So it's time to look through our way-back machines, to August 2007, and review what Larry wrote, using the neurons lingering after his historic cocaine binge:
It Ain't 1929
[here Kudlow exhibits his remarkable ability to read a calendar]
The way some people in the mainstream media are talking about the stock market and economy these days, you’d think it was 1929 rather than 2007. [...]
As for all the gnashing of teeth over corporate and mortgage loans, capital markets are absorbing the credit backup. Stocks posted strong gains the last two days and the long awaited market correction is currently tallying a 4-5 percent loss—quite mild by historic standards. [...]
So, while the mainstream media peddles its flimsy “sky is falling” narrative, the reality is a 13,400 or so Dow, along with rising wages and a 4.6 unemployment rate, point to a prosperous nation. These are the key barometers. The Bush boom continues. [emphasis added]
No on should buy into this 1929 scenario. It’s not happening.
Okay, Larry. Maybe last year wasn't 1929. But this year is sure looking a lot like 1930.
Why anyone would take seriously anything said or written by Kudlow, or by his lackey Donald Luskin, is beyond me.
