Here's what Rush actually said about the Oil Mess today:
Regime Puts Boot on BP's Neck
May 3, 2010
BEGIN TRANSCRIPT
RUSH: Robert Gibbs, the White House press secretary, with the mantra of the regime this afternoon...
GIBBS: I'm not sure the president can alter the pace of drilling in the Atlantic -- I mean in the Gulf, I'm sorry. We're -- I used this phrase yesterday, as Secretary Salazar used this phrase and that is we're going to do what we have to do, we will keep our, as Secretary Salazar said, our boot on the throat of BP to ensure that they're doing all that is necessary while we do all that is humanly possible.
RUSH: We're going to keep the boot on the throat of BP to make sure they're doing all that's necessary. He then went on to encourage fishermen in the gulf to sue British Petroleum because it is they who are causing difficulties with the fishing habitat. So I just got a note from a friend of mine who is in the corporate bond business. "Hey, Rush, we were having an investment meeting here to discuss going short in BP bonds. Then we heard the Obama quote at the top of your show, 'Let me be clear, BP will pay for this spill,' and then we heard Gibbs say, 'We're going to keep the boot on the throat of BP,' so we have gone ahead and shorted British Petroleum bonds." He gives me the basis point spread, I'm not going to mention that to you, but he said the BP spread will widen with this attack on them for the financial liability. So you got a bunch of people -- follow the money here -- a bunch of people in the investment business are going to short British Petroleum stock and bonds because the White House is now attacking them. The White House is blaming them for everything that's going on. They're an adversary, the White House is not partnering with them to try to fix the problem or to solve it whatsoever. They are blaming them.
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RUSH: Madison, Wisconsin. Back to the phones we go. Mike, great to have you here, sir. Hello.
CALLER: Rush, hey, how you doing, buddy?
RUSH: Very well, sir. Thank you.
CALLER: Good. I'm a little off topic today talking immigration but I have kind of a bank question for you --
RUSH: Go right ahead.
CALLER: -- if you don't mind.
RUSH: Go right ahead.
CALLER: Goldman Sachs, they got a 10% share in the Chicago Climate Exchange, and now thanks to yourself and Glenn Beck know that Goldman has treated its employees and board members deep in the exchange and the administration itself, I was wondering: Do you think this has anything to do with why Goldman was bailed out and Bear Stearns was sold at a government garage sale?
RUSH: Uh, I'm not sure I understand the question. Say that in a different way again.
CALLER: Why is it that Bear Stearns was allowed to be sold off and Goldman is bailed out?
RUSH: Well...
CALLER: Goldman -- (garbled cell)
RUSH: Lehman --
CALLER: (garbled) ... Goldman and the administration and the exchange itself?
RUSH: What do you think the answer is?
CALLER: Well, I think the answer is that there's a lot of corruption going on in there and seeing as how Bear Stearns was at seventh largest securities firm at the time of their collapse, they can't say "too big to fail."
RUSH: No, it was a competitor that was gotten out of the way. There's no question.
CALLER: Yeah, and that's the thing.
RUSH: The federal government took care of it for Goldman Sachs. You want to know something else interesting? I'm going to have to double-check this. I got a note from somebody over the weekend trying to give me a tip and I didn't have time to check it, and I always have to check these things. But the tip said that there are 11 other firms -- and I'm not sure I can believe this but I'm going to go ahead and mention it. There are 11 other firms that were more involved in CDOs and derivatives than Goldman Sachs, that they were not at the top of the list of financial houses trying to pool these mortgages and make some sort of insurance package out of them. I'm going to have to double-check this. But if that's true, then everything that we have as a suspicion about this -- Goldman's in on it; it's just designed to pass Obama's bill, Chris Dodd's bill, the financial regulatory reform bill; Goldman's the biggest, the biggest name, the most hated, next to AIG, and this is a way to gin up class warfare just like they're doing now with BP. The administration had their boot on Goldman's throat, and now here come criminal charges for what they did. So always (in this case especially) follow the money, and the big pile of money was called TARP. Bear Stearns didn't get any of it. Lehman didn't get any of it. Goldman, which didn't need it, got a whole bunch of it routed through AIG, which also got a lot of it, and then the boot has been on their neck ever since this all happened.
RUSH: By the way, somebody just clued me in on what our previous caller was talking about. I was having a devil of a time understanding what the guy was saying. Not his problem, mine. He was talking about carbon trading. I wish I'd have heard him say that because we've mentioned it on this program, the reason nobody at the government levels wants to admit the hoax of global warming, the reason that we need cap and trade is we need to trade the carbon credits and who's going to be the clearinghouse? Goldman Sachs. Goldman Sachs was the clearinghouse. All the trades for carbon credits were going through Goldman Sachs, maybe a couple of other firms on Wall Street. Sorry I didn't hear what he was saying, but again, it was my problem, not his. Brian in Tampa, great to have you on the program, sir, welcome.
CALLER: Rush, gator country tea party nicotine-stained fingers mega dittos to you.
RUSH: Thank you, sir.
CALLER: I have listened to you since Hurricane Andrew, and listening to you is like listening to my dad who passed on in '83 upon graduating high school. And listening to you is like listening to my dad every day and I'm no longer having to miss him because I hear you on the radio.
RUSH: Well, thank you very much, sir. I understand that, and I appreciate it.
CALLER: One thing I have noticed out of the media is this administration has a complete lack of regard for the investigative process. I'm not a conspiracy theorist, but we have a bunch of questions here that need to be answered here, whether it was sabotage or terrorist attack, and speaking specifically to the oil rig, and President Obama is already pointing a finger at BP, and as much as he jumped to a conclusion with the cop up in Boston, it's a reckless and irresponsible way, when an investigative process has not taken place, and no one has a clue as to why the thing blew up in the first place because in my memory, I've never heard of an oil rig blowing up out in, you know, an offshore rig.
RUSH: Well, I've had a couple other people, Brian, make this analogy to the Cambridge cop and how Obama jumped to conclusions because it fits his narrative or fits his template. You know, last week I caught blogger hell because one thing I said was taken out of context. Bloggers all over the country were saying that I was accusing the Obama administration of blowing up the rig. And I wasn't. I was not thinking sabotage at all until I heard they're sending SWAT teams down there. When the federal government is sending SWAT teams that changed my whole perspective on this. And why you sending SWAT teams down there, and why are you sending Homeland Security, and why are you not working with oil company executives on this, and who knows the answers to these questions, but I happen to do something on this program, and I think it's highly valuable to people. We're an improv program.
We think out loud here. Things happen, all of you call, you tell me what your thoughts are at the moment, and it's a great intellectual exercise. And the left, of course, loves to take these little on air think pieces out of context and try to say that we said things on this program that we haven't said. But sabotage never occurred.
Then I read that Halliburton had placed the concrete at the area where the thing had the explosion. I said, "Well, this is made to order." I mean they've been trying to get Cheney and Halliburton executives frog marched up to Capitol Hill in chains for hearings for who knows how long. I said, "This is too juicy. Halliburton's involved in this? The SWAT teams are sent down there? The administration is not doing anything to contain it? And they didn't care about it for 12 days. And now the focus of attention is all on BP with the Obama spokesman saying we've got our boots on their necks, and you fishermen down there, they're the ones depriving you of your livelihood, go sue them." So I mean BP, they're the next target. It's like my investment buddy, "Rush, we just decided to go short 62 basis points here on BP bonds," and it's tempting. When you go short you're betting on the price to go down, and it would be very difficult here to bet that the BP stock price, bond price is going to go up when you've got the most powerful man in the world creating a mental image of a jackboot on their neck, and the press secretary smiling, urging Louisiana fishermen to sue 'em? Short BP.
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