By Tom Allison

Rush stepped up theory that the White House somehow colluded with the SEC in filing a civil lawsuit against Goldman Sachs, pointing out today that CEO Lloyd Blankfein visited the White House four times. As usual, Rush was convinced that whatever President Obama was doing was causing the stock market to plummet. This time, Obama speaking at Cooper Union in New York City was the catalyst for Wall Street's panic. Lacking any coherence at all, Rush simultaneously called the financial-regulatory reform legislation Obama is pushing “a bailout bill” and “a destroy 'em bill.” Using one of the right's favorite attacks against Obama's agenda, Limbaugh said that under financial reform, “the same people that gave you the DMV” will “be running our financial system.” How original.

Rush has previously claimed that Obama “resents” doctors for making money and that he resents “the greatness of the country.” Today, Rush added “capitalism” to the growing list of things Obama resents. Limbaugh also unloaded on unionized government employees, declaring them “freeloaders” (yesterday, it was schoolteachers) and “leftist, socialist, neo-communist.” Usually, when Rush attacks the Obama administration's spending, it's to criticize Obama's goal of creating a socialist state or a “permanent underclass.” Today, however, Rush theorized that Obama was increasing spending so that “taxes would have to be raised tremendously.”

Near the end of today's show, Rush announced that he'll be going on vacation starting tomorrow, which might explain today's reliance on recycled attacks. But perhaps Rush's most skewed take on current events today was his defense of the fraud allegedly committed by Goldman Sachs as fair commerce. Completely ignoring the basis of the SEC's allegations, Rush distilled the case down to the premise that hedge-fund founder John Paulson “won” and Goldman's investors lost. Rush concluded: “Obama doesn't like that there are winners. That's his problem. No leftist likes winners. ... [Obama] is making sure nobody wins.”

Here are some highlights from the show:

Limbaugh: “Obama doesn't like that there are winners. That's his problem. No leftist likes winners”

Limbaugh: Public-sector union employees are “freeloaders” and “leftist, socialist, neo-communist”

Limbaugh says Obama is increasing spending so that “taxes would have to be raised tremendously”

Limbaugh: Obama “has only resentment for capitalism”

Same old attack: Rush says under reform, “the same people that gave you the DMV” will “be running our financial system”

Limbaugh refers to financial-regulatory reform legislation as “a bailout bill, or a destroy 'em bill”