RUSH: I gotta develop this theme a little further, but I was talking about it with a friend of mine this morning. Nothing, practically nothing in the media is real. The oil spill is not killing birds and fish. It’s not. They don’t know what’s killing birds and fish but it isn’t the oil spill. New York Times: Apple’s iPhone does not have a major problem. They may have a problem with some receivers, and Apple’s got this big press conference tomorrow, but if there were a major problem with the iPhone there would be mass returns, there would be people flooding the stores, and that’s not happening. I mean that seems forced. All this talk of the stimulus and economic growth, nothing’s real, nothing that’s reported in the media is real. Greetings, folks. Great to have you here. It’s El Rushbo and the Excellence in Broadcasting Network. Great to have you here. Telephone number if you want to join us, 800-282-2882. E-mail address, ElRushbo@eibnet.com
Washington Post: ‘Companies Pile Up Cash But Remain Hesitant to Add Jobs.’ All right, now, this is a theme that’s established itself out there, and this is all over the place. All these companies have all this money. Some companies do, but they all do not. A lot of companies are hurting. A lot of companies are shutting down. A lot of businesses, small and large, are in deep doo-doo. ‘Companies Pile Up Cash But Remain Hesitant to Add Jobs.’ See, it’s not the economy; it’s these greedy SOBs in business. That’s the theme here. Nothing is real. The White House says business is sitting on cash waiting for consumer demand to return. The only reason I’m bringing this story up is because on page two — by the way, the story is by Jia Lynn Yang, not that it matters, I just wanted to say the words, Jia Lynn Yang. A researcher here says on page two: ‘There’s not a whole lot that you could do to entice companies to hire. You could cut taxes on them, but they’re not going to hire just because they have the extra cash, because they already have the extra cash.’ Who is this? Zachary Karabell, president of River Twice Research.
If you’re hiring this guy you might want to think about it. He’s quoted saying: ‘CEOs don’t like taking risks. They kind of move in packs.’ On the surface you might say, ‘The guy may have a point.’ But he doesn’t. ‘There’s not a whole lot that you could do to entice companies to hire. You could cut taxes on them, but they’re not going to hire just because they have the extra cash, because they already have the extra cash.’ Why do they have the extra cash, Mr. Karabell? They have the extra cash because they don’t know what’s going to hit ’em upside the head next week, next month, or next year. What’s the purpose of a company, Mr. Karabell, is it to hire people? No. The purpose of a company is to produce a product or a service and provide for it, make a profit. You have to hire people to work for you along the way, but you don’t start a business saying, ‘You know what? I think ten people need a job today; I’m going to start a company.’ It doesn’t happen that way.
You could give these businesses a tax cut, and you’d change the whole dynamic, because then you would tell ’em you’re interested in their growth. We have the second highest corporate tax rate in the developed world. If you cut that, then these people, ‘Okay, maybe we’re gonna not be punished if we succeed down the road. Maybe we’re going to be able to keep a little bit more of what we earn and reinvest it, and maybe our businesses will then grow, and then we might hire people.’ That’s the progression line here. This is just absurd. ‘Companies Pile Up Cash But Remain Hesitant to Add Jobs.’ They’re smart! Why are they hesitant to add jobs? ‘Small Business Owners Uneasy With Obama,’ Politico. Small business sounding off here. The White House in response says that their regulations will promote economic growth. When’s the last time that ever happened? The financial sector is not gonna know for two years the real impact of financial regulatory reform, which is gonna get signed, what, this afternoon? For two years they’re not going to know the impact, but Chris Dodd and Barney Frank, the authors, can’t even tell businesses what the impact’s going to be because there are a whole bunch of bureaucrats that are going to be allowed to make decisions on the fly, on a whim, nobody knows what they’re going to be dealing with.
‘The White House’s attempts to tamp down the growing narrative of President Barack Obama as an enemy of the business community are not resonating with an important audience — business owners themselves. A number of small-business owners attending the U.S. Chamber of Commerce’s jobs summit Wednesday said the administration is responsible for policies that have made them uneasy about hiring or investing in their businesses. Daryl Hancock owns an information technology consulting company in Maryland and said Obama’s sweeping changes to the health care industry and new restrictions on Wall Street have only exacerbated the uncertainty of a bad economy. Hancock said he’s ‘very nervous’ about the future and has put off improvements,’ much less hiring people. ‘It’s easier for me just to sit and wait,’ and see what the hell I’m going to be dealing with.
‘Jim Wordsworth, who owns eight businesses in Northern Virginia and chairs the Chamber’s small-business council, said, ‘I’m offended. After all these years, I feel like I’ve done an evil thing, like profit is a bad thing.’ … White House chief of staff Rahm Emanuel and senior adviser Valerie Jarrett –‘ who apparently Obama wanted to get his Senate seat, it’s coming out at the Blago trial, ‘–shot back in a letter to the Chamber, saying they were ‘surprised and disappointed’ by the business community’s rhetoric. They pointed to the administration’s middle-class tax cuts –‘ there aren’t going to be any middle-class tax cuts. That promise has been broken. ‘– and the president’s commitment to working on the free-trade agreements. And they said any new regulations on businesses would promote economic growth.’ Oh. So that’s how it happens. New regulations promote growth. Is that it? Well, if that’s it case, then why the hell is Obama bringing in Der Schlick Meister and saying, ‘How do you grow an economy?’ Do you realize the crow Obama’s having to eat here? I mean during the campaign… what did Clinton get for this? I mean it’s gotta be huge ’cause Obama played the race card against Clinton and Clinton didn’t like it.
They were out there attacking Clinton and Hillary during the campaign and all of a sudden the phone rings, (imitating Clinton) ‘Yeah, hi, hello.’ ‘Hold for the president, please.’ ‘I am the president. Who is on the other end?’ ‘President Obama.’ ‘Ah. Oh, yeah. That guy. Okay.’ Obama gets on the phone. (imitating Obama) ‘Hey, Bill, I –‘ ‘Obama, what do you need?’ ‘I need you to get to the White House here and help me with the economy.’ ‘I thought we’re growing. I thought all kinds of employment is taking place.’ So they call Clinton in to help ’em with economic growth. What does Clinton know about it? All he did was raise taxes. He didn’t do anything for economic growth. That was all Ronaldus Magnus. And Clinton’s tax increases was the beginning of the downside of the boom from the eighties of Ronaldus Magnus, 1994. Then the Republicans got in there and started balancing the budget, and, voila, look what happened.
Here’s what Clinton needs say to Obama: ‘Hey he-he-he-he, Barry, let me tell you what you need, this is exactly what happened to me. In 1994 I got a Republican Congress. Republican Congress, they went in there and they made me balance the budget. I had to do welfare reform and they’re gonna force your hand. And then when they do all these good things you take the credit for it. That’s exactly what I did. I didn’t do diddly-squat. In fact, everything I did is like doing what you’re doing. If I’d a-been left alone I’d have killed the economy just like you are, but the Republicans happened to win in 1994 and I got the credit for everything they did.’ If Clinton were honest, that would be what he would say to Obama. So regulations, regulations, regulations, regulations, economic growth, yeah, well, we got regulations coming out every orifice there is in Washington and we don’t have any economic growth. And, ladies and gentlemen, try this, Los Angeles Times, Doyle McManus: ‘Great Recession’s Psychological Fallout — From lower birthrates to decreased civic participation and volunteerism, economic downturns have many non-economic effects.’
It turns out recessions do not bring people together. Oh, I thought — wait, wait, wait, now. Last year at this time we were getting all these stories, families out of work, loved being out of work, getting to know themselves all over again, sitting around at home and reconnecting. Remember it was great not to have a job, it was great for you emotionally and spiritually. Now all of a sudden the LA Times tells us recessions don’t bring people together. They hunker down, they don’t march in protest or band together, they don’t volunteer. So prosperity makes us more generous, it makes us more civic minded. The story doesn’t say this. This is my conclusion. Now, the journalists who printed that crap last summer about how great it is to be out of work, how spiritually revitalizing it was to sit around with the family, yeah, that’s what people like to do, sit around with the family all day long and pick up the Cheerios and the mnchies off the floor. Right. Those people who printed all that garbage, they themselves are out of work now. And since they’re outta work there’s no more stories about how great it is to be unemployed. See how this works?
Yeah, it’s easy when you’re a journalist trying to prop up a failed administration. You go out there, create a new template. It’s great to be unemployed, why, discovering all kinds of things about ourselves. The people who wrote that have now lost their jobs. That’s why there aren’t stories about this anymore.
BREAK TRANSCRIPT
RUSH: Los Angeles Times, ‘Great Recession’s Psychologist Fallouts.’ No more volunteerism, no more civic participation, people aren’t getting along with each other. Remember this? June 4th, 2009, the LA Times: ‘For the ‘Funemployed,’ Unemployment’s Welcomed — These jobless folks, usually singles in their 20s and 30s, find that life without work agrees with them. They’re not sending out resumes, but instead lazing at the beach and taking long trips abroad.’ June 4th, Kimi Yoshino, LA Times, Doyle McManus, July 15th, 2010, same paper, ‘Great Recession’s Psychological Fallout — From lower birthrates to decreased civic participation and volunteerism, economic downturns have many non-economic effects.’ Go figure. Nothing that’s reported in the mainstream media is real.