More on Larry…

An NFTRH subscriber kindly forwarded me this WaPo article filling in the details of why Larry is so funny; so funny it hurts. Accuse the post of playing politics or not, but you cannot argue with the facts… as Larry saw them and as reality turned out to define them.

Larry Kudlow may have been more wrong about the economy than anyone alive

“Despite all the doom and gloom from the economic pessimistas, the resilient U.S. economy continues moving ahead,” Kudlow wrote on Dec. 7, 2007, in National Review, predicting that gloomy forecasters would “wind up with egg on their faces.” Kudlow, who previously derided as “bubbleheads” those who warned about a housing bubble, now wrote that “very positive” news in housing should “cushion” falling home sales and prices.

Now I remember why he annoyed me so greatly. This clown was a non-stop, pom pom waving cheering section when a Republican admin was in office. Non friggin’ stop.

“There’s no recession coming. The pessimistas were wrong. It’s not going to happen,” wrote Kudlow. “ . . . The Bush boom is alive and well. It’s finishing up its sixth consecutive year with more to come. Yes, it’s still the greatest story never told.”

Even as trouble became clear, Kudlow, a CNBC pundit who is not trained in economics, wrote a Feb. 5, 2008, column in National Review saying he was “still betting on and buying Goldilocks [a just-right scenario] for the long run.” He wrote, “Maybe we are going to have a mild correction. Maybe not,” adding: “I’m going to bet that the economy will be rebounding sometime this summer, if not sooner. We are in a slow patch. That’s all. It’s nothing to get up in arms about.”

Just stay in line people, don’t panic. All is well. Follow my delusions and you will be rewarded as Goldilocks arrives and stays forever and ever.

When the economy didn’t rebound and housing continued its collapse, Kudlow pronounced, in a CNBC column on July 24, 2008, that he saw in the data “an awful lot of very good new news, which appear to be pointing to a bottom in the housing problem; in fact, maybe the tiniest beginnings of a recovery.” Stocks lost nearly half their value in the coming months.

Vintage Larry. I wonder if he had his trained chimp Cramer on the show back then. Give the public a double whammy of feel good buffoonery with which to endanger themselves.

cramer

The article linked above goes on and on throughout modern history, showing time after time the buffoonery of Larry on display, consistent and precise like a fine watch… only wrong; about everything. That is because Larry does not care in the least about truth of matters. He cares only about biased views expressed 100% through a political lens.

Anyway, here’s Bloomberg looking for a reason that the market does what it does this morning as traders size up Kudlow, lol. Clicking the graphic gets the article.

I would like to close this post by thanking Mr. Trump. From the day this man – a debt-leveraged 4-time bankruptcy filer/real estate developer who worked the system to perfection (and riches), a participant on a dumb TV show, an obnoxious presidential candidate and now the Cartoon-in-Chief of the United States of America – got into office the market, economic, social and political backdrop has become a 100 times more interesting to write about. Sure, I’ve lost a few subscribers and website readers along the way in stating my views, but that’s the price of admission to this insane asylum that is and will be unbelievably interesting to write about going forward; Society as Sitcom.

Larry? Really?

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