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STEPHANOPOULOS: (giddy) All day today they were hard to miss, perhaps because we hope for them so much, signs of life in our economy! Starting with the stock market, on a tear of 340 points today! October is now on track to be the single best month in 25 years — 25 years! We learned today that the American economy grew faster than expected over the summer, not roaring yet but a growth spurt that see has tamped down fears of a second recession!<\/p>\n
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BREAK TRANSCRIPT<\/p>\n
RUSH: A story by James Pethokoukis. We cite James Pethokoukis often. Last I knew he was blogging and posting at Reuters and he\u2019s been a number of other places. Now, the Drive-Bys are excited. You just heard Stephanopoulos barely able to contain himself in his underwear. Going on and on and on, oh, the economy, oh, my God, 340 points, Wall Street, wow, best month in 25 years, 25 years, Stephanopoulos said. Hopping up and down in his little anchor chair. And we learned today the American economy grew faster than expected over the summer. Ah, ah, ah, ah. James Pethokoukis, “The Obama Boom?” Disposable income adjusted for inflation fell 0.1% in September after being down minus 0.3% in July and minus 0.4% in August. <\/p>\n
“Disposable income,” meaning that\u2019s most people\u2019s reality (How much money do you have to spend after you\u2019ve paid the bills?) and it\u2019s not increasing. So they can sit out there and lie to themselves and fool themselves all day long with a 2.5% growth rate, and they can tell themselves the stock market is booming. Since when did they care about that anyway? I mean, they\u2019re organized against Wall Street! The very people who are pushing the Occupy Wall Street<\/a> protesters, the very people hoping for a Kent State<\/a> moment — the very people hoping for violence, the very people hoping that some hell breaks loose down there! Stephanopoulos and the left are now talking to us about the stock market being up 340 points and how great that is? <\/p>\n Oh, wait! Maybe they\u2019re being all enthusiastic about it to tick off the Occupy Wall Street protesters so they\u2019ll start blowing up bank buildings like they were doing in the sixties. But I talked to some people whose life is the market, and there\u2019s a (I wouldn\u2019t call it “conventional wisdom) popular opinion that the market is actually reacting to long-term view that Obama\u2019s not gonna be reelected and that the Democrats are gonna lose the Senate. I think both those things are entirely possible. I absolutely do. I\u2019ll take it. I just wish for a stronger conservative leadership on Capitol Hill, but regardless. Folks, you\u2019re gonna need a really tough backbone from now on (the next 12 months, 13 months) because any news like what we had, this 2.5% growth rate?<\/p>\n “We\u2019re back!” I\u2019m gonna tell you what it\u2019s gonna be: “See? It was worse than we knew when Obama was inaugurated, and it\u2019s taking longer for his policies to work than anybody knew — and they\u2019re finally starting to work! Look at it all now: Stock market going through it roof, GDP up 2.5%. It took longer than any of us knew, but we can\u2019t afford start change horses now! We can\u2019t change horses in the middle of the stream.” You\u2019re gonna see Obama approval numbers start inching up, and you might see unemployment come down. I\u2019m still waiting for the government to report a below 9% unemployment figure, and if that happens — and even if the below 9% number is 8.9%, forget the .9. It will be the eight that they focus on. They can\u2019t wait for it. They\u2019re setting it up. But they are all lying to themselves, or better stated, they are fooling themselves. Here\u2019s another example. On last night\u2019s ABC\u2019s World News Tonight, they have a reporter there, a correspondent by the name of Dan Harris. Here is a portion of his report about the economy…<\/p>\n HARRIS: (excited) The American economy grew at a 2.5% rate from July to September! (rollercoaster sound-effect) Before today, the American economy was on an unsettling roller coaster ride! But today the rollercoaster appeared to be heading back uphill! So we\u2019re not gonna solve the massive unemployment problem right now, but we are heading in the right direction!<\/p>\n MAN: We are absolutely heading in the right direction!<\/p>\n HARRIS: So why are economists optimistic about jobs? Because as consumer spending picks up, companies have to hire more people to meet that demand, and that creates a virtuous cycle of more employment and more spending and more employment and more spending —<\/p>\n RUSH: Wait, wait, wait, wait!<\/p>\n HARRIS: — and they say we could be back —<\/p>\n RUSH: Wait, wait, wait!<\/p>\n HARRIS: — COULD be back — at normal levels of unemployment in three to four years.<\/p>\n RUSH: Oh, really? You see how this is now starting to manifest itself? But note: Yeah, yeah, this is the ABC reporter. So why are economists optimistic about jobs? “Well, because as consumer spending picks up…” Where\u2019s that happened? I didn\u2019t think so. “As consumer spending picks up, companies have to hire more people to meet that demand, and that creates a virtuous cycle: More employment and more spending and more employment and more spending…” You mean this all happens in the private sector? You mean this is not happening because of stimulus? This is not happening because of Obamanomics?<\/p>\n This is happening because what\u2019s going on in the private sector? Does this guy realize how he\u2019s just screwed up royally? Even if none of it\u2019s true, “They say we could be back at normal levels of unemployment in three to four years.” Folks, we\u2019re gonna have to have job creation at 150,000 a month for four years just to get down to eight or seven percent unemployment! We\u2019re nowhere near getting back down to the 4.7 or 5% that we had just three years ago before Obama assumed office. (interruption) That\u2019s a good point. How many times is this now that we\u2019ve “turned the corner”? How many times is this that we\u2019re finally “back from the brink”? About 20 times?<\/p>\n BREAK TRANSCRIPT<\/p>\n RUSH: Here\u2019s F. Chuck Todd on The Daily Rundown today on MSNBC on… Well, wait a minute. Oh, he had a guest from CNBC on, Andrew Ross Sorkin, and F. Chuck, he\u2019s all excited, too, about the economy, what it might mean.<\/p>\n TODD: (giddy) We\u2019re gonna have to best October in decades! Does that mean anything for the US economy?<\/p>\n SORKIN: Well, the good news is it means that we\u2019re not going into near Lehman-like moment, and I think the market clearly surged yesterday off of this European deal. However today we\u2019re having a little bit of a hangover. Uh, markets opening up, uh… Well, it\u2019s almost flat, a little down, and that\u2019s really a function of the fact that people are now digesting what\u2019s happened in Europe and they\u2019re saying, ‘There might be some questions about how this deal all gets done.” So I think w-w-we\u2019re not out of the woods yet.<\/p>\n RUSH: Damn! Damn it! F. Chuck is unhappy: “Not out of the woods yet.” His question: “We\u2019re gonna have the best October in decades, does that mean anything for the US economy?” No, F. Chuck. They\u2019re all focusing on that stock market being up 340 points. Remember, remember, this is the same bunch that wants all these Wall Street people in jail. The stock market goes up 340 points, what do you think benefits? They\u2019re not thinking so much shareholders. They\u2019re thinking the traders, they\u2019re thinking the bankers, and they\u2019re all excited. They\u2019re so excited, they\u2019re so desirous that the economy popped back so it can make Obama look good, that they\u2019ll shelve for a moment the very idea that they are ticked off that it\u2019s the Wall Street people that are benefiting. <\/p>\n","protected":false},"excerpt":{"rendered":" RUSH: We\u2019ve got the sound bites coming up. The media is having an orgasm over this 2.5% growth rate. “The economy is back!” All right. In fact, here. Grab sound bite four. This is Stephanopoulos. This is last night, ABC\u2019s World News Tonight. STEPHANOPOULOS: (giddy) All day today they were hard to miss, perhaps because […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0},"categories":[],"tags":[],"yoast_head":"\n