{"id":29495,"date":"2008-06-03T01:01:01","date_gmt":"2011-05-19T03:45:26","guid":{"rendered":""},"modified":"2011-05-19T03:45:26","modified_gmt":"2011-05-19T03:45:26","slug":"we_re_not_in_a_recession_drive_bys","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2008\/06\/03\/we_re_not_in_a_recession_drive_bys\/","title":{"rendered":"We\u2019re Not in a Recession, Drive-Bys!"},"content":{"rendered":"
\n

RUSH: Danny in Atlanta, we go to you next on the EIB Network, sir. Hello.<\/p>\n

CALLER: Hey, Rush. Thanks for taking my call.<\/p>\n

RUSH: Yes, sir.<\/p>\n

CALLER: I, like you, I am sick and tired of reading all these national papers, hearing on the news how bad our economy is. Now, granted I know, you know, there are some bad things and gas is going up there, but last weekend I think they said Indiana Jones is $130 million, is what it grossed. So honestly, you know, we have money, people are just choosing to do wrong things with their money. And for me personally, I am a school teacher, not ashamed to say I made a little over $37,000 this year. My wife is a stay-at-home mom to my two young daughters. Despite that, we own everything we have, includes two cars, except our house, which I just dropped down to a 20-year mortgage payment, and we have no debt, and we have money in savings. So, you know, for me, I\u2019m tired of hearing people making excuses. It\u2019s definitely hard work to accomplish what we have, but I think it can be done in today\u2019s times even.<\/p>\n

RUSH: Look, your situation is very admirable, and there are a lot of people like you in the country, and I, as commander-in-chief of US Operation Chaos, am very proud of you. Obviously you have a strong set of economic values and discipline, and you\u2019re sticking to it, which will stand you in good stead. The idea of a recession, I\u2019m really not sure how many people are playing along with it. These polls that put out about what people think, I am so dubious of this stuff, \u2019cause I, like you, I look at the real world. I look at baseball games on TV every night just to see, the stands are packed. It\u2019s not cheap to go to a baseball game anymore. It\u2019s not cheap to park your car there. It certainly isn\u2019t cheap to eat there. The NBA finals, smaller arenas, but the playoffs, rather, they\u2019ve been jam-packed. You have, like you describe, people going to movies in droves. A little cheaper than going to a ballpark or what have you, but there are still people spending money, and it\u2019s not a recession. <\/p>\n

I am a little bit more confident and optimistic that the majority of the American people are not playing along with that as opposed to the media reports that most of America is down in the dumps and feeling hopeless. In fact, that reminds me, there\u2019s a story I have here in the stack about hopeless, and it regards the Drive-Bys and what we supposedly have no hope about anymore. I\u2019ll find it during the break. I\u2019ve got so many stacks here. There is so much show prep that\u2019s assembled on a daily basis that if I put it in too many different stacks, I won\u2019t remember what stack. Ah! Here we are. It\u2019s an editorial from the Investor\u2019s Business Daily: ‘The Economy Isn\u2019t Hopeless; It\u2019s The Press.\u2019 And here\u2019s the hopelessness list from the Drive-By Media: the war, the economy, gas prices, mortgages, global warming, summer vacation. Public schools ought to be on the hopeless list, but the Drive-Bys never bring that up. But all these things we\u2019re supposed to be hopeless about, let me share with you some of the points of this IBD editorial when we come back because it\u2019s excellent. <\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Investor\u2019s Business Daily and a signed column by Dan Gainor, the T. Boone Pickens Fellow and vice president of the Media Research Center\u2019s Business &amp; Media Institute. By the way, Gainor I think is one of the guys who wrote that great piece that we have celebrated numerous times on this program in which he chronicles the 25-year cycles of media reporting on global cooling versus global warming starting back in the late 1800s. I think he\u2019s one of those guys. But nevertheless, ”The Economy Isn\u2019t Hopeless; It\u2019s The Press\u2019 — One look at statistics — from GDP growth to the unemployment rate — and it\u2019s obvious this isn\u2019t the worst economic time in US history. But it might be the worst journalistically. The major media give us only two degrees of economic news — close to ‘apocalyptic\u2019 and worse. They are so outlandishly negative that coverage of the Bear Stearns buyout was vastly worse than reporting of the 1929 stock market crash. As the stock market reeled from the Bear Stearns collapse back in March, ABC News asked: Is the ‘economy heading over a cliff?\u2019 Journalists made it seem so, calling the American financial system everything from ‘bleak\u2019 to in a ‘meltdown.\u2019 ABC, CBS and NBC made comparisons to America\u2019s worst economic turmoil — the Great Depression — more than 40 times in the first four months of 2008.<\/p>\n

‘Compare that with how the New York Times summed up its own market outlook in an Oct. 30, 1929, story after billions of dollars were lost in record trading. ‘Despite the drastic decline, sentiment in Wall Street last night was more cheerful than it has been on any day since the torrent of selling got under way,\u2019 wrote the paper. Words like ‘optimism\u2019 and ‘hope\u2019 shouted off the pages of major newspapers. The Oct. 31, 1929, Times described the devastating six-day decline: ‘The market quickly regained its poise and stability. The same day, the Washington Post discussed ‘the passing of the crisis.\u2019 The difference between how the media handled a crisis in 1929 and 2008 was astounding. Network news was four times more negative about the Bear Stearns buyout than major newspapers were about the 1929 crash, which many historians link to the beginning of the Depression. <\/p>\n

‘Nearly 80 years later, the crash and the depression that followed are viewed as ‘the great American trauma,\u2019 as economist Murray N. Rothbard wrote in his book America\u2019s Great Depression. … It\u2019s no surprise that with 22 million Americans exposed to that just on the evening news, so many fear another depression. The Business &amp; Media Institute analyzed two much-discussed weeks in America\u2019s stock market history — the crash in 1929 and the week of the Bear Stearns collapse in 2008. BMI compared stories in the 1929 Wall Street Journal, New York Times and Washington Post with daily reports on ABC, CBS and NBC in 2008.\u2019 We know what the results were. ‘The modern news media had no such ‘confidence\u2019 in the markets. ABC found a dark cloud for every silver lining, saying: ‘And everywhere you look, it\u2019s bad news.\u2019 On network news, that statement was accurate.\u2019 And so we have a hopelessness list: the war, the economy, gas prices, mortgages, global warming, summer vacation, hopeless. The Drive-By Media portraying your country as hopeless. I\u2019m not convinced as many Americans are buying into it as the Drive-Bys would like. <\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: Danny in Atlanta, we go to you next on the EIB Network, sir. Hello. CALLER: Hey, Rush. Thanks for taking my call. RUSH: Yes, sir. CALLER: I, like you, I am sick and tired of reading all these national papers, hearing on the news how bad our economy is. Now, granted I know, you […]<\/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":"\nWe're Not in a Recession, Drive-Bys! - 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\/2008\/06\/03\/we_re_not_in_a_recession_drive_bys\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"We're Not in a Recession, Drive-Bys! - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: Danny in Atlanta, we go to you next on the EIB Network, sir. Hello. CALLER: Hey, Rush. Thanks for taking my call. RUSH: Yes, sir. 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