RUSH: Man. We’re about to go down through the 10,000 level on the Dow Jones Industrial Average. We are down almost 200 points today, and we have been trickling down ever since what, Snerdley? Ever since Obama attacked the banks and promised to tax them for repaying with interest. (imitating Obama) ‘We want our money back, we want to get our money back.’ Now these guys are going after Toyota, thug politics. The government is going after Toyota and they’re even accusing the Prius, the Prius — oh, my God, the sacred Prius — of having brake problems. I didn’t know a Prius went fast enough to need brakes, but apparently there are brake problems in the Prius. We’re heading down, folks, down to below 10,000, 10,059, it just keeps falling. Down 211 now. The market was on its way to 11,000 when Obama attacked the banks, promised to tax them for repaying TARP money with interest. Then he released his economy-killing budget. The market’s voting and it isn’t even November. These are people with skin in the game.
Obama says he’s not a Bolshevik, and he says he’s not an ideologue. That leaves one other possibility, he’s an idiot, a full-fledged idiot if he’s not an ideologue and he’s not a Bolshevik. Now, some of the market experts are saying, ‘No, no, no, no, Rush, what’s happening is Europe is spooking –‘ don’t give me that. Maybe what’s happening in Europe is spooking them but you can’t take — oh, and I’ll tell you what else. They’re going to have a revised unemployment number. Remember we told you about this, the government is going to have to revise it downward because they did not count over 800,000 jobs lost last year. They did not count over 800,000 jobs and they gotta make that up in a revision, and the Obama administration has obviously been manipulating the numbers all year to keep it at 10% or below. They don’t want it going over 10%, U3, that is. U6 is 17. That’s the number of people who have given up looking and so are not counted on the U3 employment.
I was reading John Crudele today in the New York Post, and I learned something else. One of the ways the Bureau of Labor Statistics computer model handles unemployment numbers is that they assume that there are a bunch of small businesses that they can’t get to that are so small that they statistically figure are losing jobs. So they throw that in there. And at the same time, they also count a number of small business startups that they don’t know about and add that number in. They’re just wild guessing on some of this. I know. Well, the Moody’s bunch, the bond rating people threatening to lower America’s credit rating from AAA, and look, there are a whole lot of factors, but why is that going on? Why the hell is that going on? Look at the budget, the deficit, all the borrowing that we’re doing. We’re going to raise the debt ceiling to $1.9 trillion. We’re going to go through that by the end of February. It was supposed to last through March. We’re going to go through that by the end of this month, and we’re going to have do it all over again. This is scary. To me it really is scary.
RUSH: I got an e-mail from a subscriber at Rush 24/7 today and I had to run the numbers here. We have a math expert now on staff that runs the numbers. I had to hire one because nobody else on the staff could ever run the numbers right, including me. So we got an off-site mathematician here that runs the numbers. ‘Rush, use George Clooney to explain the magnitude of the Obama $3.8 trillion budget. Clooney’s telethon for Haiti raised $66 million. Big number, right? Well, George Clooney would have to have a $66 million telethon every day for the next 158 years to match Obama’s spending in this budget. Does that help put it in perspective?’ A $66 million telethon every day for the next 158 years! Wow, shocking, shocking, shocking. But it is a great way to illustrate just how much money that we don’t have that Obama is spending.
RUSH: Cherie in Valparaiso, Indiana, great to have you on the EIB Network. Hello.
CALLER: Hi, Rush. I’m thrilled.
RUSH: Thank you.
CALLER: I heard what you said about eight million jobs lost, and I wondered if you knew that over 8.3 million illegal immigrants are currently working in the United States.
RUSH: Well, I don’t know what the numbers of illegals working are. The number of illegals in the country is between 12 and 20 million.
CALLER: Well, this was according to the Pew Hispanic Research Study on undocumented immigrants from back in April. You can find it on their website. And it just seems to me that if that is true, that the fairest, most efficient way to, quote, unquote, ‘create jobs’ would be to send the illegals home and not give them amnesty.
RUSH: Ah, ah, ah, ah, ah! But remember something, Cherie: Quote, unquote, ‘These are jobs the American people don’t want. These are jobs the American people refuse to do.’
CALLER: Well, when you’re desperate (chuckles) I think you might be more inclined to take fast food jobs, factory jobs.
RUSH: Of course! I’m just saying. I’m just saying what the pro-amnesty crowd says, what the open-borders people say.
CALLER: Yeah. Well, there is an easy way to do it. It’s nondiscriminatory; it’s federally approved. It’s called e-Verify, and all a business needs is a personal computer and they can check the worker’s legal status through the Department of Homeland Security and Social Security databases. That way legal workers, legal immigrants, and citizens of the United States get those jobs first.
RUSH: I appreciate your calling on that.
CALLER: Thanks, Rush.
RUSH: I really do. Thanks, Cherie.
RUSH: I’ve been following the Dow Jones Industrial Average plummet today, down over 200 — 206 right now, just barely above 10,000, 10,064, and it was very recent that we were up at 11,000 or approaching 11,000, and clearly there’s some domestic politics involved here, the budget and the attack on the banks and the new bank tax, the tax banks are paying money back they’ve already paid back with interest. But an economist buddy of mine sent me this short little note, ’cause I had read earlier today that financial experts are blaming today’s plunge on Europe. So I sent out an all points bulletin, ‘What the hell is going on in Europe that would cause this?’ This is what I got back.
‘Hey, Rush, you could literally see the beginning of the breakup of the European Union now, especially the end of the euro common currency. It’s a fundamentally flawed system. It is a failed experiment over there. This could get really, really ugly and we haven’t seen the worst of it yet. Then you have Austria. Austrian banks lent billions to Eastern Europe and they can’t get paid back. Remember, World War II started with a big Austrian bank failing back then. That was the beginning. You gotta add Ireland to the list here, they’re in trouble. You could literally see the monetary payment system shut down over in the EU in some countries. It’s gonna get ugly, my friend. A 50-50 chance the EU’s going to fall apart, the currency. Here, too. And Obama has no clue what to do here. None. He’s a total short sale.’ That’s from my economic buddy.
RUSH: Gordon in Roanoke, Virginia, let me get to you first. Hi, Gordon, nice to have you on the program.
CALLER: Hello, Rush. Hello. Thanks for taking my call.
RUSH: Yes, sir.
CALLER: I was calling about the story you mentioned earlier, the media is pushing about the fear of losing our bond rating.
CALLER: And I’m in Virginia. Governor Warner, whenever he was governor of this state, used the same story to cause a lot of fear and actually push through a billion-dollar tax increase, and I just think that’s what they’re doing with this story —
CALLER: — trying to gin up the fear, and now that Warner and Kaine are out of office they increased our tax (unintelligible) increase our taxes and spending, now they’ve left us billions of dollars in debt.
RUSH: Let me ask you a question. It’s Moody’s here that is threatening to lower the rating. Can Obama call up and tell Moody’s what he wants them to say?
CALLER: I just think — if our family and our credit cards get high, what’s the first thing you do? You stop spending. I don’t try to increase my credit limit and I think that’s what we ought to be doing as a country.
RUSH: Well, obviously. Of course. We’re spending more and more and more, and now Obama is saying: ‘Time to get our arms around spending too much’ that’s the prelude to tax increases is Obama saying, ‘We can’t continue this kind of spending,’ as though he’s had no role in it. Look, I gotta run here, Gordon, because I am sadly out of precious broadcast minutes.