RUSH: Here is Gerard in Atlanta as we head back to the phones. Great to have you, Gerard. Hello.
CALLER: Thanks, Rush. Thank you for everything you do. A quick follow-up question regarding you talking about California and New York, and what I can imagine gonna be a large exodus of both people and businesses. How much less are both New York and California now going to be needed for a strong economic recovery, do you think?
RUSH: You know, I just… (chuckling) Here’s the thing about this. I was of the belief that they were gonna be needed. But I’ve got some people who have written me saying, “We’re not gonna need ’em. They’re already dead and defunct. I mean, who wants to live in a place that’s got barbed wire protecting Saks Fifth Avenue? Who’s gonna pay exorbitant rents when you don’t have to anymore?
“You don’t have to live in New York to work in New York, as telecommuting has shown.” I’m still not convinced. I think New York and California are… They’re a large part of the U.S. economy. The thing is, I don’t know how they rebound. The governor of New York is obviously not even interested in it.
The mayor of New York City is obviously not interested in an economic rebound. Their objectives — their political objectives — do not require New York to reopen. This is why I keep saying today that it matters who you vote for, and if you want to get an idea of where this country is headed if Donald Trump’s not president after election night this coming November, take a look at New York.
This is where we are headed. Everything we believe in is gonna be in flames, folks, not just New York and not just California and not just parts of Minnesota. Everything you and I believe in is gonna be in flames if the Democrats win. That’s the objective. In fact, let me give you another perspective on this. Have you seen the stock market? Let me check.
NASDAQ’s up 74, so that means the Dow Jones is gonna be up too. Let me see if I can get the number real quick here. Last time it was plus 260, plus 490. Now it’s almost up 500. How in hell can that be? Can somebody explain that to me? With New York shut down, with New York being looted, with Minnesota being looted…?
With California — the wealthy enclave areas of California: Santa Monica, Brentwood, parts of Beverly Hills, Rodeo Drive — being burned down, being looted, how in the hell can the market be up 500? Well, I’ll tell you one of the reasons: They have to be shrugging this stuff off. The markets are obviously not paying attention to the media.
If the markets were paying attention to the media they’d be getting out of everything. They’d be scared to death. They’d be selling short. They’d be selling positions. But they’re not doing that. The investors are still investing. Let me get the number again. Got up 500. We’re over 26,000, 26,235. Market up 493. And it’s bouncing back and forth. So we’ve passed the 26,000 mark. Somebody explain this to me. You don’t have to explain it to me. I can explain it to me. I can explain it to you.
The market is who? The market’s you and me. The market’s investors. There are institutional investors; there computer-driven investors. Whatever. They’re able to shrug off all this BS. It’s like they’re taking my advice to the caller, Anna, earlier and not even paying attention to the media. Look. They shrugged off the China flu too. After a while the market started rebounding when the bottom did not fall out after the China flu.
Now we have massive looting, not far from Wall Street, in fact. We have massive looting and riots, which are being presented as peaceful protests. Yes, you know that, right? There’s peaceful protests. In fact, it’s a minority of people. There’s really no violence or rioting going on. There’s stories to that extent out there. The Drive-By Media is actually trying to say it’s all peaceful and that the only militant protests are being conducted by white supremacists. Well, whatever cock and bull the media is reporting, it’s obvious that Wall Street or the markets are ignoring it.
And I think it’s only because the economy was so damn solid. The economy had a cushion built in because of Trump’s rapid growth. Look at the rebound. In the midst of all of this, we’re down to 22 — we’re now back up to 26 and climbing only because the economy was so damn solid and only because the markets continue to be optimistic about this country, is this possible.
Some of you may resent Wall Street. Some of you may resent the market. Some of you may think it’s not you, that you’re not there, that even if you do have a 401(k), that you’re still not like them, that they’re different and they’re distant and so forth. Maybe so. But the one thing you can take from this, these markets wouldn’t be moving up like this if they were mired in a bunch of fatalistic pessimism. And that you can say you have in common with them if you want. It’s amazing, in a way. I mean, people who invest are very skittish all the time.
Do you know people that do nothing but invest, that’s their living? They just play the market every day? I know some people like that. And they can be very, very skittish. They can be very, very nervous. And they can look at all of this, all of this garbage from the left, and they just move on. They’re just ignoring it. The markets are not paying any attention to this. The markets are not allowing themselves to be negatively affected by any of this. And there is a lesson in that.
RUSH: I think also, folks, the stock market is up because the market just realized that the riots have pretty much assured Trump’s reelection, and that’s what the markets want. So (raspberry) you, protesters!