Milbank: Kudlow shouldnt pick stocks, much less advise Trump
It was the eve of the biggest economic collapse since the Great Depression. Many on Wall Street worried that a recession loomed and that the housing bubble was bursting.
And then there was Larry Kudlow, the man President Trump just tapped to be his top economic adviser.
“Despite all the doom and gloom from the economic pessimistas, the resilient U.S. economy continues moving ahead,” Kudlow wrote on Dec. 7, 2007, in National Review, predicting that gloomy forecasters would “wind up with egg on their faces.” Kudlow, who previously derided as “bubbleheads” those who warned about a housing bubble, now wrote that “very positive” news in housing should “cushion” falling home sales and prices.
“There’s no recession coming. The pessimistas were wrong. It’s not going to happen,” wrote Kudlow. ” … The Bush boom is alive and well. It’s finishing up its sixth consecutive year with more to come. Yes, it’s still the greatest story never told.”
If that was the greatest story, this should be a close runner-up: Trump has just put the country’s economic fate in the hands of the man who has arguably been more publicly and consistently wrong about the economy than any person alive.
Kudlow’s tendency to err has been nearly flawless, as Jonathan Chait lays out in New York magazine. But never has Kudlow been as spectacularly wrong as he was before the signal economic event of our time. If you heeded Kudlow’s advice in the months before the 2008 crash, you would have been ruined.
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