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RUSH: This is Eric in Latham, New York. Glad you waited. You’re up next, sir. Hello.

CALLER: Rush, moles and moles of dittos from the sweltering liberal stranglehold of New York State.

RUSH: Thank you, sir.

CALLER: This might be related, I don’t know, to all the stuff we’ve been talking about, in terms of the economy.

RUSH: Yeah.

CALLER: In all the mess the last few days, the government released the June retail report and — no doubt unexpected — it came in weaker than, than they thought. And one of the interesting things they said later was that economists fear that the economy “may begin to slow.”

RUSH: (chuckling)

CALLER: I’m thinking, “Slowing from what? The 1.8%? I think that was the number that came in the first quarter.”

RUSH: It is amazing how these people have begun to believe their own lies now about being in a recovery and it’s serious and real, and so they get news like this, and some of them are genuinely shocked.

CALLER: Remember the good old days when Democrats weren’t happy with 4.5% unemployment and 3.5% growth? That was a bad economy.

RUSH: Yeah, four, 4.5% unemployment was bad.

CALLER: Now 1.5% growth is great.

RUSH: That was a recession, in fact. They told us those stats were recessionary, when those are the stats with Bush.

CALLER: My fear is… Like right now it’s kind of strange with the stock market. It seems like the market moves with the Fed comments rather than earnings.

RUSH: Yeah. Yeah. It’s not just the Fed comments. It’s the Fed infusion. The Fed is digitizing. They don’t print money anymore. They digitize it. They just add some numbers into the accounts that end up buying stock. The regime, I think, in conjunction with the Fed has decided that they’re gonna do what it takes to make the stock market look good. A, it’s helping Obama donors. B, it gives an indication the economy somewhere is upwardly mobile.

But primarily it’s taking care of Obama donors. Earnings, yeah. There’s still some of that. You know, stock prices related or the over all DJI related to actual business activity. But most of it, you’re right, is in reaction to what Bernanke says and then does. In fact, Bernanke doesn’t even have to infuse the money. All he’s gotta do is say he’s going to next week. (claps) Bammo! (sigh) Folks, this is a bubble. They’re creating a huge bubble.

This is not real. Well, it depends how you define it. But that’s Eric’s point. It’s not based on earnings, what’s happening in the market. It’s not happening as a result of real strength or weaknesses in American industries. So they’re creating a bubble here, and at some point this has to burst. At some point, they stop pumping money into it. Somewhere, at some time they have to stop — you would think — and that’s a bubble. There are a lot of people that thought it woulda happened by now. But, Eric, I appreciate the call. Thank you el mucho.

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