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RUSH: I want to give you an interpretation of this. Chuck Schumer (imitating Schumer) ‘Oh, the lowly mortgage, who would have ever thought that the lowly mortgage has brought us to the brink of financial ruin?’ Now, obviously the lowly mortgage didn’t do this. People did. But what does it sound like? Keep in mind who Chuck Schumer is, liberal Democrat. You know how you could also interpret that? This is the problem with people owning things. This is the problem with people having property. Who would have ever thought that the great right to private property would have brought us to the brink of financial collapse? The only way we can fix this is for the government to own everything. Don’t laugh, Snerdley, and don’t act like I’m a nut because they already are going to own the mortgage business, full-fledged ownership of the mortgage business. (interruption) I know it’s not the mortgages that are problematic. I’m telling you, it’s just like the mortgages got together and decided — because they didn’t like the people the way they were bundling the mortgages, the mortgages said, ‘Screw you. I’m going to ruin your financial system.’ The mortgages started sending e-mails and text messages to each other.

Of course it’s absurd, but the lowly mortgage? What is a lowly mortgage? It’s home ownership. So what Chuck-U Schumer is saying, ‘Oh, my God, stand up, mortgage, let ’em see you, mortgage, big hand. Oh, God, oh, God, there aren’t any mortgages, worthless, dead paper. Oh, jeez.’ (rimshot) I’m telling you, Snerdley, I am telling you — (interruption) well, see, that’s the point, that’s the point. You’re not hearing me and it’s your problem, ’cause I’m the ace communicator. Schumer is setting the stage. I don’t think he’s going to get anywhere with this, but it’s an insight into their thinking. The American who owns a home, it’s his number-one largest asset, and here’s Chuck Schumer saying that’s the cause, people owning property. What is a mortgage? A mortgage is simply a tool to say you own the house to get a mortgage interest deduction. You don’t really own it ’til you pay it off. Well, you don’t! Whoever you borrow the money from owns it. Now the federal government owns your house if you went to Freddie Mac, Fannie Mae, or what have you. That’s what this is going to end up as. So Chuck Schumer is saying, ‘See, we knew this all along, we knew Karl Marx was right. We knew that Washington and Adams and Jefferson and these guys were all wrong. We’ve known it all this time, FDR knew it, but it took a couple hundred years, but finally we Democrats have had it demonstrated beyond a shadow of a doubt, owning property is what brings financial crisis and our system to the brink.’

Now, this may be, ladies and gentlemen, in your minds, a rash interpretation. Don’t doubt me on how the liberal mind works. You know they are about control over as much of society as they can get. That’s power. When you hear the Saul Alinsky rules, you hear Obama copying Saul Alinsky, his mentor, you might be thinking, ‘What is Saul Alinsky, Rules for Radicals?’ Very simply, it’s how to take a country socialist. Saul Alinsky was about how to defeat capitalism and capitalists and how to convince a majority of Americans on their own to go socialist. That’s what Saul Alinsky was about. Now, I’m not saying Chuck Schumer is going to propose eliminating home ownership, don’t misunderstand me. I’m saying it’s in their minds. To say something like this? Here, grab the bite. Play it again. I’m not going to put words in his mouth. You listen to this. This is Schumer this morning as part of his opening statement.

SCHUMER: My colleagues and fellow Americans, we live in amazing and dangerous times. Who would have thought that the lowly mortgage, long regarded as the safest of investments, could bring our financial system to its knees. But that is where we are.

RUSH: Now, the mortgage, the lowly mortgage. If you’re having trouble understanding this, let me give you a comparison. The mortgage is today’s SUV. They’re going to wipe it out. It kills people, it’s destroying the planet. The SUV single-handedly bringing about global warming. The lowly mortgage, single-handedly. Well, it was a conspiracy of mortgages. But they got together and they decided to bring the US financial system to its knees. Now, obviously mortgages can’t do this on its own, but you aren’t responsible enough to borrow from the right people, you’re not responsible enough to pay back the loans, they’re shifting the blame here to you, folks. The blame is totally on them. They lent money to people that had no chance of paying it back. They didn’t even ask people what their income was on some of these loans for mortgages, and now they’re going to do a 180. See? You just can’t handle this. You can’t handle life, you can’t handle these serious responsibilities, taking on debt and paying it back in time. We’re just going to have to own your house.

Again, this is not going to be proposed in any legislation any time soon. But remember, in 1996, when I told you, when I first heard the Sierra Club, that first little hint that the SUV was going to be a target and I told you about it, you remember what you thought. You thought I’d gone off the deep end. Even after at that time, eight years of unbridled accuracy, you still doubted me. Don’t doubt me on this. You know that liberals don’t like you owning and having control over that much of your life. And you look at what this financial thing is accomplishing for them. They’re in charge and they’re the ones that broke it! And now they’re telling you, you broke it, the capitalist system broke it, capitalism can’t be counted on because you are too incompetent to assume the responsibilities of life, and now you have wrecked the financial system. The lowly mortgage. He’s not blaming the lenders. They’re his buddies.


RUSH: I want to go back and make one more point here about Chuck-U Schumer, his opening statement before the banking committee Hindsight Hearings today.

SCHUMER: My colleagues and fellow Americans, we live in amazing and dangerous times. Who would have thought that the lowly mortgage, long regarded as the safest of investments, could bring our financial system to its knees. But that is where we are.

RUSH: All right. Yeah. Okay. So, ‘We live in dangerous times,’ and it’s true. We have Islamofascists blowing up a Marriott hotel over in Pakistan. We’ve got acts of terrorism. We’ve got the Russians who are helping the Iranians build an anti-missile system. We have the Russians sending jets down to Venezuela and Hugo Chavez, and we’ve got the Chinese (the ChiComs) doing the same thing, and Chuck Schumer is afraid of… the lowly mortgage. Chuck Schumer is afraid of documents! Chuck Schumer, afraid of something that can, in the end, be shredded. But he’s not afraid of Islamofascism or any other thing. By the way, Steve Gilbert, Sweetness-Light.com: ‘Where Do the Democrats Get Their Talking Points?’ You know, they’re all on the same page here. ‘Save Main Street, not Wall Street,’ Main Street not Wall Street. The Communist Party USA put out a statement yesterday, headline: ‘Save Main Street, not Wall Street.’

It has a couple phrases in here that you have heard various Democrats. It won’t be long before Ahmadinejad’s using this. He’s already pretty close to the Democrat talking points. He’s blaming ‘military engagements’ around the world for our economic problems, and so is Obama. (laughing) I needed some laughs today, and I’ve had it — and you haven’t even heard Biden yet. Wait ’til the monologue segment the next hour, folks. This is better than any comedy routine you can see in Vegas. I don’t think it’s going to run as long. They’re going to have to do something here. It’s almost like this is being done on purpose, although I don’t think it is. This is why I wanted Biden, why I prayed, I begged, I cajoled — and they gave us Biden, and you’ll hear why laughter and mirth are the order of the day here at the EIB Network in the next hour. ‘Call Congress today, tell them no blank check for Wall Street,’ National board, Communist Party USA. The Democrat Party is getting its talking points from the Communist Party USA.


RUSH: Joan in Boston. Joan, thank you so much for waiting. Appreciate it. Nice to have you here.

CALLER: Hi, Rush. Thanks for taking my call.

RUSH: You bet.

CALLER: I heard something on Boston radio this morning on a liberal station, and I just had to call you and tell you. Barney Frank, who’s very hard to understand, said this, and so I’ll paraphrase it. He said what happened was there was a meeting back in 2003 or 2005 where some Democrats and some Republicans got together in a closed room to straighten out this mess with Fannie and Freddie. And they talked and they talked and the Democrats, he admitted, had a bill they thought would pass. And then the Republicans started picking it apart, and it got so the Democrats were so upset, and I am paraphrasing this, but they said they wouldn’t even bring it to the floor for a vote so it never made it out of committee.

RUSH: Well, now, we have to take this under advisement, because as you said at the beginning of the phone call, it’s very difficult to understand Congressman Frank, but you think you got the gist of it there?

CALLER: I think he’s trying to blame us is what I thought.

RUSH: Well, this is revisionist history, Joan.


RUSH: Because the Republicans from the Bush administration to Republicans in the House of Representatives tried time after time after time to get legislation and a new regulatory agency looking after Freddie Mac and Fannie Mae because everybody saw what was coming. It was the Democrats who stood in the way, stopped it from happening, because these two institutions were nothing more than a piggy bank for the Democrats in a whole manner of ways. Barney Frank is out there saying that the private sector created this mess, the government is going to have to fix it. He’s already been established as saying things on this that are not true. And once that starts, why start believing the truth is all of a sudden coming out of somebody’s mouth when they’re lying repeatedly? Another theory that I want to touch on here with you people that bounces off my interpretation of Chuck Schumer blaming the mortgage for this problem, this financial mess, blaming the mortgages, blaming you, blaming the right to own property. What else are they doing? Are they not succeeding in scaring you into taking your money out of the market? You know how many average Americans own stock? That’s not good. They don’t want average Americans owning stock. They don’t want average Americans being in the investor class. They are the investor class. Don’t let ’em scare you too much, folks.

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