Commentary

Yikes! Check out the record of Trump’s new economic advisor

Most Americans with cable TV are at least vaguely aware of Larry Kudlow. They know him as one of the talking heads who populate the “financial channels” that tend to act as cheerleaders for modern, robber baron capitalism. If, however, you’re one of the majority of people for whom that vague awareness about sums up the extent of your familiarity with Kudlow, you might want to check out Ryan Koronowski’s rather remarkable article on Think Progress about the man Donald Trump has named as his new economic advisor. Here are some excerpts from “Trump’s new economic adviser is really bad at economics. Here are the receipts. Larry Kudlow has made some astoundingly bad predictions, even for a CNBC pundit.”:

“Larry Kudlow is President Donald Trump’s choice to replace Gary Cohn as director of the National Economic Council (NEC). Cohn spent over 25 years at Goldman Sachs, and was president and COO for ten years before he joined the Trump administration. Past NEC directors have had law degrees from Yale or Harvard or Cornell, MBAs from Harvard or Wharton (not a bachelor’s with an economics major like the president), a Ph. D in economics from Harvard or MIT, decades of business experience, or taught at the London School of Economics,

Kudlow has a bachelor’s degree from the University of Rochester and did not complete a master’s degree in economics at Princeton. He has worked at a junior level at the Federal Reserve Bank of New York, and also in the Reagan Office of Management and Budget. He worked at Bear Stearns from 1987 to 1994, until he was fired for cocaine abuse. After working for Arthur Laffer’s firm, he got into journalism, most notably hosting a business show on CNBC.

He also has a penchant for making wildly incorrect predictions and assurances about the economy. Here are a few

  • Kudlow recommended buying stocks in September 2008…
  • Kudlow said invading Iraq in 2002 would boost the economy…
  • Kudlow denied the existence of the housing bubble in 2005…
  • Kudlow lauded the ‘Bush Boom’ on the eve of the Great Recession and ridiculed ‘pessimistas…’
  • Kudlow dismissed the seriousness of the Great Recession in February 2008In July 2008…
  • Kudlow said it was a ‘mental recession, not an actual recession…’
  • Kudlow thought the housing market hit bottom in July 2008Kudlow cheered on Wall Street CEOs using bailout money to fun private jet trips…
  • Kudlow called Occupy Wall Street demonstrators ‘anti-American’ but said the Tea Party was great for the economy…
  • Kudlow imagined Obama’s economic policy would yield high inflation rates…
  • Kudlow said unemployment benefits make people not want to work…
  • Kudlow defending Trump staff picks arguing that ‘wealthy folks’ don’t have to ‘engage in corruption…’
  • Kudlow said he could fix the economy by sitting down with Glenn Beck for a half hour…”

Sounds like he’ll fit in with Trump perfectly. Heaven help us.

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