TW: (Originally posted 9/12/08)Just in case any of you should ever run across Larry Kudlow on CNBC, a particularly dangerous species- the investment/economics pundit with a strident political agenda whose focus instead of making you money is to WAG THE DOG
From the Economist:
"LARRY KUDLOW might know less about markets than any other prominent business television persona out there. It's always amusing to watch an ostensibly serious figure argue in front of millions of people that markets fell on one day because a certain candidate won a primary battle or rose on another day because a new poll showed a jump in Republican numbers...But this takes the cake...
Mr Kudlow writes [speaking of Palin]: 'Even the financial pages are looking better. Oil is about to drop under $100 a barrel. Gold is plunging. And the greenback continues to rally in true King Dollar fashion. Is there a Sarah Palin effect here, too?'
Under any circumstances, the argument that a vice-presidential choice...had rejuvenated American markets would be ludicrous. But Mr Kudlow is writing this about an individual whose brief stint as nominee has occurred during a fortnight of disastrous economic news. American markets are down something like 6% since Mr McCain announced his choice at the end of August. The federal government has just bailed out two massive mortgage agencies, and two other financial firms—Lehman Brothers and Washington Mutual—are on the brink of collapse, their shares having tumbled to practically nothing in a matter of days. And of course, drops in commodities are widely seen as a sign of economic pessimism. The prospect of subtrend growth for months or years is expected to reduce demand for such resources."
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