Rush Limbaugh's Morning Update: Excess

From Rush Limbaugh: After whipping up anger at the financial sector, the Obama administration is now leveraging that anger. Treasury Secretary Geithner is demanding new rules to supposedly offer consumers and investors more protections. Banks, insurance companies, hedge funds, and others are targeted for more regulation. And powerful centralized institutions like the Treasury Department and the Federal Reserve will gain even more power over the private sector.

Sadly, many Americans will embrace this news, buying the liberal lie that our economic health was put at risk by an absence of regulations. If we as nation accept that premise, the real culprit will escape unpunished -- and unreformed.

You see, folks, the excesses which led us here have their root in Washington, DC. It was politicians and unelected bureaucrats who created the sub-prime mortgage crisis, and it was those same politicians who ignored warnings of a festering crisis. It was politicians who set up the schemes that govern banking, insurance, and international trading. The oversight problems were not due to an absence of regulation, but rather an absence of competence.

The bloated federal government has more systemic fraud than our private sector ever has, or ever will -- which is why liberal politicians conjure up villains in the private sector. They send a modern lynch mob out over a few millions in bonus money while they squander trillions on bankrupt programs that rob our freedoms and economic future. The real "excess" in our society runs down both sides of Pennsylvania Avenue -- not Wall Street.

And for those of you who were listening to my final comments on the over-the-air broadcast yesterday -- Thursday -- let me say, from the bottom of my heart, and from the center of my brain: I'm sorry. I apologize.

Read the Background Material on the Morning Update...
• WSJ.com: Geithner Wants New Rules to Check Risks