Rush’s Morning Update: Restore Confidence
January 12, 2009
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Last Friday, new economic data was released. Unemployment jumped to 7.2 percent; retailers reported the worst Christmas sales figures in 40 years.
Also on Friday,at yet another press conference,the President-select told reporters thathe would do what it takes to take what you’vegot to start the economy. He said ideology won’t matter, pride of authorship won’t matter, and the old Washington ways will be abandoned. Political posturing is a thing of the past. All you have to do is “show” him good ideas,show him they work, and —Shazaam!— he’ll adopt them.
Now, for the sake of argument,let’s take him at his word. New retail figures show that high-end retailers got clobbered this holiday season. Saks Fifth Avenue suffered a 20 percent drop in same-store sales, looking to move to Lexington Avenue; Williams-Sonoma, a 24 percent drop. According to press reports, the affluent have been “spooked by the financial meltdown.”
Right before Christmas, AP ran a story bemoaning the plight of the wealthy –they’reout bargain hunting, they’re looking for discounts –and how that has crippled the economy. And just this week AP ran a story bemoaning the plight of retailers, worried that nobody will pay full price for items again. (Well, whoever did pay full price, except for the rich?)
It’sclear, my friends, thatto restore confidenceand creategrowth…wehave tobail out the rich. If we’re going to save our economy, the wealthy bailout cannot wait! The rich need a bailout. Now.
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