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Bernanke was in charge of things at the time and he also refused to listen and claimed things were fine only to have things crash and then Obama renominated him.
My point? No, Trump does not hire the best BUT he's simply following in the footsteps of those who came before him.
For decades now, presidents hire who Wall Streets wants and they are not the people who care about what is best for the country but what is best for the next market report.
Haley said, "With all due respect, I don't get confused."
Good for her!
Kudlow has always been an idiot. All he ever talks about is 'mothers milk,' probably didn't get enough.
However, I think he bit off more than he can chew. He thought he'd get Trump to think his way and just focus on what is good for the markets. Trump is a 'no nothing' and won't have anyone tell him the facts and reality of how the markets work, governments work.
I doubt Kudlow will last too much longer.
Kudlow and Trump both know they won't have Niki Haley to be their 'yes' person.
Haley has the courage to stand up to these idiots, I respect her for that one liner that put them in their place. But that will not set well with Mr " I want women who are weak" Trump. She probably signed her resignation papers right there..........but I bet she was happy to do it.
Any decent person who sticks around this corrupt administration is going to end up with the stench of it all over their futures.
President Trump only "hires the best people" according to himself...
And one his recent hires is the economist Larry Kudlow--
He is the one who accused Nikki Haley just this past week of being "confused" about imposing new sanctions for Russia after the Syrian missle strikes--only to have the WH refuse to impose them...ergo Mr. Kudlow was sent out to explain the discconnect and he blamed UN Ambassador Haley---then he had to walk that back when Ms Haley said she did not become "confused"...no doubt...
Not that Kudlow has anything to do with foreign policy but apparently he at least was in the most recent briefing about NOT imposing new Russian sanction---the one no one told Ambassador Haley-
This article from 2007 points to Kudlow's seemingly natural ability to put his foot in his mouth and trip himself up very easily---but hey, President Trump only hires the best people....
In Dec of 07--Kudlow was totally immune to seeing any fissures in the economic cycle--and refused to take note of anyone who WAS warning people -- banks, investors, Congress--about the time bomb waiting to go off over the debt obligations that were owned by so many banks, that were going to bomb our financial system very soon after this article and eventually those of most of the world...
Yeah Kudlow---the president hires only the best people
Just read it and remember with hindsight that this man was blind as a bat then---and likely still is...
“ Mortgage refinancing is up 70%” ( as people continue to suck the equity out of their homes to live beyond their means)
Seems like there were a lot of D and R politicians telling us how great we were doing back in 2007 and kept any correction from being implemented until it was too late.
Democrats controlled Congress in 2007. They assured us that all was well.
Bernanke was in charge of things at the time and he also refused to listen and claimed things were fine only to have things crash and then Obama renominated him.
Wrong. Bernanke and the Fed began slashing the Fed funds rate in second half of 2007, long before Kudlow stopped touting the George W. Bush "Goldilocks" economy. From August 2007 to January 2008, the Fed funds rate was cut from 5.75 percent to 3.00 percent. By December 2008, the Fed funds rate was less than 0.25 percent.
Bernanke was the rock that held off a Great Depression by implementing historically innovative policies, and is considered perhaps the best Fed chairman ever.
Quantitative easing began in November 2008
<<As the "Great Recession" deepened, Bernanke oversaw some unorthodox measures. Under his guidance, the Fed lowered its funds interest rate from 5.25% to 0.0% within less than a year. When this was considered insufficient to abate the liquidity crisis, the Fed initiated Quantitative Easing, creating $1.3 trillion from November 2008 to June 2010 and using the created money to buy financial assets from banks and from the government.>>
See post 31 at the following link. Although the Fed was slashing the Fed funds rate, Kudlow saw no problem in January 2008. He claimed that the banks had control of their balance sheets just as significant numbers of banks and other financial institutions were on the brink of failure and the sector was characterized by massive leverage and insufficient capital, a reality obvious to anyone with an ability to read balance sheets.
Bernanke has admitted that the Fed failed as a regulator of the banks by not requiring higher capital ratios and tougher loan standards. The likes of Kudlow, who claimed that housing prices would never fall, and his like-minded Republican partisans, would have howled in anger if the Fed had launched a crackdown.
Kudlow's standard fix for the economy.....trickle down economics...we know how well that works. Worked especially well in '08/'09.
Regards
Gemstone1
While there are issues with trickle down (and any other type) it had NOTHING to do with 08/09!
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