The Message of the Markets

I've become fascinated with Larry Kudlow lately. How can anyone be such an idiot? Don't take my word for it, read his blog.

His latest thing is this:

Last night on Kudlow & Company we discussed the theory suggesting the stock market sold off a hundred points earlier in the day -- despite Fed head Ben Bernanke's bullish King Dollar statement -- because of the AP headline announcing Obama's impending nomination.

Under Ronald Reagan, the S&P 500 roughly doubled. Under Clinton it quadrupled. Stunningly, the S&P 500 has done nothing during these long Bush years.

Yet the market is telling us it doesn't want fiscal sanity? It fears Obama will undue all this substandard economic performance we've experienced under Bush?

I'm left to wonder whether Larry Kudlow is a fool or a lying hack, a run of the mill propagandist for tax cuts...

I've got my money on all of the above.

Mr. Motes