![](\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/BernankeStimulus.jpg\"\/)
RUSH: Here it is, QE3, straight from the horse\u2019s mouth. The Federal Reserve statement: “To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee agreed today to increase policy accommodation by purchasing additional agency mortgage-backed securities at a pace of $40 billion per month.”<\/p>\n
The optic of the stock market going up will, in his view, hopefully cancel out all the other bad economic news, like the unemployment number today is back up again, no improvement whatsoever. In fact, there hasn\u2019t been any improvement at all. It\u2019s not even being discussed because Mitt Romney\u2019s the big problem in the Drive-By Media. This is a huge amount of money. Why is it necessary to spend $40 billion a month if the private sector\u2019s doing so well? Obama\u2019s claim, “We\u2019re coming back.” The whole Democrat convention: We\u2019re roaring back, we\u2019ve turned the corner, we\u2019ve turned the tide, whatever. They\u2019re gonna purchase these assets until the outlook for Obama\u2019s job improves, is what they really mean. It\u2019s his job they\u2019re worried about. The vote, by the way, was 11 to one at the Federal Reserve. It didn\u2019t work. <\/p>\n
(interruption)<\/p>\n
Well, interesting question. Snerdley said, “If the other QEs haven\u2019t worked –” quantitative easing, printing of money, stimulate the economy, “– if stimulus 1 didn\u2019t work, if QE1 didn\u2019t work, if QE2 didn\u2019t work, why will this one?” It won\u2019t. It will create the illusion that things are working with, what, 55 days before the election. That\u2019s all this is. Again, this is not designed to revive the economy. This is designed to revive Obama\u2019s election chances. That\u2019s all this is. As I said in the first hour, a campaign contribution is an exact way to look at this. People aren\u2019t going to understand that, I don\u2019t think. If you run around, put it that way, people you want to persuade. It may work. I don\u2019t know. But none of the other QEs have worked to revive the economy. And this won\u2019t either, but the hope is it revives Obama\u2019s electoral chances by creating an impression or optics that there\u2019s economic activity and, of course, there will be in the stock market. It\u2019s the kind of thing causing the stock market to skyrocket. Business Insider has a story that gold has spiked, stocks are surging to five-year highs today because of this. It\u2019s all illusion.<\/p>\n
BREAK TRANSCRIPT<\/p>\n
RUSH: Back to Ben Bernanke and QE3 for just a second. The Fed is making $40 billion of bond purchases a month, mortgage-backed securities purchased by the Federal Reserve to stimulate the economy. Nothing they\u2019ve tried before has worked. This is the Federal Reserve, Ben Bernanke, going all-in for Obama today. I\u2019m telling you, folks, they are panicked in Obamaville. It\u2019s like I said moments ago. Really, with all this support they\u2019re getting, all of this propping up from the media everywhere — Hollywood, academia, pop culture — Obama ought to be up 20%.<\/p>\n
They should have been able to take Romney out just this week over this national security business if Obama had any believability, if he had any credibility. If the media had the power that they used to have, if the media had the monopolistic power they used to have, they could have killed Romney off the past couple days. Oh, they\u2019re trying. They\u2019re still trying, and I\u2019m telling you: They\u2019re frustrated as heck that they haven\u2019t been able to. So here\u2019s Bernanke today with QE3. Nobody knows what\u2019s gonna happen.<\/p>\n
Theoretically what ought to happen with this kind of printing of money is hyperinflation. What ought to happen here is the cost of things skyrocketing — gasoline, grocery bills, utilities, you name it. We have never done this before. This country has never printed money like this before. We\u2019ve never borrowed money like this before, not even a fraction of this. We\u2019ve never pumped like this. We\u2019ve never tried this before.<\/p>\n
![](\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/RomneyObamaPoliciesMontage.jpg\"\/)
<\/p>\n
We have never flooded the country with illegitimate dollars like this — and when I say “illegitimate dollars,” these are not dollars from resulting from any kind of growth or production or productivity. These are illegitimate dollars. They\u2019re not real. I mean they\u2019re real, but they\u2019re not related to any economic activity. We\u2019ve never done this before, and the stock market right now is going nuts. They love it \u2019cause there\u2019s new money involved.<\/p>\n
NASDAQ\u2019s up 52, which is big for NASDAQ. They love this kind of infusion because this money is used to buy securities, bonds, or what have you. The Dow is up 235 right now. But it could trigger a market plunge down the road because what this illustrates is that there is panic. There\u2019s panic at the highest levels of the institutions that have stewardship over this country and its finances. If left alone, we\u2019re headed to a financial collapse. If Obama\u2019s reelected, it\u2019s just a question of when.<\/p>\n
Is it 18 months? Two years?<\/p>\n
It\u2019s not a question of “if” we\u2019re going to financially implode; it\u2019s a question of when. And this pumping now announced by Bernanke today is evidence that they\u2019re panicked. And if anybody where the big money is gets the idea that there\u2019s panic behind this? Then, “Katie, bar the door,” as to what might happen with the stock market. I\u2019m not gonna predict. I don\u2019t know enough. All I know is, this has never been done, and now there\u2019s nothing more to offer Wall Street.<\/p>\n
It\u2019s clear that what they want is hyperactivity on Wall Street so Obama can say, “See? There\u2019s great economic activity out there!” That\u2019s to cover up all this other “middle class shrinks to all-time low” news. No-new-jobs news is out today. This Bernanke guy is… Well, here. Romney has put out a statement. The Romney campaign has put out a statement on this today, QE3, and I have the statement. I\u2019m holding it here right in my formerly nicotine-stained fingers. (shuffling paper)<\/p>\n
Here\u2019s the Romney statement: “The Federal Reserve\u00c2\u2019s announcement of a third round of quantitative easing is further confirmation that President Obama\u00c2\u2019s policies have not worked. After four years of stagnant growth, falling incomes, rising costs, and persistently high unemployment, the American economy doesn\u00c2\u2019t need more artificial and ineffective measures. We should be creating wealth, not printing dollars.<\/p>\n
“As president, Mitt Romney will enact bold, pro-growth policies that lead to robust job creation, higher take-home pay and a true economic recovery.” Note to the Romney campaign: Later today will you tell us what you\u2019re gonna do to do all that? I mean it would help. No, I don\u2019t doubt \u2019em. I just say, “Lay it out there! What are you gonna do? What is a ‘pro-growth policy\u2019? What\u2019s gonna lead to job creation? What\u2019s gonna lead to higher take-home pay?”<\/p>\n
Put it out there!<\/p>\n
We know this doesn\u2019t, so tell us what the plan is. <\/p>\n","protected":false},"excerpt":{"rendered":"
RUSH: Here it is, QE3, straight from the horse\u2019s mouth. The Federal Reserve statement: “To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee agreed today to increase policy accommodation by purchasing additional agency mortgage-backed securities at a pace […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0},"categories":[],"tags":[],"yoast_head":"\n