Rush Limbaugh: "fascism is exactly what we're getting under Barack Obama"

Rush Limbaugh, on his broadcast today, accused President Obama of turning the US into a "fascist" economy.

From The Patriot Room:

So back in April, Obama said, "No, no, no, no. I'm not going to do that. I want to go forward," because he knows the American people do not want to investigate the Bush administration. He knows the American people don't want to weaken our intelligence gathering ability and our foreign policy.

And this business of "undermining the Constitution," I might remind you that Obama has kept the warrantless spy program, and he has expanded it. And I might remind you there's nothing in the Constitution that says the president can fire a CEO. There's nothing in the Constitution that says the president can turn this into a fascist economy, which he is in the process of doing. It is not socialist. Socialist is where the government owns the means of production and distribution. Fascism is where the private sector still owns what it owns but politicians run it. The state runs these businesses, but they don't own 'em. Now, I know he owns some. He owns a couple struggling car companies. He owns some banks and some other things. But fascism is exactly what we're getting under Barack Obama.

Glenn Beck first made this allegation months ago.