RUSH: I’ll tell you what, folks, I really, really hope the Republicans, the Republicans in Congress, the RNC, anybody, super PACs, I hope they are writing down everything Obama is saying about how he has cut spending, how he wants to cut spending, how he has not spent it all, because when the next debt deal comes up, guess who is not going to be talking about cutting spending? That’s right. Barry Obama. Barack Hussein Obama, mmm, mmm, mmm, is gonna be moving for the debt limit to be expanded, be raised, be elevated. Why? So he can spend more money.

I’ll tell you, there is panic out there, folks. I’ve been telling you I don’t know how many months now, there’s real panic. There is panic over two things. The Bain attack on Romney isn’t working. And all of these Democrat consultants and all of the Democrat cable TV hosts and the Democrat media people, they are beside themselves. It isn’t working. They are also very worried that Obama is doubling down on it now in the midst of it not working. He’s doubling down on it, amidst stories we’ve now got a private equity Democrat backer for Obama who’s leaving him. We’ve got the audio sound bites.

One of his primary campaign managers, the former mayor of Denver, Pena, is in private equity, big Democrat. He is buying companies and he’s laying people off. He’s doing everything Obama is accusing Romney of having done. He’s doing it as we speak. He’s a private equity guy. He runs Obama’s campaign in the West or some such thing. It’s backfiring on them left and right, and the Democrat consultants and the media people can’t believe Obama let it go. They ran into Debbie “Blabbermouth” Schultz and they asked her about it. She said there is no plan B. Our plan is to attack Mitt Romney as an evil capitalist when he ran Bain. There is no plan B.

And guess what else I’m seeing all over the place? Ha-ho. Everywhere I turn now, every television network I watch, somebody quotes me without attribution, saying, “Obama, the first president they’ve ever seen to run against capitalism.” I said that earlier this week, and it’s being picked up all over place, which is fine, don’t misunderstand, I don’t care. I get stuff lifted from me all the time. If I worried about that I’d be going nuts. Instead I’m happy it’s getting out there. In fact, it’s getting out there in many ways and very distorted ways. Earlier this week on Fox & Friends Gretchen Carlson asks Romney, “So, you agree with what Rush Limbaugh said about Obama running against capitalism?” And Romney agreed.

Last night on Current Television, that’s Algore’s network. Yeah, we do, we sometimes run tape on Current TV. Yeah, it’s still on, the Eliot Spitzer Show. You know their ratings are very close to CNN’s now. Well, they are. Current is trending up by a couple people a week, and CNN’s trending down. So we rolled tape on Current, and this is the Eliot Spitzer show. It’s called Viewpoint with Eliot Spitzer. He had a guest, the Nation magazine campaign correspondent Ben Adler, talking about Romney and me. And the fill-in host, I guess Spitzer had an appointment. Hoo-hah. He-he-he-he. Client No. 9 not on last night. The fill-in host by the name of John Fugelsang. So John Fugelsang and The Nation magazine guy had this little chat.

FUGELSANG: I want to start off with a question about Governor Romney’s appearance on the Rush Limbaugh Show and parroting Rush Limbaugh’s comment that Barack Obama is attacking capitalism. Is repeating whatever Rush Limbaugh says part of a strategy to actually make the far right like him more?

ADLER: Yes. Definitely. Mitt Romney has deferred to Rush Limbaugh before. You look at climate change, he used to believe in climate change. Romney did, to appease him, dial it back and say he’s not sure about climate change. So, yes, I think that is definitely part of his strategy.

RUSH: Well, Romney has not appeared on this program. Romney did not parrot me. Romney was asked by Gretchen Carlson, “Do you agree with Limbaugh that Obama’s running against capitalism?” That’s sticking out there. The point is these two doofuses don’t know what they’re talking about, but it’s still sticking, is my point. It’s out there now: Obama running against capitalism. And it must have hit a home run because these people are very defensive about it. Remember, the way to make the left act like a stuck pig is tell the truth about ’em. That’s what they can’t deal with.

Now, in addition to everybody on the Democrat side being really beside themselves over the fact that the Bain attack backfired… Now, let me explain this. Take you back to last fall and last winter during the Republican primary, just to remind you, I told you back then that the regime wanted Romney. That’s why Occupy Wall Street was created. They were going to run against everything they thought Romney personified, typified. Wall Street, wealth, excess, and all of the horrible things that go along with that. And I was right. And now it’s falling apart. Everything they’re doing is aimed at Romney and Bain and wealth and Wall Street, and it’s not sticking. It’s their primary campaign thrust. It’s plan A, and it’s not working. In the middle of it not working Obama’s doubling down on it and that is making them nervous.

We move over to The Politico, which is basically the White House stenographer pool. And, according to the Politico, all of the inside-the-Beltway cognoscenti, the best and the brightest, are anxious. They’re nervous over how Obama has stumbled out of the gate. And by that, they mean how his campaign has been going since he formally announced his candidacy three weeks ago.

The writers of the piece are Mike Allen and Jim VandeHei, and they even admit that they are upset because, quote, “Obama, not Mitt Romney, is the one with the muddled message — and the one who often comes across as baldly political.” And the reason that they’re feeling this way is because they’ve been living a pipe dream, they’ve been living an illusion. They have been living the idea that Obama is unlike any other politician. He’s better. He’s more competent, more qualified. He’s the smoothest talking!

They fully bought into all this. Remember, the left lives in a cocoon. They don’t know what we think. They don’t listen to this program. They don’t read conservative sources. They don’t know what we think. They are not prepared, therefore, to do intellectual battle with us. They’ve never heard what we think. I’m not exaggerating. And these people bought the notion (and they’re still living it) that Obama is unparalleled in the business of politics.

“There’s nobody better. There’s nobody smoother. There’s nobody more intelligent. There’s nobody more intelligent sounding. There’s nobody more qualified, nobody smarter.” All of these things, all these mythological characteristics and the messianic stuff, they still believe it. And now they’re shocked! The Bain thing isn’t working, and Obama looks like he doesn’t know what he’s doing, and Scott Walker is winning big in Wisconsin. Their world is upside down, and they don’t get it.

And now they’ve gotta go out there and try to claim (because of some off-the-wall incompetent piece at MarketWatch), that Obama’s not a big spender. They’re grasping at such straws that they’re latching onto that. Well, I went back in time. I’ve got story after story: “Obama Administration Defends Higher Government Spending,” “Obama Administration Defends Higher Government Spending,” “Don’t Call it a ‘Stimulus’ Package,” “Obama Wants Another $50 billion.”

I’ve got these stories from the time he was inaugurated up to now about all the spending Obama wanted to do. They’re living a lie, and they’ve already gotten caught in it. Nobody believes that Obama is not a big spender. It’s why the Tea Party exists. So their world is upside down. Now he appears to be “stumbling out of the gate.” And I don’t know about you, folks, but every war… You almost feel their pain. Every war that Obama has launched: The War on Women, the War on the Rich — even his War on Dogs!

He launched a War on Dogs by trying to criticize Romney for having his dog ride on the roof. And then everybody figured out that Obama once ate dog. Who wins that one? I mean, you look at the family pooch: What are you gonna do, eat it or put it on the family car? There’s no question here. It’s all backfiring on The One. Obama’s problem is not that his message is “muddled.” The problem is his message is all too clear! This is what always does in the left. They think they’re not getting their message out.

How many times, Snerdley, over 25 years have we talked about the left complaining that their message “isn’t getting out”? Every election cycle, without question, the left says and the Democrats say, “Well, we just didn’t get our message out.” No, you did! You are getting it out. When I did Election Night coverage in 2002 with Tim Russert and Brokaw, after that shellacking when they lost the midterms, the narrative that night from the network position was that the Democrats “just didn’t get their message out.”

I said, “What do you mean they didn’t get their message out? What about the Wellstone memorial? They did get their message out! We know who they are.” The problem is that Obama’s message is all too clear and people aren’t as easily bamboozled as they used to be. When you start off as The Messiah, there’s nowhere to go but down. (interruption) No, really. When you enter office as an earthly messiah, there’s nowhere to go but down. It’s just logic. Human nature and logic. (interruption)

He did deliver! He gave ’em health care! He gave ’em the stimulus! He gave ’em everything they wanted. The only thing they didn’t get was Card Check. They didn’t get single-payer health care. He did deliver! He has destroyed the economy. He did deliver. This is the point. It’s clear as a bell what he’s done. Nobody wanted it! Look, folks. I have noted before that undoubtedly the two worst scourges of modern history have been the scourges of communism and Nazism.

Untold millions of people had their lives destroyed because of communism and Nazism. What was communism? What is it? Simply put, communism is an attempt to whip up a war between economic classes of people. And what’s Nazism? Nazism, ultimately, was an attempt to whip up a war between the races. Now, we have an American presidential campaign that seems to be trying to do both these things! Correct me if I’m wrong. We’ve got a president that’s encouraging class warfare; he’s promoting class envy.

We have a president who does not mind at all this war between the races. (impression) “Well, If I had a son, he’d look like Trayvon.” A DC school, by the way, is having Trayvon Martin Day. Have you heard about that? I’m not kidding. I’m not making it up. Teachers at a Washington, DC, elementary school have declared today to be Trayvon Martin Day, according to the ABC TV affiliate in Washington. “Teachers at Malcolm X Elementary in southeast are using the unfolding case to teach children about social injustice and race relations in the US.”

All right. I can just hear you castratis saying, “What do you mean, Mr. Limbaugh, that the president is encouraging a War on Race? How dare you say that? It’s outrageous!” Trayvon Martin Day, Duke lacrosse. I’m telling you: To me, it is undeniable what is happening here. We have a presidential campaign that seems to be trying to both whip up a war between the classes (the economic classes) and to whip up a war between the races. And if not whip up a war, certainly create some friction and discontent.

And it’s not working.

This is the thing that has them discombobulated.

As I have said countless times: Democrats always stumble. “Obama Stumbles Out of the Box.” Democrats always “stumble” when they tell us when they really want to do, when they show us their real and true intentions. If socialism was so popular, it wouldn’t have to be imposed and maintained at the point of a gun all over the world. If socialism was so popular, it wouldn’t require dictatorship to enforce it. If socialism was so popular, it would not require a massive, expanding, command-and-control central government to keep everybody in line, if it was so wonderful.

This may be the funniest line in that Politico article about Obama stumbling out of the gate. Quote: “Some key Democrats say that they have been dismayed watching Obama become a divider, not a uniter.” Now, that’s just laugh-out-loud funny. Where have these Democrats been for the last four or five years? Obama’s not been a uniter since his first national speech back at the Democrat convention in 2004! But that’s why I mean: They’re living in their cocoon, living amongst themselves, buying and believing the hype with the reality a total mystery.

BREAK TRANSCRIPT

RUSH: This is last night in Des Moines, Iowa. It’s the Iowa State Fair Grounds and Obama.

OBAMA: The main goal of a financial firm like Governor Romney’s is not to create jobs. And, by the way, the people who work at these firms will tell you that’s not their goal. Their main goal is to create wealth for themselves and their investors. When maximizing short-term gains for your investors rather than building companies that last is your goal, then sometimes it goes the other way. Workers get laid off, benefits disappear, pensions are cut, factories go dark. Now, that may be the job of somebody who’s engaged in corporate buyouts. That’s fine. But that’s not the job of a president.

FOLLOWERS: (applause)

OBAMA: That’s not the president’s job! There may be value for that kind of experience, but it’s not in the White House!

RUSH: Exactly right. Because when you do it in the White House every business you underwrite goes bankrupt. Solyndra, every green industry… You know, Obama doesn’t know what he’s doing. Only government can do this kind of stuff, right? Only government can create jobs. Only government knows what it’s doing. We’re gonna go through a list of private sector companies Obama bankrolled (or lent money to or otherwise funded) and find out what happened to every one of them — and none of them created any jobs.

But that’s for later. A little blurb here from a website called Complete Colorado. I had never heard of this website. Human Events and Fox News have picked up the news here on this website. It’s been validated and confirmed. “Obama National Co-Chair ‘Venture Capital Vampire’???” Obama “continued to push the ‘Venture Capital Vampire’ theme saying, ‘What Gov. Romney doesn’t seem to get is that a healthy economy doesn’t just mean a few folks maximizing their profits through massive layoffs or busting unions.’

“We wonder if former Denver Mayor and Clinton Transportation and Energy Secretary Federico Pena happened to be in the audience, and if he agreed. Pena has been a partner at private equity firm Vestar Capital since 2000. And while President Obama has been giving private equity a bad name, both [Federico] Pena and Vestar managing director James Kelley have made recent contributions to Obama’s re-election efforts. Furthermore, Pena’s record as a venture capital investor dates even back to his 2008 days, when he also served as an Obama National Campaign Co-Chair.”

So he’s running Obama’s campaign, he’s also in private equity. “[L]et’s examine the recent ‘humanitarian’ record of Vestar Capital. In March of 2011, Vestar acquired 100% of Del Monte Foods through a leveraged buyout. Just two weeks ago, Del Monte announced the closure of a plant in Kingsburg, Califoria, [sic] effectively slashing 1,000 jobs. ‘I am extraordinarily disappointed by Del Monte to make this decision,’ Kingsburg Mayor Bruce Blayney told the Kingsburg Recorder. ‘This is a major blow to the local economy.’ Roughly eight years ago, Vestar purchased the Solo Cup Company.”

It’s Obama’s national co-chair that runs the thing. “According to this 2007 report, Solo Cup Co. (with Vestar as a parent firm) shuttered three US factories. As early as 2010, with Vestar still as the parent company, Solo Cup announced plans to shut an eighty-year-old factory, ending more than 540 jobs. In 2002, Vestar acquired frozen food giant Birds Eye Foods.” You’ve heard of all these companies, right? You’ve heard of Del Monte, you see Solo cups every time you go to a ballpark or a concession stand, and you’ve heard of Birds Eye Foods.

“In 2002, Vestar acquired frozen food giant Birds Eye Foods. Roughly four years later, Vestar laid off approximately 500 workers at Birds Eye. ‘Some of them were employed at Birdseye [sic] for 15 to 30 years,’ according to KGO Ch. 7 in San Fransico. [sic] … If the President intends to make this election about Romney’s record at Bain, then Mr. Pena and James Kelley must come clean about layoffs at Del Monte, Solo Cup Company, and Birdseye foods. If not, Mr. Pena might not be available to stand on the campaign stage with the President at his next Colorado rally.”

So in a nutshell, what we have here is Obama blasting the “vampires” at private equity firms for laying people off. And, meanwhile, his 2008 national co-chair, former Denver mayor Federico Pena, has been a senior partner at a private equity firm since 2000. And Pena’s firm had been laying off workers. If vampire capitalists… By the way, Solo Cup Company is still around. And Birds Eye Foods is still around. And Del Monte is still around. Probably because of Vestar.

The dirty little secret is these are all troubled companies, for the most part, that private equity firms buy. They’re already in trouble! If they weren’t purchased, if they weren’t rescued, everybody that works at these companies would eventually be fired because the companies would go out of business. The venture capitalists come in and attempt to save the company. If the risk pays off, they are rewarded. Part of saving a company is cutting expenses, and that is labor.

It’s the number one expense anywhere. But if vampire capitalists are destroying the country, why is Federico Pena co-chairing Obama’s campaign? And why is Obama holding a $350,000-a-head fundraising dinner at private equity firms like Black Rock. And why are all the private equity Democrats telling Obama, “Shut up about this!” And all the mayors and all the governors saying, “Shut up about it”?

‘Cause private equity is helping them.

BREAK TRANSCRIPT

RUSH: So it appears that Democrats are trying to turn Bain Capital into Halliburton. That’s what they know. That’s what they’re trying to do. The problem is too many people know what private equity does. It’s not gonna be as easy if they just have to demonize everybody, and it’s catching up to ’em.