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Thread: A rule of thumb.

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    A rule of thumb.

    It was amusing to hear Mr. Lawrence Kudlow, a major economic adviser to President of the United States of America Donald Trump, pontificate on the stock market with respect to the present virus outbreak.

    I've learned, over many decades, that when someone touts either stocks or horses, a good question to ask is, 'What do you do for a living?' Unless the answer's 'I haven't worked in years. I just take my own advice and apply it,' you know you're talking with someone who can't even support himself with his own tips.

    'Nuff said.
    "And gladly wolde he lerne and gladly teche." Chaucer, the Canterbury Tales.

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    Re: A rule of thumb.

    Quote Originally Posted by Torus34 View Post
    It was amusing to hear Mr. Lawrence Kudlow, a major economic adviser to President of the United States of America Donald Trump, pontificate on the stock market with respect to the present virus outbreak.

    I've learned, over many decades, that when someone touts either stocks or horses, a good question to ask is, 'What do you do for a living?' Unless the answer's 'I haven't worked in years. I just take my own advice and apply it,' you know you're talking with someone who can't even support himself with his own tips.

    'Nuff said.
    I'm thinking Kudlow has forgotten more about Wall Street and government than you will ever know.

    Lawrence Alan Kudlow (born August 20, 1947) is an American financial analyst and former television host serving as Director of the National Economic Council under President Donald Trump since 2018.[1]

    Kudlow began his career as a junior financial analyst at the New York Federal Reserve. He soon left government to work on Wall Street at Paine Webber and Bear Stearns as a financial analyst. In 1981, after previously volunteering and working for left-wing politicians and causes, Kudlow joined the administration of Ronald Reagan as associate director for economics and planning in the Office of Management and Budget.[2]

    After leaving the Reagan Administration during the second term, Kudlow returned to Wall Street and Bear Stearns, serving as the firm's chief economist from 1987 until 1994. During this time, he also advised the gubernatorial campaign of Christine Todd Whitman on economic issues. In the late 1990s, after a publicized battle with cocaine and alcohol addiction, Kudlow left Wall Street to become an economic media commentator – first with National Review, and later hosting several shows on CNBC.

    Kudlow returned to politics in 2018, serving as Gary Cohn's replacement at the National Economic Council.

    Larry Kudlow - Wikipedia
    TANSTAAFL
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    Re: A rule of thumb.

    Quote Originally Posted by Mycroft View Post
    I'm thinking Kudlow has forgotten more about Wall Street and government than you will ever know.
    Age will do that to a person
    Anyone wondering what I'm talking about start here:
    The Psychology of Persuasion

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    Re: A rule of thumb.

    Quote Originally Posted by Mycroft View Post
    I'm thinking Kudlow has forgotten more about Wall Street and government than you will ever know.
    You are probably right, which makes his comments even more self serving.
    "California was not a part of this nation when it's history began, but we are clearly now the keeper of its future." CA Rising

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    Re: A rule of thumb.

    Quote Originally Posted by Mycroft View Post
    I'm thinking Kudlow has forgotten more about Wall Street and government than you will ever know.
    Hi! Like I said.

    Regards.
    "And gladly wolde he lerne and gladly teche." Chaucer, the Canterbury Tales.

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    Re: A rule of thumb.

    Quote Originally Posted by mrjurrs View Post
    You are probably right, which makes his comments even more self serving.
    Quote Originally Posted by mrjurrs View Post
    You are probably right, which makes his comments even more self serving.
    Quote Originally Posted by Torus34 View Post
    Hi! Like I said.

    Regards.
    No. It makes him smarter about economics than the lot of you.
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    When I "dismiss" you it only means that I have determined that further discussion is useless or counter-productive. Don't take it personally. Go ahead and have your last word...and move on.

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    Re: A rule of thumb.

    Quote Originally Posted by Mycroft View Post
    I'm thinking Kudlow has forgotten more about Wall Street and government than you will ever know.
    LOL, our memories are so short. Here's Kudlow in December 2007. As you might recall, this is exactly when the recession started:

    Kudlow 101: There Ain’t No Recession | National Review

    So you’re looking at $332 billion of profits in the latest quarter, that’s a little less than last quarter. But it’s $20 billion more than the first quarter, $20 billion more than all of ‘06, and about $60-70 billion more than ‘05.

    The point of the story is even if Wall Street takes $200-300 billion in mortgage losses, as a result of loan markdowns, profitability is more than adequate to stem the tide and hold us.

    There ain’t no recession.
    More from December 2007: Bush Boom Continues | National Review

    Yes, economic growth may indeed pause to roughly 2 percent in the next couple of quarters, the result of two years of overly tight money from the Federal Reserve and the ensuing upturn in sub-prime defaults and foreclosures. You can call it Goldilocks 2.0. But you can’t call it a recession.
    Six months into the recession: If Things Are So Bad . . . | National Review

    Phil Gramm was right: We are in a mental recession, not an actual recession. And the low-tax, free-trade, free-market, capitalist economy is a whole lot more resilient and durable than the pessimistas and declinists would have us believe.
    Bottom line is Larry Kudlow is a more or less permabull, and has been his entire career a shill for Wall Street. The good news for someone like him is the markets generally go up every year, and there are a lot more years of economic expansion than recession, so he's right most of the time. But anyone depending on him to warn you of the big turns in the economy or the markets isn't very smart.

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    Re: A rule of thumb.

    Quote Originally Posted by Mycroft View Post
    No. It makes him smarter about economics than the lot of you.
    I don't doubt that, but I'm self aware enough to know I don't know more than lot's of people. Like doctors. You believe Kudlow 'it's almost airtight' when I believe the CDC 'cross community spread will occur in America'
    "California was not a part of this nation when it's history began, but we are clearly now the keeper of its future." CA Rising

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    Re: A rule of thumb.

    Quote Originally Posted by Torus34 View Post
    It was amusing to hear Mr. Lawrence Kudlow, a major economic adviser to President of the United States of America Donald Trump, pontificate on the stock market with respect to the present virus outbreak.

    I've learned, over many decades, that when someone touts either stocks or horses, a good question to ask is, 'What do you do for a living?' Unless the answer's 'I haven't worked in years. I just take my own advice and apply it,' you know you're talking with someone who can't even support himself with his own tips.

    'Nuff said.
    What are you talking about? Kudlow has been a financial advisor practically his entire career. That wouldn't be true if his "touting" hadn't been valuable and accurate. I'd also guess he follows his own advice.
    Obama: High unemployment and slow growth are the new normal
    Trump: No they're not

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    Re: A rule of thumb.

    Quote Originally Posted by mrjurrs View Post
    I don't doubt that, but I'm self aware enough to know I don't know more than lot's of people. Like doctors. You believe Kudlow 'it's almost airtight' when I believe the CDC 'cross community spread will occur in America'
    I think eventually coronavirus will be curtailed or eradicated. And when that happens there's gonna be a huge demand for the products and services that have been delayed and which have been driving the markets down.
    Obama: High unemployment and slow growth are the new normal
    Trump: No they're not

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