{"id":27940,"date":"2007-12-20T01:01:01","date_gmt":"2011-05-19T04:30:07","guid":{"rendered":""},"modified":"2011-05-19T04:30:07","modified_gmt":"2011-05-19T04:30:07","slug":"caller_proposes_recession_bet","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2007\/12\/20\/caller_proposes_recession_bet\/","title":{"rendered":"Caller Proposes Recession Bet"},"content":{"rendered":"
\n

RUSH: John in Aurora, Illinois, welcome to the EIB, sir. Hello.<\/p>\n

CALLER: Hi, Rush. It\u2019s a pleasure to talk to you.<\/p>\n

RUSH: Thank you.<\/p>\n

CALLER: I was hoping that I might make a wager with you and, to be fair, it was based on income. So I\u2019m saying that the economy is going to have a major recession to a depression, within the next two to three years — and I base that belief on the housing market. A case where people are tapped out with equity; they\u2019ve been living the good life, and now that spigot is shut off. Now they\u2019re going to credit cards and they\u2019re showing through the roof on defaults. I think it\u2019s just a matter of time before this house of cards collapses. What do you thinks? [sic]<\/p>\n

RUSH: Nope. I don\u2019t think it\u2019s going to happen. I\u2019ve been hearing things like this my whole life. I\u2019ve been hearing the national debt is going to wipe us out. I\u2019ve been hearing the annual deficit is going to wipe us out. I\u2019ve been hearing the credit card debt and that people are not saving enough money, is going to wipe us out. I keep hearing that Social Security is going to wipe us out in 50 years unless we reform it. I think that the country is built on far more than a house of cards, and I wouldn\u2019t enter into a wager lining this publicly because I choose not too violate federal gambling laws.<\/p>\n

CALLER: (laughs) Yes, sir.<\/p>\n

RUSH: (laughs) But what were you willingly to put on the line for this?<\/p>\n

CALLER: I was going to put my $500.<\/p>\n

RUSH: Five hundred dollars. Well, look, if you\u2019re right, you can\u2019t afford to lose $500.<\/p>\n

CALLER: Well, I think that\u2019s so, but I think the money I\u2019d win from you would be well worth it.<\/p>\n

RUSH: Do you think a president can stop the slide that\u2019s imminent?<\/p>\n

CALLER: No, Rush, and I think the housing market this time is something like the country\u2019s never seen. It has never soared so high in the history, since they started keeping numbers. They can\u2019t compare it to any time in history except Japan, where it happened in 1984, and theirs is still coming down.<\/p>\n

RUSH: Well, I\u2019m amazed that people can take the news on a day like this. See, I think you\u2019re being helped along by the context and the attitude in which all of this is reported: the doom and gloom. For example, you make it sound like everybody who owns a house is going to go bust, because they\u2019re going to lose their equity in it, then they\u2019re going to turn to credit cards and they\u2019re going to get cut off from those and then they\u2019re going to be up a creek. Ninety-four percent of mortgage holders are making payments on time: 94%. Now, that might be better if it were 98, but the point is it\u2019s not 50. It\u2019s not 60. It\u2019s 94%. So the roots of the so-called housing crisis, I don\u2019t think they\u2019re deep, and certainly it\u2019s not as bad as it\u2019s being portrayed. Most of the people who pay no attention other than scant attention, day-to-day reports on the housing market… Don\u2019t forget, this housing market, the media was hoping for this bubble for the last two years. They kept talking, ‘The bubble\u2019s gotta burst! It\u2019s gotta burst in the housing market!\u2019 Okay, so we had a little burst here in the bubble. ‘See?\u2019 And they\u2019ve set the table for this: two years of praying and hoping, just like they\u2019re hoping and praying for a recession now. It\u2019s irresponsible, especially with the GDP number that came out today: 4.9%. It\u2019s like I said earlier, if the media were a drug company, they\u2019d have been put out of business long ago for all the damage they\u2019re doing and for how incorrect and wrong and poorly they\u2019re doing their jobs.<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: John in Aurora, Illinois, welcome to the EIB, sir. Hello. CALLER: Hi, Rush. It\u2019s a pleasure to talk to you. RUSH: Thank you. CALLER: I was hoping that I might make a wager with you and, to be fair, it was based on income. So I\u2019m saying that the economy is going to have […]<\/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 Proposes Recession Bet - 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:\/\/admin.rushlimbaugh.com\/daily\/2007\/12\/20\/caller_proposes_recession_bet\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"Caller Proposes Recession Bet - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: John in Aurora, Illinois, welcome to the EIB, sir. Hello. CALLER: Hi, Rush. It\u2019s a pleasure to talk to you. RUSH: Thank you. 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