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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\u2019s actually AP, but “the psychologically important 400,000”? Stop and think of this now: If jobless applications are under 400,000, it\u2019s progress, a psychological boost. If applications are under 400,000. <\/p>\n
Now, if they\u2019re back over 400,000 now, just wait \u2019til the holiday shopping season is over. When these seasonal jobs expire, there\u2019s 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\u2019ve been hearing that I don\u2019t 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\u2019s 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?<\/p>\n
Folks, this happened before. Look, I\u2019m 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\u2019ve had these big boosts. It happened before 2008. Now, the thing about this is that it\u2019s been tried before, and it hasn\u2019t 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? <\/p>\n
The 99% are being told they are the virtuous; they are the decorous. The 1%… It seems to me that if we\u2019re gonna start hating people, we\u2019re 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\u2019s 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\u2019m not trying to make a sweeping generalization here, but the problem in Europe exists because they have committed to paying people who don\u2019t do anything! <\/p>\n