{"id":36990,"date":"2010-12-02T01:01:01","date_gmt":"2011-05-19T00:15:33","guid":{"rendered":""},"modified":"2011-05-19T00:15:33","modified_gmt":"2011-05-19T00:15:33","slug":"us_economy_will_rebound_despite_all_of_obama_s_efforts_to_destroy_it","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2010\/12\/02\/us_economy_will_rebound_despite_all_of_obama_s_efforts_to_destroy_it\/","title":{"rendered":"US Economy Will Rebound Despite All of Obama\u2019s Efforts to Destroy It"},"content":{"rendered":"
\n

RUSH: Indianapolis. This is Michael. It\u2019s nice to have you, sir, on the EIB Network. Hello.<\/p>\n

CALLER: Hello?<\/p>\n

RUSH: Hi.<\/p>\n

CALLER: I just want to tell you, Rush, I\u2019m an evil Wall Street person, although you\u2019re one of my heroes.<\/p>\n

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

CALLER: The reason I was calling is that I\u2019m a little bit concerned about your portrayal of both the economy — \u2019cause I think you said earlier that it\u2019s continuing to spiral down — and of the Federal Reserve. I think both of those things are wrong. Because, you know, just look at the economic numbers we got this morning. I mean, we had, you know, pending new home sales were supposed to be negative. They were up 10%, and most of the retailers were reporting their November retail sales at over 6% up, which is a huge number, and —<\/p>\n

RUSH: I just want to tell you something, Michael: If George Bush were still in the White House, do you think either of these two numbers would be reported as they have been today as you saw them?<\/p>\n

CALLER: Probably not.<\/p>\n

RUSH: No.<\/p>\n

CALLER: I agree with that but I think that, you know, one of the things you want to look at is, you know, at the stock market, which is up about — since the beginning of September it\u2019s up about — 14 or 15%.<\/p>\n

RUSH: That\u2019s right because the Fed is enabling companies to buy stock.<\/p>\n

CALLER: Right. The Fed\u2019s increasing the money supply, and the other reason is because the Republicans won the House of Representatives. But I think — and my only concern is, I think — we\u2019re getting ready to go into next year, which I think is gonna be a barnburner for the economy. So my concern is just that you, as a leader of the conservative movement —<\/p>\n

RUSH: Mmm-hmm.<\/p>\n

CALLER: — if you sit there and continue to downgrade all this —<\/p>\n

RUSH: I\u2019m not gonna downgrade it if it\u2019s real.<\/p>\n

CALLER: It\u2019s gonna be real. I can tell you that. I just look at all the numbers and, you know? And — and the other thing about Bernanke because I know he\u2019s getting bashed from every, but I would just ask everybody to realize that he is the foremost expert on the Depression that we had in the 1930s. He\u2019s doing everything exactly the opposite of what the Federal Reserve did then, and I\u2019m sure he doesn\u2019t have an easy job. I\u2019m sure it\u2019s very difficult, but it\u2019s all… Because the Fed probably really caused the Depression. They triggered —<\/p>\n

RUSH: Now, wait, wait, wait, just a second here. About the Depression. What I have heard from the learned people on the left, the problem with the Great Depression that was Roosevelt didn\u2019t spend enough and didn\u2019t do it fast enough. Is that what you\u2019re saying Bernanke\u2019s correcting? Because he is spending money.<\/p>\n

CALLER: No what happened in the 1930s if you go back and look at it —<\/p>\n

RUSH: I know what happened.<\/p>\n

CALLER: The Federal Reserve —<\/p>\n

RUSH: I\u2019m just wondering what the conventional wisdom is, what the left says about what Roosevelt did not do right.<\/p>\n

CALLER: It didn\u2019t really have that much to do about Roosevelt. I mean, the Federal Reserve collapsed the money supply and raised interest rates — and then on top of that, Congress raised taxes. I mean, you know, it\u2019s so stupid.<\/p>\n

RUSH: Yeah. Bernanke\u2019s an expert —<\/p>\n

CALLER: The Federal Reserve was the cause of the Great Depression because of what they did. And Bernanke is doing exactly the opposite. I think he will go down as a great American hero —<\/p>\n

RUSH: Well —<\/p>\n

CALLER: — as you will, too, by the way.<\/p>\n

RUSH: Yeah. Well, that is — <\/p>\n

CALLER: So, um (garbled).<\/p>\n

RUSH: That\u2019s a matter of some debate, depending on what circles. But you have to say that Paul Krugman is an expert, too, because they\u2019re identical. They\u2019re singing from the same choir book.<\/p>\n

CALLER: He\u2019s clueless.<\/p>\n

RUSH: Well, but he\u2019s suggesting everything that Bernanke\u2019s doing.<\/p>\n

CALLER: Bernake —<\/p>\n

RUSH: Bernanke is an expert on the Depression. He thought it was all about deflation, right?<\/p>\n

CALLER: Yeah.<\/p>\n

RUSH: Yeah. Okay. So if Bernanke is an expert so is Paul Krugman. Do you want to identify him as great? Is Paul Krugman gonna go down as a great American sitting next to Ben Bernanke?<\/p>\n

CALLER: No. He\u2019s clueless. <\/p>\n

RUSH: But they\u2019re both deflation…<\/p>\n

CALLER: No. I mean, he recommends so many (crosstalk).<\/p>\n

RUSH: Yeah, but they\u2019re both deflationphobes.<\/p>\n

CALLER: In this case, because he is agreeing with Bernanke, I will say, ‘Okay, he\u2019s right,\u2019 but I just think that, you know, what they\u2019re trying — what the Fed is trying — to do is they\u2019re trying to do everything opposite, for the most part, of what happened in the thirties. And we have a saying in our business: ‘Don\u2019t fight the Fed,\u2019 because they\u2019re gonna win (chuckles) because they control all the money.<\/p>\n

RUSH: Well, and they can print it.<\/p>\n

CALLER: And they can print it. Exactly. So I think… My only concern is… Because, you know, I want to see… I — I do think that Obama by focusing on health care and all this socialist stuff has hindered the recovery. But what I don\u2019t want to see is — is that, okay, let\u2019s say we have a strong economic recovery next year and then Obama\u2019s gonna take credit for it.<\/p>\n

RUSH: Well, you know that\u2019s gonna happen.<\/p>\n

CALLER: But I think, you know, what you can do is kind of like look behind the scenes and give all your callers, like, ‘Okay, this is really, it\u2019s like the Fed that engineered this. It had nothing to do with what Obama is about.\u2019<\/p>\n

RUSH: Now, look, just so you know: If the economy rebounds to the point that you say it will, the people I\u2019m gonna credit are the people of the country. I\u2019m not gonna sit here and say, ‘One guy saved America. One guy saved the financial system.\u2019 I could keep you on this phone for the remainder of this program — and I\u2019m not gonna do it, obviously — because one thing we haven\u2019t discussed is: Why is Bernanke having to do what he\u2019s doing? You know, what led to this mess? This is an absolute disaster! There\u2019s nothing real. When we\u2019ve gotten to the point where the guy that\u2019s gonna be the greatest American hero of all time is printing money to bring us out of a disaster, what in the name of Sam Hill (and there was a Sam Hill) are we talking about? <\/p>\n

I mean, we\u2019re in this mess because of (obviously) certain things, and that\u2019s what people are still trying to get their arms around. What happened to cause all this? At what point did the confluence of ‘nothing is real\u2019 finally surface? I don\u2019t know one thing that the Fed is doing that is opposite from FDR. I can\u2019t find one thing. The opposite of FDR would be lower taxes and cut federal spending. We\u2019re doing none of that. We\u2019re gonna raise taxes and we\u2019re increasing federal spending, whether spending from the Fed or from Congress or what have you. The Fed\u2019s doing… (sigh) I don\u2019t know. I just don\u2019t see it. We\u2019re just doing more of FDR here, which is why Krugman likes it. But even for him it\u2019s not enough. <\/p>\n

All right, look. Michael, I\u2019m glad you called. Thanks. Thanks very much. He\u2019s a market guy and he wants the economy to come back. If the economy comes back, and if it\u2019s legit, I\u2019m gonna be the first guy saying so. But I\u2019m not gonna fall for these stories. Look, okay, housing starts or whatever the stat was are up 10%. What are foreclosures? The record is this stuff and these things don\u2019t happen in vacuums. I know we gotta start back somehow, and we have to start back somewhere, but I\u2019m not prepared as an American to accept a new norm of 10% unemployment and to say anything below that is an improvement. <\/p>\n

That\u2019s not the country I\u2019ve known. If we accept that then we\u2019re gonna accept the notion that what ‘was\u2019 was phony, unattainable again, and this is the new America. We have a president who believes in cutting this country down to size, and he\u2019s succeeding. We have a president running around the world saying that we\u2019re no longer going to lead the world in anything economic, and the last thing we need is to have that whole notion substantiated, agreed with, and acted upon. So, to me, the problem of Obama is not gonna go away with a rebounding economy. The truth of the matter will be, if it happens, that not even Obama can destroy the country — which I have total faith in, by the way, that he can\u2019t.<\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Now, of course a Wall Street guy — and no disparagement to Wall Street guys — but they\u2019re doing pretty well. They\u2019ve been brought back. The Fed — don\u2019t forget this — the Fed arranged for a bunch of companies to buy equity and stocks in the stock market, brought \u2019em back. People at Wall Street are doing well. They\u2019re getting their bonuses, they\u2019ve been made whole. Their sector of the economy is doing well, so naturally they\u2019ll think so. My theory is that when the economy has recovered, we\u2019ll know it, we won\u2019t need to be told. Just like we don\u2019t need to be told that the economy\u2019s gone south. We don\u2019t need to be told that we\u2019re in a recession. We don\u2019t need to be told that things are bad. We know it. When the economy starts coming back, we\u2019ll know it. It won\u2019t be because somebody\u2019s released some figures in the housing market or any other market. And this economy — and we\u2019ve said this from the get-go — this economy is going to rebound, it is going to rebound despite Obama. And when it does, it is going to be a testament to the power of American capitalism when it does. It is going to be a testament to the resilience and creativity, entrepreneurship of the American citizen. <\/p>\n

Not even Barack Obama can destroy the economic engine of this country. He\u2019s doing his level best to try. He\u2019s doing everything he can to knock it down, but he\u2019s not going to be able to succeed in the long haul. Our argument is, why go through this in the first place? Why have to sit here and put up with a socialist who doesn\u2019t like the country as it was founded? Why do we have to go through this whole mishmash of having him try to destroy it and have some success at it, and then have to rebuild it? People\u2019s lives get harmed greatly in the process of all this happening, all because of some guy\u2019s silly ideological beliefs to be given a test. All of this is so unnecessary. There was no reason to tamper with this country, with this economy, the greatest on earth, greatest ever. But it wasn\u2019t viewed that way by Obama and his bunch. It was viewed at as manifestly unfair, racist, sexist, biased, prejudiced, what have you. <\/p>\n

Adam, Port Charlotte, Florida. I\u2019m glad you waited. You\u2019re next on the Rush Limbaugh program. Hello, sir.<\/p>\n

CALLER: Hey, Rush, it\u2019s an honor talk with you.<\/p>\n

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

CALLER: I\u2019m a first-time caller, a long-time listener. Forgive me if I\u2019m a bit nervous. I just wanted to share my story out there. I\u2019m a college student right now, and I\u2019m working a part-time job at a restaurant right now. I lost my job as a plumber making decent money during the whole housing crisis and everything. And since then I\u2019ve been trying to find a new job there. I\u2019ve been finding odds-and-ends jobs with construction and I\u2019m just really concerned about the economy right now. I really don\u2019t know what\u2019s gonna happen.<\/p>\n

RUSH: Well, I do. But I can\u2019t tell you specifically when. It\u2019s gonna come back. The economy is gonna come back, and at some point you\u2019re gonna have less trouble finding work then than you are now. So you can at least be confident about that. In the meantime, do not be embarrassed about whatever work you can find. You know, don\u2019t penalize yourself or punish yourself by saying, ‘Well, look, I\u2019m at college, I\u2019m qualified to do X, and I gotta do this, gee, this is horrible,\u2019 don\u2019t let this make you feel badly about yourself because you can\u2019t find a job you think you\u2019re qualified for. Join the club. <\/p>\n

CALLER: I am thankful for the job I do have. <\/p>\n

RUSH: Okay, good.<\/p>\n

CALLER: I\u2019m thinking about when I graduate, what am I gonna do, you know? And to be honest I think the best thing that would happen would be to not only extend these Bush tax cuts, including for the richest, but to actually cut taxes even more.<\/p>\n

RUSH: Yeah. Exactly right.<\/p>\n

CALLER: I think 25% would be perfect.<\/p>\n

RUSH: You know something you might do? I mean, if you really want to move up right now, you might check out whoever is maintaining foreclosed properties. I have suggested this to a number of people. I don\u2019t know how many foreclosed houses there are out there, but they all have their yards that need to be mowed and they all have to be maintained. The banks or somebody owns them.<\/p>\n

CALLER: Yeah.<\/p>\n

RUSH: Fannie Mae and Freddie Mac are paying a fortune to pay the upkeep on all these houses and they all have plumbing, and they all have plumbing that needs to be maintained. At some point these homes, these properties, whoever owns them is going to want to resell them, and the better shape they\u2019re in, the easier the sale is gonna be. While I\u2019m talking to you I\u2019m trying to remember, I had a conversation recently with somebody about some young person they knew, and this person was telling me that, ‘Ah, this person has a master\u2019s degree, and I don\u2019t think –‘ and the person\u2019s very young, and I said, ‘Any start out job, any job right now is fine.\u2019 Nobody\u2019s in a position right now to be that picky and choosey. There\u2019s no job that\u2019s demeaning, particularly in an economy like this one, particularly a first or second-time job. That\u2019s what those kinda jobs are for, actually.<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: Indianapolis. This is Michael. It\u2019s nice to have you, sir, on the EIB Network. Hello. CALLER: Hello? RUSH: Hi. CALLER: I just want to tell you, Rush, I\u2019m an evil Wall Street person, although you\u2019re one of my heroes. RUSH: Thank you. CALLER: The reason I was calling is that I\u2019m a little bit […]<\/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,"footnotes":""},"categories":[],"tags":[],"class_list":["post-36990","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nUS Economy Will Rebound Despite All of Obama's Efforts to Destroy It - 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\/2010\/12\/02\/us_economy_will_rebound_despite_all_of_obama_s_efforts_to_destroy_it\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"US Economy Will Rebound Despite All of Obama's Efforts to Destroy It - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: Indianapolis. 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This is Michael. It\u2019s nice to have you, sir, on the EIB Network. Hello. CALLER: Hello? RUSH: Hi. CALLER: I just want to tell you, Rush, I\u2019m an evil Wall Street person, although you\u2019re one of my heroes. RUSH: Thank you. 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