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Total Economic Disaster Looms

BEGIN TRANSCRIPT

RUSH: Weekly jobless claims have jumped back over the 400,000 mark.  Why is anybody surprised?  "Claims for unemployment insurance unexpectedly rose last week, climbing past the psychologically important 400,000 mark as the jobs market showed signs of more weakness. Weekly applications for unemployment benefits rose 6,000 to a seasonally adjusted 402,000," and this is gonna end up being 410 or 412 thousand by the time they revise this next week.  " Applications had been below 400,000 for three straight weeks." Can you imagine...? This is on CNBC, but it's actually AP, but "the psychologically important 400,000"? Stop and think of this now: If jobless applications are under 400,000, it's progress, a psychological boost.  If applications are under 400,000. 

Now, if they're back over 400,000 now, just wait 'til the holiday shopping season is over. When these seasonal jobs expire, there's gonna be another "unexpected" jump in weekly jobless claims. The Federal Reserve says that it is taking no risk whatsoever in lending $600 billion to Europe for a grand total of $7.2 trillion.  You know what they also told me once? That real estate value never goes down.  Yep, I've been hearing that I don't know how many times from people. "Yup, Rush, you gotta invest in real estate! There never gonna be any more dirt, and everybody knows real estate values never go down."  Fed says, no, there's no risk here in lending dollars to Europe.  You saw the worldwide stock markets just go nuts yesterday.  We were up, what, over 400 points in the Dow Jones Industrial Average and all over the world stock markets were up and everybody was happy?

Folks, this happened before. Look, I'm not trying to throw cold water on everything here, but this exact thing has precedent throughout history.  Before the big crash in 1929 something like yesterday happened.  We've had these big boosts.  It happened before 2008.  Now, the thing about this is that it's been tried before, and it hasn't ever held.  And, in fact, in the New York Times:  "Banks Act, Stocks Surge and Skeptics See a Pattern -- A move announced by central bankers on Wednesday to contain the European debt crisis resulted in euphoria in global stock markets, but it also prompted skeptics to wonder: will this time be different? " Meaning: It better be or else a disaster is right around the corner.  Well, why would it be different? 

"As the crisis has worsened over the last 18 months, pronouncements of plans to fix the euro zone debt problems have led to more than a half-dozen rallies that just as quickly withered as the proposals fell short of hopes." Why would anything go wrong here?  Can I put in a nutshell what's being done?  Now, I've been thinking about that.  Let me put it to you this way.  We have the president and his minions and his journalists and the rest of the Democrat Party running around inciting class warfare with this 1% versus 99% -- and of course the 1% that we're all supposed to hate are the producers.  The 1% that we're all supposed to hate are people who work.  The 1% that we're all supposed to hate are the people who are earning a living and paying taxes. 

The 99% are being told they are the virtuous; they are the decorous.  The 1%... It seems to me that if we're gonna start hating people, we're looking in the wrong direction.  Would somebody explain to me where is the valor in sitting on your butt taking money from other people?  Where is the honor, where is the greatness, where is this entitlement that allows people to get up every day and think they are owed something because of some mysterious crime against them that's gone on all of their lives.  In Europe, the problems there exist for one primary reason.  Of course there are a number of ancillaries and I'm not trying to make a sweeping generalization here, but the problem in Europe exists because they have committed to paying people who don't do anything! 

You could call it Takers versus Makers, people pulling the cart versus people in the cart.  However you want to visualize it.  But you have perpetual 15 to 18% unemployment, lifetime health care free, lifetime pensions, for doing nothing; and then, of course, when you can't pay it anymore... And they can't! I don't care how much the Fed prints to loan them. At some point we're gonna burn through that and as long as there's no production going on anywhere, that money is gonna dry up -- and the takers keep taking.  Now, who should we resent?  At whom should there be anger directed?  The producers?  The people playing by the rules?  The people getting up every day and going to work?  They are not all millionaires, much less billionaires.  It's cockeyed. 

It's cockeyed, not just in this country but around the world who we are supposed to consider the enemy.  I think it's about time that a little honesty get involved here.  Somehow getting up and doing nothing -- somehow expecting everybody else to take care of you and pay for you -- is now credible, becoming a victim of something that nobody can identify qualifies you as a discriminated again, beleaguered, put upon victim -- and you have every right to sit around and do nothing and feed off of everybody else.  I think it's plain as day.  It's right in front of everybody's face.  I'm not gonna stop talking about this.

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