RUSH: Janet Yellen has raised interest rates. So I can’t ignore that. I have to talk about it, because we come here to meet and surpass audience expectations.
So you’re gonna hear out there, “Wow, the fed’s are raising interest rates for the first time in jeez how long? What does that mean?” And you’re gonna think there’s one place to go, and that’s right here. It just happened, and so I will tell you what I think it means. Let me reserve the right to revise and extend my remarks after the program is over and I actually have a chance to study this. And also Janet Yellen and the Federal Reserve have not yet had their meeting to explain this and take questions from the, quote, unquote, financial press.
It was Barack Obama who went out on the campaign trail and told everybody he spoke to that his agenda was on the line, that you had to vote for Hillary if you wanted to continue the Obama agenda and that Obama’s legacy was tied exclusively to his agenda continuing under Hillary. “So if you want to vote for more of me, the only way you can do it is vote for her.” And that’s what he said. He put his legacy, his agenda on the ballot, and it was repudiated. It was blown to Sam Hill. It was obliterated.
When you get right down to it, if Obama wasn’t a narcissist and had even the slightest ability be honest with himself, it’s one of the most embarrassing moments of his presidency. It was personally told to take a hike. Not me saying this. He put his agenda on the ballot. That was the reason to vote for Hillary.
How to describe this. He believes all the hype about himself in the media. He really thinks that Americans are personally invested in him and his wife and his future and that the American people are personally desirous that Obama go down in history as being great. That’s why he would say what he said on the campaign trail.
Those are the kind of things I think a public figure must always maintain perspective and always keep in mind, that you’re nowhere near as big as you think you are, particularly if you’re on the left and the media is out there hyping you every day. The media’s job respect is 6%.
This is what happened to Obama. He puts his agenda out there, he begs people to vote for Hillary in order to keep his agenda alive. Look what happened. So this “blame the Russians” is as much to protect Obama as it is explain Hillary’s loss. As far as the media’s concerned — and do not doubt me on that — they love Obama. Obama’s the only guy worth caring about the last 35 years. Historic, historical, you name it, all of this is about protecting Obama.
So here comes Janet Yellen raising interest rates as Obama’s on his way out. Since we are in the midst of the Obama reclamation project, why would she be doing this? Let me make you a prediction, that she will do it because she says the economy is roaring, the economy’s growing, we’ve finally got it going, and we’ve got to put a little bit of a brake on it.
It’s good news, she’ll say. This is gonna help unemployment. Main Street’s gonna love this. Wall Street’s gonna love this. We’ve got economic growth, we’re putting interest rates on. Interest rates will be portrayed as a brilliant, great maneuver this time, as opposed to the last time she slapped ’em on about a year ago, first part of this year, which was a disaster when she last time raised interest rates.
This is gonna be portrayed as an outgrowth of the Obama economic recovery. And if I’m right — well, I know I am. Holy smokes, when I started this hour, the Dow was at 19,500. It’s at 19,936. I know I’m right. The Dow’s gonna be at 20,000 by the end of the day because Wall Street and everybody is gonna assume that this is a move made in acknowledgment of the massive Obama recovery and economic growth. You mark my words.
Is it a bad thing? No. I think it’s a little early to start talking about putting brakes on the economy, if you ask me. But this is what these people do. Their first objective, they claim, is to guard against inflation. So if the economy’s growing and people are being hired, that’s gonna produce ingredients for inflation, so we need to ratchet up the interest rates, just put a little bit of brakes on the economy. And I don’t think the economy needs any brakes. I think it’s starting to grow, then get out of the way, let it happen. But do not — folks, I say this a lot, but I mean it. Do not doubt me. They are trying to reclaim what is an embarrassing Obama eight years, as evidenced by this election.