Larry Kudlow is just as bad as that wacko Jim Cramer. In addition to being a former cokehead and devotee of the Free Market Fairy, he's also a lousy forecaster. This is what he wrote in late December, 2007, the month the Great Recession started:
Friday, December 21, 2007
Bush’s Very Good Year
Against all odds, and despite the usual drumbeat of criticism, President George W. Bush has had a very good year. The troop surge in Iraq is succeeding. America remains safe from terrorist attacks. And the Goldilocks economy is outperforming all expectations.
At his year-end news conference, President Bush stated with optimism that the economy is fundamentally sound, despite the housing downturn and the sub-prime credit crunch. The very next day, that optimism was reinforced with news of the best consumer spending in two years. The prophets of recessionary doom, such as former Fed chair Alan Greenspan, Republican advisor Martin Feldstein, ex-Democratic Treasury secretary Lawrence Summers, and bond-maven Bill Gross have been proven wrong once again.
Calendar year 2007 looks set to produce 3 percent growth in real GDP, nearly 3 percent growth in consumer spending, and over 3 percent growth in after-tax inflation-adjusted incomes. Meanwhile, headline inflation (including food and energy) will have run at 2.5 percent, with only 2 percent core inflation.
This is such a big mistake that I decided to take a screenshot just in case it gets scrubbed:
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1 comment:
http://market-ticker.denninger.net/archives/1962-Partisan-Attacks-WILL-NOT-Solve-The-Problem.html
imo a good non-partisan equal opportunity anti-two party corrruption post.
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