The Stock Market Is Scary, Folks
July 08, 2015
BEGIN TRANSCRIPT
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's all they said. There's 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'll tell you, the stock market has got a lot of people scared today.
Greetings, folks, great to have you, Rush Limbaugh, the EIB Network and the Limbaugh Institute for Advanced Conservative Studies.
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's no reason for it if you try to link it to an accompanying uptick in the US economy. It just isn't there. The US economy is not percolating along at a level that would indicate the stock market doing what it's doing. And we all know why. The Federal Reserve has been priming the stock market. That's what quantitative easing is.
It's built on a flimsy foundation and everybody involved knows it. That's why just the briefest momentary glitch in anything can cause an outright panic or fear. Now, one of the things that's also weighing in on this, as best I can tell, and I'm 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.
And the Chicom government has done everything any Keynesian economist can think of to stop the plunge.
Nothing the Chicom government has done has stopped the plunge in the Chicom stock market. They've tried everything and nothing's 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's one of two things: It's 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't any accompanying economic activity. Well, the Chicom economy has been a little bit of an exception, but maybe it hasn't been growing at the nine to 10 percent rate that they've been reporting that it's been growing at.
So you've got all of these factors that are contributing now to a great sense of unease. You had Obama out, it wasn't 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's interesting that the US domestic stock market decline pretty much began right after Obama gave that speech.
We're dealing with massive egos here. And these massive egos on Wall Street don't 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's that factor.
This technical glitch. I mean, this could be anything. They claim they're dealing with a major technical issue, but the Department of Homeland Security says there's 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's doing.
END TRANSCRIPT
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July 08, 2015
BEGIN TRANSCRIPT
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's all they said. There's 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'll tell you, the stock market has got a lot of people scared today.
Greetings, folks, great to have you, Rush Limbaugh, the EIB Network and the Limbaugh Institute for Advanced Conservative Studies.
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's no reason for it if you try to link it to an accompanying uptick in the US economy. It just isn't there. The US economy is not percolating along at a level that would indicate the stock market doing what it's doing. And we all know why. The Federal Reserve has been priming the stock market. That's what quantitative easing is.
It's built on a flimsy foundation and everybody involved knows it. That's why just the briefest momentary glitch in anything can cause an outright panic or fear. Now, one of the things that's also weighing in on this, as best I can tell, and I'm 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.
Nothing the Chicom government has done has stopped the plunge in the Chicom stock market. They've tried everything and nothing's 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's one of two things: It's 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't any accompanying economic activity. Well, the Chicom economy has been a little bit of an exception, but maybe it hasn't been growing at the nine to 10 percent rate that they've been reporting that it's been growing at.
So you've got all of these factors that are contributing now to a great sense of unease. You had Obama out, it wasn't 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's interesting that the US domestic stock market decline pretty much began right after Obama gave that speech.
We're dealing with massive egos here. And these massive egos on Wall Street don't 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's that factor.
This technical glitch. I mean, this could be anything. They claim they're dealing with a major technical issue, but the Department of Homeland Security says there's 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's doing.
END TRANSCRIPT
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