RUSH: ‘US consumer confidence took an unexpectedly steep slide in June.’ That’s from Reuters. ‘Unexpectedly!’ Every bit of economic news is ‘unexpected.’ What were they expecting? A big rebound? Let’s go to the audio sound bites. I want to take you back to me on this program, January 9th of this year.
RUSH ARCHIVE: We’re going to start seeing stories that will not be true, that feature man-on-the-street interviews with people whose lives are starting to get a little bit better, they see the light at the end of the tunnel now, they go on more job interviews and they’re doing a little bit better. The Drive-Bys will start setting the stage to create the impression in the minds of people that we’re coming back, when we are not. Just as they try to set up this mood that we’re going to hell in a handbasket when we’re not, notice how that works. That convinces people, the old saw about, ‘Well, I’m doing fine but I’m hearing on the news my neighbor is about to lose his job, we’re in trouble here.’ So how does it play when you’re out of work but you hear that other people are getting jobs? If you are an Obama voter, you think your time is just around the corner, you gotta be patient ’cause he’s already working, his plan is already working. If you think a demagogic, flowery spoken candidate or president with an accomplice media can’t convince people things are great when they’re bad you got another thing coming. If they can convince people things are horrible when they’re good, the opposite’s also possible. To this day people who are alive and voted for Roosevelt think he’s the greatest president we ever had, and not because of World War II, because of Social Security, because of Medicare. So don’t doubt me.
RUSH: That was all the way back on January 9th of this year, before the Bamster even rode into office. Now, let’s go to this morning, CNN’s Newsroom, the anchor Betty Nguyen spoke with Your Money host Christine Romans about the economy. And Betty Nguyen said, ‘Hey, Christine! Explain this. How did we do in the first half of the year?’
ROMANS: (giddy) We’ve seen a spring stock market rally that has been quite incredible! Job losses are slowing! Consumer confidence is improving! People are feeling a little better. They’re feeling better because they’re spending less. They’re saving more money. They’re getting back to basics. There’s a new frugality that’s making them feel better. There was a hu-u-uuge rally in the stock market in the second quarter. The stock market [is] telling us that it thinks things are going to get better eventually, and you’re going to see that rally. If you are still invested in stocks — if you had faith and you were buying stocks along the way this spring, you’re buying them at cheap prices — you’re going to see that rally when you open up your 401(k) statement.
RUSH: The stock market is down 120 today. Consumer confidence, according to Reuters, ‘took an unexpectedly steep slide in June.’ Do I know these people or do I know these people? I predicted on January 9th and here on June 30th, CNN, it’s morning in America! Your 401(k) is ballooning. We feel better spending less money. Why? Well, because we’re being disciplined. We’re saving. Do you realize how happy all of you are? CNN just said so and this reporterette, Christine Romans from Your Money, a CNN show. What did I tell you? They’re going to do everything they can to make you think things are great, because the stimulus is in trouble. The Obama approval index in Rasmussen is at minus two. Remember, now, the Rasmussen approval index takes the ‘strongly approve’ and the ‘strongly disapprove’ and matches them up, and he is minus two. It’s the first time in negative territory for the Bamster out there, and so they’re trying to ramp up all kinds of fictional imagery to convince you things are great when they are not.
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RUSH: I want to go back to this CNN sound bite again, this Christine Romans. Do you realize how outrageous this is? I mean, this is journalistic irresponsibility and malpractice — unless you understand that this is CNN, State-Run Media. This is an analysis of the US economy in the first six months of the year this morning on CNN.
ROMANS: (giddy) We’ve seen a spring stock market rally that has been quite incredible! Job losses are slowing! Consumer confidence is improving! People are feeling a little better. They’re feeling better because they’re spending less. They’re saving more money. They’re getting back to basics. There’s a new frugality that’s making them feel better. There was a hu-u-uuge rally in the stock market in the second quarter. The stock market [is] telling us that it thinks things are going to get better eventually, and you’re going to see that rally.
RUSH: This is absurd.
ROMANS: If you are still invested in stocks — if you had faith and you were buying stocks along the way this spring, you’re buying them at cheap prices — you’re going to see that rally when you open up your 401(k) statement.
RUSH: It’s absolutely absurd. Obama himself said, ‘The stock market? We don’t pay attention to it here in the White House. The stock market is knowing a tracking poll. It’s up one day, down the next. I’m looking at the long term.’ The truth is that families, American families have lost 20% of their wealth since January of this year, some families more than that. This is the average. Twenty percent! I mean, there are trillions of dollars of wealth that have been lost in 401(k)s, pension plans, stock portfolios, people being fired. Here, let’s see. This is State-Run Media, Associated Press: ‘Unemployment rates rose in all the largest US metropolitan areas for the fifth straight month in May.’ How the hell does…?
How do these people get jobs, these economic people on these networks? How do they…? Well, it’s a rhetorical question. They’re hired because of the way they think, not what they know. At any rate, ‘The Labor Department said Tuesday that jobless rates in May rose from a year earlier in all 372 metropolitan areas it tracks. The The unemployment rate in Kokomo, Ind., jumped to 18.8 percent…’ Christine Romans, somebody needs to get you the news here. CNN is telling everybody what a great rebound we’re in here. You’re doing great! You’re feeling great because you’re frugal. You’re not spending as much. Your 401(k), you love opening the envelope. It’s getting bigger out there. The stock market came back big time second quarter. Consumer confidence is down, not up, as she said! ‘Consumer confidence took an unexpectedly steep slight slide in June.’
‘The other metro areas posting large gains were: Bend, Ore., where the jobless rate rose to 15.2 percent, an increase of 8.8 percentage points; and North Carolina’s Hickory-Lenoir-Morganton saw its unemployment rate rise to 15.4 percent, a gain of 8.5 percentage points.’ There are 372 metro areas that the Labor Department tracks, and in all of those areas unemployment is up, and yet State-Run Media is starting to tell us how great the economy is. I dare say, ladies and gentlemen, the vast majority of these cities, metro areas where unemployment is up and skyrocketing — I’ll bet you — that they’re run by Democrats, and I’ll betcha they’ve been run by Democrats for a long time.
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RUSH: Lou Ann in Morganton, North Carolina, hi, great to have you with us.
CALLER: Mega dittos, Rush, from Morganton. I am so thrilled to be able to talk to you. You started saying something about Morganton this morning about the unemployment rate. It is so bad here. My husband has been laid off from Caterpillar since January the 29th of this year.
RUSH: I think you’re mistaken about that, because the president of the United States said that Caterpillar was going to be rehiring people after his stimulus bill was signed into law. So your husband may be a little bit behind. I’m sure Caterpillar is just roaring back to life with new jobs every day.
CALLER: You’re dreamin’, Rush. Here we’ve got a sign in the back window of our car saying, ‘Hey, Obama! Your stimulus ain’t working ’cause I’m not.’
RUSH: (laughing) ‘Hey, Obama! Your stimulus ain’t working because I’m not.’ That’s a great bumper sticker.
CALLER: Thank you. I came up with that. Here we have been fretting over, ‘How is he going to get back to work?’ There is no hope. He just got a letter from Caterpillar. They are on rolling layoffs right now with the few people they have that are still working.
RUSH: But don’t you remember Obama saying on the eve of signing a stimulus bill that Caterpillar CEO said they’re going to be rehiring people left and right with a responsible stimulus package and then Obama, you know, went out there to Peoria? They had a big ceremony with the local congressman there and the company CEO.
CALLER: Well, Obama thinks one thing and we know something else.
RUSH: No.
CALLER: We know we’re going to lose our house if he doesn’t get back to work soon.
RUSH: Obama makes it up as he goes along. He has a media that is pliant and compliant and helps him spread all these myths. Like we played earlier today, CNN Money reporter Christine Romans talking about how great the economy is. (summarized) ‘We’re roaring back! Your 401(k)? You can’t wait to open the envelope now to see all the gains that you’ve made in there! The stock market had a great comeback in the second quarter. Wow, it’s just going through the roof. Your frugality is great. You’re spending less and you’re happier than ever before.’ This is the report from CNN today. What Lou Ann is talking about here is AP story: Unemployment rates rose in all the largest US metro areas for the fifth straight month in May, in all 372 metro areas are tracked by the Labor Department. The jobless rates in May rose from one year ago in all 372 metro areas. Kokomo, into a, jumped to 18.8%. It was 11% last year. And I’ll guarantee you most of these cities are run or have been run for many, many moons by liberal Democrats. Who’s next? Shane in Morristown, New Jersey. Hi. Welcome to the EIB Network. Hello.
CALLER: Hello, Rush. (garbled) Jayhawk and mega dittos via the painful liberal Northeast. I want to make a quick point for you. I was listening to you yesterday about this cap-and-tax abomination, and who it will… It will destroy so many jobs, but it will specifically destroy the independent oil and gas industry in this country.
RUSH: That’s its intent! That’s its intent. This is what you’ve got to understand. It’s to destroy traditional forms of energy and go the ‘clean’ route, all these ‘green’ things. That’s the intent. It’s like Big Oil. ConocoPhillips said, after seeing cap and trade, ‘Well, we’re just going to shut down domestic operations, ’cause can’t afford these taxes. We’re just going to shut down domestic operations and we’ll import more oil.’ Meanwhile, our brilliant president of the United States is out there saying that this bill will get us energy independence in 20 years. Every day, every day is becoming a crock.