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Crepitus
03-17-2018, 08:55 AM
The man who recently told us that wealthy people can't be corrupt because they are wealthy may have the honor of being the person who has been wrong on the economy more than anyone else.


It was the eve of the biggest economic collapse since the Great Depression. Many on Wall Street worried that a recession loomed and that the housing bubble was bursting.

And then there was Larry Kudlow, the man President Trump just tapped to be his top economic adviser.

“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.

https://www.washingtonpost.com/opinions/larry-kudlow-may-have-been-more-wrong-about-the-economy-than-anyone-alive/2018/03/14/a98f2292-27ce-11e8-b79d-f3d931db7f68_story.html

Oh, and General Kelly thinks his cocaine habit won't affect his security clearance application.

http://www.businessinsider.com/larry-kudlow-cocaine-habit-john-kelly-1990s-2018-3

Any bets on how long he will last or if he can get a permanent security clearance?

texan
03-17-2018, 04:59 PM
Too bad you don’t care that Bush reps went to congress 3 different times and warned of the bubble. The Dems told them to screw off in YouTube hearings. You can search them. Honestly Freddie and Fannie were paying the black caucus members hasomely. That group were the real problems in pushing back. The white caucus I guess you would say wouldn’t cross them. Then we got what’s we deserved. That is a Dem program. Your ignorance. Your ignoring. Sure Larry K is a problem right!

texan
03-17-2018, 05:01 PM
Be nice if people cared more about their country than a party.

Chris
03-17-2018, 06:19 PM
One, the entire country was wrong about the housing bubble. Most believed the government would prevent it.

Two, Kudlow is probably the quintessential Republican economic commentator, one would expect the left to connip.

Max Rockatansky
03-17-2018, 06:28 PM
The man who recently told us that wealthy people can't be corrupt because they are wealthy may have the honor of being the person who has been wrong on the economy more than anyone else.



https://www.washingtonpost.com/opinions/larry-kudlow-may-have-been-more-wrong-about-the-economy-than-anyone-alive/2018/03/14/a98f2292-27ce-11e8-b79d-f3d931db7f68_story.html

Oh, and General Kelly thinks his cocaine habit won't affect his security clearance application.

http://www.businessinsider.com/larry-kudlow-cocaine-habit-john-kelly-1990s-2018-3

Any bets on how long he will last or if he can get a permanent security clearance?
What are you worried about? He'll be gone in 6 months just like everyone else except for family.

Max Rockatansky
03-17-2018, 06:32 PM
One, the entire country was wrong about the housing bubble. Most believed the government would prevent it.

Two, Kudlow is probably the quintessential Republican economic commentator, one would expect the left to connip.
Not the entire country. Many were smart enough not to bet on government bailouts. Many were not. It pissed me off that those who bought wisely were punished for being responsible by a government rewarding those who were foolish.

Republican or not, if he's an idiot, I don't want him. So far, it appears the WH is now desperate to fill posts and none of "the best people" are coming forward.

Chris
03-17-2018, 07:02 PM
Not the entire country. Many were smart enough not to bet on government bailouts. Many were not. It pissed me off that those who bought wisely were punished for being responsible by a government rewarding those who were foolish.

Republican or not, if he's an idiot, I don't want him. So far, it appears the WH is now desperate to fill posts and none of "the best people" are coming forward.

Ok, not all.

My impression is he's as good as a tv commentator can be. He's not trained in economics.

waltky
03-17-2018, 09:34 PM
Is he any relation to Lisa Kudlow?...

... Uncle Ferd thinks she's a honey.

Peter1469
03-18-2018, 04:28 AM
Under federal law, two years being clean is enough for a security clearance.

These issues are not new. Clinton's political appointees had security managers in a tizzy.
The man who recently told us that wealthy people can't be corrupt because they are wealthy may have the honor of being the person who has been wrong on the economy more than anyone else.



https://www.washingtonpost.com/opinions/larry-kudlow-may-have-been-more-wrong-about-the-economy-than-anyone-alive/2018/03/14/a98f2292-27ce-11e8-b79d-f3d931db7f68_story.html

Oh, and General Kelly thinks his cocaine habit won't affect his security clearance application.

http://www.businessinsider.com/larry-kudlow-cocaine-habit-john-kelly-1990s-2018-3

Any bets on how long he will last or if he can get a permanent security clearance?

Peter1469
03-18-2018, 04:34 AM
Ok, not all.

My impression is he's as good as a tv commentator can be. He's not trained in economics.


He worked for Reagan.

Chris
03-18-2018, 09:35 AM
He worked for Reagan.

Yes, a Reagan supply-sider.

Max Rockatansky
03-18-2018, 10:43 AM
Time will tell, but he appears to be a solid Republican favorite for the job.

https://nypost.com/2018/03/18/larry-kudlow-was-the-right-choice-for-trump-all-along/
It was very clear from our conversation that Kudlow and the president are on the same page: They are both on a mission to fix the economy.
Kudlow told me that “from almost Day One of the campaign” he and the president “saw eye-to-eye on the need for the growth of prosperity for all Americans across the country,” which has been suppressed over the last decade.
Kudlow was immediately thrown into the mix with China and tariffs, an issue on which he initially openly — but graciously — disagreed with the president. But he likely persuaded the president to not tariff all steel imports (https://nypost.com/2018/03/01/trump-says-he-will-impose-steel-and-aluminum-tariffs/) — only those of the serial abusers, like China.
Stop and think for a minute: When was the last time a leading economist or policy person disagreed with a president’s plan and was then hired?
Never. That says something about Trump. He isn’t afraid of differing opinions to get to a better final product.
Kudlow is smart, classy and tough in a confident way, and he was my first choice for the job — not Gary Cohn (https://nypost.com/2018/03/06/trumps-top-economic-adviser-gary-cohn-to-resign/).

Tahuyaman
03-19-2018, 05:58 PM
Yes, a Reagan supply-sider.
A supply sider period. Yes Reagan was also a supply sider. Reagan’s ideas were no different than any other supply sider.

Chris
03-19-2018, 07:23 PM
A supply sider period. Yes Reagan was also a supply sider. Reagan’s ideas were no different than any other supply sider.

Supply-side economics "was started by economist Robert Mundell during the Ronald Reagan administration." Laffer was another promoter, as was Kudlow.

See https://en.m.wikipedia.org/wiki/Supply-side_economics

Tahuyaman
03-19-2018, 07:32 PM
Supply-side economics "was started by economist Robert Mundell during the Ronald Reagan administration." Laffer was another promoter, as was Kudlow.

See https://en.m.wikipedia.org/wiki/Supply-side_economics

The supply side economic theory existed prior to the Reagan administration. Anyone who claims otherwise is wrong.

Chris
03-19-2018, 07:45 PM
The supply side economic theory existed prior to the Reagan administration. Anyone who claims otherwise is wrong.

Ok, then, who originated it? I think you would have explained that to support your claim.

In fact, supply-side is no economics theory but a political one associated with the Reagan administration, thus the name Reagan supply sider.

Tahuyaman
03-19-2018, 09:53 PM
Ok, then, who originated it? I think you would have explained that to support your claim.

In fact, supply-side is no economics theory but a political one associated with the Reagan administration, thus the name Reagan supply sider.
Reagan did resurrect supply side economics. It didn’t originate with his administration.

Chris
03-20-2018, 08:54 AM
Reagan did resurrect supply side economics. It didn’t originate with his administration.

And it originated where?

Tahuyaman
03-20-2018, 09:45 AM
And it originated where?

The philosophies and ideas which encompass supply side economics goes back to Alexander Hamilton and Adam Smith. Mundell simply tweaked it to reflect the modern tax system.

If you want more of something, tax it less. If you want less of something subsididize it less. this idea did not originate with Reagan. JFK supported the same ideas.

Chris
03-20-2018, 10:15 AM
The philosophies and ideas which encompass supply side economics goes back to Alexander Hamilton and Adam Smith. Mundell simply tweaked it to reflect the modern tax system.

Yea, read that in the link I gave you. What that says is bits and pieces of others' ideas were put together starting 1978, not tweaked, and used in the political theory called Reagan supply-side, the key feature of which was brought out by Laffer, raising revenues. Economic theories like Adam Smith's were not about raising revenue.

Tahuyaman
03-20-2018, 10:20 AM
Yea, read that in the link I gave you. What that says is bits and pieces of others' ideas were put together starting 1978, not tweaked, and used in the political theory called Reagan supply-side, the key feature of which was brought out by Laffer, raising revenues. Economic theories like Adam Smith's were not about raising revenue.


You can believe what you want. It's no big deal to me.


BTW, JFK promoted the same thing, was he influenced by Reagan?

Chris
03-20-2018, 10:54 AM
You can believe what you want. It's no big deal to me.


BTW, JFK promoted the same thing, was he influenced by Reagan?


JFK promoted cutting taxes. A small part of the political theory Reagan followed.


We could, as some socialist do, argument communism goes back to the cooperation found in primitive tribal cultures, or just as equally argue free markets go back to the division of labor, specialization and trade found in those same primitive tribes, but neither is true, as shown by Karl Polanyi in his The Great Transformation.

Sure, bits and pieces of past practices and ideas can be found combined in modern ideas, but to say they're the same things is misleading.

Tahuyaman
03-20-2018, 10:56 AM
JFK promoted cutting taxes. A small part of the political theory Reagan followed.


We could, as some socialist do, argument communism goes back to the cooperation found in primitive tribal cultures, or just as equally argue free markets go back to the division of labor, specialization and trade found in those same primitive tribes, but neither is true, as shown by Karl Polanyi in his The Great Transformation.

Sure, bits and pieces of past practices and ideas can be found combined in modern ideas, but to say they're the same things is misleading.


JFK was a supply sider. Period.

Chris
03-20-2018, 11:25 AM
JFK was a supply sider. Period.

Hindsight. But supply-side is not just cutting taxes.

Kalkin
03-20-2018, 11:38 AM
The relevant question is whether or not supply-side works, not its origin. Don't miss the forest by counting the trees, my friends.

Tahuyaman
03-20-2018, 11:41 AM
Hindsight. But supply-side is not just cutting taxes.


It's the idea that if you want to promote certain things you tax them less and if you want less of something else you subsidize it less. It's not a new idea.

Tahuyaman
03-20-2018, 11:43 AM
The relevant question is whether or not supply-side works, not its origin. Don't miss the forest by counting the trees, my friends.

It works every time it's tried.


The problem is that most politicians seem to forget about the aspect of supply side which calls for less subsiding.

Chris
03-20-2018, 12:17 PM
It's the idea that if you want to promote certain things you tax them less and if you want less of something else you subsidize it less. It's not a new idea.

Great idea, except it doesn't work for the simple reason elites in government cannot possibly know enough about the dynamic often tacit knowledge used by people making subjective valuations on what to buy and sell.

And your summary hardly scratches the surface of supply-side theory.

Chris
03-20-2018, 12:18 PM
The relevant question is whether or not supply-side works, not its origin. Don't miss the forest by counting the trees, my friends.

True, but it doesn't work.

Chris
03-20-2018, 12:24 PM
Correction: Theories like trickle-down and trickle-up do work to gain votes from those who believe in them.

jimmyz
03-20-2018, 12:39 PM
...Oh, and General Kelly thinks his cocaine habit won't affect his security clearance application.

Nah! You can have a cocaine habit and become President of the United States (see Obama). Kudlow will be fine.

Tahuyaman
03-20-2018, 01:01 PM
Great idea, except it doesn't work for the simple reason elites in government cannot possibly know enough about the dynamic often tacit knowledge used by people making subjective valuations on what to buy and sell.

And your summary hardly scratches the surface of supply-side theory.

it works when government remembers the part about not subsidizing the things you don’t want to promote. My brief summary is a perfect description of supply side economics.

Tahuyaman
03-20-2018, 01:03 PM
Correction: Theories like trickle-down and trickle-up do work to gain votes from those who believe in them.
There is no economic theory called trickle down. There’s no such thing as trickle up either.

Chris
03-20-2018, 01:27 PM
There is no economic theory called trickle down. There’s no such thing as trickle up either.

Nor is there any economic theory call supply-side. It's a political theory for raising revenues. It's also called trickle-down. Just as demand-side is another political theory, also called trickle-up. And, about three years into his second term Obama came up with the ridiculous middle-out theory. They all serve to raise revenues. They all buy votes.

Chris
03-20-2018, 01:28 PM
it works when government remembers the part about not subsidizing the things you don’t want to promote. My brief summary is a perfect description of supply side economics.

But the government doesn't do that, it just keeps spending.

Your summary omits entirely the Laffer Curve on how it's supposed to work, and leaves out the purse of raising revenues. The government's only interest in the economy is to raise revenue so it can spend even more.

Tahuyaman
03-20-2018, 01:31 PM
But the government doesn't do that, it just keeps spending.

Your summary omits entirely the Laffer Curve on how it's supposed to work, and leaves out the purse of raising revenues. The government's only interest in the economy is to raise revenue so it can spend even more.
Then how can you claim supply side doesn’t work if you admit it’s never implemented correctly?

Tahuyaman
03-20-2018, 01:32 PM
But the government doesn't do that, it just keeps spending.

Your summary omits entirely the Laffer Curve on how it's supposed to work, and leaves out the purse of raising revenues. The government's only interest in the economy is to raise revenue so it can spend even more.

I gave you a brief accurate summary. Not a detailed analysis.

Crepitus
03-20-2018, 01:51 PM
Nah! You can have a cocaine habit and become President of the United States (see Obama). Kudlow will be fine.

Oh, so now president Obama had a Coke habit?

Chris
03-20-2018, 01:57 PM
Oh, so now president Obama had a Coke habit?

He confessed he used blow in Dreams of My Father.

Chris
03-20-2018, 01:59 PM
Then how can you claim supply side doesn’t work if you admit it’s never implemented correctly?

I didn't claim that. I said it fails as is.

Crepitus
03-20-2018, 02:00 PM
He confessed he used blow in Dreams of My Father.

Does that translate into a Coke habit?

Never read it btw.

Chris
03-20-2018, 02:17 PM
Does that translate into a Coke habit?

Never read it btw.

He was a dope head.

Now he's just a dope.

Tahuyaman
03-20-2018, 02:37 PM
I didn't claim that. I said it fails as is.
You said it fails because government overspends. That’s a failure of government, not an economic principle. Besides, supply side always works. Even if it’s not implemented fully.

Chris
03-20-2018, 02:51 PM
You said it fails because government overspends. That’s a failure of government, not an economic principle. Besides, supply side always works. Even if it’s not implemented fully.

The supply-side theory in part and parcel is a political theory, not an economic one. None of the people who put it together were economists, they were reporters and opinion writers, well, excpet Laffer who put the theory on a napkin:

https://i.snag.gy/DMa7Yb.jpg

It encapsulates the entire political theory by showing the relationship between tax rates and the amount of tax revenue. It's not just about tax cuts, in fact at certain points in the curve, raising taxes are required to raise revenues.

Tahuyaman
03-20-2018, 04:01 PM
I'm one of those who supports less taxation and less government spending. I'll count you as one who supports tax and spend.

Chris
03-20-2018, 04:58 PM
I'm one of those who supports less taxation and less government spending. I'll count you as one who supports tax and spend.

Supporting supply-side is supporting less taxes for more spending.

Taxation is theft.

Tahuyaman
03-20-2018, 05:07 PM
Supporting supply-side is supporting less taxes for more spending...

It is not. It is supporting lower taxation and less government subsidization. How can you argue against a concept when you don't even know what it is?

Chris
03-20-2018, 05:49 PM
Supply-side says under some circumstances lowering taxes can result in higher revenues.

https://i.snag.gy/VNmwUq.jpg



"less government subsidization"?


Governments seek to implement subsidies to encourage production and consumption in specific industries. On the supply side, government subsidies help an industry by allowing the producers to produce more goods and services. This increases the overall supply of that good or service, increases the quantity demanded for that good or service, and lowers the overall price of the good or service.

Since the government helps suppliers through tax credits or reimbursements, the lower overall price of their goods and services is more than offset by the savings they receive.

From How do government subsidies help an industry? (https://www.investopedia.com/ask/answers/060215/how-do-government-subsidies-help-industry.asp#ixzz5AKcvNbVE)


When the government provides a supply-side subsidy to the producers of a product, the supply curve shifts to the right and the demand curve remains the same. Because they are being subsidized, producers are encouraged to produce more of a product and are able to do so for less. The price of an environmentally conscious vehicle drops and more are produced. In practice, a supply-side subsidy will cause the demand for a green vehicle to increase.

From The Effects of Subsidies on the Supply & Demand Curve (http://smallbusiness.chron.com/effects-subsidies-supply-demand-curve-33921.html)

Tahuyaman
03-20-2018, 09:51 PM
He was a dope head.

Now he's just a dope.
In his book, Obama claimed to have done drugs “enthusiastically” in his youth. But that only matters if one is not a Democrat. If you’re a Democrat, you get a pass.