RUSH: Robert Gibbs says Obama’s main objective is to make sure that there is no middle class tax increase. Uh, how can that be? There was not a middle-class tax cut, I thought, President Obama? Somebody is gonna have to ram it down these guys’ throats at some point: ‘What do you mean you’re worried about extending these middle-class tax cuts? I didn’t think there were any!’ In fact, go to audio sound bite 24, Ed. This afternoon at Blair House, at a meeting of newly elected governors,
OBAMA: I’m actually optimistic, uh, thaaaat before the end of the year, uh, we’re gonna have come to some agreements on some critical issues. Uh, obviously issue number one is making sure that on January 1st middle-class families, uh, aren’t seeing their taxes go up, uh, as a consequence of the expiration oooof some of the Bush tax cuts that were currently in place and some of the tax cuts that we put in place over the last two years. Uh, and so that’s gonna be an important discussion, uh, over the next several days. In the end, uh, people are gonna recognize that it’s important for families who are still struggling to have some relief and it’s important for our economy to make sure that money is still out there circulating, uh, at a time when we are recovering, uh, but we’re not recovering as fast as we need to.
RUSH: Well, that’s a whole bunch of nothing. Yeah, yeah, yeah, yeah, yeah. Three bags full.
Larry in Los Angeles, nice to have you on the program, sir, hello.
CALLER: Hi, Rush. I wanted to talk about the money that was given to GE.
RUSH: Yeah?
CALLER: These were really just bridge loans to get them through so that they could pay their suppliers, which I don’t really have a problem with because, according to the Wall Street Journal, they’ve been paid back. What bothers me is that we are giving money to foreign banks and bailing them out when that should really be a responsibility of the government of that country, not really our government.
RUSH: Well, tell me: Why is it the responsibility of the government to give GE bridge loans even if they do pay ’em back?
CALLER: Well, like President Bush said, the credit market was frozen up at that time. It was hard to get loans.
RUSH: Why couldn’t GE just borrow money from itself? It has a lending arm.
CALLER: Yup, they do. But, I mean, if they need short-term loans to pay off their suppliers and they can’t get that borrowing, then, you know, they have to go elsewhere to do it.
RUSH: Yeah, like to the Federal Reserve. That’s unique. How many of you would ever think to go to the Federal Reserve if you needed some money? You know what? We here at the EIB Network — so far, knock on granite here (knocking) — haven’t had any problem making payroll, but if we did, the last thing I would ever think of is going to the Federal Reserve. ‘Get me Ben Bernanke on the line! I need a bridge loan to pay you, Mr. Snerdley.’ He’d make the call, I guarantee you, but I don’t know that Bernanke would take it. I don’t know. And how do we know the loans are paid back? Bear Stearns can’t be the only company in that list that didn’t pay their loans back. They didn’t pay their loans back and they’re gone. Larry, what does the Journal say about that? Are you convinced? Does the Journal say that GE paid the loans back?
CALLER: Yes.
RUSH: Uhhhh, okay. Well, I don’t know. I guess that’s good enough for me. If Rupert Murdoch says it I guess we have to believe it. (laughing) I don’t know. (laughing) By the way, folks, could somebody tell me…? You know that sound bite we just played from Obama? Play this again, Sam. There’s a point about this I want you all to hear. Larry, thanks for the call. I’m finished. I don’t mean to be rude. It’s not that I’m interrupting you or myself. We concluded our business and you’re fine. See you at the Fed window. I want you to listen to this. (chuckling) Larry was growing on me like a rock ‘n’ roll rash. Scratch it. I want you to listen to this Obama sound bite at Blair House and see if there’s something about this, maybe even a couple of things about this that stick out.
OBAMA: I’m actually optimistic, uh, thaaaat before the end of the year, uh, we’re gonna have come to some agreements on some critical issues. Uh, obviously issue number one is making sure that on January 1st middle-class families, uh, aren’t seeing their taxes go up, uh, as a consequence of the expiration oooof some of the Bush tax cuts that were currently in place and some of the tax cuts that we put in place over the last two years.
RUSH: Right. Gosh, he’s smart.
OBAMA: Uh, and so that’s gonna be an important discussion, uh, over the next several days.
RUSH: Gosh he’s smart!
OBAMA: In the end, uh, people are gonna recognize that —
RUSH: Stop the tape. Gosh, this guy’s smart! Doesn’t that just ooze from this sound bite? Man, this is a smart guy. The smartness is just like the blob! It’s just coming out of my speakers here. He’s just such a smart guy. (interruption) Well, I don’t know what’s so smart, but they say he’s smart. See, he sounds smart, right? Here’s the rest of the bite.
OBAMA: — it’s important for families who are still struggling to have some relief and it’s important for our economy to make sure that money is still out there circulating, uh, at a time when we are recovering, uh, but we’re not recovering as fast as we need to.
RUSH: Brilliant. Just brilliant! The aura of that brilliance is blinding! It’s almost tough just to be in the same room as the SOUND BITE, much less the man. But what stands out to you about that? Anything, Snerdley? I know I interrupted the bite, but the one thing — there are actually two things. There’s one thing. He sounds like there’s something going on outside but he’s not really part of it. He’s looking out the window and he’s hoping the kids out there building the snowman actually finish it before the snow melts. But, if not, that’s okay. We gotta keep the snow in circulation. It sounds like he has nothing to do with this, and the second thing that was missing is did anybody hear him say what his proposal is? What’s Obama’s proposal for resolving the tax rate issue? The guy never suggests anything. He sits back, he appoints Geithner and these other quasi-adults to go do it, and he sits back and he has no role in it. So those are the two things that stand out. He’s not part of it, and he has no solution himself.
‘I’m confident. I’m very confident we’ll work this out by the end of the year,’ and the pap goes on and on and on and on.
But, gosh, folks, he’s smart!
No, it just comes right out of the sound bite at you. That’s just me speaking.
BREAK TRANSCRIPT
OBAMA: I’m actually optimistic, uh, thaaaat before the end of the year, uh, we’re gonna have come to some agreements on some critical issues. Uh, obviously issue number one is making sure that on January 1st middle-class families, uh, aren’t seeing their taxes go up —
RUSH: Right.
OBAMA: — uh, as a consequence of the expiration oooof some of the Bush tax cuts that were currently in place and some of the tax cuts that we put in place over the last two years.
RUSH: Stop the tape! It’s right there! Make sure taxes don’t go up ‘as a consequence of the expiration oooof some of the Bush tax cuts that were currently in place and some of the tax cuts that we put in place over the last two years.’ Who’s talking about extending his tax cuts? Nobody’s talking about extending his! What’s on the table is the Bush tax rates. But what’s this he says: ‘and some of the tax cuts that we put in place’? ‘Obviously issue number one is making sure that on January 1st middle-class families aren’t seeing their taxes go up as a consequence of the’ Bush, blah, blah, blah, ‘and some of the tax cuts that we put in place.’ (interruption) Well, that’s my point: There weren’t any tax cuts! There were some, you know, you got a check for 5¢ once or a $50 check or $2.
Whatever it was, you got a tax credit. But the point is, what is he talking about? Nobody has said anything about extending his tax cuts. He just introduces it here. He’s lumping his tax cuts in with the Bush tax cuts, and there weren’t any Obama tax cuts. Now, the Bamster has always claimed that one-third of the Porkulus bill, $787 billion, went to ‘tax cuts.’ He’s always said that. If they did, those tax cuts are also gonna die if they’re not extended. But nobody, not even Obama, is talking about extending those tax cuts. So there are two tax cuts (I guess the same ones) and not Obama, nobody, is talking about extending those. He just brings it up for the first time. And there are no Obama tax cuts. That’s the whole point.
BREAK TRANSCRIPT
RUSH: Oh, Fox News.com: ‘White House Pushes to Extend All Stimulus Tax Breaks.’ (laughing) I mean, did I not just ask this 15 minutes ago? ‘White House Pushes to Extend All Stimulus Tax Breaks.’ Why’d they wait until the last minute to bring this up? This is such posturing. I don’t know if you saw this or not.
BREAK TRANSCRIPT
RUSH: Fifteen minutes ago I started asking, ‘What Obama tax cuts? What about extending his stimulus cuts?’ Lo and behold: ‘White House Pushes to Extend All Stimulus Tax Breaks.’ Obama wants to get in on this now. Now that we’re gonna extend tax cuts, Obama wants everybody thinking that he’s got some, too, that are going to be extended.