31 Ağustos 2009 Pazartesi

On Tonight's Kudlow Report

On tonight's show at 7pm ET on CNBC:

TED KENNEDY'S SENATE SEAT
NBC’s Steve Handlesman reports.

EYE ON WASHINGTON
Double-digit Dem losses ahead?

Panel:

*Charlie Cook, Editor & Publisher Cook Political Report
*Scott Rasmussen, Rasmussen Reports Founder & President

NY FED CHIEF COMMENTS
Dudley on the Fed exit strategy & targeting unemployment

CNBC senior economics reporter Steve Liesman reports.

BARNEY FRANK: AUDIT THE FED COMMENTS
CNBC’s Hampton Pearson reports.

BANK BAILOUTS GOOD INVESTMENT FOR U.S.?

*Tony Fratto, CNBC Contributor, Fmr. White House Deputy Press Secretary
*Jerry Bowyer, CNBC Contributor; Syndicated Columnist

DISNEY BUYING MARVEL
CNBC’s Julia Boorstin reports.

MARKET DRILLDOWN
CNBC Bertha Coombs reports.

HAS THE MARKET RALLY TOPPED?

*Doug Kass, Seabreeze Partners Management Inc.
*Alison Deans, Deans Wealth Management Founder; Fmr. Neuberger Berman Private Asset Management CIO

Please join us. The Kudlow Report. 7pm ET. CNBC.

Roads & Maps

Getting Hitched By Love

I
made it back to Moab a couple days ago! I hitched out of the Gila wilderness a couple weeks ago.

Funny, my first ride was from the son of one of my good friends in Moab! I had never met the son before!
My next ride was from a 40-something guy named Fred, and he took me to Alma, New Mexico (near Glenwood), and asked me to stay with him for a few days. It was grand getting to know the local cowboy folks. I even donned my cowboy garb (including those boots I had found in the Gila), listened to a lot of country music (and loved it!), and worked my ass off. Fred & I became good friends, & we were both sad when I had to leave. I hope to go back again sometime.

Another really nice 40-something guy gave me a ride all the way to Springdale, Arizona, & left me
with some Christian literature. A couple took me a short ways to a turn-off to Zuni, NM, out in the middle of nowhere. There was so little traffic I thought I'd be stuck there for days. But then a 60-something Roman Catholic priest, dressed in his backwards collar, picked me up & took me to Gallup, NM. Then I got a ride into the Navajo Reservation from a 50-something man who said he knew Ram Dass. He told me he also went many years wandering, carrying a change of clothes, sleeping bag, & a Bible, with no home base but Rainbow gatherings. A 40-something Navajo man took me all the way to Shiprock. He lived in Gallup but was going to his daughter's soccer game near Shiprock. We talked about world travels, cultures, and world religions. Really brilliant man. He said he used to be a Pentecostal, but has since expanded his vista. He gave me half his burrito. A 20-something Navajo guy then picked me up & went miles out of his way to take me to the Colorado border. He was a fire-fighter & paramedic, & told me one exciting rescue & adventure story after another. Then a 50-something Ute man brought me into Cortez, Colo, where a 40-something couple took me all the way to Dove Creek, Colo. Then, lo and behold, I got picked up within 3 minutes by a 40-something man named Jose from Paraguay, going all the way to Moab on his way to Salt Lake City! He & I hit it off really well, chatting the whole way about everything you can imagine. We even made it to Moab before dark! I haven't even made it back to the cave, yet! I found a new campsite nearer to town, where I'm parked until I get it together to head further out.

"Give Me Neither Poverty Nor Wealth"


My life feels so rich, now. Like the ric
hest man on earth. I don't always feel this way (I sometimes find myself getting pissed off or discouraged, of course) but I usually do feel rich - yes, more often than not! I can't figure out if my life is so easy or it's so hard. I don't even know the difference between easy & hard anymore. I don't even know what an ascetic is supposed to be. If I went contrary to my instinct, against my soul, for the sake of earning money, then I would definitely be a self-torturing ascetic. And if I had too much food & luxuries (addictions that abuse the body & mind) I would definitely be a self-torturing ascetic. But, also, if I did not take enough and starved myself and wore hair shirts for the sake of a hungry god of my own making, I would be a self-torturing ascetic.

Take only what you need, no more, no less, and all your desires become fulfilled - desire ceases to control you. Needs and desires become One. If everybody took only what they needed, no less, no more, then the human world would come into balance as it is in the non-human world. This is no statement of genius. It's such common sense, so very simple, it's almost absurd I have to say it. But our world has lost the most basic common sense.

That Ol' Dragon


In the last blog entry, I talked about brewing visions of the world Dragon, of banking
interest and the interest inherent in all of nature. It's still brewing, & it's exciting. But it's not ready yet.

What's intriguing about old religious stories, myths & legends, is that the theme is constant: the little conquers the big, and the little
becoming the big. The little guy and the dragon, the little guy & the giant. The little desert tribe conquering the Land of Canaan (Canaan literally means Commerce!). Canaan, full of Giants. And what life form doesn't begin as a tiny seed or zygote? Faith is the vision of the seed, the tiny becoming big, and all of nature runs on faith.

It is also natural for those who lack faith to laugh at the seed. Their laughter is also part of the fun. The Tao wouldn't be the Tao if it weren't laughed at, the Tao Te Ching states. Little do the faithless know, the genetic code of a cottonwood tree is hidden in a seed as tiny as a flea.

Finding a Roadmap in a Lost World

Some man from India just emailed me some wise words and ended up saying:

"The problem is that you are an example but not a road map. You need to provide a road map so that man kind can penetrate into animal kingdom of the market. If you have opened up a road and letting people realize being man instead of animal, you truly served the purpose of your life."

My reply (a bit revised):

"I keep getting glimpses of a road map, but it is still too incomplete to present to the public. Also, everything must happen one step at a time. First, be an example (prepare the ground), then plant the seed, if it is the divine will. There are too many road maps & advisers flooding the world, but few examples. The example must come first. Even if my example is not very good, it has to come first & develop. My example is still a child learning to walk, stumbling as I go... Like anybody learning to walk, I get laughed at, but also praised. Following a map is useless if we don't know how to walk. If it is the divine will, may the map come more clearly and may we be able to follow it, my friend."

I'm in the spotlight now, and I'd be a fool not to take advantage of this rare opportunity and totally enjoy it. I'd also be a fool letting it go to my head. If we've been given, by grace, bright peacock feathers to strut, why shun them? But also why forget they are a total gift and get arrogant about them? They will be gone someday, and our bodies will return to dust, as everything will, and a million years from now we specks of dust will all be forgotten in this infinite universe. Pray for me, to stay on the Middle Path, and to relish it.

28 Ağustos 2009 Cuma

On tonight's show at 7pm ET on CNBC:

Kennedy Farewells with NBC's Steve Handlesman

Kennedy Healthcare?
*Julie Roginsky, CNBC contributor and Democratic Strategist
*Betsy McCaughey, former NY Lieutenant Governor

Krugman Says Deficits are Saving the World?
*Michael Linden, Center for American Progress
*James Pethokoukis, Reuters Money & Politics Columnist

Lobster Industry with CNBC's Janet Shamlian

"Tax Them, Not Me" Congressman Rangel:
*Julian Epstein, CEO of LMG and former Democratic Chief Counsel
*Steve Moore, Senior Economics Writer for the WSJ

Market Drilldown with CNBC's Bob Pisani

Layaway Makes a Comeback with CNBC's Jane Wells

Market Bull/Bear Debate
*Bill Smead, Smead Capital Management CEO
*Jim LaCamp, Senior VP, Macroportfolio Advisors

Please join us. The Kudlow Report. 7pm ET. CNBC.

27 Ağustos 2009 Perşembe

On Tonight's Kudlow Report

On tonight's show at 7pm ET on CNBC:

SEN. KENNEDY FUNERAL PLANS
Plus … Are Democrats rallying around "Kennedy-Care?"

CNBC chief Washington correspondent John Harwood reports.

SPENDING SPREE DEBATE

*Sen. Tom Coburn, (R) Oklahoma
*TBA

THE FDIC’S BANK REPORT CARD
CNBC’s Hampton Pearson has a report.

FDIC INSURANCE FUND SHRINKS
Is your money safe?

*Bill Issac, Fmr. FDIC Chairman; Chairman of The Secura Group of LECG
*Chris Mayer, Senior Vice Dean or Professor of Economics and Finance at Columbia Business School

J. CREW: MICHELLE OBAMA’S FASHION EFFECT
CNBC’s Jane Wells reports.

DELL'S EARNINGS
CNBC’s Jim Goldman reports.

RISKY BUSINESS?
An eye on Citi/Fannie/Freddie/AIG

CNBC’s Bob Pisani reports.

GURUS ON THE NEW BULL MARKET

*Ken Heebner, Capital Growth Management Portfolio Manager
*Stephen Auth, chief investment officer for global equity at Federated Investors

Please join us. The Kudlow Report. 7pm ET. CNBC.

Yergin on Oil's Future

My old friend Dan Yergin joined me on last night's Kudlow Report to offer his take on what the oil future may hold. Dan is an energy expert and chairman of IHS Cambridge Energy Research Associates, as well as the author of the Pulitzer Prize-winning book The Prize: The Epic Quest for Oil, Money and Power.



Cartoonifying Kudlow...


Hat tip to my friend Mark Perry over at Carpe Diem.

26 Ağustos 2009 Çarşamba

On Tonight's Kudlow Report

On tonight's show at 7pm ET on CNBC:

STRONG GAINS IN NEW HOME SALES
CNBC housing reporter Diana Olick has the story.

V-SHAPED RECOVERY? IS THE ECONOMY COMING ON FASTER & STRONGER THAN MANY THOUGHT?
And could that actually hurt stocks?

*Joe Battipaglia, Stifel Nicolaus Market Strategist
*Brian Wesbury, First Trust Advisors Chief Economist

WHOLE FOODS THRIVING
CNBC’s Rebecca Jarvis reports.

DECADE OF DEBT & DOUBTS ON THE DOLLAR

*David Walker, Fmr. U.S. Comptroller General President and CEO of Peter G. Peterson Foundation
*Adam Boyton, currency specialist with Deutsche Bank

THE FINAL TALLY ON CASH FOR CLUNKERS
CNBC’s Phil LeBeau reports.

EYE ON OIL
Oil's changing, whole industry's changing

*Daniel Yergin, Chairman of Cambridge Energy Research Associates and CNBC Global Energy Expert offers his perspective.

DO MONEY MARKET MUTUAL FUNDS NEED REGULATING?
And what would that mean for your money?

*Anthony Carfang, Treasury Strategies Inc.
*Peter Morici ; Univ of Maryland Robert H. Smith School of Business Prof; U.S. International Trade Commission Fmr. Chief Economist

Please join us. The Kudlow Report. 7pm ET. CNBC.

Did Obama Make the Right Choice in Re-nominating Ben Bernanke as Fed Chairman?

We posed this question to our eclectic Kudlow Caucus panel of 12 notables including economist Art Laffer, stock market seer Dougie Kass, and The New Republic's Noam Scheiber.

Here are the results.

Gurus Talk Bernanke and What Lies Ahead in the New Bull Market

Famed investor Byron Wien, incoming vice chairman at Blackstone Advisory Services and Peter Grandich, chief market commentator at Agoracom.com, joined me last night to discuss their latest investment insight and perspective.



25 Ağustos 2009 Salı

On Tonight's Kudlow Report

On tonight's show at 7pm ET on CNBC:

HELICOPTER BEN VS. KING DOLLAR BEN
Did Obama make the right choice?

*Larry Lindsey, The Lindsey Group, President & CEO; Former National Economic Council Director
*John Tamny, RealClearMarkets.com Editor
*Noam Scheiber, Sr. Editor, The New Republic

ARMAGEDDON DEFICITS
White House projects bigger deficits, bigger debt

CNBC’s Hampton Pearson reports.

Also...David Walker, former U.S. Comptroller General, President and CEO of Peter G. Peterson Foundation will offer his perspective.

BIG BAD DEFICIT DEBATE

*Robert Reich, former Clinton Labor Secretary; Author, "Supercapitalism"; Univ. of CA., Berkeley, Prof. of Public Policy
*Steve Moore, Senior Economics Writer for the Wall Street Journal Editorial Board; "The End of Prosperity" Co-Author

MARKET DRILLDOWN
CNBC’s Scott Wapner reports.

HOUSING / CASE-SHILLER
CNBC’s Diana Olick has today’s housing story.

THE NEW BULL MARKET
What do you buy on Bernanke?

*Byron Wein, former Pequot Capital Chief Investment Strategist; Blackstone Advisory Services Incoming Vice Chairman
*Peter Grandich, Grandich Publications Editor

Please join us. The Kudlow Report. 7pm ET. CNBC.

Helicopter Ben or King Dollar?

It’s no surprise that President Obama re-nominated Fed head Ben Bernanke to a second term as chair of the central bank. It was the path of least resistance. Essentially, the president argued that Bernanke was the guy who kept us out of a second Great Depression. Okay, fine. But now we must ask: Is Bernanke the right guy to craft and pilot an exit strategy that avoids new inflationary bubbles?

In short, will he be Helicopter Ben or King Dollar?

It’s a tough question that markets are puzzling over. Interestingly, there was very little change in stock and bond trading today. So the guessing game will continue. If Mr. Bernanke repeats his role as Alan Greenspan’s bubbled-over, easy-money copilot between 2002 and 2005, we’re in for trouble.

Stanford economist John Taylor wrote this up in his great short book, Getting Off Track. The dollar plunged while hard-asset prices (like housing, commodities, energy, and gold) soared. And then came the tightening that moved us from boom to bust. Is this movie gonna play all over again? Nobody knows.

On the other hand, if Mr. Bernanke adopted a financial-and-commodity-market price rule — using inflation-sensitive, real-world price indicators like gold, commodities, bonds, and so forth — the so-called exit-strategy outcome from the easy-money rescue of the banking system over the past year might have a much happier ending.

But looking at Bernanke’s record and numerous speeches, he really seems more like a Republican Phillips-curve advocate who targets the unemployment rate in a false trade-off with inflation. This means he will likely overstay the Fed’s easy-money welcome, and that future inflation and interest rates are going up.

I have never heard Mr. Bernanke proselytize for a stable-dollar currency value of money. Never. Of course, like any central banker, he says he’s for price stability. But the question remains how to get there and what model to use. Supply-siders like myself strongly support a price-rule model, where markets tell government what to do. But all too often it seems like Mr. Bernanke — who has been out there buying Treasury and mortgage bonds in a futile attempt to control their yields — prefers the model where the government tells markets what to do. This is a loser, as we have painfully learned in the past.

Paul Volcker watched gold in the ’80s. So did Alan Greenspan for most of the ’90s. But I don’t think Mr. Bernanke watches gold at all. And I don’t think he worries much about the fate of the dollar.

Let me not pre-judge Bernanke’s second term. The Fed chair has done a good job over the past year in moving the financial system towards recovery. But I think the ultimate question remains: Helicopter Ben or King Dollar?

24 Ağustos 2009 Pazartesi

On Tonight's Kudlow Report

On tonight's show at 7pm ET on CNBC:

EYE ON BANKS
Is Dick Bove right? Is a wave of bank failures coming?

CNBC’s Hampton Pearson has a report.

SURVIVAL OF THE FITTEST BANKS
A look at what bank closings mean for you, the system, and the stock market.

*Robert Albertson, Sandler O'Neill, Principal & Chief Strategist
*Bill Isaac, former FDIC Chairman, Chairman of The Secura Group of LECG
*Vince Reinhart, AEI Resident Scholar; former director of the Fed's Division of Monetary Affairs

DOES BERNIE MADOFF HAVE CANCER?
Andrew Kirtzman, author of the New York Times bestselling, "BETRAYAL: The Life and Lies of Bernie Madoff" will join us.

MARKET DRILLDOWN
CNBC’s Rebecca Jarvis reports.

THE NEW BULL MARKET
Will markets continue to rally?

*Bob Doll, Vice Chairman & Global CIO of Equities at BlackRock
*Richard Hoey, Chief Economist For Bank of New York Mellon; Chief Investment Strategist for Dreyfus Corporation

BEYOND CASH FOR CLUNKERS
CNBC auto reporter Phil LeBeau reports.

WHAT DOES A $9 TRILLION DEFICIT MEAN FOR THE ECONOMY?
And what does it mean for stocks?

On to debate:

*Douglas Holtz-Eakin, former CBO director & top economic advisor to McCain's Senior Economic Advisor
*Christian Weller, senior fellow at Center For American Progress

Please join us. The Kudlow Report. 7pm ET. CNBC.

19 Ağustos 2009 Çarşamba

Gila Healing


I just crawled out of the Gila wilderness in southern New Mexico, living with a primitivist (I'll call him "M"). Now I'm at a computer in a little public library. Culture shock.


Funny, the first woman I met in Silver City, at an Indian music kirtan, knew of M & his friend with the burros. Then the guy who gave me a ride here from Silver C knew M personally, & directed me to his camp!


M is a guy my friend Prema (formerly known as Gillian) has been wanting me to meet for a couple years. When I finally met M, I understood why Prema so wanted us to meet. I think I didn't really come to learn new skills, but to understand his spiritual presence. And he has a deep spiritual presence - quite astounding.


M is 40-something, soft-spoken, & lives with more grace & light-footedness than most if not any body I've ever met. He is the epitome of patience & living in the present. He doesn't seem to give a hoot about religion or consider himself on any spiritual path. That's what makes his path pristinely spiritual, in my eyes. His camp is pristine, like a Zen temple. And everything he makes is a total work of art. M is gradually replacing everything he brought from civilization with what he makes himself from his local natural environment. He makes his own gorgeous pottery & fires it at his campfire. He makes his own cordage, weaves beautiful baskets, made his own shoes, built his own bow & arrow, his own hut, table, chairs. The list goes on. Everything he does is to perfection - perfection in the way that Nature, not Babylon, defines perfection.
But M is new to the area & isn't any more skilled at living off the wild land than I - as far as eating goes. So I didn't learn much new skills in that area & was pretty much on my own.


M has close connections with an "intentional community" across the river, though he is not a member of it. He shares farmland with them and grows his own grains (wheat, rye, millet) which he harvests by hand. He is super generous & was always giving me food. His cooking is a work of art, too. What isn't?


Credible Edibles
I myself ate only wild edibles quite a few days, and I must admit I've lost a lot of weight. It's a good thing. The beginnings of my mid-aged paunch are now gone. I've eaten lots of mesquite, some honey locust, wild grass seeds, cholla (starchy cactus fruit) rattlesnake, fish, amaranth greens (seeds not ripe yet), acorns (the kind you don't have to process), black walnuts, & berries (I forget the name).

Trials
The bugs are relentless down there: mosquitoes, chiggers, ants. That's been the hard part. The heat gets pretty bad at mid-day, but frequent river-dips remedy that. And there have been short, cool monsoons in the afternoons.
This all exacerbated my bouts of chronic fatigue. Yeah, bouts of extreme fatigue have been my little trial for decades (& living moneyless hasn't made it magically disappear). But it's my Teacher, & teachers stick around until our lesson is done.

Into the Wild Gila River
M's friend (who also seems enlightened to me, though I didn't get to know him much) told us about droves of acorns way up the Gila river. So, a couple days ago, M & I took a trek up to find them, camping overnight. I was a bit concerned, because I really had little food & not sure I could do it all in my sandals. But I didn't say anything. I just kept reminding myself that "all these things shall be added unto you" if I not worry. Besides, we were heading to the alleged "abundance of acorns". So off we went.
I found tons of super-sweet mesquite pods & chewed them the whole way, feeling not a bit of hunger. My sandals held up well, but my feet were pretty scratched up by the time we reached our destination. There was an abandoned camp ring there, &, lo & behold, a pair of perfectly good boots hanging, just my size!
There were lots of oaks, but all the acorns were gone - eaten by critters in the desert competition. That evening I toasted a few wheat berries M had given me days before, and a bunch of grass seed I had collected. I also ate lots of mesquite, again. And I pulled out a fishing lure I'd found & caught a fish. I felt great. In the morning, M insisted on giving me cooked rye cereal, which he had too much of. I had boiled a sweet milky syrup from the mesquite & carried it with me. We headed back. I came across a rattlesnake, knocked it in the head with a rock, & ate it. Rattlesnake has a texture like, & tastes like, calamari (squid), and peels off like string cheese.

Night Visions of a Dragon
The trek was incredibly gorgeous & wild. That night we camped I felt high, sleeping sporadically, interspersed with amazing dreams. New revelations were coming in the wee hours of the night on charging interest & world religions, believe it or not. Everything nature produces is interest bearing - an observation I've tried to avoid thinking about in my opposition to banking. But now the answer was crystallizing in me, and the idea of interest in the Torah, as well as the idea of Yajna (sacrifice) & renouncing the fruit of action in the Bhagavad Gita & Upanishads,& how Jesus often uses the word "lend" rather than "give" in his teaching. It's blowing me away.
But there is also something quite frightening about all this. We're getting to the Heart of the World Dragon, and do we dare stab it? I realized then I had to move on out of our wilderness refuge & go back out & help deal with the Dragon. Part of me is really reluctant, & part of me is excited to no end, & kind of scared about what's happening.

18 Ağustos 2009 Salı

Bob Novak, R.I.P.

Faith, freedom, and free-enterprise.

Now we say good-bye to Robert Novak, who passed away early Tuesday morning at the age of 78. Yet another conservative icon has left us. He was a good friend, and an amazing reporter. In fact, I believe he was the best reporter of his generation, which spans all the way back to the Eisenhower years.

Bob had a lot of opinions -- conservative opinions; Reaganesque opinions. But his pursuit of journalistic detail, facts, scoops, and stories that no one else got was remarkable. He was “old school” in this respect, which is why he was so esteemed by political allies and critics alike.

Shoe leather is a term that comes to mind, and doggedness, and very hard work. Bob had a deep distrust of government. But even during the Reagan years, when I confess to being a source, Bob would write tough stories about the administration he supported. That was the thing about Bob: He was both a conservative icon in terms of his unswerving political beliefs, and a journalistic icon in terms of his unyielding tradecraft.

His last book, The Prince of Darkness, is a phenomenal account of Washington over the last 50-some-odd years. And it is a brilliant account of politics by a guy who refused to trust politicians, even the ones he favored. I can’t think of anybody today who writes the way Bob Novak wrote.

I knew him well, from tons of television work. We actually had a show together for a year back in 1990. It was called Money Politics. It was produced by Neal Freeman and it ran every Sunday until the deep recession turned it off.

Down through the years I had many an encounter with Bob on CNN’s Crossfire. Even though we agreed on most issues, he’d still come after me for one thing or another. You had to be on guard. Bob was a hoot.

He also was an anti-communist hawk on foreign policy and a supply-sider on the economy. In The Prince of Darkness he wrote that Jude Wanniski’s The Way the World Works was the most influential book he ever read.

Down through the years Bob proselytized the work of Wanniski, Art Laffer, Bob Mundell, Jack Kemp, and many of us lesser lights in the movement. He believed in low tax rates to grow the economy and a gold-backed dollar to keep prices stable. Sounds almost quaint today, in Obama’s very-big-government Washington. But it really was the heart of the successful Reagan economic revolution.

Back in July 2007, after the publication of The Prince of Darkness, I interviewed Bob once again on CNBC. He was as sharp as a tack and remarkably conversant on everything. We had him on for almost the whole show. It was a real treat.

One of the great things about Bob was how he stood by his friends through thick and thin. I know this from personal experience. Though I first met him in the late 1970s, our friendship became much closer after I crashed and burned over alcohol and drug abuse in the mid-1990s. He congratulated me for moving on, and he exhorted and encouraged me in my new full-time career in broadcast journalism and column-writing. I loved him for that. Bob was a tough guy, but not with his friends. He was loyal. So am I.

Over the past twelve years Bob became a strong and devout traditional Catholic. He converted at the age of 66 as he came to grips with faith and embraced Jesus Christ. He did so on very personal terms, without any drama, but his belief was strong and deep. He came to believe that Christ died for us and our sins and for our salvation. As he looked back on his own life, and his several brushes with death, he came to understand that Jesus saved him and had a purpose for him.

As a Catholic convert myself, I often spoke with Bob as he neared his final decision. I had been received into the Church a few years earlier, and Bob would call me not so much for advice, but to talk about my decision. I always told him to follow his heart and his instincts. He did, with enormous grace.

In the past year and a half, conservative giants Bill Buckley, Jack Kemp, and now Robert Novak have departed. These were very different people, but they were all phenomenal leaders. They dedicated their lives to faith, freedom, and free-enterprise. I was blessed to know all three men very well. They had an immeasurable influence on my life.

But for today I am saddened by the passing of my friend Bob Novak. May he rest in peace.

17 Ağustos 2009 Pazartesi

Eight Reasons Why Big Government Hurts Economic Growth

Here's Dan Mitchell's latest mini-documentary explaining how and why excessive government spending undermines economic growth.

Incidentally, a new poll out today reveals that 57 percent of Americans say the stimulus package is having no impact on the economy or making it worse. Moreover, 60 percent doubt the stimulus plan will help the economy in the years ahead.

14 Ağustos 2009 Cuma

On Tonight's Kudlow Report

On tonight's show at 7pm ET on CNBC:

OBAMA TAKES ON HIS CRITICS IN MONTANA
NBC’s Steve Handelsman reports.

IS OBAMA-CARE IN INTENSIVE CARE?

*Deroy Murdock, conservative syndicated columnist
*Jerry Bowyer, economist; CNBC Contributor, Syndicated Columnist
*Keith Boykin, CNBC Contributor; Former Clinton White House Aide

STOCK MARKET DRILLDOWN
CNBC’s Scott Cohn reports.

SPEED TRADERS: IS THIS JUST A SHORT-TERM PULLBACK?

*Dan Nathan, "Options Action" Contributor
*Mike Khouh, "Options Action" Contributor

THE NEW BULL MARKET: IS THIS JUST A SHORT-TERM PULLBACK?

*Ronald Kruszewski, Stifel, Nicolaus Chairman & CEO
*Richard Hoey, Chief Economist For Bank of New York Mellon, Chief Investment Strategist for Dreyfus Corporation

MADOFF'S MISTRESS

*Vicky Ward, Vanity Fair Writer, CNBC Contributor
*Pat Brosnan, Brosnan Risk Consultants Founder & President

Please join us. The Kudlow Report. 7pm ET. CNBC.

One-on-One with Elaine Garzarelli

Famed market analyst Elaine Garzarelli, president of Garzarelli Research, offered her stock market and economic perspective on last night's Kudlow Report.

Interview begins at the 2:30 mark.



13 Ağustos 2009 Perşembe

On Tonight's Kudlow Report

On tonight's show at 7pm ET on CNBC:

EXECUTIVE COMPENSATION DEBATE
Should there be guaranteed bonuses?

*Bob Reich, former Labor Secretary and author of "Supercapitalism"
*Steve Moore, Sr. Economics Writer, Wall Street Journal Editorial Board; "The End of Prosperity" Co-Author

EYE ON FASB: RETHINKING MARK-TO-MARKET?
CNBC’s Mary Thompson has a report.

Would mark-to-market destroy the stock rally?
Frank Sorrentino, North Jersey Community Bank Chairman & CEO will join us to discuss.

TOWNHALLS GONE WILD...

On to debate:

*Ann Coulter, Syndicated Columnist; "Guilty" author
*Mark Walsh, "Left Jab" Host; Fmr. Sr. V.P. at America Online; Fmr. Vertical Net CEO; Founding CEO at Air America; Fmr. DNC Advisor

MARKET DRILLDOWN
CNBC’s Sharon Epperson reports.

THE NEW BULL MARKET
Buy or Sell?

Elaine Garzarelli president of Garzarelli Capital will offer her perspective.

Please join us. The Kudlow Report. 7pm ET. CNBC.

Have We Seen This Fed Movie Before?

The bull market snapped back yesterday and prospects for modest economic recovery still look good. But I want to issue a warning or two about the latest policy statement from Bernanke & Company. I am not thrilled about it.

The Federal Reserve is keeping its fed funds target rate down near zero and is talking about adding another $1.5 trillion to its balance sheet through the purchase of mortgage bonds and Treasuries. Now, I don’t care whether those purchases come sooner or later. They represent massive new dollar creation and potential inflation. The Fed is targeting unemployment, not price stability or King Dollar.

Here’s my question: Is the Fed repeating the very same easy-money mistake it made between 2002 and 2005, when it totally bubbled-up and inflated housing, energy, and financial markets, all of which led to a 6 percent inflation rate down the road? Of course, all of that also led to a very deep recession. So color me worried.

Distinguished monetary historian and Fed expert Alan Meltzer from Carnegie Mellon says the Fed needs to wind down the printing of excess cash and balance-sheet expansion in order to stop future inflation. He’s absolutely right.

And even if government health-care control doesn’t pass, it’s bad enough that Uncle Sam is borrowing too much and spending too much. This will slow future prosperity and bias the system toward inflation.

In the short run, excess liquidity from the Fed may be good for stocks. In the longer term, it is not good for stocks, the economy, or your pocketbook.

12 Ağustos 2009 Çarşamba

On Tonight's Kudlow Report

On tonight's show at 7pm ET on CNBC:

MARKET DRILLDOWN
CNBC’s Rebecca Jarvis reports.

SPEED TRADER: THE NEW BULL MARKET!

*Brian Stutland, Stutland Equities President & Trader; Options Action Contributor
*Jim Iourio, Options Action Contributor; Director, TJM Institutional Services

THE FED STATEMENT
CNBC’s Hampton Pearson reports.

FED SPEAK & THE NEW BULL MARKET
Should Bernanke stay or go?

*Michelle Girard, RBS Greenwich Capital Senior Economist
*Michelle Meyer, U.S. Economist, Barclays Capital

TOLL BROTHERS CEO EXCLUSIVE
CNBC’s Diana Olick reports.

ALL-STARS DISCUSS THE NEW BULL MARKET

*Laszlo Birinyi Jr., Birinyi Associates President
*Ed Yardeni, Yardeni Research President

UBS-US-SWISS COMPLETE TAX-EVASION SETTLEMENT
Is this the end of Swiss bank accounts?

*Joe DiGenova, Former U.S. Attorney
*Dan Mitchell, CATO Institute

Please join us. The Kudlow Report. 7pm ET. CNBC.

Obama’s Hoof-in-Mouth Disease

Does the inner Obama secretly favor private health care?

It’s hard to know why President Obama said what he said at Tuesday’s health-care town hall in New Hampshire. He actually stated, “If you think about it, UPS and FedEx are doing just fine. It’s the Post Office that’s always having problems.”

Oops. Freudian slip? Subliminally speaking, was the president implying that private health insurers are doing just fine?

Government insurance is what’s in trouble today. Medicare is in the hole by about $40 trillion on a discounted present-value basis over the next 40 or 50 years. And if we’re going to equate government care to government mail, according to Steve Hayes of The Weekly Standard, the U.S. Postal Service is going bankrupt with a $7 billion net loss this year. With 633,000 career employees, the Post Office won’t be able to make $5.4 billion in retiree health-benefit payments. How many of these federal employees will populate the new government-backed insurance plan if it passes?

So it’s something of a mystery why the president went down the FedEx/UPS/Post Office turnpike. Perhaps the inner Obama is a free-enterprise guy. Maybe in the heat of battle his private-sector FedEx/UPS endorsement kind of, well, slipped out unconsciously.

Some will be skeptical of this reasoning. But having once, along with other conservative pundits, had dinner with the man, and knowing how carefully he parses his words, I find it hard to understand how he let this free-market blessing slip out. Perhaps he’s secretly competing with Joe Biden to win the hoof-in-mouth-disease contest.

Obama’s health-care gaffes are mounting. At a press conference a few weeks back, the president let fly with an attack on doctors who remove tonsils instead of handing out allergy pills. Since doctors are very popular in America, and many Obamacare protesters are opposed to putting government central planners between doctors and patients, this was a big mistake. Worth noting, at that same presser, Obama also put his foot in it by attacking the Cambridge police officer at the center of the Henry Louis Gates affair. More hoof-in-mouth.

Obama’s response in New Hampshire to the so-called death-board issue also was revealing. Some say these boards are tantamount to euthanasia for the elderly. Placards outside the meeting read: “Obamacare, Down the Chute Granny.” (Former Alaska governor Sarah Palin is spearheading this protest.)

Obama’s response? He says reform “would not basically pull the plug on grandma because we decided that it’s too expensive to let her live anymore.” But the bill provides for end-of-life counseling in the context of a broad effort to “bend the cost curve.” And as policy students know, it’s not always the precise wording of legislation that counts, but the regulatory interpretations of laws that are made by federal and state officials.

So, in a sense, Obama’s denial was a non-denial denial. He should have unequivocally demanded that the death-board language be removed from any bill. But he didn’t — perhaps because he agrees with it. In interviews earlier this year, the president said that while he would have fought for his own grandmother’s hip replacement, clinically he can see how these expensive decisions should not be made.

Grandma may indeed represent Obama’s biggest political problem right now. As Team Obama attempts to placate concerns at the CBO that health reform is a budget-buster, seniors are rightly worried that the Medicare program on which they depend will be ravaged by cost cuts.

Rasmussen now reports that elderly folks over 65 are against Obamacare by 56 to 39 percent. That’s a bad number for Democrats who rely on seniors to maintain their governing coalition. Incidentally, polls also show that about 75 percent of Americans are satisfied with their health-care services.

It’s still tough to know whether this behemoth government takeover of health care will actually pass. But two key markets are betting against it. First, over at the Intrade pay-to-play online-betting parlor, the bid for the U.S. government health-plan contract is only 38 cents. That’s down from 50 cents in late July. Second, the share prices of big private health insurers have rallied in recent weeks. UnitedHealthcare is up 13 percent, Humana is up 12.4 percent, and Aetna is up almost 10 percent. These firms will be decimated if the government insurance plan passes. But investors are now predicting it won’t.

For the sake of economic freedom, liberty, and fiscal sanity, let’s hope the markets are right.

Bove Talks Banks

Rochdale Securities bank analyst Dick Bove offered his bearish outlook for the sector on last night's show along with the more bullish Danielle Hughes from Divine Capital.

























11 Ağustos 2009 Salı

Washington's Fiscal Nymphomania

Joining me last night to debate Paul Krugman's assertion that the U.S. needs a second round of stimulus was University of Chicago economics professor Casey Mulligan and former Labor Secretary Robert Reich.

























1 Ağustos 2009 Cumartesi

Sitting in Silver City

Publicity, Dancing, & Credit

Now I'm in Silver City. I have lots of computer access at the U here, so I decided to stay a couple days & catch up on emails before heading "into the wild." But the internet server here was down yesterday.

I'm trying to get used to the sudden publicity & the plethora of emails & comments (both loving & hateful). Thanks for them all, but please understand I usually get little computer time & hope I can read them all & maybe even answer them all.

Maybe publicity will spoil my path. It can be an ego trip. It seems incongruous with this lifestyle, doesn't it - whatever "this lifestyle" is "supposed" to be, huh? But it's only natural to get a kick out of it, whatever.

Really, it's true, deep down I don't always live totally without money. I have hypocrisy in me. And I'm not talking about what people keep saying is "mooching off the products of money, like computers & libraries & dumpsters." I can't find any contradiction in that - being like the raven or the bacterium - using what is freely given or freely thrown out, what is released from obligation, debt, making no value discrimination between a pizza or a corpse or a nut. But I'm talking about what's within. I still find myself doing things for self-credit, doing things not out of natural instinct but to get credit, or out of a sense of debt (obligation), rather than from a sense of love.
Self-credit is money & money is self-credit. And I deal with this dilema sometimes writing this blog. A dancer deals with this when he dances: "Am I dancing out of the passion of my heart or am I dancing to get credit from spectators?" But does this mean the dancer should stop dancing before others? Should I stop dancing? Should a flower stop blooming?

However, your work in secret, done for no credit, is what is eternal. Since it must be unseen, of course, you risk being called lazy. And those who judge you as lazy want more than anything for you to expose your work, to give yourself credit so they can praise you, so they too can give you credit, and thus forfeit your eternal substance.

If you did things for no credit, nobody would know, would they? This is the comical paradox.

The nations of the world run on working for credit. But don't be like the nations of the world.

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Musings on Hitch-hiking

I'm in Silver City right now, probably parked here till Tuesday, then "into the wild" to hook up with a primitivist I'm hoping to learn from - like better how to live off the land.

A couple weeks (?) ago, after meeting James at the airport in Albuquerque, we camped in the woods by the Rio Grande for a couple days. James started teaching me Tai Chi. I had never realized you could touch the face of God through Tai Chi. This is what James came all this way to impart to me. He has an understanding of the Bible & other world scriptures & religions I've rarely seen before. We feel like we've known each other forever.

James & I got a couple rides all the way to Las Cruces. The first was from a Mexican American who told us he always picked up hitchers. He had gotten stranded once and had to hitch and not a soul would stop for him. Now he doesn't want others to go through that. I hear that story often.

We tried to hitch out of Las Cruces on I-10 for nearly 2 days in the blazing heat, and not a soul stopped. We got a lot of honks and heckles though. James started getting really sick and we walked to the rest stop some 3 miles west of town. Before sunrise, James was getting deliriously ill & couldn't sleep & said he didn't think he could make it through another hot day. He didn't think he had the strength to walk to town. So we tried to get a ride for him at the rest stop. Not a soul would help. Everybody said they weren't going to Las Cruces, but it was the only way you could go from the rest stop (it being one-way). Finally, I stashed my pack there and carried James' pack, & we slowly walked into town as the sun was rising. James called his wife & she booked him a hotel & a plane flight back home.

I felt sad & upset on the one hand - like the rug had been pulled out from beneath us. And I was upset about the lack of help from fellow human beings (& in the heat of the moment I went to the U & wrote an impassioned blog entry, which I later deleted). But beneath it all I knew it was the Divine will, and I felt intense peace.

Most everybody gets to see life from the viewpoint of the driver, but few know what it's like to be a vagrant or a hitch-hiker. Drivers are scared, based on some truth, but also overblown statistics & sensational media. I understand the fear. I've been both a driver and a hitch-hiker. I myself passed up hitchers in my driving days, and I picked up droves of them too, all without incident. But my friend could have died out there. James & I even asked ourselves, would anybody have stopped if James' corpse had been lying on the ground? People have pointed out that I am voluntarily living this way, and nobody owes me anything. Yes, nobody owes me anything. If I am speaking only about myself, then I am speaking selfishly. And what if I am? But consider that maybe, just maybe, I'm speaking for all vagrants & hitch-hikers, most of whom don't choose this lifestyle, and are even less likely to be picked up than I. This sounds moralistic. But it's just truth. And once in a great, great while, somebody gets mugged by a hitch-hiker, probably less often than when somebody gets mugged walking down any street. Getting out of bed is a total risk.

But the flip side is that nothing is black-&-white, and I began seeing an overwhelming outpouring of human compassion when I started hitching north. But, first, a little incident in Las Cruces.


More Usual Police Harassment... ho, hum

After I had said goodbye to James, I was hot & exhausted, hungry & sad & concerned about James, but strangely feeling exhilarated & in intense peace at the same time. I came upon a Domino's Pizza, which I usually avoid (due to both the junk food factor & my lactose & wheat intolerance). But exceptions are good, & this one felt right. I walked to the dumpster as a cop watched me. I decided to ignore him. There was a full pizza in a box, right on top, waiting for me. So I grabbed it & sat on a curb in some precious shade under a mesquite tree. I took one scrumptious bite, and, as expected, the cop walked up. As he was slipping on rubber gloves, he said,
"Put down the pizza. For your safety, would you please stand up, put your arms up and spread your legs?"
I put down the pizza, stood up, & asked, "Am I being held for any reason?"

"Well, no," he said, taken aback.
"Then may I go?" I said.
"Yes, but we are trying to help..." he started saying.

"This is prejudice. I choose to live without money and to live as ethically and morally as possible on earth, and I get constantly harassed for it."

"But we're not harassing you..." he replied.

"This same harassment happens all the time. Thank you for honoring the law and letting me go," I said, as I picked up the pizza & walked away.
Though I was turned off by the cop's insincere talk, I ended up admiring for him for actually honoring the law and letting me go without further harassment. That wouldn't happen in lots of other countries.

Hitching North


The door was closed going west, so I started walking north, to the side highway 185. Interstates are bad news. I walked most the day, without hitching, to find a good spot. I walked through opulent neighborhoods. I finally found some shade from a nice big tre
e overhanging the adobe fence of a fancy house. I plopped down on my back. It was public land. Then a young guy came out and asked me if I was going to stay there long. I was surprised about the intense mistrust, & told him so. Then, minutes later, another young guy (his brother?) came by & asked me the same, & that I should move along soon. I decided to get up and keep walking. I thought, "Wouldn't it be a wonderful world if somebody came out and actually asked me if I were thirsty (which I was)?" But this mistrust comes with the territory - literally. When you have a lot to lose, you have a lot of mistrust.

I finally reached a spot on 185 that felt right to hitch. As soon as I stuck out my thumb, two really nice young Mexican American guys picked me up and brought me all the way to their home-town of Hatch. I camped by the Rio Grande that night. That evening I feasted on gleaned corn & chiles from fields with canned pintos & a can of pineapple juice from a dumpster & some foraged
pig weed. The next morning I put my thumb out & immediately got a ride with another Mexican American named Eddy who talked like Cheech & Chong. He was a total joy to be around. He was delivering food to tiendas all over the area, and chatting it up and laughing with everybody he came across. He said he could do his entire day's work in a couple hours, but it ends up taking all day because of friendly folks.

I told him it was refreshing how friendly & kind people were here, unlike in the cities. "Yeah, in small towns, people can start remembering what Jesus' message really means. But in the rat-race of the cities, you forget. I was that way when I was living in the cities." I liked how he said this naturally, how he didn't have any agenda to convert me.


Eddy told me he was having problems with splitting headaches, & how his doctor told him it might be sinus infection. I told him to get it checked out, because doctors once told my
late brother the same, and it ended up being a brain tumor. "I know," he said. "I am afraid to get a cat scan for that very reason." But he still lives life with total gusto.

Eddy took me to Caballo and handed me a bag of cookies and his lunch. He did it as if I were his equal brother.


Caballo is where the back road goes into Silver City & Gila, exactly the destination James & I were trying to hit going the I-10 way! I put my thumb out & immediately got a ride to Hillsboro from a really friendly 60-something named Embree Hale. Embree is a petroglyphs photographer & there's even an award-winning documentary film about him & his work, called
"In Place Out of Time"

Hillsboro is teeny-tiny & beautiful, & seems a town of enlightened folk. After wandering around there a bit, I walked to a good place to hitch, right under the shade of a tree overhanging the wall of a modest & artful house. I plopped the pack down & a 60-something woman immediately came out. "Here we go again," I thought as I braced up.

"Are you resting?" She asked.
"Yeah, I'm hitching through."
"Are you thirsty?" She asked.
"Why, yes, I am," I said, grinning in relief. It was as if my wish from Las Cruces were manifesting itself right here.
"Well, come on in the house," she said.
It was beautiful in there. It was obviously an artist's house. She gave me cold water, plus a frozen bottle of water. Then she brought a chair outside and put it under the tree by the road for me to sit on.
"
There isn't much traffic out here, but people are friendly and you should get a ride. Are you hungry?" She asked.
"No, I just ate, but thank you so very much," I said, almost in tears.

"Well, if you're still here and you get hungry, let us know. Oh, yeah, by the way, the bathroom is right inside the door if you need it."
A few minutes later, her husband came out to chat. He also reminded me they had food if I wanted it.

I got a ride pretty quickly from another really friendly 60-something Anglo gu
y name Jim. We chatted about our travels & families. He wanted to show me the unbelievably huge copper mine on the way, where his dad used to work. It's shut down now, like most mines, because copper prices are too low, he said. He seemed to have mixed feelings about such mega-scars on the land. I often wonder why we need to ever mine any metal ever again, with so much already above ground. It would be so much cheaper & efficient & rational to recycle what we already have. But mining lobbies & tradition have kept this from happening. Maybe that can change now.

.....................................................................................................

Musing on Moochers & Technology

I smile when people keep calling me a worthless mooch.


When you stop to think about it, there's not a single creature in the world t
hat isn't a mooch.

The point of living this lifestyle isn't to become independent, but to realize my utter dependence upon you and every other living creature, and visa-versa.


Why do those who take more than they need call those who take only what they need worthless mooches? Ah, Babylon runs on Orwellian doublespeak, does it not?

I think about Van Gogh. He was called a worthless mooch who didn't work, who only sold one meesly painting (to his brother) his whole life. Now art dealers have hijacked Van Gogh's
work & sell it for ridiculously obscene amounts of money. But Van Gogh was a mooch, and the art dealers, of course are not, right? Can you imagine the next Van Gogh scavenging from an art dealer's dumpster & being shooed away for being a worthless mooch?

Techn
ology comes from the same Creative Passion as do trees and ants and atoms

Just because I usually live in a cave doesn't mean I'm a Luddite!


I remember, in my money days, working as a counselor at a homeless shelter in Boulder. There was a white-haired man there nobody took seriously. He used to carry around tiny metal objects & fiddle with
them. One day I was astonished to find out he was a successful inventor. Presently, he was working on a new-fangled bobbin for a sewing machine. It's probably in use in machines today! Wish I remembered his name. But getting credit wasn't his gig. He, like Antony van Leeuwenhoek (who invented the microscope), and like most inventors we've never heard of, didn't care a lick about money or other credit & lived & died paupers. They ran on Creative Passion, not money or credit. Think about all the musicians, artists, inventors, and prophets who gave us all these wonders of civilization Babylonians love to turn around & take credit for! And Babylon hijacks all these things that were freely given and mass-markets them. And Babylon takes way, way, way more than it needs, and doesn't know how to say "enough," and then calls anybody a moocher who dares grab a few crumbs from its table of opulence.

The stone that the builders rejected becomes the Chief Capstone.

Hallelujah
(All Credit to Jah)
This is the whole meaning of life

Technology is meant to serve us, and it would be a very beautiful thing if it did! But who can deny that we are serving technology, rather than technology serving us? Why do people have less time than ever before with all our labor-saving devices? But is technology the problem? What you own owns you. And if you own, you owe. Owe & own are really the same word. Mammon isn't serving people, people serve Mammon. "Owe nobody anything, except to love one another." Own nothing, share everything, and all comes into balance. Then technology would serve us, not over-run us.