{"id":30702,"date":"2008-10-23T01:01:01","date_gmt":"2011-05-19T03:10:37","guid":{"rendered":""},"modified":"2011-05-19T03:10:37","modified_gmt":"2011-05-19T03:10:37","slug":"markets_hysterical_on_fear_of_an_anti_business_obama_presidency","status":"publish","type":"post","link":"https:\/\/www.rushlimbaugh.com\/daily\/2008\/10\/23\/markets_hysterical_on_fear_of_an_anti_business_obama_presidency\/","title":{"rendered":"Markets Hysterical on Fear of an Anti-Business Obama Presidency"},"content":{"rendered":"
\n

RUSH: The Politico has a story today. I can\u2019t get the author here because it looks like… Well, I\u2019m not even going to try it. We\u2019re using cheap fax machines these days at the EIB Network and the very small type does not carry across. <\/p>\n

‘Will the Election Drive the Dow?\u2019 (laughs) Is the election driving the Dow, is the answer! ‘Generally…\u2019 This is a paragraph from within the story: ‘Generally, financial analysts say the stock market likes Republicans more than Democrats. And while predicting market movements is as difficult as predicting the winner of the World Series in August, some experts say the market is already anticipating an Obama win on Nov. 4 and has at least partially accounted for it.\u2019 This is The Politico. The market is tanking because it expects an Obama victory, from experts — and get this line. ‘Joe Lieber, a political analyst at the consulting firm Washington Analysis who scrutinizes elections for his clients at hedge, mutual and pension funds, said an electoral lurch that gave the Democrats 60 seats could prompt a dramatic sell-off on Wall Street.\u2019 <\/p>\n

What does this tell you? What in the world…? It\u2019s already happening. I shared with you the story yesterday of a couple small businessmen I met on Tuesday. I left out one thing, by the way, that has them mortified. It\u2019s not just Obama\u2019s taxes. I asked these guys. I said, ‘Okay, wait a minute, now. You\u2019re talking about having to lay people off if Obama\u2019s elected, because of what\u2019s going to happen to taxes,\u2019 and they also mentioned… The name of this act is eluding me now. It\u2019s the Employer Free Hire Act or something. Basically it is a statute that will force small business to unionize. It will force small businesses to unionize so unions can go in, unionize a business, and then walk out and shut down after having created a unionized business. These guys are terrified of this. <\/p>\n

We\u2019re talking small business now. The unions, as you know, their membership has been plummeting. It\u2019s at 11 or 12% now, if that, and these small business people, they were speaking for a lot of them, are just petrified. Now, when I mentioned this story yesterday, I got some e-mail last night. ‘Hey, Rush. Hey, Rush. If these CEOs are still afraid of Obama, how come they\u2019re going to vote for him and are contributing to him?\u2019 We\u2019re talking small business here, and I failed to make that plain yesterday. The large company CEOs, folks, they\u2019re conflicted here because large company CEOs would love to off-load your health care plan that you have, if you work for a large company, to the federal government. But at the same time, they don\u2019t like the idea the corporate tax rate is not going to be cut or may be intensified. But I asked these guys, these small business guys.<\/p>\n

I said, ‘What about Obama\u2019s got this great plan, this $3,000 tax credit for every new full job you hire?\u2019 They said, this is a joke, and they told me what everybody in the business knows. If you\u2019re going to pay somebody, rough figures, $50,000, it\u2019s going to cost you at least 65,000 to hire \u2019em. Okay, so it cost you 65,000, you spend that to get a $3,000 tax credit? It\u2019s a silly deal. Nobody would take it. It\u2019s crazy. And then once these employers don\u2019t take the deal if Obama actually goes through with this, then that sets up Obama being able to point the finger at them as the reason why there is no rebound in employment. ‘Well, these greedy small businessmen. We\u2019ve offered them all kinds of incentives to hire people but they refuse to do it because they want all the money for themselves. They\u2019re laying off workers,\u2019 blah, blah, blah. <\/p>\n

That\u2019s how Obama plans to escape the rising unemployment he claims to fix during this campaign. This Politico story here today is fascinating in that experts are saying the market is tanking right now because it expects an Obama victory. It\u2019s already anticipating that and has partially accounted for it, and if the Democrats get 60 seats in the Senate, then there\u2019s going to be a dramatic sell-off. The Washington Post today: ‘Job Losses Accelerate, Signaling Deeper Distress — Employers are moving to aggressively cut jobs,\u2019 I told you this yesterday, ‘and reduce costs in the face of the nation\u2019s economic crisis, preparing for what many fear will be a long and painful recession.\u2019 Let me redo the lead. ‘Employers are moving to aggressively cut jobs and reduce costs in the face of the nation\u2019s economic crisis,\u2019 comma, ‘the Obama presidency,\u2019 period. <\/p>\n

‘They are preparing for what they fear will be a long and painful recession,\u2019 about four years of the Obama presidency. So in light of an Obama win, the market is tanking: ‘Job losses accelerate, signaling a deeper distress,\u2019 and why? It\u2019s because Obama is unrepentant about his tax increases. And when he says that he\u2019s going to give every American, or 95% of Americans a tax cut, he\u2019s not — and he\u2019s on the hook for this, too. It\u2019s welfare. He is going to take more. He\u2019s gonna include people who don\u2019t pay income taxes but do pay payroll taxes, Social Security taxes. He\u2019s going to give them anywhere from a 500 to a thousand-dollar tax credit, rebate check, what have you. He\u2019s basically going to rub the Social Security trust fund — quote, unquote, lockbox, what have you — but it\u2019s a welfare program. <\/p>\n

He\u2019s going to give welfare checks to people who don\u2019t pay income tax. Now he\u2019s saying, ‘Oh, no, no, no, no! We\u2019ll have a work requirement on that.\u2019 A work requirement? Why a work requirement? I thought they already were working! I thought these were the salt-of-the-earth people. They\u2019re ‘working families.\u2019 I thought they already were working. What do you mean, have a work requirement, Obama? I thought these people were working and they\u2019re getting the shaft? By all these rich Americans who are trodding on them all day long and making their lives miserable and unhappy. My opening monologue yesterday about the conversation with the two small business execs, you know what was enlightening about that to me was, we don\u2019t get truth from the Drive-Bys. <\/p>\n

Yet we live in a world that\u2019s ultimately governed by reality. Propaganda couldn\u2019t keep the Soviet Union afloat, and propaganda will not protect the media from collapse, either, at some point. The media, if this keeps up, with collapse of its own incompetence, its own immorality, its own injustice. Now, their propaganda may have a shelf life long enough to elect Obama, but it won\u2019t change the realities that American businesses face as they prepare their budgets going forward. American business is going to look at its P&amp;L. It\u2019s going to look at the financial figures that dominate, govern the business. They\u2019re not going to turn on the Nightly News which fewer and pure people are watching, and find out what the business climate. They don\u2019t like in the world of fantasy; they don\u2019t like in the world of propaganda. They live in the world of reality. <\/p>\n

Here I\u2019ve got these two guys sitting next to me on Wednesday and they\u2019re giving me their reality, and I have never heard it reflected in the media. The media is pure propaganda, pure image, pure fantasy. Everything\u2019s going to rosy; it\u2019s going to be wonderful when Obama is elected. The markets right now are not panicked. You\u2019d have to say they\u2019re hysterical. Nobody can figure these out, these up and down swings, what\u2019s driving all this so-called daily news on jobs or credit crunch or what have you. I\u2019ll tell you what they\u2019re doing: they\u2019re reacting to what they perceive to be reality. They\u2019re not to the propaganda and the fantasy of the media. I have a friend who works for another broadcast entity. They are slashing costs. They are firing and laying off people, trying to survive. <\/p>\n

My friend\u2019s daughter is having trouble selling yearbook ads when these are slam-dunk in any other year. People buy high school and college yearbook ads as a matter of almost philanthropy. From top to bottom, businesses are taking care of business. They are in survival mode right now. We\u2019ve had a hurricane, and it\u2019s been predicted, and they see the radar images. They see Hurricane Obama coming, and they\u2019re behaving rationally. Now, that makes no sense when juxtaposed with the image that\u2019s been painted by Obama and his media campaign staff. The financial pictures painted by socialists and Marxists have no similarity to photographs. I mean, their promises have been proven to be lies 100% of the time, and business owners understand that. Business has to deal with reality. <\/p>\n

Obama\u2019s campaign has been all about imagery and style. The markets will react to long-term stability, and they\u2019ll react to instability and volatility, too. Tax cuts and spending cuts, an across-the-board freeze would stop the bleeding and allow for the slow upward build. If you cut capital gains today, if you cut the corporate tax rate, you want to see stability in the market? All you\u2019d have to do is have somebody serious propose it, somebody that the markets think has a genuine chance of winning. Markets are looking for good news. and it\u2019s not gonna come in a BS New York Times poll that says Obama\u2019s up 15 points. That\u2019s not good news! It\u2019s not going to be good news they interpret watching The Obama Channel, DNC, MSNBC TV. They\u2019re dealing in reality. You work for them. They\u2019re not dealing in fantasies and propaganda. They have to make it all work or else they go out of business and then everybody at the small business is kaput. <\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Okay, so here\u2019s the triple threat that responsible business people who look at the P&amp;L, they don\u2019t look at MSNBC, they don\u2019t look at the New York Times poll. Well, they might look at the New York Times poll and get worried over the result, but here\u2019s what American business senses. This is what they fear as the triple threat about to hit them: higher taxes, less free trade. Don\u2019t forget Obama said he\u2019s going to tear up NAFTA and try to rework it, and he\u2019s against opening up free trade with an ally in South America or Colombia and a massive increase in union membership. Obama has not really been targeted on this. There haven\u2019t been a whole lot of people talking about this union measure that he supports. It\u2019s named something that\u2019s the exact opposite of what it is. It\u2019s called the Employer Freedom Act or something. It\u2019s the exact opposite of that. It allows unions to go in with a secret ballot and so forth and unionize any shop that they want to try if it becomes law, so this is what they fear. This is what they are all reacting to. <\/p>\n

Now, one more thing about the clothes, Sarah Palin. The Drive-Bys are trying to find the scandal, Sarah Palin, $150 grand, paid for, RNC. Do you realize that it\u2019s an illegal campaign contribution for any incorporated business to give away clothes to a candidate? Six thousand dollars the average cost of a Hillary pantsuit, a little over $6,000 is over the personal limit and is thus also illegal. So what the Republicans are trying to do is say, ‘Okay, we bought it, we paid for it, it\u2019s ours, we paid for it, this is the way you do things.\u2019 To the Democrats that\u2019s out of style, that\u2019s out of touch, ‘You\u2019re actually going to pay for it?\u2019 But the thing is if this designer is right and she\u2019s outfitting all these candidates for nothing, then they\u2019re violating campaign laws. Not that it will matter. Nobody will do anything about it. <\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: The Politico has a story today. I can\u2019t get the author here because it looks like… Well, I\u2019m not even going to try it. We\u2019re using cheap fax machines these days at the EIB Network and the very small type does not carry across. ‘Will the Election Drive the Dow?\u2019 (laughs) Is the election […]<\/p>\n","protected":false},"author":25,"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":"\nMarkets Hysterical on Fear of an Anti-Business Obama Presidency - The Rush Limbaugh Show<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rushlimbaugh.com\/daily\/2008\/10\/23\/markets_hysterical_on_fear_of_an_anti_business_obama_presidency\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"Markets Hysterical on Fear of an Anti-Business Obama Presidency - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: The Politico has a story today. 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