Trumps new economic adviser is really bad at economics. Here are the receipts.
Larry Kudlow is President Donald Trump’s choice to replace Gary Cohn as director of the National Economic Council (NEC). Cohn spent over 25 years at Goldman Sachs, and was president and COO for ten years before he joined the Trump administration. Past NEC directors have had law degrees from Yale or Harvard or Cornell, MBAs from Harvard or Wharton (not a bachelor’s with an economics major like the president), a Ph. D in economics from Harvard or MIT, decades of business experience, or taught at the London School of Economics,
Kudlow has a bachelor’s degree from the University of Rochester and did not complete a master’s degree in economics at Princeton. He has worked at a junior level at the Federal Reserve Bank of New York, and also in the Reagan Office of Management and Budget. He worked at Bear Stearns from 1987 to 1994, until he was fired for cocaine abuse. After working for Arthur Laffer’s firm, he got into journalism, most notably hosting a business show on CNBC.
He also has a penchant for making wildly incorrect predictions and assurances about the economy. Here are a few:
Kudlow recommended buying stocks in September 2008
He wrote, in an article that is still on the internet, that investors should buy stocks on September 3, 2008.
“Undoubtedly, more credit problems will surface among the banks,” Kudlow said. “But that’s looking through the rearview mirror. For those of us who prefer to look ahead, through the windshield, the outlook for stocks is getting better and better.”
The stock market crashed on September 29, 2008, taking with it $1.2 trillion in wealth. The recovery would take years.
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