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RUSH: It’s Leslie from San Francisco. I’m glad you called. Launch. What is it you have for us?

CALLER: Well, I’m buying. I’m in the market right now, and I’m buying.

RUSH: And why are you buying, Leslie, when the market appears to be tanking?

CALLER: Well, I’ve been waiting for this, actually, because I was looking at the markets — I’m in a lot of cash and I was looking at the markets early on like May, June, and they were all at the highs, and I said, ‘Nah, I gotta sit. I gotta wait, because it’s going to correct.’ And now is the time to do it. I’ve been through this in ’87. I’ve been through this all through the nineties. I went through this in 2000. It’s just cyclical. I can’t believe people are out there panicking, but that’s what I’m taking advantage of right now.

RUSH: Well, who is panicking? Are you suggesting there’s panic in the sell-off or panic in the public?

CALLER: Well, I started in this business working with traders. Traders cannot hold anything. They’re not supposed to. And they’re the ones dropping stuff like hot potatoes, taking the profits. And that’s the time for a small investor like me to hop in and take advantage of that.

RUSH: All right, you’re in San Francisco. Do you sense a panic on the street in San Francisco?

CALLER: On the street? Well, it’s a bunch of idiots up here. By the way, mega dittos from the belly of the beast.

RUSH: Well, okay. It’s a bunch of liberals out there, and the Drive-By Media is doing their best to panic everybody over this.

CALLER: Oh, yeah.

RUSH: Do you see it working, panic amongst the general population who may not even be in the market, ‘Uh-oh, economy is tanking’?

CALLER: Oh, when I first heard this, my stomach kind of dropped because I am invested, but it’s an opportunity. You can’t look at it like this is the end of the world.

RUSH: Of course not. But when do you decide you’ve hit the bottom? Or are you selling short?

CALLER: No, no, I’m not selling short. I’m buying. I’m definitely buying. I don’t sell short. That’s kind of a different mentality. I’ve decided it’s been, what, five days of down market? That’s good enough for me.

RUSH: All right. Well, thank you for calling. People I think needed to hear somebody like you with knowledge and experience in this and how you’re reacting to it, looking at it as an opportunity because you’re right, it is cyclical and it will come back.

CALLER: Oh, yeah, definitely.

RUSH: It always does.

CALLER: It does.

RUSH: Well, look, Leslie, it’s great you called. I really appreciate it. Thank you much.

CALLER: Thank you. I’m a big fan.

RUSH: Thank you. I appreciate that. I have a friend, folks, who bought Google. By the way, this is how Washington budgets work, this example. I have a friend who bought Google at a hundred bucks. It went up to $200 and he solid it. Well, the problem is Google is now at $500. Look at all the money he lost? Well, that’s how Washington would look at it. Baseline budgeting. Now, will the government bail this guy out for the money he lost, i.e., didn’t make, by selling too soon? I’m illustrating risk here. Everybody takes risk, and sometimes it works, sometimes it doesn’t. I had a friend down there, he’s no longer alive. His name was Ned. The guy made and lost a hundred million dollars twice in his life. He got wiped out in one day. He was in the commodities market or something, got wiped out one day, whoop, got back at it the next day. Now, that’s a rare example, but Ned did not go anywhere and say, ‘Hey, hey, who’s going to make up my loss for me? This isn’t fair.’ He just went back at it himself. Now we’ve got, ‘You gotta make my mortgage good. I’m going to lose my house, the American dream.’ No. You took a risk. It happens.

We’re a compassionate country. (interruption) What do you mean, see? See what? Snerdley is screaming at me here instead of screening calls. Snerdley’s afraid that I have been misunderstood as cold-hearted and cruel. ‘Mr. Limbaugh, I’m going to lose my home.’ So, you took a risk, it happens. He thinks I don’t care. Of course I care. I feel sad. (interruption) Now I’m being bombarded. I know there are children in those homes. There are children, and there’s probably a dog and a cat, maybe. You might even find a pit bull cage in some of these houses, who knows what’s in there. I’m sure there’s a bunch of televisions, too. I’ll belt you there are two cars out in the garage. Well, we are a compassionate country, and when the right call is made by the right person, the bailout, or the help will happen here at some point. That’s really off the beaten path here. What I told you in the first hour, what concerns me most is that this cyclical action in the stock market, there are corrections constantly, or often. Well, it’s the first one since 2002. That’s a great example of what a boom market this has been. Correction is when it goes down 10% from a previous high, and it’s happened today. The Drive-Bys are out there panting away — (panting) — they’re all excited because they want to drive the economy down overall to help Democrats in the upcoming election.

This reminds me. We’re in the 2004 presidential race, and the 2006 midterms, and the economy is doing great, nothing like this is going on, consumer confidence is high, and yet, miraculously, for the first time in American political history, modern political history, the economy wasn’t a factor. The good economy was not a factor. The old rule of thumb was that all elections were based on the size of the wallet in the back pocket. But all of a sudden with a Republican incumbent running for reelection in 2004, ah, the economy, Drive-Bys told us, the economy is not nearly as important a factor any longer. I said, ‘Why is that?’ ‘Well, our economy is so strong the American people expect it. It’s not news that we’ve got a strong economy.’ That’s right. So they didn’t report it as news. They didn’t report it as something great about the country, but now they’re trying to say, ‘Oh, no, this is a disaster. We’re all going to hell in a handbasket even though there’s a shortage of handbaskets because the economy is taking a downturn.’ So they’re going to try to gin up the economy here as an electoral issue.

BREAK TRANSCRIPT

RUSH: Let me give you a great quote from Warren Buffett. ‘I get nervous when others get greedy, and I get greedy when others get nervous,’ meaning a lot of people are nervous right now. So what he’s saying is: this is the time to buy. Leslie from San Francisco nailed it. By the way, that’s one of my top-ten, all-time favorite female names, too. I forgot to tell her that.

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