HOW MUCH FUN DO WE HAVE HERE?
YOU HAVE TO JOIN US TOMORROW.
LARRY: HELLO, FOLKS WELCOME TO
"KUDLOW," I’M LARRY KUDLOW.
I WANT TO OPEN TONIGHT WITH A
COUPLE OF TOPICS.
FIRST UP, THERE IS A NICE
LOOKING STOCK MARKET RALLY.
THE DOW IS RISING, I DON’T KNOW
1350 SOME-ODD POINTS OVER THE
PAST COUPLE DAYS KIND OF OUT OF
THE BLUE AFTER A DISMAL
THIRD QUARTER.
YEAR-TO-DATE STILL BEAR MARKET
TERRITORY.
THE BROAD-BASED S&P 500 DOWN 21%.
NOW PERMIT TO RUE -- RESUME INNA
ON THIS.
58%, 58% ARE INVESTED IN STOCKS
ONE WAY OR ANOTHER THROUGH
401(k)S, IRAS, PENSION FUNDS
WHAT NOT.
THAT COULD COME TO 150 MILLION
PEOPLE ACCORDING TO GALLUP AND
THAT IS A VERY BIG NUMBER.
JOE BIDEN DOESN’T PAY ATTENTION
TO THE STOCK MARKET.
HE AND HIS WOKESTERS THINK IT IS
RIGGED BY A BUNCH OF RICH PEOPLE
BUT THEY ARE WRONG.
THEY DON’T BELIEVE IN FREE
MARKETS.
THEY DON’T BELIEVE IN ANY
MARKETS LET ALONE STOCK MARKETS.
MIDDLE AMERICAN WORKING FOLKS
ARE IN THE MARKET.
THEY HAD A VERY ROUGH TIME OF
IT.
I’M GLAD THERE ARE HAPPY MOMENTS
AT LEAST FOR A COUPLE OF DAYS,
HOWEVER, NOT TO BE A KILLJOY,
NOT ME, BUT A STAGFLATIONAIRY
ECONOMY WITH A LOT MORE FED
TIGHTENING AHEAD AND LOWER
CORPORATE PROFIT MARKDOWNS,
REMEMBER PROFITS ARE THE
MOTHER’S MILK OF STOCKS, ALL
THAT KIND OF MAKES ME THINK THIS
RELIEF RALLY BASED ON
SHORT-COVERING WITH LITTLE
VOLUME IS NOT GOING TO REALLY
CHANGE THE BEARISH TREND WE’RE
IN.
SOME FOLKS ARE SAYING THE WEAK
JOLTS REPORT WITH 1.1 MILLION
FEWER JOBS OPENING, THAT
FOLLOWING YESTERDAY’S WEAK ISM
MANUFACTURING REPORT.
SO THEY SAY, WELL, THAT MEANS
LESS FED TIGHTENING, THE WORSE
THE ECONOMY IS, THEREFORE LOWER
INTEREST RATES, IN OTHER WORDS,
IN THIS PERVERSE LOGIC BAD NEWS
IS GOOD NEWS.
I NEVER LIKE THAT LOGIC.
PERSONALLY I ALWAYS THINK GOOD
NEWS IS GOOD NEWS.
GOOD NEWS IS STRONG GROWTH,
PRICE STABILITY, SOUND KING
DOLLAR, MORE PEOPLE WORKING AND
PROSPERING, AND GOOD NEWS IS
NEVER ABOUT RECESSION OR
STAGFLATION.
AND WE’VE SEEN THIS MANY TIMES
IN THE PAST, WE CAN HAVE GOOD
NEWS THAT’S GOOD NEWS.
ALL RIGHT.
BUT, BUT, LONG-TERM BET ON
AMERICA AND ITS CAPITALIST
PROSPERITY, RIGHT?
THAT IS WHAT I THINK IN THE LONG
TERM.
THIS LITTLE PROGRESSIVE
SOCIALIST INTERLUDE WILL BE
CLEANED OUT BEFORE TOO LONG.
I ALWAYS AGREE WITH PROFESSORS
BETTER OF PRINCETON AND JEREMY
SIEGEL OF PENN ABOUT STOCKS FOR
THE LONG RUN.
IT IS ALWAYS THE BEST INVESTMENT
STRATEGY.
KEVIN HASSETT AND NANCY TENGLER,
TWO EXPERTS WHO ACTUALLY KNOW
SOMETHING ABOUT THE SUBJECT,
APART FROM MYSELF, THEY WILL BE
ON THE SHOW LATER TO TELL US
MUCH MORE.
NOW, THE SECOND THOUGHT TONIGHT,
AND I CAN’T HELP MYSELF ON THIS,
THE BIDEN ADMINISTRATION IS
USING RONALD REAGAN’S EVIL
EMPIRE TO JUSTIFY THEIR
CONTINUED NUCLEAR DEAL
NEGOTIATIONS WITH THE OUTLAW
STATE OF IRAN.
HUH?
WHAT?
THAT SOUND YOU MAY BE HEAR
SOMETHING THE SOUND OF MY BLOOD
BOILING.
THIS IS A PATHETIC BIDEN
ARGUMENT.
FIRST OF ALL, RONALD REAGAN’S
BASIC TAKE ON THE SOVIET UNION
WAS VERY SIMPLE, WE WIN, YOU
LOSE.
I HAVEN’T HEARD BIDEN SAY THAT
ABOUT IRAN OR ANY OF OUR OTHER
ENEMIES.
ALSO BIDEN NEVER HAD THE
GUMPTION TO CALL IRAN THE EVIL
EMPIRE.
IN FACT BIDEN HATES MAGA MORE
THAN HE HATES IRAN.
ANOTHER POINT, REAGAN IN HIS
FIRST TEAM WOULDN’T EVEN MEET
WITH THE SOVIET LEADERS.
NOT ONLY WOULD NOT NEGOTIATE
WITH THE COMMUNISTS, HE WOULDN’T
TALK TO THEM, PERIOD!
INSTEAD HE SPENT HIS FIRST TERM
BOLSTERING AMERICA’S DEFENSES,
INVESTING TRILLIONS AND
TRILLIONS OF DOLLARS INTO OUR
NATIONAL SECURITY, INCLUDING THE
ANTI-BALLISTIC MISSILE SYSTEM,
SOMETIMES CALLED "STAR WARS,"
THE CENTER OF AMERICA’S DEFENSE
AGAINST NUKES.
THE OTHER PART OF REAGAN FIRST
TERM, TAX CUTS, AND CUT
REGULATION SOARED ECONOMIC
GROWTH WHICH SOARED BY 10 OR 12%
FOR A WHILE, WHICH PROVIDED
RESOURCES TO SUPPORT OUR
NATIONAL DEFENSE.
WHEN REAGAN GOT AROUND TO
MEETING WITH GORBACHEV IN HIS
SECOND TERM HE TOLD THE SOVIET
LEADER THAT "STAR WARS" WAS NOT
NEGOTIABLE, AND POINTED OUT THE
AMERICAN ECONOMY WAS PRODUCING
THE GOODS TO SUPPORT OUR DEFENSE
BUT THE COLLAPSING SOVIET
ECONOMY COULDN’T SUPPORT
ANYTHING.
SO IN A COUPLE OF YEARS GUESS
WHAT, WE WON AND THEY LOST.
BIDEN HAS TURNED A BOOM INTO A
BUST.
HIS STATE DEPARTMENT KEEPS
BEGGING THE IRANIANS FOR A
LEADER, A LEADER BY THE WAY
NON-VERIFIABLE, WOULD INCLUDE
COUPLE HUNDRED BILLION DOLLARS
OF ASSISTANCE TO A BUNCH PEOPLE
WHO ARE KNOWN INTERNATIONALLY TO
LIE, CHEAT, STEAL, TERRORIZE,
KILL ANYBODY SUPPORTING AMERICA
AND ISRAEL.
NOT TO PUT TOO FINE A POINT ON
IT, ALMOST BIDEN SAYING WE LOSE,
YOU WIN.
I JUST NEED TO GET ALL THAT OFF