RUSH: First things first. Yesterday on the program, I mentioned the fact that the ChiComs had manipulated their currency to vastly disadvantage the U.S. dollar. This is what caused the stock market plunge of 900 points yesterday. It created a general panic and all of the reporting. “This could be it! This could be a Lehman-style sell-off,” meaning the Lehman Brothers, which went defunct back during the crisis of 2008. All of the paranoid pessimists were out there claiming, “This is it! The market correction is coming! Oh, my God! Oh, my God!. We’re done for!”
The ChiComs had threatened to put a halt to imports of American agricultural products, and then Donald Trump called them out on it. Donald Trump called them currency manipulators and said he wasn’t gonna put up with it. Now we have this headline: “China Blinks First. Now U.S. Stocks Are Bouncing Back.” All Trump did was call the ChiComs out on their currency manipulating, and while all of us were asleep overnight, the ChiComs revalued their currency and now the stock market is up.
It’s been flirting between 100 and 150 points to the positive today. And before everything gets lost in the news of our cultural rot, I wanted to point this out to you, because this is crucially important. There are trade negotiations going on between the United States and the ChiComs, and the ChiComs do not want these trade negotiations to resolve before the election because the ChiComs are fed up with Trump. The ChiComs have never had to deal with somebody like Trump. The ChiComs have gotten away with basically having their way with this massive trade imbalance, which has been a detriment to us, the American consumer.
Trump is taking them head on with it and is not backing down from their attempts to manipulate the currency markets, which is a dastardly thing for a nation to do. I mean, you have George Soros who’s gotten rich doing it. But for nations to engage in this? I mean, that’s bloody international economic warfare. Trump called ’em out, ask so this would say are all over the place, CNBC, CNN, “After Trump Calls China a Currency Manipulator, China Stabilize Yuan.” While we were asleep, the ChiComs revalued their currency and now the stock market is breathing easy and everything’s okay.
You don’t need to worry that the market is headed to a crash. You don’t need to worry your 401(k) is valueless. You don’t need to worry that we’re gonna have a bunch of Wall Street firms go south like Lehman Brothers did. (No offense, Mississippi.) It’s Panic City out there now on so many things, and the truly important elements of our economy — and the ongoing growth of our economy and how that benefits everybody — is getting lost in this swirl.
I wanted to make sure to open the program with this ’cause it’s gonna get lost in everything else. I don’t think… The cable news networks are talking about the market rebounding, but they’re not talking about why because they just can’t credit Donald Trump. It’s just not possible. They cannot do it now, they won’t do it now, which is why I’m taking the time to do it.