RUSH: Grab audio sound bite number 20. I’m not sure I understand this. This is Bloomberg Television’s Bloomberg Markets: Balance of Power, whatever the hell that is. (The way they name TV shows today!) Anyway, the infobabe here, the correspondent, is Emma Chandra. We all know Emma Chandra, right? It’s Emma Chandra’s report about how the major stock markets are performing today. Now, I think I know what she’s gonna say, but I want to back it up with a competing news story. Here’s her comment first…
CHANDRA: We are looking at majors here in the U.S., in the red, down about two-tenths, three-tenths of a percent — six-tenths of a percent for the NASDAQ — as we’re seeing tech get hit pretty badly. Today, it seems that the economy in the U.S. is too healthy for investors.
RUSH: Yes! “Too healthy for investors.” Have you ever heard that when a Democrat’s in the White House? Have you ever heard it said or analyzed that the U.S. economy is just “too healthy for investors”? What does that even mean? (impression) “We are looking at the majors here with the U.S. in the red, down about two-tenths, three-tenths, six-tenths, whatever, NASDAQ. We’re seeing tech get hit pretty badly. It seems that the economy in the U.S. is too healthy! It’s too healthy for investors.”
Yeah, it’s like Ernest Hollings way back in the day from South Carolina. (impression) “There’s too much consumin’ goin’ on out there! We need to roll back some of that consumin’ and we need to be savin’ more, but there too much consumin’…!” What is this? The economy is “too healthy”? Not “too hot,” “too healthy” for American investment! It’s so healthy; it’s gotta crash. It’s so hot, it’s got to freeze. It’s going so great; it can’t possibly continue. And, therefore, nobody in their right mind would ever invest in this climate ’cause it’s just too good.
Too good to be believed.
Now, while we have that story out there at Bloomberg, we had this little thing published at CNBC. “Many Americans Say Their Financial Situation Is Worse Since the Great Recession.” If you read the story, this is all about (sobbing) “how a rising number of Americans are now barely able to make it. The economy isn’t that great! It’s a bunch of smoke and mirrors! ‘Many Americans Say Their Financial Situation Is Worse Since the Great Recession.’” One of these two is fake news, or maybe both of them are true and the CNBC story… You know, in any economic circumstance, you can find people in of all kinds of situations.
In a boom economy, you can find people hurting, like the domestic oil business back in the eighties. Remember when they had to cap a bunch of wells because the price of oil sunk so low, you couldn’t bring it out of the ground in America? A bunch of wells were capped. We consumers were making out like bandits. Gasoline was back down to buck and a half. Fuel oil is nothing. “We can run our air conditioners at 45 degrees if we want to!” It was great! But the people that made the oil in the United States were in tough territory.
So even in a great economic circumstance for some consumers, it was disaster for some producers. So my point is that even in a boom economy, you’re gonna be able to go someplace and find people who say that their situation is not good. You can generally find people not working. It’s not hard to do. If you want to go out and find people to rip the economy, you can do it. Go anywhere, show up with a camera, give ’em a leading question, and bam! You’re off and running. So I think this is fake news.
But the other side of this (laughing), the “economy is too healthy for investors.” I fully expect that if this story gets some footing, that we’re gonna see it on the business networks and some shows on the cable networks. We’ll get some serious analysis of this. “Oh, yes! It’s entirely possible. A booming economy can be off-putting to investors.” “Really? How is that?” “Well, it’s not that hard to understand. A booming economy can’t last forever, don’t you see?
“Are we at the beginning of the boom, the middle of the boom, or the end of the boom? And if we’re at the end of the boom — even though it’s very hot — you don’t want to be investing at the end of a boom unless you want to short sell, and I don’t know that our listeners and viewers really understand what that’s all about.” So I can see these people trying to analyze their way into this, because the movement is on at full speed to destroy everything Donald Trump has accomplished — to miscast it, to misrepresent it in people’s minds.
RUSH: And then there’s this story. “Study: Millennials Face Greatest Hardships From Toxic Economic Conditions,” likened to the canaries in the coal mine. This a story from Finds.com, which I don’t know anything about but is neither here nor there to me. Gonna accept the survey as real so as to comment on it. The report is produced by the Stanford Center on Poverty and Inequality.
So we just had Bloomberg: the U.S. economy is too healthy for investors, it’s too healthy, it’s too hot, the economy is going too great, not good for investors. I’m not making that up. If you’re just joining us and you think I’m cracking wise, we actually had an audio sound bite, a CNBC reporter said that.
Then the backup story was from CNBC saying that “millions of Americans are barely getting by in this roaring economy and it isn’t fair.” Now a study: “Millennials Face Greatest Hardships From Toxic Economic Conditions.”