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<\/p>\nRUSH: Grab audio sound bite number 20. I\u2019m not sure I understand this. This is Bloomberg Television\u2019s Bloomberg Markets: Balance of Power, whatever the hell that is. (The way they name TV shows today!) Anyway, the infobabe here, the correspondent, is Emma Chandra. We all know Emma Chandra, right? It\u2019s Emma Chandra\u2019s report about how the major stock markets are performing today. Now, I think I know what she\u2019s gonna say, but I want to back it up with a competing news story. Here\u2019s her comment first…<\/p>\n
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CHANDRA: We are looking at majors here in the U.S., in the red, down about two-tenths, three-tenths of a percent — six-tenths of a percent for the NASDAQ — as we\u2019re seeing tech get hit pretty badly. Today, it seems that the economy in the U.S. is too healthy for investors.<\/p>\n
RUSH: Yes! “Too healthy for investors.” Have you ever heard that when a Democrat\u2019s in the White House? Have you ever heard it said or analyzed that the U.S. economy is just “too healthy for investors”? What does that even mean? (impression) “We are looking at the majors here with the U.S. in the red, down about two-tenths, three-tenths, six-tenths, whatever, NASDAQ. We\u2019re seeing tech get hit pretty badly. It seems that the economy in the U.S. is too healthy! It\u2019s too healthy for investors.”<\/p>\n
Yeah, it\u2019s like Ernest Hollings way back in the day from South Carolina. (impression) “There\u2019s too much consumin\u2019 goin\u2019 on out there! We need to roll back some of that consumin\u2019 and we need to be savin\u2019 more, but there too much consumin\u2019…!” What is this? The economy is “too healthy”? Not “too hot,” “too healthy” for American investment! It\u2019s so healthy; it\u2019s gotta crash. It\u2019s so hot, it\u2019s got to freeze. It\u2019s going so great; it can\u2019t possibly continue. And, therefore, nobody in their right mind would ever invest in this climate \u2019cause it\u2019s just too good.<\/p>\n
Too good to be believed.<\/p>\n
Now, while we have that story out there at Bloomberg, we had this little thing published at CNBC. “Many Americans Say Their Financial Situation Is Worse Since the Great Recession.” If you read the story, this is all about (sobbing) “how a rising number of Americans are now barely able to make it. The economy isn\u2019t that great! It\u2019s a bunch of smoke and mirrors! ‘Many Americans Say Their Financial Situation Is Worse Since the Great Recession.'” One of these two is fake news, or maybe both of them are true and the CNBC story… You know, in any economic circumstance, you can find people in of all kinds of situations.<\/p>\n
In a boom economy, you can find people hurting, like the domestic oil business back in the eighties. Remember when they had to cap a bunch of wells because the price of oil sunk so low, you couldn\u2019t bring it out of the ground in America? A bunch of wells were capped. We consumers were making out like bandits. Gasoline was back down to buck and a half. Fuel oil is nothing. “We can run our air conditioners at 45 degrees if we want to!” It was great! But the people that made the oil in the United States were in tough territory.<\/p>\n
So even in a great economic circumstance for some consumers, it was disaster for some producers. So my point is that even in a boom economy, you\u2019re gonna be able to go someplace and find people who say that their situation is not good. You can generally find people not working. It\u2019s not hard to do. If you want to go out and find people to rip the economy, you can do it. Go anywhere, show up with a camera, give \u2019em a leading question, and bam! You\u2019re off and running. So I think this is fake news.<\/p>\n
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But the other side of this (laughing), the “economy is too healthy for investors.” I fully expect that if this story gets some footing, that we\u2019re gonna see it on the business networks and some shows on the cable networks. We\u2019ll get some serious analysis of this. “Oh, yes! It\u2019s entirely possible. A booming economy can be off-putting to investors.” “Really? How is that?” “Well, it\u2019s not that hard to understand. A booming economy can\u2019t last forever, don\u2019t you see?<\/p>\n
“Are we at the beginning of the boom, the middle of the boom, or the end of the boom? And if we\u2019re at the end of the boom — even though it\u2019s very hot — you don\u2019t want to be investing at the end of a boom unless you want to short sell, and I don\u2019t know that our listeners and viewers really understand what that\u2019s all about.” So I can see these people trying to analyze their way into this, because the movement is on at full speed to destroy everything Donald Trump has accomplished — to miscast it, to misrepresent it in people\u2019s minds.<\/p>\n
BREAK TRANSCRIPT<\/p>\n