Unprecedented: An American President Attempts to Talk Down the Stock Market
October 03, 2013
RUSH: I've been searching my memory, and I've asked some people and nobody can remember, nor can I, a time -- maybe Jimmy Carter, but then he didn't mean to... I do not remember a president of the United States talking down the stock market and the world economy like Obama did. It is unprecedented. It's in an interview with CNBC, John Harwood. Obama warned the world markets that it cannot be taken for granted that the Congress would be able to raise the debt limit before the October 17th deadline so that the US doesn't default. I kid you not. And then he said that he thought world markets should be concerned.
Now, is that what he means by toning down or keeping down his rhetoric? I really think, folks, this is unprecedented. No previous US president has ever tried to talk down the economy like that. Now, the Democrats, as a party, did so during the last three, maybe four years of the Bush administration, but they were trying to create an image in people's minds. They wanted people to think that we were in a recession. They wanted voters to think that Bush's economic policies were creating havoc. But that's different. Those were random, independent voices from people who are either one of 535 members or one of 100 members of the bodies, Senate or House. But this is the president.
I can't remember a previous president ever trying to talk down the economy like this. If anything, in Obama's situation, they would be talking about how the country would never let a default happen. But he's out there warning the world that it could. I'll tell you what this is, all of it, everything. I get so blue in the face. Everything Obama and the Democrats do is political and has an agenda, is part of the agenda, and the agenda right now is destroy the Republicans, the Tea Party. And I think -- I could be wrong about this -- I think the Democrats are imploding. I think they're getting batty. I think they're going nuts. This is not playing out the way they thought.
The Tea Party is not going away. The Tea Party's hanging in, and, if anything, the Tea Party is getting stronger. There is no sign of a cave anywhere out there. The Democrats, because they know that they are aligned with the media, because they know they can bring untold pressure to bear, they didn't think we would be here three days in. I really believe that. A couple of days ago I would not have predicted this scenario, actually. I don't think the Republicans were gonna cave. I just wouldn't have predicted the Democrats so off the rails. But they really are. With Harry Reid yesterday talking about, why would we do that, save one kid's life with cancer, why would we do that?
The president is off the rails and attacking the Republicans here, and George Miller, the best friend the communists in Nicaragua ever had, Democrat from California, is out calling this a Republican jihad. I mean, they're overdoing it. Even for low-information people, they're overdoing it. Now, I'm not saying that there is a shift in public opinion on this, but it certainly doesn't hurt that these website locations for the exchanges remain a disaster.
RUSH: When has a US president ever told Wall Street that they're not worried enough? I started to talk about this in the opening segment of the program. I don't recall a president ever -- it's unprecedented in my mind, purposely. Jimmy Carter did this just by virtue of his existence. He scared the hell out of people. But Obamacare here is warning the market. He wants the market to plunge. He's orchestrating this to be able to blame the Republicans for it, folks. And I am not exaggerating. He is talking down the stock market, and it's working. It's down 125 right now. He is talking down the stock market in relationship to the shutdown so as to blame the Republicans for it. Here's the first of two sound bites. This is from CNBC, an interview he did with John Harwood.
OBAMA: No, I think this time's different. I think they should be concerned. When you have a situation in which a faction is willing potentially to default on US government obligations, then we are in trouble.
RUSH: Nobody's talking default except him. The Republicans are not talking default. So he's answering a question from Harwood, CNBC. "You mentioned calm. Wall Street's been pretty calm about the shutdown. The reaction I would say generally speaking has been Washington fighting, Washington posturing, yada yada. Is that the right way to look at it?" "No, this time it's different, it could be bad, John. We could be headed to default." Bam. What do you think's gonna happen? These people on Wall Street Journal live and die when Ben Bernanke -- I was gonna say expels gas. Whatever he says, they live and die by it. Here comes his boss, essentially. Obama predicting doom.
Harwood says, "You said one time recently you keep hoping a lightbulb goes off. It gives the impression that you think your Republican opponents are either craven or stupid or nuts. Is that what you think? And if you think so, does it help your cause to let people see that out loud?"
OBAMA: I think it's fair to say that during the course of my presidency I have bent over backwards to work with the Republican Party and have purposely kept my rhetoric down.
RUSH: This is after he just predicted a market crash, or warned about it. Well, he warned of a default. He said the Republicans are taking us that way. And major stock market indices are indeed reeling today, this afternoon, and at one time the Dow Jones Industrial Average was down 180 points. Third day of concern about the fiscal mess in Washington and how it is growing. And Obama did this. Obama created this panic for the express purpose of blaming the Republicans for it as part of his keeping the rhetoric down, bending over backwards to be cooperative and work with the Republicans.