FOR -- ♪.
LARRY: HELLO, FOLKS, WELCOME TO
"KUDLOW."
I’M LARRY KUDLOW.
SOME NEWS DAYS IT IS HARD TO
KNOW WHAT’S THE SIDESHOW AND
WHAT’S THE TRULY BIG STORY.
I GUESS THIS IS SUCH A DAY.
INFLATION CAME IN LOWER.
SO THAT’S GOOD.
WE HAVE A NEW FINANCIAL SUPER
CROOK AND THAT’S NOT GOOD.
I’M GOING TO GO WITH INFLATION
AS THE REALLY BIG STORY BECAUSE
PRESUMABLY ALL-AMERICANS
BENEFITED, RIGHT?
INFLATION IS THE CRUELEST TAX OF
ALL AND IT DID COME DOWN A BIT
AND REAL WAGES WENT UP A FOR A
CHANGE AFTER FALLING 18 STRAIGHT
MONTHS.
EVEN THOUGH 7.1% INFLATION IS
STILL A BIG PROBLEM AND THE
FED’S TIGHT MONEY WILL CONTINUE
AND THE RECESSION THREAT LOOMS
LARGE, NONETHELESS I THINK THAT
IS PROBABLY THE POSITIVE STORY.
ON THE OTHER HAND A LOT OF
PEOPLE LOST A LOT OF MONEY
BECAUSE AFTER CROOK NAMED
SAM BANKMAN-FRIED WHO WAS
SUPPOSED TO TESTIFY BEFORE THE
HOUSE TODAY BUT INSTEAD GOT
BUSTED WITH EIGHT COUNTS OF
FRAUD AND CONSPIRACY AND WAS
TAKEN INTO CUSTODY BY THE
AUTHORITIES IN THE BAHAMAS.
BY THE WAY THERE IS A HINT OF
WHY THIS IS A TERRIBLE STORY
RIGHT THERE, THE BAHAMAS.
NOT THAT I HAVE ANYTHING AGAINST
THE BAHAMAS MIND YOU, THESE
CRYPTO FUNDS SHOULD BE BASED IN
THE U.S. WHERE THEY MIGHT BE
SUBJECTED TO SOME KIND OF
INTELLIGENT REGULATION, SOME
KIND.
WE’LL TALK TO SEC COMMISSIONER
HESTER PEIRCE A BIT LATER IN THE
SHOW FOR THAT SIDE OF THE STORY.
THIS KID WAS A CROOK.
HE WAS A JUNIOR BERNARD MADOFF.
HE WILL BE EXTRADITED TO THE
U.S. TO FACE ALL THE CHARGES,
LIKE CONSPIRACY TO DEFRAUD THE
U.S., WIRE FRAUD, SECURITIES
FRAUD, MONEY LAUNDERING, VARIOUS
OTHER CONSPIRACIES.
BY THE WAY IT WAS A FAMILY
CRIMINAL ENTERPRISE BECAUSE HIS
PARENTS, BOTH OF WHOM TAUGHT AT
THE FANCY LAW SCHOOL, ISN’T THAT
ALWAYS THE CASE NOWADAYS?
THEY WERE IN ON ALL OF HIS
CROOKED DEALINGS, AND HELPED HIM
SET UP A POLITICAL FUND-RAISING
OPERATION THAT WOULD SOMEHOW
LEVERAGE CONTRIBUTIONS FROM
VARIOUS SILICON VALLEY FAT CATS
AND CHANNEL THEM INTO VARIOUS
LOBBYING EFFORTS TO WASHINGTON
POLITICIANS, ESSENTIALLY IN
ORDER TO AVOID REGULATION.
THE BULK OF THE MONEY WENT TO
PROGRESSIVE DEMOCRATS.
THIS WAS NOT EVEN AN
OLD-FASHIONED PUMP AND DUMP
FRAUD.
THIS WAS CASE OF RAISING MONEY
TO BRIBE WASHINGTON NOT TO
REGULATE SBF’S CRYPTO EXCHANGE
WHICH WAS NOTHING MORE THAN A
FRONT GROUP FOR HIS HEDGE FUND,
WHICH DONATED TO DEMOCRATS AND
REPUBLICANS ALIKE.
MOST OF THE MONEY WENT TO
LEFT-WING DEMS BUT SOME PRETTY
DECENT SUMS WENT TO REPUBLICANS.
NOW WHETHER THE AUTHORITIES WILL
CLAW BACK THIS BRIBELY MONEY.
CRIMINAL LAWSUITS BROUGHT BY THE
U.S. ATTORNEY IN THE SOUTHERN
CONTRADICT OF NEW YORK AND CIVIL
CHARGES BROUGHT BY THE SEC AND
THE COMMODITIES FUTURES TRADING
COMMISSION.
I MIGHT ADD NEITHER OF WHICH
THOSE TWO KNOW ANYTHING ABOUT
CRYPTO BUT THAT IS THE SUBJECT
OF YET ANOTHER RIFF.
SO IN SUMMARY THIS SBF KID IS A
CROOK, SO ARE HIS PARENTS, SO
ARE HIS LIEUTENANTS AND
BASICALLY TOOK OTHER PEOPLES
MONEY AND TRIED TO BRIBE
POLITICIANS TO LOOK THE OTHER
WAY.
AM I BEING TOO HARD HERE, TOO
BLUNT?
WELL, MAYBE.
TIME WILL TELL BUT I THINK HE
FAIRLY PRESENTED YOU WITH AT
LEAST THE OUTLINE OF THIS STORY
BUT YOU KNOW WHAT?
FROM WHAT I GATHER MOST OF THE
SO-CALLED VICTIMS HERE WERE
WEALTHY AND FAMOUS PEOPLE.
NOT EVERYONE, I NOT THERE WERE
SOME MIDDLE CLASS FOLKS WHO GOT
KILLED I GET THAT, BUT BACK TO
IMPROVING INFLATION NEWS, REALLY
ALL AMERICANS DID BETTER, IF
ONLY THE POLITICIANS COULD
FIGURE OUT A WAY TO KEEP
INFLATION COMING DOWN AND THAT’S
A VERY BIG QUESTION, ISN’T IT?
NOW WALL STREET OBSESSES ABOUT
THE FEDERAL RESERVE AND THE
FED’S BIG-TIME MONEY PRINTING
AND ZERO INTEREST RATES WHICH
HAVE RECENTLY TURNED INTO
BIG-TIME MONEY CRUNCHING AND
INTEREST RATE HIKING.
THE FED IS CERTAINLY CULPABLE
BUT THEN WE HAVE THE CONGRESS
AND THE WHITE HOUSE AND THE
THREAT OF A BUNCH OF LAME DUCKS
RUNNING AMOK WITH YOUR TAXPAYER
MONEY.
THE TWO BIGGEST DUCKS ARE
RETIREES RICHARD SHELBY AND
PATRICK LEAHY.
THEY WANT TO SPEND THEIR
KEISTERS OFF.
THEY’RE TALKING ABOUT
1.9 TRILLION OF SPENDING IN AN
OMNIBUS BILL GINNED UP BY A FEW
PEOPLE IN A DARK, SMOKEY ROOM
WHERE NO ONE WILL REALLY KNOW
WHAT HIT THEM UNTIL THE
COMMITTEE PRINT IS PUBLISHED AND
EVEN THEN WE MAY NEVER KNOW AND
THEY MIGHT SPEND COUPLE HUNDRED
BILLION DOLLARS MORE.
UNFORTUNATELY THIS RANCID
BEHAVIOR IS EVIL, AFTER ALL
THEY’RE LAWMAKERS.
UNLIKE THE HORRIBLE BEHAVIOR OF
SBF WHO IS NOT A LAWMAKER AND HE
IS GOING TO JAIL FOR A VERY,
VERY LONG TIME.
SO FOLKS I WILL JUST END WHERE I
BEGAN.
I’M NOT REALLY SURE WHAT THE
SIDESHOW IS OR THE REAL STORY