{"id":27561,"date":"2011-05-19T04:40:08","date_gmt":"2011-05-19T04:40:08","guid":{"rendered":""},"modified":"2011-05-19T04:40:08","modified_gmt":"2011-05-19T04:40:08","slug":"credit_crunch_and_market_cycles","status":"publish","type":"post","link":"https:\/\/www.rushlimbaugh.com\/daily\/2011\/05\/19\/credit_crunch_and_market_cycles\/","title":{"rendered":"Credit “Crunch” and Market Cycles"},"content":{"rendered":"
\n

RUSH: This is Ken in Bound Brook, New Jersey, you\u2019re next on the EIB Network. Hello.<\/p>\n

CALLER: Hello. Good afternoon, Rush.<\/p>\n

RUSH: Good afternoon.<\/p>\n

CALLER: Great to speak with you. In any event, I\u2019m responding to the story you spoke about earlier about this economics or financial analyst who claims that the people that are going to be hurt most by the credit downturn are poor and minorities. Well, the fact of the matter is that poor people don\u2019t get new car loans, typically, because they can\u2019t afford it.<\/p>\n

RUSH: I wanted to have that stipulation out there. The story was really about the fact that the subprime mortgage crisis and the credit crunch in home mortgages is ready to bleed and spill over now to the purchase of automobiles. And of course the press, the Drive-Bys in their obligatory fashion, put it that it would be hardest on the poor and minorities. They left women out, didn\u2019t quite fit. <\/p>\n

CALLER: I guess they\u2019re part of the minorities. But anyway, the fact of the matter is that credit crunch in mortgages has nothing to do with retail. Ford Motor Company credit, GM credit, you know, they all have their own lending unit. These guys can sell their own product and have historically done so in the past by financing their own sales. So anybody, if they need to, anybody with a heartbeat, will get a car loan. As far as the credit crunch or mortgage meltdown so-called, the fact of the matter is, it\u2019s simply a credit meltdown, not a mortgage meltdown. The credit markets aren\u2019t lending to certain credit levels.<\/p>\n

RUSH: What people forget is that markets work. You could look at the so-called credit crunch, the subprime problem is a major correction going on here because of some things that were done that weren\u2019t kosher. The markets work, if you just let them work themselves out. It\u2019s the pain that\u2019s caused in something like this that\u2019s the problem.<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: This is Ken in Bound Brook, New Jersey, you\u2019re next on the EIB Network. Hello. CALLER: Hello. Good afternoon, Rush. RUSH: Good afternoon. CALLER: Great to speak with you. 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