RUSH: Yesterday on CNN’s Newsroom, the anchor, Melissa Long, has this exchange with Wall Street correspondent Susan Lisovicz about the economy.
LONG: Nearly half a million jobs lost during the month of June, but is it possible to find a silver lining in all this? We want a silver lining! Susan Lisovicz at the floor of the New York Stock Exchange with more. Is there one?
LISOVICZ: The silver lining, if you will, is that May was revised… Uh, the previous month I should say, uh, was revised lower and that was May. Also we have a separate report from Challenger, Gray & Christmas which shows the planned job cuts, the announcements slowed — and that is the fifth straight month. So that is encouraging. What is also high — and this is also (snorting) a silver lining, is the first day of July starting off on a positive note. The Dow is up 128 points, the NASDAQ is up 25. Good start. Back to Paula, though, the second quarter rally that we saw.
RUSH: It is so bad for CNN that that garbage can of a network, MSNBC, is beating them in primetime now — and nobody’s watching MSNBC. This is profound. A network with statistically, nationwide, zero audience is beating CNN in primetime — and this is one of the reasons why. Here we’ve just got the worst economic news we could get, and they’re out there looking for silver linings. And you just lost your job yesterday or last month and they tell you, ‘You know what? May wasn’t as bad as we thought.’ Well, hell’s bells, let’s go party! Yes siree, Bob! Let’s go get the champagne and pop the cork — and the stock market? ‘Oh, yeah! We got a great, great uptick here! The DOW is up 128, NASDAQ 125?’ What is it? What is it here?
The NASDAQ is down big today. The Dow Jones Industrial Average spurting with 150 to one… Whoa! Down Jones is down 179. They want a silver lining, and so they invent one. They find the silver lining when there isn’t one. Can you imagine any of this happening with any Republican president? I mean, with the Bush administration when we were in a booming, roaring economy they were trying to tell us we were in a recession and there weren’t any silver linings and they weren’t looking for any. So this reminds us, let’s go back to Monday of this week on the same network, CNN. We have a montage of Christine Romans, host of Your Money… Well, Betty Nguyen is speaking with the Your Money host, Christine Romans, about the economy. Betty Nguyen, says, ‘Christine Romans is here to explain. How did we do in the first half of the year?’ ( laughing) This is Monday on CNN.
ROMANS: (giddy) We’ve seen a spring stock market rally that has been quite incredible! Job losses are slowing! Consumer confidence is improving! People are feeling a little better. They’re feeling better because they’re spending less. They’re saving more money. They’re getting back to basics. There’s a new frugality that’s making them feel better. There was a hu-u-uuge rally in the stock market in the second quarter. The stock market [is] telling us that it thinks things are going to get better eventually, and you’re going to see that rally. If you are still invested in stocks — if you had faith and you were buying stocks along the way this spring, you’re buying them at cheap prices — you’re going to see that rally when you open up your 401(k) statement.
RUSH: God! This is just comical. The best satire writer could not write the CNN scripts. The difference is these people actually believe this. Obama himself said, ‘Don’t pay any attention to the stock market. It’s like a tracking poll. It’s up one day, down the next. We don’t pay attention;’ and Axelrod said, ‘We don’t pay attention to stock market in our policies,’ and you’re feeling better ’cause you’re frugal. You’re being more disciplined and responsible. There’s CNN. Meanwhile (laughing), from the French News Agency — which is not happy about the news. ‘US Jobless Rate Now Matches Europe’s.’ (laughing) ‘What are you laughing at, Rush? People are hurting.’ Sometimes it’s all you can do. Here’s the story:
‘The unemployment rate in the 16 euro countries climbed to a 10-year high of 9.5 percent in May as companies cut jobs to survive Europe’s worst post-war recession, according to EU data on Thursday. Some 273,000 jobs were lost across the eurozone in May as the unemployment rate rose,’ blah, blah, blah. ‘Although activity in the recession-hit European economy is beginning to pick up,’ and that’s what we’re seeing here. (laughing) ‘We’re seeing signs it’s coming back! We’ve got audio sound bites of people saying it. ‘We’re seeing signs that the worst is over.’ Obama said, what was it, last month out of Beverly Hills. Well, what was the word, about the economy? We’ve hit the worst, we’re rebounding, overboard it was but none of it’s true. So the US jobless rate now matches Europe. It’s exactly what was planned: turn the United States to one of these socialist European democracies, run by the elites who are never in pain.