{"id":5948,"date":"2015-07-08T16:18:26","date_gmt":"2015-07-08T16:18:26","guid":{"rendered":""},"modified":"2015-07-08T16:18:26","modified_gmt":"2015-07-08T16:18:26","slug":"the_stock_market_is_scary_folks","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2015\/07\/08\/the_stock_market_is_scary_folks\/","title":{"rendered":"The Stock Market Is Scary, Folks"},"content":{"rendered":"

\"Listen<\/a><\/p>\n

RUSH: The Department of Homeland Security is saying no sign of malicious activity at the New York Stock Exchange where trading was halted earlier because of a tech issue. That\u2019s all they said. There\u2019s a lot of stuff going on. United Airlines was down today. They had to ground their entire fleet because of a tech issue. The Wall Street Journal, last I heard, was down. Its site is down because of a tech issue. And the Chicoms, I\u2019ll tell you, the stock market has got a lot of people scared today. <\/p>\n

Greetings, folks, great to have you, Rush Limbaugh, the EIB Network and the Limbaugh Institute for Advanced Conservative Studies. <\/p>\n

The stock market is scary because, look, folks, the one thing that everybody there knows is, if they stop for a moment and be honest with themselves, the stock market roaring along here really has — there\u2019s no reason for it if you try to link it to an accompanying uptick in the US economy. It just isn\u2019t there. The US economy is not percolating along at a level that would indicate the stock market doing what it\u2019s doing. And we all know why. The Federal Reserve has been priming the stock market. That\u2019s what quantitative easing is. <\/p>\n

It\u2019s built on a flimsy foundation and everybody involved knows it. That\u2019s why just the briefest momentary glitch in anything can cause an outright panic or fear. Now, one of the things that\u2019s also weighing in on this, as best I can tell, and I\u2019m not, by the way, a professional or expert in this. All I can do is pass along things that I have read and, of course, then I apply my expertise and analysis. But the Chicom stock market is really plunging. The Chicom stock market has lost something like $3 trillion in value in just the past couple or three months. <\/line>And the Chicom government has done everything any Keynesian economist can think of to stop the plunge. <\/line><\/p>\n

Nothing the Chicom government has done has stopped the plunge in the Chicom stock market. They\u2019ve tried everything and nothing\u2019s working. Well, we could tell you that that was going to happen, garbage in, garbage out. The fact of the matter is that if the Chinese stock market is plunging to the degree that it is, it\u2019s one of two things: It\u2019s either a massive correction taking place, which some of the smart money thinks is going on because a lot of this has been primed, folks. Around the world these stock markets are going through the roof but there isn\u2019t any accompanying economic activity. Well, the Chicom economy has been a little bit of an exception, but maybe it hasn\u2019t been growing at the nine to 10 percent rate that they\u2019ve been reporting that it\u2019s been growing at. <\/p>\n

So you\u2019ve got all of these factors that are contributing now to a great sense of unease. You had Obama out, it wasn\u2019t long ago, by the way, just the past month or so, Obama went out and made a speech and started claiming credit for all the value in the stock market. Obama claimed credit for all of the gains in the stock market since he became president. And it\u2019s interesting that the US domestic stock market decline pretty much began right after Obama gave that speech. <\/p>\n

We\u2019re dealing with massive egos here. And these massive egos on Wall Street don\u2019t want to hear some kid from Hawaii who has no idea how to do what they do come along and claim credit for it. So there\u2019s that factor. <\/p>\n

This technical glitch. I mean, this could be anything. They claim they\u2019re dealing with a major technical issue, but the Department of Homeland Security says there\u2019s nothing to see here. United Airlines grounded their whole fleet because of a tech issue. The Wall Street Journal is down. So this could be Chinese hackers. It could be Hillary Clinton monkeying around with the server in her Chappaqua basement, not knowing what she\u2019s doing. <\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: The stock market, they are saying, “It\u2019s not a cyber attack. Don\u2019t anybody panic. There\u2019s no cyber attack here. It is a technical glitch.” Rudolph “Rudy” Giuliani, the former mayor of New York City, the former United States attorney for the southern district of New York, was on with Neil Cavuto moments ago on the Fox News Channel. Cavuto said, “At the stock exchange, they\u2019re obviously taking their time. <\/line><\/p>\n

“They\u2019re not resuming trading now, first of all, because they don\u2019t know what\u2019s going on, which is understandable. But I think they\u2019ll delay going back on line until they are sure those systems are able to handle the traffic that is certain to follow. They have to be ready to trade and have their systems up and able to trade when things resume, right?” <\/p>\n

RUDY: The biggest problem here is they\u2019re not explaining it. This statement is a rather useless statement. It\u2019s gobbledygook. Crisis Management 101: You give out specific information. Look, if they don\u2019t know something more than this then the place is being run very poorly. The crisis management here is atrocious. From the moment this happened somebody should explain it. Even if they don\u2019t know exactly what it is, it\u2019s exactly what you\u2019re saying, which is: Explain what we\u2019re doing to work on it. “We\u2019ve got 45 people working on it.” <\/p>\n