About 45 minutes into today's broadcast.
I'll have the link to the transcript later.
The funniest part of Rush's defense of fascism is that Bloomberg just today had a huge article on the Federal Reserve's emergency lending program to US and foreign banks during the 2008 credit crisis, pointing out that banks took $7.7 trillion in loans at deeply discounted rates. These loans were deliberately kept secret while everyone obsessed on the paltry by comparison $700 billion TARP bailout.
The article is noteworthy for repeating the discredited notion that failure to pass TARP caused the stock market to tank. It never mentions how the market tanked in most spectacular fashion after TARP passed.
As long as the monies were paid back, to Rush this means it wasn't a bailout.
But the new Bloomberg article points out for the first time that the banks made a profit off these loans amounting to about $13 billion:
The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.
The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue.
Now repeat after me: The banks were NOT bailed out . . . the banks were NOT bailed out . . . the banks were NOT bailed out . . ..
