RUSH: There's a piece of news out there that's a very teachable moment and I want to start with this. The stock market is down about 148 points in the last hour. Now, the reason the market is down is because the Securities and Exchange Commission which is a part of the regime -- this is the teachable moment -- the SEC has filed civil charges against Goldman Sachs for essentially profiting on the subprime mortgage crisis knowing full well that the housing market was gonna bubble up and crunch and they were playing both sides, profiting on both sides of it. The suit from the SEC basically shows that Goldman Sachs and others knew that the housing market was gonna crash, they kept selling these mortgage-backed securities on the one hand and then they bet against them on the other hand. They were going short.
This was not the result of any unfettered capitalism, folks. This was not unfettered capitalism. This crash is the result of Barney Frank, Chris Dodd, Franklin Raines, Jamie Gorelick and all these other liberals and their elitist buddies on Wall Street who knew what was going on in the subprime mortgage crisis, gaming the system to enrich themselves. From Clinton, Barney Frank, Chris Dodd on, they created an unsustainable mortgage situation and then other liberals enriched themselves by betting against it at Goldman Sachs, and that's what this suit is all about. Now, you might say why today? Because there's a story out there that Goldman Sachs is fully in support of the financial regulatory reform bill. My friends, here's the teachable moment. Obama wants this story out there.
Let's get a few things out of the way. First, Goldman Sachs is innocent until proven guilty. So far, they've only been accused of serious wrong doing. Second, there's no doubt that what Goldman Sachs is accused of went on and probably a lot. Third, trying to blame Chris Dodd for the wrongdoing of Goldman Sachs is simply propaganda.
Here's all anyone needs to know about anyone that analyzes the mortgage crisis. Do they have an agenda? If they do, you may as well stop listening because you'll hear propaganda. If you ask Karl Rove why the mortgage crisis happened, he'll tell you it's because Democrats blocked Republican attempts to reform Fannie/Freddie. If you ask Sean Hannity why the mortgage crisis happened, he'll tell you it's because liberals pushed the Community Reinvestment Act. If you ask Alan Colmes why, it's because of deregulation. Now, Rush has decided to step into the fray.
All of these folks have an agenda. Everyone of them just happens to blame the exact thing that fits their agenda. The mortgage crisis was incredibly complicated. It was a confluence of several things and can't be condensed into a simple soundbite. If Goldman did what they are accused of doing, it's because they were greedy and corrupt not because of a politician.
Here's my full analysis of the financial crisis.