Regime to Banks: Forgive Principal

RUSH: All these stories on foreclosure, and they’re all over the place. I must have three or four stories on the foreclosures and how they are at a record high and how we’re all upset. Let me tell you what this is. A coordinated effort from the White House and in the highest offices of the regime, all the way down to the State-Controlled Media because if it’s not happened yet, what has happened, and you’re going to notice it, there is a big push to make the banks forgive the principal on mortgages, not the interest, but to forgive the principal. That’s where Obama is headed next. And the financial regulatory reform bill that is lingering there in the Senate, it’s passed the House, it’s even got people like Jamie Dimon, JP Morgan Chase. I mean the signal has been sent. ‘You are going to run the financial industry the way we want it to or we are going to run it for you.’ And so Obama’s making a big push now for these banks and lenders to forgive the principal on the mortgage. The banks say they can’t afford to do it. The question the banks are going to face, ‘Can we afford not to do it if our only option is Obama coming in here and threatening to shut us down if this regulatory reform bill ever gets signed into law.’

So we can’t give the bank CEOs a national forum, we don’t dare call hearings with those guys up there. But Khalid Sheikh Mohammed and his merry band of terrorists? Oh, yeah, you want a public forum, sheik, fine, we’ll give you you a $200 million trial a year in New York, or wherever you can do it and you can rail against this country for as long as it takes us to try you, but we can’t have any CEOs come up there and give them a national forum in front of Waxman’s committee about the costs associated with the new health care reform bill. You know, bankers, bankers, are far more evil than the biggest mass murderer of Americans in our nation’s history. Don’t you understand that? Bankers and CEOs. Yeah, they’re far more dangerous. We can’t let the country hear from them. But Khalid Sheikh Mohammed murdered 3,000 Americans, fine, bring him up, give him a trial. America is the problem in the world. And we’re going to tell everybody that we know it. And we’re going to let the people who think we’re the problem in the world have a forum. And we’re going to pay them to let ’em run off at the mouth, and we’re gonna hire their lawyers for them to boot.

But let CEOs come up and tell how the health care bill is hurting, ah, ah, ah, ah, let bank CEOs come up and explain why you really want us to just give away the principal on these mortgages? We can’t afford to do that. Has there ever been such a — somebody help me out here because we’ve been hearing this for a year, going to be a jobless recovery. Has anybody ever heard of that before? I have not, either. I have never heard of a jobless recovery. I guess it’s just part of the newspeak, the newspeak for Obama. And the banks say, ‘If you make us forgive the principal, that’s going to dry up credit completely. We can’t loan to anybody if you do that because if they can’t pay ’em back you’re turning us into public utilities; you’re turning us into instruments of redistribution.’ Which, by the way, is the objective. And the banks, of course, Wall Street, that’s the reason for the bad economy. You heard Little Timmy Geithner say so yesterday. You’ve heard others in the administration and the Democrat Party say that that’s going to be their campaign technique.