TARP in 24 hours. So you ask yourself: Has it been tried, maybe, on a much more sophisticated level than this renegade SEIU guy, Stephen Lerner? You need to ask George Soros. If there’s a guy who would love to see this happen, it would be George Soros. Let’s find him. Could George Soros do it? He brought down the British pound. Could it happen? Could this Lerner guy actually pull this off? Could he succeed in getting enough people to just stop paying on their mortgages?
His theory is: “Just stop paying. There’s such a backlog of foreclosures, you’re gonna be in your house for at least a year and not paying for it — and that’s gonna take wealth away from this system.” See, his whole theory is about debt. Debt has been defined and manufactured — the rates of the debt, the percentages are set by the lenders — and that is how the lenders have gotten rich, by separating the middle class from its hard-earned money by making everything meaningful to them so expensive they have to borrow money to get it, from a house to a car to a college education. And that depletes them of disposable income. So their standard of living never rises, and these people are gonna have to pay.
So we need to get this money back that debt has robbed everybody of and redistribute it. Does he have any allies in the White House? He’s a former SEIU guy. We know he has allies on the left. We know this is Cloward-Piven. They just want to create total chaos. They want the system to collapse, implode upon itself. As to whether or not this guy could actually pull it off and convince enough people to do this, who knows? The interesting thing to me is that there are a lot of people probably sympathetic to this who would love to bring this about. There are people that hate this country as it’s constituted. There are people that despise capitalism.
There are people who are totally comfortable, totally willing to believe that they’d be as rich as anybody if it hadn’t been stolen from them. Not that they didn’t have the ability to earn it, not that they didn’t work hard enough or what have you. So I don’t live in fear of this particular incident, but I am very much aware that there are kook fringe leftists who want to destroy this country as it exists. I don’t know how many of them are in the White House. That’s what really bothers me. Guys like Lerner, when you learn of the plan, it’s gonna be like the Road Runner and Coyote. It’s the people inside the White House trying to pull off something like this that we don’t know about, that, frankly, if they exist, worry me more.
*Note: Links to content outside RushLimbaugh.com usually become inactive over time.