{"id":30813,"date":"2008-11-06T01:01:01","date_gmt":"2011-05-19T03:10:14","guid":{"rendered":""},"modified":"2011-05-19T03:10:14","modified_gmt":"2011-05-19T03:10:14","slug":"obama_recession_in_full_swing","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2008\/11\/06\/obama_recession_in_full_swing\/","title":{"rendered":"Obama Recession in Full Swing"},"content":{"rendered":"
\n

RUSH: The Obama recession is in full swing, ladies and gentlemen. Stocks are dying, which is a precursor of things to come. This is an Obama recession. Might turn into a depression. He hasn\u2019t done anything yet but his ideas are killing the economy. His ideas are killing Wall Street. They need some certainty, and now everybody in the Drive-By, ‘We don\u2019t know who Obama is.\u2019 We got a story from Jennifer Loven, the Associated Press today: we don\u2019t know who Obama is. All of a sudden now on Charlie Rose, they\u2019re starting to talk about his ties to Saul Alinsky. I\u2019m not joking at all. It\u2019s all coming up on the program. We\u2019ve also got a Reuters story, here\u2019s the headline: ‘Will Democrats Tinker With Mutual Funds, 401k Plans?\u2019 So now they do the story after the election. And they get it right and they tell you what the Democrats plan to do with your 401(k) is, confirming what I told you, a bunch of people did, prior to the election. <\/p>\n

The Dow Jones Industrial Average is down 780 points since Obama won the election, and he hasn\u2019t passed anything yet. The seas have not parted; the sea levels have not declined. And guess what we learned today? Vladimir Putin wants to return as the president of Russia. Now, let me give you this in a football analogy. Putin returning to power is like a successful head coach coming out of retirement after learning the schedule for the next four years will be a cakewalk. Imagine Chuck Noll of the Pittsburgh Steelers, Vladimir Putin now becomes Chuck Noll, who has been retired from the Steelers for a long time. Chuck Noll learns that his team will have a series of all home games for the next four years, and the teams he\u2019s going to play are the Detroit Lions, the Oakland Raiders, and the Kansas City Chiefs. He\u2019s going to be playing the patsies in the league. They talk about putting missiles in Europe yesterday aimed at Poland. Now today the KGB comes back, Putin wants power. This stuff is not coincidental, ladies and gentlemen. I actually think the Obama campaign likes this economic chaos, just as they did during the campaign. The more economic chaos there is the greater opportunity for expanded government. <\/p>\n

By the way, the news media today, they\u2019re spinning for this. They\u2019re spinning all over the place, what is it, Chris Cuomo today on Good Morning America, (paraphrasing) ‘This market drop had nothing to do with Obama. This market drop is because of bad economic news.\u2019 I even saw, I\u2019m not sure where because I was hustling here this morning, there\u2019s some news agency that reported that Obama is not facing a sinking economy. He\u2019s not facing a sinking economy. That\u2019s exactly right. He\u2019s causing it! He is causing the sinking economy. <\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: It was CNN. CNN Money said that there will be no recession and no depression now because Obama won — and that took, what 24 hours? We predicted it. We predicted it right here on the EIB Network. Amazing, how the economy all of a sudden, ‘Oh, it\u2019s not that big a deal, not that big a problem.\u2019 Well, it is. The Dow Jones Industrial Average down over 790 points since Obama won. <\/p>\n

He hasn\u2019t even passed anything yet. The truth about this is, the markets work six to nine months ahead. Everybody in the market is trying to figure out where we\u2019re going to be six to nine months ahead. They\u2019re selling and they\u2019re getting out. That 4,000-point drop, that was also due to Obama. In fact, let\u2019s go sound bite number one before we get to Carl Cameron here. This was on CNBC this morning in the Squawk Box show and something they call The Bond Report. Andrew Sorkin from the New York Times, UBS Financial Services director Art Cashin spoke about the Obama transition. The New York Times guy says, ‘Why wasn\u2019t Obama\u2019s attitude toward Wall Street vs. Main Street already baked into the cake? I mean, there\u2019s an expectation Obama was going to win. There\u2019s an compensation he\u2019s talking about Main Street and Wall Street as though they\u2019re two separate things for a very, very long time.\u2019<\/p>\n

CASHIN: It\u2019s one thing to be campaign rhetoric; you can understand that. Both of them were talking on a populist vein. But now we\u2019re getting in there; we\u2019re going to be talk about specific packages. I think the market said, ‘Holy smoke! The campaign\u2019s over and we\u2019re still talking like that, so what does that mean as far as opinions and ideology where it\u2019s going?\u2019 Nothing was baked into that cake.<\/p>\n

RUSH: So basically here, the market sell-off is Obama fear-based. There\u2019s no question. I know some of the economic numbers continue to be bad, but CNN money says, ‘No, no, no. There\u2019s no recession. There\u2019s no depression! Everything\u2019s fine.\u2019 <\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: I tell you, folks, we are looking at the largest stock sell-off after an election in American history. The largest stock sell-off in American history! The market is down right now almost 10% since Election Day. (For those of you in Rio Linda, that was two days ago.) This is tracking to be the worst post-presidential election three-day period since at least 1900, the worst so far. The market was down 6% in November of 1948. We\u2019re right now tracking to be much worse than that. However, ladies and gentlemen, the Drive-Bys are not suggesting that Obama has anything to do with this. The stock market still falling, what is it, down now 324; down 486 yesterday. Now, let\u2019s connect the dots. On Tuesday we elected a new president. The new president promised to increase corporate taxes, increase capital gains by a third, increase the top marginal tax rate on income, impose a massive new energy tax that would bankrupt the coal industry. <\/p>\n

Did you hear that, Rachel? He wants to bankrupt the coal industry. His party is now talking about a government takeover of 401(k)s. In addition to you losing your 401(k), can I make a point to you about this? Imagine every 401(k) and SEP\/Keogh Plan in the country, and the government takes \u2019em over. They\u2019re going to pull \u2019em out of the stock market. Your investments are in the markets or wherever else you have them. They\u2019re going to take your 401(k). The way they\u2019re going to ‘sweeten\u2019 this for you is to take your 401(k) back to its August levels before the market decline. They\u2019re going to say to you, ‘We\u2019re going to restore the full value of your 401(k),\u2019 and you\u2019re supposed to have your tongue on the floor panting going (panting), ‘Really? Really? Oh, wow! I love Obama! I love the Democrats.\u2019 <\/p>\n

Right. Then they take your 401(k) away from you after they ‘restore the value,\u2019 and they put it in your so-called Social Security fund, which is bankrupt, and they\u2019re going to grow it by 3% each year with government bonds, and they\u2019re going to adjust that for inflation. Well, whoopee-doo. If we enter a deflationary period, which a lot of people think we might now — which is not good, by the way. Deflation is bad for producers because they can\u2019t sell the things they produce for a profit. It can drive businesses out of business if we go deflationary. Inflation is bad, too. But deflationary is a horribly bad cycle. They\u2019re going to take your 401(k), put it in the Social Security trust fund, whatever the hell that is. Trust fund, my rear end. Whatever they\u2019re calling it, going to put it there, guaranteeing you 3% interest a year, and the most that you\u2019re going to be able to contribute to it, Rachel, every year is 5%.<\/p>\n

It\u2019s not whatever you choose adjusted off the top. But then what nobody\u2019s talking about, ladies and gentlemen, is this. It\u2019s particularly troubling out there. Massive amounts of investment capital will be taken out of the market and given to the government. Imagine all of the millions, hundreds of millions of dollars — your 401(k) and everybody else\u2019s invested wherever you have it invested — taken out of those companies, out of those instruments and put in the government. Can you imagine the recessionary pressure of that? The de-capitalization of the markets? One of the things that happens when you buy stock is the companies in which you buy stock use that money for investment and so forth; borrowing, building, whatever. That\u2019s going to go, if this happens. <\/p>\n

So, in addition to you losing your 401(k) to the government at 3% a year for the rest of your life, adjusted for inflation, all that money comes out of the stock market. Okay. So let me start at the top here, connecting the dots. On Tuesday we elect a new president. The new president promised — even before the election, by the way, when we had a 4,000-point drop. The president promised to increase corporate taxes, capital gains taxes, the top marginal income tax rate, a massive new energy tax that will bankrupt coal, and his party is talking about a government takeover of 401(k) plans. So on Wednesday the Dow drops about 486 points. It\u2019s down 346 points today, but of course, according to the Drive-Bys, these two events have nothing to do with each other. It\u2019s just a coincidence. <\/p>\n

The market\u2019s down today because of the jobless numbers. That\u2019s how the Drive-Bys see it. Uhhhhh, we have the largest market plunge after an election in history. Thank you, man-child Barack Obama. <\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: The Obama recession is in full swing, ladies and gentlemen. Stocks are dying, which is a precursor of things to come. This is an Obama recession. Might turn into a depression. He hasn\u2019t done anything yet but his ideas are killing the economy. His ideas are killing Wall Street. They need some certainty, and […]<\/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":"\nObama Recession in Full Swing - 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:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2008\/11\/06\/obama_recession_in_full_swing\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"Obama Recession in Full Swing - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: The Obama recession is in full swing, ladies and gentlemen. Stocks are dying, which is a precursor of things to come. 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