Pushback! Recession Talk Vanishes Because It’s Not True

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RUSH: Okay. Quick, I have a little miniature pop quiz for you. What was all over the news yesterday that you can’t find a single word about today? Dadadadada. What was that? Recession is it, Mr. Snerdley. As an employee you don’t win anything, but that’s exactly right.

The recession was all over the news yesterday. It was all anybody was talking about. It was panic city. It was pack-up-the-kids-and-go-to-New Zealand day. It was get-out-of-America. It was over. We had it. Finally, we’re going to get rid of Trump.

Now, not a word. And, in fact, if there is news about the economy today, it’s about how we are not going into a recession. Shannon Bream last night had Janet Yellen on there, said, “We’re not going into a recession.” Fox News had Art Laffer on. “We’re not going into recession.” Shannon Bream had me on last night via this program as a noted economist theorist. “We’re not going into recession.”

So what the heck was yesterday all about? Stand by and I will tell you. Well, it’s time to broom all the headlines from yesterday and last night all over websites and cable news. Today, retail sales numbers have come in strong. Walmart sales are very strong. The ChiCom foreign minister has announced a desire to talk, to reach a trade agreement.

Can you say blink? The ChiComs want to talk to Trump. Trump has responded by saying (imitating Trump), “You know it might be time to have a personal meeting with my really good friend Xi, Xi Jinping.” Janet Yellen says no recession. Hong Kong protesters continue to wave the American flag and sing the National Anthem in English. Jay-Z has thrown Colin Kaepernick under the bus and overboard in his press conference with Goodell of the NFL.

What recession? Hong Kong officials offer to buy the protesters off with a government-provided country-wide financial package. You didn’t hear about that? The ChiComs have offered to pay the protesters to go away. Now, really, folks, what explains this? Let me just tell you one thing. And I’ve been saying this since the day Trump was inaugurated.

Anytime, anywhere the left went nuts, even on some occasion when Republicans went nuts, this is what pushback looks like. And Trump is not just pushing back against the Washington establishment. Donald Trump is pushing back against a globalist elite whose express purpose is to eliminate the concept of national sovereignty.

This is a much bigger organization loosely fit that Trump is pushing back against than just the Democrat Party. It’s much bigger than just the American media. It’s much bigger than just the Washington establishment. But this is what it looks like. And if anybody thought that all it was going to take was a presidential election to unseat the ChiComs from their global economic dominance, if it was going to be easy to realign the global supply chain, if anybody thought it was going to be easy to eliminate the Saudis in the Middle East as necessary providers and suppliers of oil, you have to think again.

This is what Making America Great Again looks like, because there are so many forces aligned against that concept. And it’s not just people who are aligned against America. That’s part of it. But it is this globalist, anti-sovereignty movement that is occurring, centered in Europe, with a lot of players in the United States as part of it.

So I’ll tell you what I think yesterday was. Are you ready? I think yesterday was a dry run. I think yesterday was a dry run for later on in the election season. I think they wanted to see how they could succeed, if they could succeed, in causing the bottom to fall out of Trump public opinion by claiming that Trump’s policies are destroying the United States economy.

They couldn’t stick with it for more than one day because it isn’t true, folks. There’s no truth to the fact that we’re on the verge of a recession. We’re the only nation in the world with a demonstrably growing economy. We are not on the verge of a recession here. Quite the opposite. We still have economic growth that was not seen in eight years of the Obama Administration, which is another thing that is irritating a lot of people.

So I think it was a dry run. I think it was an attempt to see how it played, an attempt to see if they could do it, an attempt to see if they could affect pretty much blanket media coverage with the drop of a dime that we are in a recession or on the verge of a recession. So they’ve set it up. They didn’t say we’re in a recession. They said we’re on the verge. It’s just around the corner. They’re using the inverted yield curve, which, of course, nobody understands. And it’s even more difficult to try to explain to somebody what it is.

So that fits the bell as well. Come up with some economic calamity that nobody can possibly understand to explain why we’re going into recession. Only the economic wizards of smart understand. So keep a sharp eye, because I think they’ll probably deem what they did yesterday a success. But there’s going to be a price to pay for dropping it.

They took the market down a record number, 800 points in one day. They wanted to see what they, the anti-Trump forces, wherever you find them, folks. And believe me there are plenty of them on Wall Street. There are plenty of financial people who have fully bought into this globalist business. I guess I should expand on that today. I’ve referred to this today and numerous days in the past.

There’s no question here that there is an attempt here to do away with the concept of nation states and replace it with some sort of global elite leadership. And for the global elite leadership to succeed and prosper, you have to get rid of nation states. You have to get rid of the idea of national sovereignty. And if you’re going to do that then you have to get rid of the biggest one. You have to somehow get rid of the United States.

And to do that, do you know what you have to do? You have to get rid of democracy. You have to get rid of the concept that the American people or any people in a country have the right of self-determination. If you can do that, if you can eliminate democracy — and I know we’re a representative republic, but I’m simply talking about the public having a say in how their affairs are governed – if you can get rid of that, then you are well on your way.

And mindless, never-ending invasions of illegal immigrants at the border is all part of it. There’s a massive effort. And, by the way, I will explain this as the program unfolds today. This is the reason why Make America Great has so panicked these people. They really thought they were on the way to accomplishing this with Obama in the White House.

Now, we’ll go back and revisit some of Obama’s quotes regarding this. Obama was all for this in a couple of speeches at the United Nations. Trump coming along, Make America Great Again, all of this talk about nationalism, white nationalism, all of this is made-up bohunk to try to destroy Trump’s effort at protecting, preserving and maintaining the United States of America as a sovereign nation, which is really what this is about when you strip away all the other distractions.

BREAK TRANSCRIPT

RUSH: I don’t want to spend a lot of time on this ’cause it’s just the latest… Yesterday they tried to crash the economy.  They really did.  The Drive-Bys, the left, the worldwide anti-Trump apparatus tried to trash the U.S. economy yesterday.  I think it was a dry run.

I mean, all day yesterday you couldn’t escape it. “Recession, recession, recession!  Depression, maybe! Depression, maybe! Depression, recession, recession.  Bottom falling out! Trump caves! Trump tweets! Trump caves on tariffs. Trump this, Trump that.”  The economy is simply too strong.  They can’t crash it, and they’re faced with another round of impotence.  These people are losing their minds.  Everything they decide to try in the service of the objective to destroy Trump is blowing up in their faces, and it’s making them even crazier.

Now, by “dry run,” I really think that they were doing something yesterday to see what the impact would be, because it’s a little early for this to happen before the 2020 election.  So I think it was two things. If they could have crashed the economy yesterday, they would have taken it.  But it was also a dry run to see how their attempt to create a narrative of total economic doom would go. Could they pull that off? And I think they’re concluding that they did.  I think they’re concluding that they were successful in creating the narrative.

Did the narrative have any impact?  No.  But that doesn’t mean that they won’t try it again.  I also have… I found a brilliant piece today.  I was actually doing show prep and I ran across a piece that explains this worldwide globalist effort that is attacking the sovereignty and concept of nation states and how real it is and who is a part of it.  In reading this, it just solidified for me why this sheer panic that resulted from Donald Trump and his singular campaign phrase, Make America Great Again.

I’ve been sitting here. Admittedly I have a degree of naivete.  My naivete is born of optimism.  My naivete is the result of believing that most Americans want a great America.  I realize that’s a little naive.  But there are a lot of Americans who don’t want a great America, because a great America threatens bigger plans than just a great America — and they were well on their way!  The Obama administration had laid the groundwork via open-borders immigration and any other number of policies that were, in time, designed to essentially destroy — and I’m not trying to sound like a conspiracy theorist.

This is not a conspiracy theory; this is an actual objective.  Maybe “destroy” is the wrong word, but to dissolve the concept of nation states to be replaced by a global governing body of elites who will be the decision-makers for the entire world.  Don’t flinch at that or don’t smirk at that.  That’s something that a lot of people do have as an objective, and they were well on their way! Because for this to happen, the United States has to, quote/unquote, “fall.”  The sovereignty of the United States has to go.

Now, for that to happen, the democratic process in our country has to also fall by the wayside.  I mean, it would be a snap to recruit the European countries.  That’s already been done, pretty much, with the European Union.  It would be a snap to go get the Central American countries and put them in this global organization.  But the United States is going to have plenty of people that want no part of it.  They’re going to resist it, because all it’s going to mean is a gigantic comedown for the United States.

But it can’t work, from the globalist perspective, unless it happens here as well.  This is a very truncated, abbreviated version of what’s coming. But the election of Donald Trump, under the slogan Make America Great Again, is precisely what has sent these people into orbit. Not just the Democrat Party here and not just the American left, but the worldwide left.  It is the exact opposite of the groundwork they have been laying.  I mean, you might even say that they were laying the groundwork for this long before the Obama administration.

It’s just that the Obama administration was where it actually began to plant roots and became more than just an objective or more than just a series of ideas.  Obama was actually creating policies and results that would facilitate this.  I can’t emphasize… I can’t emphasize enough how much Donald Trump winning the presidency with that slogan, Make America Great Again, has just upended a worldwide movement of people who cannot allow him to succeed.  They just can’t permit it.

BREAK TRANSCRIPT

RUSH: Here is Chad in Irwin, Idaho.  Chad, I’m glad you waited.  Great to have you with us, sir, hello.

CALLER:  Rush Limbaugh, my man and the G.O.A.T.  Good to talk to you.

RUSH:  Thank you, sir.

CALLER:  I’m a day trader and wanted to pass on some information about the yield-inversion farce.  Over the past 40 years, dating back to 1978 — the year I was born — the inversion triggered seven times.  Meanwhile there —

RUSH:  Wait, wait, hold it.  Whoa, whoa, whoa! Hold it a second.

CALLER: Yeah?

RUSH: Do me a favor. For those in the audience that do not know what the yield inversion is, or the inverted curve is, do you think you can explain it without a chart and a graph that people can understand it?

CALLER:  What we’re talking about is the two-year and the 10-year yields.  And when the 10-year yield dips below the two-year yield, we say it’s inverted.  So you would basically get more on your bond with a two-year than you would with a 10-year.

RUSH:  Stop right there.  He’s exactly right.  All this means is that when the yield gets inverted by the two-year bond, not the 10-year bond.  That’s all it means!

CALLER: True.

RUSH: It doesn’t mean anything.  Traditionally, now the last five recessions… (crosstalk) Hang on here, Chad. Hang on, my man. In the last five recessions, it is said that the yield curve inverted between 12 and 24 months before the recession.  Well, you could say that about half the population had eaten carrots a month before the last recession.

CALLER:  Exactly.

RUSH:  So that is the correlation.  All it is, is buy the two-year bond instead of the 10-year bond.  That’s all it is.

CALLER: Yes.

RUSH: And they tried to make a plunging depression/recession story out of it yesterday.

CALLER:  They use it as some kind of a crystal ball to produce recessions, which is nonsense.  Anyway, the S&P 500, on average, has produced positive returns on every timeframe from a three-month to a three-year after inverted, with an average return over 5% a year.  So the whole thing, the inversion, is just nonsense.  I think it’s deep state globalists shorting the market, scaring out the average retail investor.  I don’t know. To me, I say, “Don’t worry about it.”

RUSH:  Wait, wait, wait.  Now, there’s no… It may be that.  But there’s much more to it than that.  These people… Look, I don’t have any empirical evidence for this. I’m just using my intelligence guided by experience, and I’m telling you: Yesterday was a dry run.  If they could have crashed the economy yesterday, they would.

CALLER:  They would have taken it.

RUSH:  The hell yes, they would.  You just, in your own words you just said this is what they were attempting to do.

CALLER:  Yeah.

RUSH:  You didn’t use “crash the economy,” but you used words that mean the same thing.  If they could have done it, they would have taken it.

CALLER:  Yes.

RUSH:  But I think yesterday was a dry run to see how they can make it happen in the media, if they could succeed in getting everybody to go along with it.  Because it’s a little early. If you want to crash the economy, if you’re really worried the economy is what’s going to get Trump re-elected, you want it to crash next year.

CALLER:  Yeah, three months out.

RUSH:  Not now.  If you think you can do it — and they do.  They obviously think that they can crash the economy, and that’s what the dry run was for.

CALLER:  Oh, heck, yeah.  Yeah, I think deep state globalists, China, they’re all involved with trying to scare the investors out.

RUSH:  You make your living, Chad, as a day trader?

CALLER:  Yeah, my wife and I quit our jobs four years ago.  We lived in rat-infested Baltimore City. We’ve been traveling around the country for about four years and I’ve been day trading for about three.

RUSH:  So has it been lucrative for you out there?

CALLER:  Trump economy!

RUSH: (chuckles)

CALLER: Trump’s the man.  Keep producing.

RUSH:  There you go.  Chad, thanks for the call.  I appreciate it.

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