Rush Limbaugh's Morning Update: It's Time

From Rush Limbaugh: Not long ago, folks, we were told Congress had to act immediately -- spend almost a trillion dollars -- to shore up banks, or the economy would crumble because credit markets would remain frozen. So almost a trillion dollars of taxpayer money was sent to the banks. Not long ago we were told Congress had to act immediately -- spend another trillion in stimulus money -- to repair our infrastructure to create new jobs. The president said unemployment would peak at 8 percent. He claimed we had turned the corner; prosperity was in sight.

Well, now the special inspector general who oversees the TARP program reports how banks have used the money that Congress rushed to them. Of 320 banks surveyed, 110 used the money for investments. Another 52 repaid their own debts. Fifteen used your money to buy other banks. I guess the frozen credit markets weren't important, after all.

The Obama stimulus plan is a joke. There are hundreds of criminal fraud investigations already underway. States have used the money to shore up their own budgets. And communities in the worst financial shape haven't seen a dime. Unemployment, by the way, is 9.5% and soaring.

And now we're told that Obama and his Democrats must pass their massive health care takeover in three weeks because... because... we just can't wait.

How many times are these swindlers in Washington going to use the same story and hit pay dirt? It's time to put a stop to this nonsense before more money -- and more freedom -- is looted, and the country irrevocably changed.

Read the Background Material on the Morning Update...
• WaPo: Bailout Overseer Says Banks Misused TARP Funds