Shannon Bream<\/a> last night had Janet Yellen on there, said, \u201cWe\u2019re not going into a recession.\u201d Fox News had Art Laffer on. \u201cWe\u2019re not going into recession.\u201d Shannon Bream had me on last night via this program as a noted economist theorist. \u201cWe\u2019re not going into recession.\u201d<\/p>\n![\"\"](\"https:\/\/www.rushlimbaugh.com\/wp-content\/uploads\/2019\/08\/RUSHFox-News-at-Night-With-Shannon-Bream-e1565878352283.jpg\")
<\/p>\n
So what the heck was yesterday all about? Stand by and I will tell you. Well, it\u2019s time to broom all the headlines from yesterday and last night all over websites and cable news. Today, retail sales numbers have come in strong. Walmart sales are very strong. The ChiCom foreign minister has announced a desire to talk, to reach a trade agreement.<\/p>\n
Can you say blink? The ChiComs want to talk to Trump. Trump has responded by saying (imitating Trump), \u201cYou know it might be time to have a personal meeting with my really good friend Xi, Xi Jinping.\u201d Janet Yellen says no recession. Hong Kong protesters continue to wave the American flag and sing the National Anthem in English. Jay-Z has thrown Colin Kaepernick under the bus and overboard in his press conference with Goodell of the NFL.<\/p>\n
What recession? Hong Kong officials offer to buy the protesters off with a government-provided country-wide financial package. You didn\u2019t hear about that? The ChiComs have offered to pay the protesters to go away. Now, really, folks, what explains this? Let me just tell you one thing. And I\u2019ve been saying this since the day Trump was inaugurated.<\/p>\n
Anytime, anywhere the left went nuts, even on some occasion when Republicans went nuts, this is what pushback looks like. And Trump is not just pushing back against the Washington establishment. Donald Trump is pushing back against a globalist elite whose express purpose is to eliminate the concept of national sovereignty.<\/p>\n
This is a much bigger organization loosely fit that Trump is pushing back against than just the Democrat Party. It\u2019s much bigger than just the American media. It\u2019s much bigger than just the Washington establishment. But this is what it looks like. And if anybody thought that all it was going to take was a presidential election to unseat the ChiComs from their global economic dominance, if it was going to be easy to realign the global supply chain, if anybody thought it was going to be easy to eliminate the Saudis in the Middle East as necessary providers and suppliers of oil, you have to think again.<\/p>\n
This is what Making America Great Again looks like, because there are so many forces aligned against that concept. And it\u2019s not just people who are aligned against America. That\u2019s part of it. But it is this globalist, anti-sovereignty movement that is occurring, centered in Europe, with a lot of players in the United States as part of it.<\/p>\n
So I\u2019ll tell you what I think yesterday was. Are you ready? I think yesterday was a dry run. I think yesterday was a dry run for later on in the election season. I think they wanted to see how they could succeed, if they could succeed, in causing the bottom to fall out of Trump public opinion by claiming that Trump\u2019s policies are destroying the United States economy.<\/p>\n
They couldn\u2019t stick with it for more than one day because it isn\u2019t true, folks. There\u2019s no truth to the fact that we\u2019re on the verge of a recession. We\u2019re the only nation in the world with a demonstrably growing economy. We are not on the verge of a recession here. Quite the opposite. We still have economic growth that was not seen in eight years of the Obama Administration, which is another thing that is irritating a lot of people.<\/p>\n
So I think it was a dry run. I think it was an attempt to see how it played, an attempt to see if they could do it, an attempt to see if they could affect pretty much blanket media coverage with the drop of a dime that we are in a recession or on the verge of a recession. So they\u2019ve set it up. They didn\u2019t say we\u2019re in a recession. They said we\u2019re on the verge. It\u2019s just around the corner. They\u2019re using the inverted yield curve, which, of course, nobody understands. And it\u2019s even more difficult to try to explain to somebody what it is.<\/p>\n
So that fits the bell as well. Come up with some economic calamity that nobody can possibly understand to explain why we\u2019re going into recession. Only the economic wizards of smart understand. So keep a sharp eye, because I think they\u2019ll probably deem what they did yesterday a success. But there\u2019s going to be a price to pay for dropping it.<\/p>\n
They took the market down a record number, 800 points in one day. They wanted to see what they, the anti-Trump forces, wherever you find them, folks. And believe me there are plenty of them on Wall Street. There are plenty of financial people who have fully bought into this globalist business. I guess I should expand on that today. I\u2019ve referred to this today and numerous days in the past.<\/p>\n
![\"\"](\"https:\/\/www.rushlimbaugh.com\/wp-content\/uploads\/2019\/07\/APP-072919-Pushing-Back.jpg\")
<\/p>\n
There\u2019s no question here that there is an attempt here to do away with the concept of nation states and replace it with some sort of global elite leadership. And for the global elite leadership to succeed and prosper, you have to get rid of nation states. You have to get rid of the idea of national sovereignty. And if you\u2019re going to do that then you have to get rid of the biggest one. You have to somehow get rid of the United States.<\/p>\n
And to do that, do you know what you have to do? You have to get rid of democracy. You have to get rid of the concept that the American people or any people in a country have the right of self-determination. If you can do that, if you can eliminate democracy — and I know we\u2019re a representative republic, but I\u2019m simply talking about the public having a say in how their affairs are governed \u2013 if you can get rid of that, then you are well on your way.<\/p>\n
And mindless, never-ending invasions of illegal immigrants at the border is all part of it. There\u2019s a massive effort. And, by the way, I will explain this as the program unfolds today. This is the reason why Make America Great has so panicked these people. They really thought they were on the way to accomplishing this with Obama in the White House.<\/p>\n
Now, we\u2019ll go back and revisit some of Obama\u2019s quotes regarding this. Obama was all for this in a couple of speeches at the United Nations. Trump coming along, Make America Great Again, all of this talk about nationalism, white nationalism, all of this is made-up bohunk to try to destroy Trump\u2019s effort at protecting, preserving and maintaining the United States of America as a sovereign nation, which is really what this is about when you strip away all the other distractions.<\/p>\n
BREAK TRANSCRIPT<\/p>\n
RUSH: I don\u2019t want to spend a lot of time on this \u2019cause it\u2019s just the latest… Yesterday they tried to crash the economy.\u00a0 They really did.\u00a0 The Drive-Bys, the left, the worldwide anti-Trump apparatus tried to trash the U.S. economy yesterday.\u00a0 I think it was a dry run.<\/p>\n
I mean, all day yesterday you couldn\u2019t escape it. “Recession, recession, recession!\u00a0 Depression, maybe! Depression, maybe! Depression, recession, recession.\u00a0 Bottom falling out! Trump caves! Trump tweets! Trump caves on tariffs. Trump this, Trump that.”\u00a0 The economy is simply too strong.\u00a0 They can\u2019t crash it, and they\u2019re faced with another round of impotence.\u00a0 These people are losing their minds.\u00a0 Everything they decide to try in the service of the objective to destroy Trump is blowing up in their faces, and it\u2019s making them even crazier.<\/p>\n
![\"\"](\"https:\/\/www.rushlimbaugh.com\/wp-content\/uploads\/2019\/06\/APP-061919-MAGA-Make-America-Great.jpg\")
Now, by “dry run,” I really think that they were doing something yesterday to see what the impact would be, because it\u2019s a little early for this to happen before the 2020 election.\u00a0 So I think it was two things. If they could have crashed the economy yesterday, they would have taken it.\u00a0 But it was also a dry run to see how their attempt to create a narrative of total economic doom would go. Could they pull that off? And I think they\u2019re concluding that they did.\u00a0 I think they\u2019re concluding that they were successful in creating the narrative.<\/p>\n
Did the narrative have any impact?\u00a0 No.\u00a0 But that doesn\u2019t mean that they won\u2019t try it again.\u00a0 I also have… I found a brilliant piece today.\u00a0 I was actually doing show prep and I ran across a piece that explains this worldwide globalist effort that is attacking the sovereignty and concept of nation states and how real it is and who is a part of it.\u00a0 In reading this, it just solidified for me why this sheer panic that resulted from Donald Trump and his singular campaign phrase, Make America Great Again.<\/p>\n
I\u2019ve been sitting here. Admittedly I have a degree of naivete.\u00a0 My naivete is born of optimism.\u00a0 My naivete is the result of believing that most Americans want a great America.\u00a0 I realize that\u2019s a little naive.\u00a0 But there are a lot of Americans who don\u2019t want a great America, because a great America threatens bigger plans than just a great America — and they were well on their way!\u00a0 The Obama administration had laid the groundwork via open-borders immigration and any other number of policies that were, in time, designed to essentially destroy — and I\u2019m not trying to sound like a conspiracy theorist.<\/p>\n
This is not a conspiracy theory; this is an actual objective.\u00a0 Maybe “destroy” is the wrong word, but to dissolve the concept of nation states to be replaced by a global governing body of elites who will be the decision-makers for the entire world.\u00a0 Don\u2019t flinch at that or don\u2019t smirk at that.\u00a0 That\u2019s something that a lot of people do have as an objective, and they were well on their way! Because for this to happen, the United States has to, quote\/unquote, “fall.”\u00a0 The sovereignty of the United States has to go.<\/p>\n
Now, for that to happen, the democratic process in our country has to also fall by the wayside.\u00a0 I mean, it would be a snap to recruit the European countries.\u00a0 That\u2019s already been done, pretty much, with the European Union.\u00a0 It would be a snap to go get the Central American countries and put them in this global organization.\u00a0 But the United States is going to have plenty of people that want no part of it.\u00a0 They\u2019re going to resist it, because all it\u2019s going to mean is a gigantic comedown for the United States.<\/p>\n
But it can\u2019t work, from the globalist perspective, unless it happens here as well.\u00a0 This is a very truncated, abbreviated version of what\u2019s coming. But the election of Donald Trump, under the slogan Make America Great Again, is precisely what has sent these people into orbit. Not just the Democrat Party here and not just the American left, but the worldwide left.\u00a0 It is the exact opposite of the groundwork they have been laying.\u00a0 I mean, you might even say that they were laying the groundwork for this long before the Obama administration.<\/p>\n
It\u2019s just that the Obama administration was where it actually began to plant roots and became more than just an objective or more than just a series of ideas.\u00a0 Obama was actually creating policies and results that would facilitate this.\u00a0 I can\u2019t emphasize… I can\u2019t emphasize enough how much Donald Trump winning the presidency with that slogan, Make America Great Again, has just upended a worldwide movement of people who cannot allow him to succeed.\u00a0 They just can\u2019t permit it.<\/p>\n
BREAK TRANSCRIPT<\/p>\n
RUSH: Here is Chad in Irwin, Idaho.\u00a0 Chad, I\u2019m glad you waited.\u00a0 Great to have you with us, sir, hello.<\/p>\n
CALLER:\u00a0 Rush Limbaugh, my man and the G.O.A.T.\u00a0 Good to talk to you.<\/p>\n
RUSH:\u00a0 Thank you, sir.<\/p>\n
CALLER:\u00a0 I\u2019m a day trader and wanted to pass on some information about the yield-inversion farce.\u00a0 Over the past 40 years, dating back to 1978 — the year I was born — the inversion triggered seven times.\u00a0 Meanwhile there —<\/p>\n
RUSH:\u00a0 Wait, wait, hold it.\u00a0 Whoa, whoa, whoa! Hold it a second.<\/p>\n
CALLER: Yeah?<\/p>\n
RUSH: Do me a favor. For those in the audience that do not know what the yield inversion is, or the inverted curve is, do you think you can explain it without a chart and a graph that people can understand it?<\/p>\n
CALLER:\u00a0 What we\u2019re talking about is the two-year and the 10-year yields.\u00a0 And when the 10-year yield dips below the two-year yield, we say it\u2019s inverted.\u00a0 So you would basically get more on your bond with a two-year than you would with a 10-year.<\/p>\n
![\"\"](\"https:\/\/www.rushlimbaugh.com\/wp-content\/uploads\/2018\/04\/FB-002-011618-Trump-Boom.jpg\")
RUSH:\u00a0 Stop right there.\u00a0 He\u2019s exactly right.\u00a0 All this means is that when the yield gets inverted by the two-year bond, not the 10-year bond.\u00a0 That\u2019s all it means!<\/p>\n
CALLER: True.<\/p>\n
RUSH: It doesn\u2019t mean anything.\u00a0 Traditionally, now the last five recessions… (crosstalk) Hang on here, Chad. Hang on, my man. In the last five recessions, it is said that the yield curve inverted between 12 and 24 months before the recession.\u00a0 Well, you could say that about half the population had eaten carrots a month before the last recession.<\/p>\n
CALLER:\u00a0 Exactly.<\/p>\n
RUSH:\u00a0 So that is the correlation.\u00a0 All it is, is buy the two-year bond instead of the 10-year bond.\u00a0 That\u2019s all it is.<\/p>\n
CALLER: Yes.<\/p>\n
RUSH: And they tried to make a plunging depression\/recession story out of it yesterday.<\/p>\n
CALLER:\u00a0 They use it as some kind of a crystal ball to produce recessions, which is nonsense.\u00a0 Anyway, the S&P 500, on average, has produced positive returns on every timeframe from a three-month to a three-year after inverted, with an average return over 5% a year.\u00a0 So the whole thing, the inversion, is just nonsense.\u00a0 I think it\u2019s deep state globalists shorting the market, scaring out the average retail investor.\u00a0 I don\u2019t know. To me, I say, “Don\u2019t worry about it.”<\/p>\n
RUSH:\u00a0 Wait, wait, wait.\u00a0 Now, there\u2019s no… It may be that.\u00a0 But there\u2019s much more to it than that.\u00a0 These people… Look, I don\u2019t have any empirical evidence for this. I\u2019m just using my intelligence guided by experience, and I\u2019m telling you: Yesterday was a dry run.\u00a0 If they could have crashed the economy yesterday, they would.<\/p>\n
CALLER:\u00a0 They would have taken it.<\/p>\n
RUSH:\u00a0 The hell yes, they would.\u00a0 You just, in your own words you just said this is what they were attempting to do.<\/p>\n
CALLER:\u00a0 Yeah.<\/p>\n
RUSH:\u00a0 You didn\u2019t use “crash the economy,” but you used words that mean the same thing.\u00a0 If they could have done it, they would have taken it.<\/p>\n
CALLER:\u00a0 Yes.<\/p>\n
RUSH:\u00a0 But I think yesterday was a dry run to see how they can make it happen in the media, if they could succeed in getting everybody to go along with it.\u00a0 Because it\u2019s a little early. If you want to crash the economy, if you\u2019re really worried the economy is what\u2019s going to get Trump re-elected, you want it to crash next year.<\/p>\n
CALLER:\u00a0 Yeah, three months out.<\/p>\n
RUSH:\u00a0 Not now.\u00a0 If you think you can do it — and they do.\u00a0 They obviously think that they can crash the economy, and that\u2019s what the dry run was for.<\/p>\n
CALLER:\u00a0 Oh, heck, yeah.\u00a0 Yeah, I think deep state globalists, China, they\u2019re all involved with trying to scare the investors out.<\/p>\n
RUSH:\u00a0 You make your living, Chad, as a day trader?<\/p>\n
CALLER:\u00a0 Yeah, my wife and I quit our jobs four years ago.\u00a0 We lived in rat-infested Baltimore City. We\u2019ve been traveling around the country for about four years and I\u2019ve been day trading for about three.<\/p>\n
RUSH:\u00a0 So has it been lucrative for you out there?<\/p>\n
CALLER:\u00a0 Trump economy!<\/p>\n
RUSH: (chuckles)<\/p>\n
CALLER: Trump\u2019s the man.\u00a0 Keep producing.<\/p>\n
RUSH:\u00a0 There you go.\u00a0 Chad, thanks for the call.\u00a0 I appreciate it.<\/p>\n","protected":false},"excerpt":{"rendered":"
RUSH: This is what Making America Great Again looks like, because there are so many forces aligned against that concept. <\/p>\n","protected":false},"author":49,"featured_media":289843,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0},"categories":[12,1],"tags":[],"yoast_head":"\n
Pushback! Recession Talk Vanishes Because It's Not True - 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\/2019\/08\/15\/pushback-recession-talk-vanishes-because-its-not-true\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"Pushback! 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