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Dow Drops on Obama NCAA Picks

BEGIN TRANSCRIPT

RUSH: This is Rick Santelli from this morning on Squawk Box on CNBC. He's talking about the housing numbers and inflation.

SANTELLI: We have data. We have a lot of data. Let's go with the starts: 479,000. That is a humongous drop. Looking at permits: 517,000. Another just humongous drop, from 563,000. So that puts starts, what, down 22, 23%? Let's go to the producer prices. Shocking: Up 1.6. Hey, that includes food and energy!

RUSH: Now, it was in April of 2010 that I told everybody that these Obama policies were gonna lead to just this kind of thing -- housing numbers, inflation, all of this -- and it's now coming to fruition. And Obama's out picking his teams for the NCAA brackets. Now we've been laughing about this.

BREAK TRANSCRIPT

RUSH: By the way, the Dow Jones Industrial Average is down nearly 300 right now. My guess is that the Street really doesn't like Obama's NCAA bracket.

END TRANSCRIPT

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