{"id":26572,"date":"2007-08-16T01:01:01","date_gmt":"2011-05-19T05:05:21","guid":{"rendered":""},"modified":"2011-05-19T05:05:21","modified_gmt":"2011-05-19T05:05:21","slug":"caller_why_i_m_buying_now","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2007\/08\/16\/caller_why_i_m_buying_now\/","title":{"rendered":"Caller: Why I\u2019m Buying Now"},"content":{"rendered":"
\n

RUSH: It\u2019s Leslie from San Francisco. I\u2019m glad you called. Launch. What is it you have for us?<\/p>\n

CALLER: Well, I\u2019m buying. I\u2019m in the market right now, and I\u2019m buying.<\/p>\n

RUSH: And why are you buying, Leslie, when the market appears to be tanking?<\/p>\n

CALLER: Well, I\u2019ve been waiting for this, actually, because I was looking at the markets — I\u2019m in a lot of cash and I was looking at the markets early on like May, June, and they were all at the highs, and I said, ‘Nah, I gotta sit. I gotta wait, because it\u2019s going to correct.\u2019 And now is the time to do it. I\u2019ve been through this in \u201987. I\u2019ve been through this all through the nineties. I went through this in 2000. It\u2019s just cyclical. I can\u2019t believe people are out there panicking, but that\u2019s what I\u2019m taking advantage of right now.<\/p>\n

RUSH: Well, who is panicking? Are you suggesting there\u2019s panic in the sell-off or panic in the public?<\/p>\n

CALLER: Well, I started in this business working with traders. Traders cannot hold anything. They\u2019re not supposed to. And they\u2019re the ones dropping stuff like hot potatoes, taking the profits. And that\u2019s the time for a small investor like me to hop in and take advantage of that.<\/p>\n

RUSH: All right, you\u2019re in San Francisco. Do you sense a panic on the street in San Francisco?<\/p>\n

CALLER: On the street? Well, it\u2019s a bunch of idiots up here. By the way, mega dittos from the belly of the beast.<\/p>\n

RUSH: Well, okay. It\u2019s a bunch of liberals out there, and the Drive-By Media is doing their best to panic everybody over this. <\/p>\n

CALLER: Oh, yeah.<\/p>\n

RUSH: Do you see it working, panic amongst the general population who may not even be in the market, ‘Uh-oh, economy is tanking\u2019?<\/p>\n

CALLER: Oh, when I first heard this, my stomach kind of dropped because I am invested, but it\u2019s an opportunity. You can\u2019t look at it like this is the end of the world.<\/p>\n

RUSH: Of course not. But when do you decide you\u2019ve hit the bottom? Or are you selling short?<\/p>\n

CALLER: No, no, I\u2019m not selling short. I\u2019m buying. I\u2019m definitely buying. I don\u2019t sell short. That\u2019s kind of a different mentality. I\u2019ve decided it\u2019s been, what, five days of down market? That\u2019s good enough for me.<\/p>\n

RUSH: All right. Well, thank you for calling. People I think needed to hear somebody like you with knowledge and experience in this and how you\u2019re reacting to it, looking at it as an opportunity because you\u2019re right, it is cyclical and it will come back.<\/p>\n

CALLER: Oh, yeah, definitely.<\/p>\n

RUSH: It always does.<\/p>\n

CALLER: It does.<\/p>\n

RUSH: Well, look, Leslie, it\u2019s great you called. I really appreciate it. Thank you much.<\/p>\n

CALLER: Thank you. I\u2019m a big fan.<\/p>\n

RUSH: Thank you. I appreciate that. I have a friend, folks, who bought Google. By the way, this is how Washington budgets work, this example. I have a friend who bought Google at a hundred bucks. It went up to $200 and he solid it. Well, the problem is Google is now at $500. Look at all the money he lost? Well, that\u2019s how Washington would look at it. Baseline budgeting. Now, will the government bail this guy out for the money he lost, i.e., didn\u2019t make, by selling too soon? I\u2019m illustrating risk here. Everybody takes risk, and sometimes it works, sometimes it doesn\u2019t. I had a friend down there, he\u2019s no longer alive. His name was Ned. The guy made and lost a hundred million dollars twice in his life. He got wiped out in one day. He was in the commodities market or something, got wiped out one day, whoop, got back at it the next day. Now, that\u2019s a rare example, but Ned did not go anywhere and say, ‘Hey, hey, who\u2019s going to make up my loss for me? This isn\u2019t fair.\u2019 He just went back at it himself. Now we\u2019ve got, ‘You gotta make my mortgage good. I\u2019m going to lose my house, the American dream.\u2019 No. You took a risk. It happens. <\/p>\n

We\u2019re a compassionate country. (interruption) What do you mean, see? See what? Snerdley is screaming at me here instead of screening calls. Snerdley\u2019s afraid that I have been misunderstood as cold-hearted and cruel. ‘Mr. Limbaugh, I\u2019m going to lose my home.\u2019 So, you took a risk, it happens. He thinks I don\u2019t care. Of course I care. I feel sad. (interruption) Now I\u2019m being bombarded. I know there are children in those homes. There are children, and there\u2019s probably a dog and a cat, maybe. You might even find a pit bull cage in some of these houses, who knows what\u2019s in there. I\u2019m sure there\u2019s a bunch of televisions, too. I\u2019ll belt you there are two cars out in the garage. Well, we are a compassionate country, and when the right call is made by the right person, the bailout, or the help will happen here at some point. That\u2019s really off the beaten path here. What I told you in the first hour, what concerns me most is that this cyclical action in the stock market, there are corrections constantly, or often. Well, it\u2019s the first one since 2002. That\u2019s a great example of what a boom market this has been. Correction is when it goes down 10% from a previous high, and it\u2019s happened today. The Drive-Bys are out there panting away — (panting) — they\u2019re all excited because they want to drive the economy down overall to help Democrats in the upcoming election. <\/p>\n

This reminds me. We\u2019re in the 2004 presidential race, and the 2006 midterms, and the economy is doing great, nothing like this is going on, consumer confidence is high, and yet, miraculously, for the first time in American political history, modern political history, the economy wasn\u2019t a factor. The good economy was not a factor. The old rule of thumb was that all elections were based on the size of the wallet in the back pocket. But all of a sudden with a Republican incumbent running for reelection in 2004, ah, the economy, Drive-Bys told us, the economy is not nearly as important a factor any longer. I said, ‘Why is that?\u2019 ‘Well, our economy is so strong the American people expect it. It\u2019s not news that we\u2019ve got a strong economy.\u2019 That\u2019s right. So they didn\u2019t report it as news. They didn\u2019t report it as something great about the country, but now they\u2019re trying to say, ‘Oh, no, this is a disaster. We\u2019re all going to hell in a handbasket even though there\u2019s a shortage of handbaskets because the economy is taking a downturn.\u2019 So they\u2019re going to try to gin up the economy here as an electoral issue.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Let me give you a great quote from Warren Buffett. ‘I get nervous when others get greedy, and I get greedy when others get nervous,\u2019 meaning a lot of people are nervous right now. So what he\u2019s saying is: this is the time to buy. Leslie from San Francisco nailed it. By the way, that\u2019s one of my top-ten, all-time favorite female names, too. I forgot to tell her that. <\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: It\u2019s Leslie from San Francisco. I\u2019m glad you called. Launch. What is it you have for us? CALLER: Well, I\u2019m buying. I\u2019m in the market right now, and I\u2019m buying. RUSH: And why are you buying, Leslie, when the market appears to be tanking? CALLER: Well, I\u2019ve been waiting for this, actually, because I […]<\/p>\n","protected":false},"author":25,"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":"\nCaller: Why I'm Buying Now - The Rush Limbaugh Show<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rushlimbaugh.com\/daily\/2007\/08\/16\/caller_why_i_m_buying_now\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"Caller: Why I'm Buying Now - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: It\u2019s Leslie from San Francisco. I\u2019m glad you called. Launch. What is it you have for us? CALLER: Well, I\u2019m buying. 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