WE’LL DO IT AGAIN TOMORROW.
"KUDLOW" IS NEXT.
♪.
LARRY: HELLO, FOLKS, WELCOME TO
"KUDLOW."
I’M LARRY KUDLOW.
WELL PRESIDENT JOE BIDEN LIKES
TO RIDICULE THE STOCK MARKET.
HE NEVER TALKS ABOUT BONDS OR
INTEREST RATES.
HE FREQUENTLY CRITICIZES
DONALD TRUMP FOR KEEPING A SHARP
EYE ON STOCKS AS A LEADING
INDICATOR OF THE ECONOMY.
WELL, MR. BIDEN MIGHT WANT TO
HAVE ANOTHER THINK ABOUT THIS
STOCK MARKET BUSINESS BECAUSE
IT’S FALLING NOW, ALMOST ON A
DAILY BASIS.
THE BROAD-BASED S&P 500 IS NOW
OFF 24% YEAR-TO-DATE, SIGNALING
A BEAR MARKET AND THE RECESSION.
THE U.S. TREASURY BOND MARKET IS
BASICALLY COLLAPSED RECENTLY.
PRICES HAVE PLUNGED, INTEREST
RATES HAVE SOARED.
U.S. GOVERNMENT CREDIT IS STILL
OKAY BUT THE TREASURY MARKET
RATES HAVE GONE UP 3 TO 4
PERCENTAGE POINTS THIS YEAR.
THE 10-YEAR IS ABOUT 4%.
30-YEAR MORTGAGES, SIX 1/2%.
THE INFLATION FIGHTING FED IS
GOING TO RAISE TARGET RATE TO AT
LEAST 5% IF NOT HIGHER.
INFLATION IS STUBBORN, 8% PLUS,
CORE INFLATION ROUGHLY 7%.
THE GDP TRACKER FROM THE ATLANTA
FED HELD THE NUMBER FOR Q3, HELD
IT STEADY AT 0.3% FOLLOWING TWO
DOWN QUARTERS IN THE FIRST HALF
OF THE YEAR.
IT COULD BE THREE DOWN QUARTERS,
NONE OF THIS IS GOOD.
REALLY JOE BIDEN SHOULD BE
READING THE BUSINESS PAGES.
I WILL BE GLAD TO HELP HIM OUT
WITH A SUBSCRIPTION FREE OF
CHARGE.
ACCORDING TO THE "GALLUP POLL,"
58% OF AMERICANS OWN STOCKS.
HAT TIP TO MY FRIEND LIZ PEEK
FOR THAT INFO.
58% OWN STOCKS.
THAT IS A LOT OF PEOPLE TO
IGNORE, MR. PRESIDENT.
MEANWHILE IN THE SECOND QUARTER
HOUSEHOLD WEALTH FELL
$6 TRILLION, MOSTLY HOUSING AND
STOCKS.
BECAUSE OF INFLATION THE TYPICAL
WORKING FAMILY HAS LOST 4200
BUCKS IN REAL INCOME OVER THE
PAST YEAR.
GOVERNMENT PENSION FUNDS DOWN
8%.
THE STOCK MARKET IS SENDING A
MESSAGE AND IT IS NOT A HAPPY
ONE.
EVERY TIME MR. BIDEN GOES OUT
THERE AND TALKS ABOUT ZERO
INFLATION AND A STRONG ECONOMY
HE IS BEGGING THE CREDULITY OF
EVERY AMERICAN.
NOBODY BELIEVES HIM.
KITCHEN TABLE PRICES ARE RISING,
PORTFOLIOS ARE FALLING, IT IS A
VERY BAD COMBINATION.
MR. BIDEN INHERITED A BOOMING
ECONOMY WITH VIRTUALLY NO
INFLATION FROM HIS PREDECESSOR
DONALD TRUMP AND IN SLIGHTLY
MORE THAN A YEAR TURNED IT INTO
A BUSTING RECESSION WITH RECORD
INFLATION, IN JUST OVER A YEAR
WHICH IS NOT AN EASY THING TO
DO.
AND STILL TODAY, DESPITE WHAT
FINANCIAL MARKETS ARE TELLING
HIM, WHAT TYPICAL FAMILIES ARE
TELLING HIM, WHAT PARENTS ARE
TELLING HIM, WHAT THE BORDER
CRISIS IS TELLING HIM, WHAT THE
CRIME WAVE IS TELLING HIM HE
WILL NOT LISTEN.
THE RADICAL PROGRESSIVE ECONOMIC
MODEL HAS FAILED DISMALLY.
MR. BIDEN HAS COMMITTED THE
CARDINAL SIN OF POLITICS.
HE PROMISED SUCCESS AND
DELIVERED FAILURE.
IF THE BIG GOVERNMENT SOCIALISTS
MODEL IS GOING TO SUCCEED IT
WOULD HAVE ALREADY SUCCEEDED BUT
IT HASN’T AND AMERICANS ARE A
VERY PRACTICAL-MINDED, COMMON
SENSE GROUP.
IF SOMETHING IS NOT WORKING
EITHER FIX IT OR THROW IT OUT.
THAT’S WHY THIS EYE-POPPING
"WASHINGTON POST/ABC NEWS POLL"
IS SO REVEALING.
IN KEY SWING DISTRICTS ALL
ACROSS THE COUNTRY REPUBLICANS
NOW HAVE A 21 PERCENTAGE POINT
LEAD.
THAT’S RIGHT, 21% IN THE KEY
DISTRICTS.
KEVIN McCARTHY’S COMMITMENT TO
AMERICA IS EMPHASIZING ALL THE
KEY ISSUES ON VOTERS MINDS,
INFLATION, ECONOMY, CRIME AND SO
FORTH.
I’M SURE THERE WILL BE A LOT OF
POLLS IN THE NEXT MONTH THAT
DON’T AGREE WITH EACH OTHER BUT
IT LOOKS TO ME LIKE THE GOP
CAVALRY IS CLOSING FAST.
IF THEY SWEEP CONGRESS IT IS
POSSIBLE THERE IS A STOCK MARKET
GOT THERE.
MAYBE ONE CAN HOPE.
RIGHT NOW THE STOCK MARKET IS
VERY ANNOYED AT JOE BIDEN’S
PROGRESSIVE POLICIES AND BECAUSE
IT DOESN’T SEEM HE READS THE
BUSINESS PAGES HE IS IN DANGER
OF MISSING BIG-TIME SHOCK AND
AWE COMING RIGHT AT HIM.
THAT IS WHAT STOCKS ARE TELLING
HIM.
WHAT IS WHAT INTEREST RATES ARE