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Market Drops on Obama Fears

BEGIN TRANSCRIPT

RUSH: Ruth is next in Williamston, South Carolina. Hi, Ruth.

CALLER: Hi, Rush, my hero! I almost pulled my hair out a little while ago, though, when you were talking about the 401(k).

RUSH: Is that not...? I'll tell you, forget all this other stuff. Everybody's got a 401(k) plan. Everybody.

CALLER: Well, not most, but maybe a lot of people. We've got an investor class now.

CALLER: Exactly.

RUSH: And the government wants to come in and take it over and make it part of Social Security!

CALLER: And this is where I almost pulled my hair out because if they do that they're going to get $215 or $65 to die, and the rest of that 401(k) is not going to be their estate. It's going to go right where Social Security went. They're not getting anything. My son is 31. Before the economic crash happened, he had $37,000. It dropped to $29,000. I looked at him and I said, "Sit still. Don't do anything. It's election driven. The whole thing, all of this stuff right now, it's election driven." There's a young lady who used to work for me when we had our company -- we had a four-business company, and she went to work for the company that bought us because I now take care of my 94-year-old mother. But anyway, she called me, and I said, "Sit still. You're 30 years old." He's 31. I said, "Sit. This is election driven," but come January, I will go in there and take a look and see what he can adjust. He made 14.3% in 2005. He made 11.9% in 2006, after the Great Ones took over Congress.

RUSH: Yep. Here's another thing to tell 'em. I meant it a moment ago when I said, "The markets are gravely ill. We need to take time out from the campaign and go visit the markets."

CALLER: Yes. We need to go out there and buy! We need to go out there and fool George Soros and tell him he can't buy the election.

RUSH: What is the most recent market crash, as they define their most recent market crash? It's 1987, right?

CALLER: Right.

RUSH: The market fell 22%.

CALLER: Right.

RUSH: It fell from wherever it was down to, what was it? Thirty-seven down to 1600 or something.

CALLER: Right.

RUSH: If you bought into the market in 1987, you are still ahead of the game! It's a long-term proposition buying into the stock market. At some point... You know, if you bought in the '87 bottom then you got as high as 13,000 then down to ten or 11, now it's a little over 8,000. But you're right. It will come back.

CALLER: Yes. It's election driven. It's strictly election driven, and there are some --

RUSH: Even if it's not election driven, it will come back.

CALLER: But I think it's election driven, a lot of it.

RUSH: Explain how that could be.

CALLER: Well, I think that some of it being that when they look at, "Oh, my God. If we're going to get Obama, we've gotta get out of it now," or on the other side... Now, this is the conservative people, or the people that aren't looking and thinking ahead, okay?

RUSH: Yeah.

CALLER: But they're saying, "Oh, my God! We cannot let him take over what we've got. So we gotta get it out," okay? That's number one: could be driven that way. Or secondly -- and the fact that he wants to ruin small business; he wants to ruin capitalism in America. He wants to destroy what Washington stands for, where all the monuments look at and what we actually see when we go to Washington. He wants to destroy that. Okay, or secondly, we're looking at the ultra-liberal dudes that have got money and they can go in there and they can play with the stock market and let it go up one day and then when it goes up a day and a half later they're in there and they start jerking things out to drop it, to panic people into doing this and saying, "Well, the only savior we've got is Obama."

RUSH: I love your thinking. I like the way you think, Ruth! These rich liberal dudes manipulating the market, pulling things out, putting things back in. We'll see if you're right, that shortly after the election, things start to normalize a little bit.

CALLER: Oh, yeah. I think it's going to, and I told them. I said, "Wait 'til January. Just wait 'til January," and don't worry about anything.

RUSH: Ruth, best to you and to your mother.

CALLER: And I love you, Rush, and we get the Limbaugh Letter. I give it for Christmas, too.

RUSH: Great. I love you. Thanks for the call.

CALLER: Okay, bye-bye.

BREAK TRANSCRIPT

RUSH: Let's go to the audio sound bites. Maria Bartiromo yesterday, CNBC's Closing Bell gave her analysis of the market.

BARTIROMO: One of the reasons that this market bounced off the bottom is there are rumors in the market, speculation that the race for the White House is getting tighter. And one trader telling us just moments ago that he thought the reason that the market was so low was when Obama had the lead because he's gonna raise taxes. And then when things got tighter, things bounced off the bottom. At some point you have to believe this market starts trading on the White House.

RUSH: Yes. And then last night on Your World with Neil Cavuto on the Fox News Channel, he spoke with Karl Rove. Cavuto said, "If we can take a peek at the big board, you see the numbers there, very volatile markets. Play that up for me."

ROVE: Markets predict the future. Volatility may be people's concerns about what would happen if Barack Obama, who's had a lead in the polls and has been deemed by the media to be the likely next president of the United States, what would happen to their economy if he were to become president, and we know that he wants to raise the capital gains tax, which will take some value out of the market. We know he's in favor of raising taxes on the top 5%. I think a lot of people that are invested in the market realize that if you have the anti-business attitude it means American companies are becoming less competitive.

RUSH: Hm-hm. So, markets predict the future. People invested in the market realize if you have an anti-business attitude, it means American companies are becoming less competitive. The markets are doing what they're doing for a reason. They really are. I mentioned yesterday when the program ended, Snerdley asked me if I was going to play golf, I said, "Play golf, Snerdley? I am busy. I have important things to do." I met with the Zicam guys. Now, Zicam is an official sponsor here of the EIB Network. The best thing about Zicam is the product works. The first moment you think you got a cold, you get the product and you swab just barely inside of your nostrils. You don't have to stick it up your nose, just barely inside your nostrils, hold your nose five seconds, do it every four hours, and you'll either stop it, you'll arrest it, or you'll severely shorten it and limit the duration of the cold.

Now, I was asking these guys how their business is doing. They're publicly traded. How you are you doing? Their sales are through the roof. They have continued to grow. They're having a tremendous third and fourth quarter as well. So there are businesses out there that are doing extremely well, and guess what? They told me that they've surveyed Zicam buyers and they've asked them, "Have you recommended the product to others favorably?" What percentage do you think, Snerdley, have said, "Yes, we recommend Zicam to others." When they asked me, I said it's gotta be over 50 percent. It's 92%. That's word-of-mouth. You can't buy that. Ninety-two percent of Zicam customers recommend it. That's how I discovered it, was recommended to me by the flight attendant on EIB One. So the stuff works. Not all businesses are in the tank here, but they're all worried, is the point.

END TRANSCRIPT

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