* This is a rough transcript and may be updated.
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RUSH: Does anybody now doubt that this is on purpose? I mean, after all, Barack Obama inherits a AAA credit rating from George W. Bush, and look what he does to it. Obama is always running around complaining and whining and moaning about all that he inherited from George W. Bush. Well, he inherited a AAA credit rating, an unemployment rate of 5.7%. Does anybody doubt that this is on purpose? Well, look, my credit rating doesn't suck. There are a lot of individual Americans whose credit ratings aren't in trouble. The United States has never been in this position -- and the next thing that's gonna happen is that Fannie Mae, Freddie Mac, and others are going to be downgraded.
What are the Democrats doing? Blaming the referees! Blaming Standard & Poor's! That always changes the outcome, doesn't it? Blame the refs. You people in Seattle? The Seahawks, Super Bowl, 2005, Steelers? Blame the refs. Last time I looked the Steelers still won the game. So go ahead and blame Standard & Poor's all you want, Democrats. Now they're blaming the military! Barney Frank's blaming the military. Rumsfeld was on our DC affiliate this morning, WMAL. You know our military spending is 4% of GDP right now? Military spending is 4% of GDP. During the Eisenhower administration in the fifties, post the WWII, defense spending was 10% of GDP. Today it's 4% of GDP, and Barney Frank and the Democrats are try to say it's the military's fault that we've been downgraded.
This is the fault of the Democrat Party. Greetings, my friends, I am Rush Limbaugh: America's Anchorman fighting the rising forces of socialism. They want us to believe now that France is better than we are? And of course you can talk about S&P all you want, folks, but the real problem that we've got and the real referee we're dealing with are the loan sharks, and that's the ChiComs. The ChiComs are dictating the terms of this. They are our number one lender; and, you know, ask the banks about what happened when Trump was having trouble paying them back. What did they have to do? If Trump went down, they went down. Well, the ChiComs are in much the similar situation.
This is just so outrageous. Even my old buddy Pete Wehner who worked for Rove in the White House and who has been reluctant... Pete's the epitome of fairness and evenhandedness and so forth. Even Pete, at his Commentary magazine blog today, said this: "It reinforces, perhaps, like nothing else has the impression that Obama is overseeing -- and some respects engineering -- the decline of the American republic." There can be no doubt! It now just takes the courage to admit it. This is why I said, "I hope he fails," because I didn't want to see this happen to our country. I am mad and I am depressed at the same time over what happened to the SEALs in Afghanistan.
Folks, this is not who we are.
This country today, as constituted, is not who we are. Now, sometimes that phrase is incorporated when some actor or Hollywood type will get caught in an embarrassing situation, and while being caught in the act of whatever it is, say, "This is not who I am." Yes, it is who you are. You were doing it! Well, this is not who we are. This legitimately is not who we are. We are not, we were never intended to be a nation in decline. We have a president that's overseeing -- and Pete's right here: Engineering -- the decline of the American republic. I'm glad that somebody is finally starting to echo this. Just like... Snerdley, what year did I do my April Fool's thing, "tax the poor"? That was 1990 some odd, right?
It was the early 1990s, and the whole point -- even though it was an April Fool's joke, the whole point of it -- was that a rising percentage of Americans were not paying taxes, not just the poor, and now we're up to 48% of the American people have no skin in the game, not paying taxes. In 1993, 1994, I, El Rushbo, got the ball rolling with this whole notion of tax the poor -- and even though I did it on April Fool's and as a partial April Fool's joke, of course people fell for it. It was almost as effective as when I endorsed Bill Clinton that day for ten minutes, and then denied it to every caller thereafter. I said, "No, I didn't endorse Clinton." "I just heard you!" "That was in my youth. You can't hold me accountable for things I did in my youth," to try to illustrate what a liar the guy was.
So I'm simply trying to point out here that this is all being done on purpose, and it's tragic, and it just ticks me off. When Barney Frank sits over there and starts talking about how we need to cut defense, he is singing from the ChiCom hymnal. They want us to cut our defense spending, too! Now, contrary to what the Democrats are saying, Standard & Poor's is not saying we're not taxed enough; they're saying we're spending too much -- and I'll tell you something else, and I have written this to a bunch of people over the weekend. Another thing I'm ticked off about is this stupid debt deal. Remember last week on Wednesday, after Obama received the new spending authority in that debt deal we spent $259 billion in one day.
We went $259 billion in debt in one day which was more than the cuts over ten years are gonna ending being in the debt deal. Now, before the debt deal started, before it was signed, I told you the Republicans were operating out of fear.We were told that if we did not sign that debt deal, what? What were we told? Let me ask you. We were told that our credit would be downgraded, that we might go into default, and that the Republicans would be blamed for it. Okay, so we did the debt deal. What happened? Our credit has been downgraded, we haven't gone into default, but the Republicans are being blamed for it, and the military is being blamed for it! So an opportunity to sit there and do the right thing, once agai, was squandered because of fear. George Patton wrote a poem in 1945 entitled, "I am Fear."
I have it here, and at some point during the program today I'm gonna read it to you as only I, America's Anchorman, can. He was paid $250 by Cosmopolitan magazine, I think it was, to write this poem -- 250 bucks back in the forties -- and it is perfect. Tax the Poor was April 1st, 1991. That's what being on the cutting edge of societal evolution is all about. Taxing the poor. I suggested it in April 1st of 1991, and of course the whole point of it was that a rising tide of Americans were not paying for what they were getting. And of course I was castigated from coast to coast for it. And here we are 20 years later. (interruption) It did make the news! Oh, yeah, it made the national news. Taxing the poor made national news, of course it did.
Now, 20 years comes along and goes by and I understand there are other people out there claiming they are responsible for all the attention to do it now. Fine and dandy, but folks, (long sigh) I can't tell you as a proud, patriotic, heartfelt, God-do-I-love-this-country American, how mad I am at what is being done while everybody sits around and watches it. You may not want to admit that this is being done on purpose, but if you sit down and you spend just 15 minutes analyzing what has happened in the last two and a half years, I don't know how you can come to any other conclusion. In the last two and a half years we've had plenty of time to assess what hasn't been working and change it. Instead, we have doubled down in what hasn't been working.
We have doubled and tripled what hasn't been working. We piled what doesn't work on top of what doesn't work, on top of what doesn't work. The old definition of "insanity" is "doing the same thing over and over again, expecting a different result." We've got it! We have insanity at the upper levels of our government. So now we know what Obama got for his birthday: A downgrade of our credit rating, probably exactly what he wanted in his heart of hearts. Has he said anything about it? No. What's the market today? Ha! We're down just a measly 304 today. The futures last night had us down 290 at the opening bell. So we're down a measly 304.
So Democrats, let me ask you: Are you happy now? You've finally got your hope and change. I said that I hoped he would fail, and this is exactly what I meant. But, from your perspective, from Obama's perspective, he hasn't failed. He's succeeded beyond his wildest dreams -- and now look where we are. How many of you saw the movie Planet of the Apes? Do you remember how that movie ended? Colonel George Taylor on a beach, Statue of Liberty halfway buried. New York City doesn't exist. Charlton Heston is Colonel George Taylor, "You did it. You finally did it! Damn you all to hell, you did it." That's how I feel today. That's how I felt all weekend long.
Damn it to hell, they did it!
Obamageddon. That's what we have witnessed since Friday. Obamageddon. Barackalypse Now. The only silver lining I can find is that as far as 2012 goes, Obama's a Debt Man Walking. Anybody want to tell me he's not landslidable now? Let me repeat this as the Media Tweak of the Day: "What we have witnessed since Friday is Obamageddon, Barackalypse Now; and the only silver lining out there is that as far as 2012 goes, Obama's now Debt Man Walking." What's he gonna say? He's gonna make a speech at one o'clock. "We gotta all work together! Construction workers, go out there and rebuild America." Balanced approach? Yeah, balanced approach: Tax increases!
Where has Obama been hiding over the weekend? I know he's been playing golf. Our problem is he hasn't been playing enough golf as it turns out. But how come he's refusing to go on TV and talk about this? Shouldn't he be talking about it, maybe taking a victory lap, spiking the ball in the end zone? The NFL's back; he said he was hoping that would happen. Well, go out there. Go to some team's training camp and spike the ball in the end zone. Obama's managed to accomplish something else that's completely "unprecedented," which is one of his favorite words. This is unprecedented. Our credit rating started in 1917.
This is unprecedented. Instead the White House is saying Obama won't dignify S&P's downgrade with a response, which just means they haven't been able to come up with one. Christina Romer has, though. She said we've been intercoursed. Our economy's intercoursed. Christina Romer, yeah. I got the sound bite. Grab audio sound bite number five. This Friday night, HBO's Real Time, that idiot, Bill Maher, talking to former chair of the White House Council of Economic Advisors Christina Romer about the economy, and Bill Maher says, "How intercoursed are we? I mean, right before the show S&P downgraded our credit rating."
ROMER: Pretty darn (bleep).
MAHER: Ooh.
AUDIENCE: (applause and laughter)
ROMER: I've been hanging around Tim Geithner too long.
AUDIENCE: (laughter)
MAHER: Why? Does he swear like a sailor?
ROMER: Oh, like a seventh grade boy.
RUSH: So our former head of the Council of Economic Advisors is going on a comedy show on HBO to talk about how our economy is now "intercoursed," and she was one of the former economic team that helped introduce policies that led us to the point where now we're intercoursed. (interruption) What did...? (interruption) Who, Biden did? (interruption) Gore? Oh, I said Gore over the edge? I haven't heard anything about Gore did, haven't paid any... (interruption) What did Gore do? Cursed us out? Cursed...? (interruption) Who? Cursed us, when you say...? (interruption) Oh, oh, that. Oh, that, oh, that. He's ticked off because we can't talk about the G-D climate anymore. Yeah, well, we beat that back. That's one moment of progress. We've had a AAA credit rating since 1917, all the way through World War I. The Great Depression, we had a AAA credit rating.
World War II, we had a AAA credit rating, and we lose it now, and for what? For what great purpose did we lose it? Except an ideological hatred of American capitalism and a love of class warfare, what did we lose our AAA rating for? A naked effort to get still more and more money to buy votes. A never-ending quest for power, that's why we lost our AAA credit rating. Think about it: Obama's finally managed another major accomplishment on that list he told us he had, that list that he said he'd only done about 70% so far. At long last, Obama and his fellow Democrats have finally been able to convince the world that we are just another country, after all. There's nothing exceptional about us or our economy. For crying out loud, France has a higher credit rating than we do. France! They produce cheese and perfume, for crying out loud.
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RUSH: Yeah, Christina Romer says that we have been intercoursed. She's the one that gave us the date rape drug, which was the stimulus! Obama's gonna come out at one o'clock. He's gonna say that we need more taxes, more spending, more stimulus. (He's in summer reruns right before he goes on vacation.)
