• With: Rush Limbaugh

    This is a rush transcript from "On the Record," December 14, 2011. This copy may not be in its final form and may be updated.

    GRETA VAN SUSTEREN, FOX NEWS HOST: Tonight, Rush Limbaugh goes "On the Record," and it is the in-depth interview you will only see right here. Here's Rush Limbaugh.

    (BEGIN VIDEOTAPE)

    VAN SUSTEREN: Rush, nice to see you.

    RUSH LIMBAUGH, RADIO TALK SHOW HOST: Thanks, Greta. Great to be here, as always.

    VAN SUSTEREN: Thank you. And of course, we love being here, although we blew out your power when we arrived.

    LIMBAUGH: Well, it's the second time it's happened. We should have been more prepared for this. But it only kept us off the air about three minutes. We'll send you the bill.

    VAN SUSTEREN: And of course, it's the second time, though, but it's also the first time with us, too.

    LIMBAUGH: Yes. Well, both times. Only two times.

    VAN SUSTEREN: All right, well, anyway, next time, I promise that we won't do it. 2012 election -- what do you think is the most important issue to conservative Americans?

    LIMBAUGH: Obama. Everything Obama. That's the most conservative issue to conservative Americans. I don't know how you separate Obama from his policies. Obama is his policies. Obama's the problem. Obama has a vision of this country that is not held by anywhere near a majority of people.

    Do you realize, Barack Obama had run for office in 2008, campaigning on what he's done, wouldn't have got 30 percent of the vote, if that, which is pretty much commensurate with the way that I think how liberals have to run. They have to lie. They have to mischaracterize who they are, what they are, what they want to do, what they stand for.

    They are a minority in this country. They're a minority of thought. But they are not received that way. They've got the mainstream media with them. The perception is that they're a much larger bloc than they really are.

    But if you had to single out one thing about Obama, it would be "Obamacare." I mean, that sums up I think everything that's disastrous, dangerous, destructive about Barack Obama. If that health care bill is not reformed, repealed, the country is going to change forever in ways that people cannot possibly imagine. It's going to be a massive loss of individual liberty and freedom.

    And once the government has control of health care and the costs involved, then they can dictate every aspect of the way you live based on saving money, whether or not you're going to be treated based on your age, whether somebody thinks it's worth it to save you if you have some sort of a bad disease. It's just -- it's just bad all the way around.

    And I -- people ask me, Do you really think these things that you say about Obama? And I do. I mean, from the bottom of my heart. And if you'll recall, January 16th, before Obama was inaugurated, I was asked to write a piece for the Wall Street Journal, 400 words, of what I hoped for the president.

    And I remember at that time, everybody was awash in the glow of the first black president, all the historical aspects of it. And that didn't matter to me. Once he was elected, cool, fine, great achievement. His policies matter to me, what he's going to do. And I told The Wall Street Journal it won't take 400 words. I can do it in four. I hope he fails.

    And what I meant by that was I hope that everything he wants to do policy-wise fails. He hasn't failed. He has succeed beyond his wildest dreams, I'm sure. This national single-payer health care, which is where this is headed, if it happens, huge, huge achievement, ballgame. The green energy stuff -- I mean, that's -- that's all a hoax and a fraud based on another hoax and fraud, global warming.

    And I -- you know, I do get interested in motivations, you know, why politicians do the things they do, what motivates -- a lot of people don't care to get involved in that. I do because I think it's a track. It can give you an idea where they're going in the future if you understand what it is that motivates them.

    And I have often -- always suspected that Obama has a chip on his shoulder about the country, that he doesn't think of it as great. He doesn't think of it as exceptional. He thinks of it as criminal, in many ways, as guilty, in many ways. He thinks that our superpower status was a result of theft, resources and ideas from other nations all over the world. He believes the multi-cultural garbage that we came here, kicked the Indians off the land and brought with us racism, sexism, bigotry, homophobia, slavery, and all that.

    And I think that Obama wants the people of this country to find out what it's like to live the way he thinks we have forced other people around the world to live. And he said it when he was in Osawatomie, Kansas. He basically said that the way this country founded has never worked. Self- reliance -- the way he characterized it was even to me offensive, that everybody out fending for themselves.

    Self-interest has fed more people than charity ever has. Self- interest, everybody trying to do the best for themselves. Not selfishness but self-interest raises everybody up. It offends him. He says, It's never worked. He says 234 years, whatever, America has never worked. The rich are the problem.

    Who believes that the rich are the reason we've got an economic mess? He does. Or he wants people to believe it. It's offensive. It is outrageous! And I don't relish the thought of four more years of this.

    VAN SUSTEREN: Is he in your mind a bad guy or is it different ideology?

    LIMBAUGH: One and the same. What do you mean by bad guy? Could be a little loaded.

    VAN SUSTEREN: I guess I mean a motive to -- an intentional motive to hurt the country, versus his ideology is one that the way you achieve ideals is different values.

    LIMBAUGH: This is the question. We are living under a number of assumptions about Obama that have been presented to us by elites of both parties. One of the illusions is Obama's brilliant, that he's smarter than anybody else in the room, messianic. We have never had a politician like this in our midst, we were told in 2007, 2008. Nobody like Obama has ever trod our soil. He was going to unify us. The world was going to love us again. It's going to lower the sea levels. I mean, ridiculous stuff.

    So the question is, is he just dumb? Does he really believe this economic stuff? Does he really believe that taking capital, money out of the private sector and transferring it to government and unions is the way you grow the private sector? Is that the way (INAUDIBLE) Does he really believe that? Is he that ill educated? Is he the product of nothing other than the American education system and whoever influenced him at home when he was young?

    Or is he an ideologue? Is he a Marxist socialist who has an agenda that's oriented toward cutting the country down to size? I mean, that's the question. For me, the answer to the question is irrelevant. I think that whatever he's doing, why he's doing it, it's obvious he is doing it. He is taking steps, these 10 policies that are injurious to the country, injurious to individuals, targeting as the enemy the people who work in this country, targeting as the enemy that people that pay taxes.

    This business of this Occupy Wall Street crowd, which is his -- it was created I think on the basis that Romney was going to be the Republican nominee. Romney's Wall Street, so you get Obama's band out there, Occupy Wall Street, protesting. It was set up to oppose Romney -- Wall Street blamed for all these ills in the economy, like the subprime mortgage.

    That's -- the subprime mortgage problem, which is the root of this economic disaster we're in, was strictly created by government. It was a plan designed, as Barney Frank has said, affordable housing. Put people in homes that couldn't afford them. Loan them money knowing they can't pay it back, Community Redevelopment Act.

    Bill Clinton started it, Jimmy Carter and Janet Reno, Andrew Cuomo, they forced lending institutions to make these loans, these mortgages, to people that can't pay them back. The lending institutions are holding worthless paper. That's no good. So what do they do? They come up with creative ways to turn that worthless paper into something of value by creating mortgage-backed securities that they then sell to another unsuspecting bunch of dupes down the line. And that kept happening until there was nobody left to buy them. The whole thing blew up, and it's -- it's where we are.

    And Wall Street had nothing to do with it! They're a convenient enemy. Obama loves to run around and talk about Wall Street tricked people into coming in and getting these loans. Wall Street didn't trick anybody. They were told, they were ordered by the government to make these loans in fairness, stop redlining against minorities, and so forth. It was liberalism on parade!

    Liberalism has given us every problem that we're facing in this country today, without exception. Now, whether liberals are dumb and stupid and ill educated, or whether what this is purposeful, too late now to draw the distinction. It's happening.

    And they're doubling down on it. Three years, and every policy to create jobs hasn't worked! Greta, do you realize there are 2.5 million fewer jobs in America than there were when Obama was immaculated? That's why the unemployment rate's dropping. There are fewer jobs. The universe from which we create this percentage has shrunk.

    The real unemployment rate -- who was it said -- there's two people have said this, old Financial Times guy, some guy named Luce, James Papakukis at Reuters. If the same number of jobs existed when Obama was inaugurated, the real -- today, as in 2008, then the real unemployment rate would be 11 percent. It's a disaster.

    And there's been plenty of time to realize it doesn't work and to change course. He hasn't done that. So to me, it's patently obvious he's not going to do it because he doesn't believe in it. What's happening I think he enjoys.

    VAN SUSTEREN: Do you think he's going to get reelected?