This hour of the Limbaugh Wire brought to you by investor prenups
By Simon Maloy

Sometimes, when we feel sorry for ourselves for having to listen to the likes of Mark Steyn prattle on about cat AIDS and Birther gibberish, we take a step back, survey the broader talk radio landscape, and remind ourselves that it could be worse. Anyway, welcome back for another day of the Limbaugh Wire -- this time it's the real McCoy, as El Rushbo is back from charity golfing.

Rush kicked off the show by once again explaining Obama's grand plan to drive down the economy so he can take over the private sector and destroy capitalism. The impetus behind Obama's grand conspiracy is, apparently, his overarching anger: “I tell you, this is one angry guy. He's a bad guy. He's one angry guy. His wife is angry as well. Everybody around him is in full rage, although they're probably happy now to see him sit around what is -- what's happening.”

From there, Rush touched off on the semi-interesting factoid that the Sunday New York Times opinion page contained several pieces critical of Obama. Rush was upset, however, because the New York Times “leftists” were attacking Obama's style, not the substance of his ideas, because “leftists” will never “admit that their ideas are bad.” Except for Paul Krugman, who, according to Rush, may be “more right than wrong” regarding Treasury Secretary Geithner's toxic asset plan. At this point, we dove under our desk because we were sure reality had just torn itself asunder. After a minute or so, we convinced ourselves that the end times were not upon us, so we resumed listening.

Talking about the toxic asset plan, Rush encouraged private investors participating in the plan to get a “prenup” before entering into this “marriage” with the government, because they'll end up being taxed at 90 percent if they make too much money. Moving on to Geithner, Rush noted that The Washington Post reported that the “Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage the broader economy, according to an administration document.” According to Rush, “Geithner is going to get total control over determining whether something needs to be seized or not, whether it's working or not -- and it's just keeps on coming, folks.” This isn't quite accurate -- the Post article he read from noted that the “Treasury secretary could act only after consulting with the president and getting a recommendation from two-thirds of the Federal Reserve Board.”

Rush came back from the break with an explanation of what “toxic assets” are and once again cautioned investors to get a “prenup” so that they don't face “retroactive taxation” or hearings with Rep. Barney Frank (D-MA). Rush expressed his extreme disapproval with the toxic asset plan because it is “just another bailout,” saying that investors are going to be buying toxic assets with government “loans” and that they don't have to repay that money, regardless of whether the investments make or lose money. According to Rush, it's a “show” intended to make it look as thought the private sector is saving the economy. The key thing to remember, according to Rush, is that the private investors participating in the plan are the same people Obama has been “vilifying” for the past six months (and they're all Democrats).

Rounding out the hour, Rush returned to his teleprompter fixation, claiming that CNN's Jeannie Moos and the rest of the “drive-bys” are covering for Obama regarding the teleprompter mishap involving the Irish prime minister. Rush was incredulous that Obama, according to Moos, jokingly read the wrong speech to cover for the Irish PM: “Obama is not a person with a sense of humor. No serious, angry, leftist ever has a sense of humor.” Rush then demanded that Moos show the video of the incident if that really was the case. Of course, in the very same segment, Moos said quite clearly of the incident: “Too bad it wasn't on camera.”

Highlights from Hour 1

Outrageous comments

LIMBAUGH: The poor and the middle class, this is a bunch of people that believe a bunch of things. One of the things they believe is that the nation's achievers and so-called wealthy have acquired their wealth by stealing it or not allowing others to have it, and this has created the middle class and the poor. And so we've got to go get that money back, and that's what we're in the process of doing.

Remember Obama told some people in a California town meeting not to be investment bankers -- the same thing his wife did during the campaign in Zanesville, Ohio. I tell you, this is one angry guy. He's a bad guy. He's one angry guy. His wife is angry as well. Everybody around him is in full rage, although they're probably happy now to see him sit around what is -- what's happening.

[...]

LIMBAUGH: After they have made it doubly tough for anybody to run a profitable business, then they can go in and seize it, when you can't make a profit, when your business isn't doing -- this is all part of a plan. This is not a rescue. This is a plan. They are focused on the destruction of the private sector. They -- this is an all-out assault on capitalism.

[...]

LIMBAUGH: See, Obama had the presence of mind to run to the teleprompter and thank himself, knowing full well he's just trying to bail the Irish prime minister out of an embarrassing moment by thanking himself. Well, if that's the case, show us the tape. If it's just a joke, if it was -- I mean, this could really help Obama to show that he can ad lib off the prompter. Isn't that one of the big complaints that people have about him?

So, Jeannie, go get the tape and show it to us if this is such a brilliant effort by Obama to tell a joke, which he can't do by the way. Obama is not a person with a sense of humor. No serious, angry, leftist ever has a sense of humor. Obama does not have one. He's got an engaging smile, but when he tries to crack jokes, we know what happens. He is not funny. He is not a funny guy.

What? What? Well, we've got yucks at the handicapped. That's what I mean. He's not a funny guy. He does not know how to tell a joke. This whole notion this was a joke, Obama going up there to bailout -- show us the tape, Jeannie. Or get this pool reporter. Show us the tape if it's just a joke, if it's just a joke. So they will continue to cover for him.

America's Truth Rejector

Misleadingly claimed new plan would give Geithner “total control” over decision to seize financial institutions:

LIMBAUGH: The Obama administration is going to ask Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies like large insurers, investment firms, hedge funds, whose collapse would damage the broader economy -- this from White House spokesman Robert Gibbs. They're going to use it until they get control of as much of the private sector as they want.

[...]

LIMBAUGH: So they're going to get rid of the independent agencies that examine the health of various aspects of the economy. They're going to turn that over to Geithner. Geithner is going to get total control over determining whether something needs to be seized or not, whether it's working or not -- and it's just keeps on coming, folks.

There's nothing in the road to stop these people -- nothing on the road to stop them. No boulders in the way -- and even if there were boulders, these people are in a jet. They're flying over the land. They're not driving over it. And they're proceeding full speed ahead.