Trump adviser called out for vowing “no recession” after saying SAME in ’07

Trump adviser called out for vowing “no recession” after saying SAME in ’07


The private sector seems to be concerned about
particularly the trade was with China.
That there are some rough waters ahead, maybe
a recession, that those odds have risen.
What do you see?
Well I’ll tell you what, I sure don’t see
a recession.
We had some blockbuster retail sales consumer
numbers towards the backend of last week.
Really blockbuster numbers, and in fact, despite
a lot of worries with the volatile stock market,
most economists on Wall Street towards the
end of the week had been marking up their
forecasts for the third and fourth quarter.
That echoes our view.
You know, what we’ve got here consumers are
working at higher wages, they are spending
at a rapid pace, they’re actually saving while
they’re also spending.
That’s an ideal situation.
So I think the second half of the economy
is going to be very good in 2019.
No, I don’t see a recession.
Let me have one theme, Chuck, just one theme.
We’re doing pretty darn well, in my judgement.
Let’s not be afraid of optimism.
Again, I think it’s a pretty good story.
Again, let’s me echo my theme, let’s not
be afraid of some optimism.
Okay you say that but, you know, you actually
said that in 2007 right before the second
worst downturn in American history.
This is what you wrote, “There’s no recession
coming.”
This is in December of ’07.
“The pessimists were wrong.
It’s not going to happen…
The Bush boom is alive and well.
It’s finishing up its sixth consecutive year
with more to come.”
The more to come was a massive downturn.
So, I admire your optimism, but the data is
pointing in another direction.
Well I plead guilty to that late 2007 forecast,
I plead guilty.
By the way, every other forecaster CPO, OMB,
Bluechip–
You weren’t alone.
That’s right.
They were all there.
However, just a wee bit of Kudlow defense
now, by February and March on CNBC in those
days I did go to the recession call.
I do plead that I did see it, I don’t think
that anybody saw that kind of crash.
But look, this is not then, this is not then.
Our banks are well capitalized, our financial
system’s in very good shape, and I must say
that the President is transforming and rebuilding
this economy, he deserves enormous credit,
a new policy of lower taxes and regulation
and energy opening and trade reform.
You know we didn’t quite get to 3% but look
Chuck, the first two years of the Obama administration
we were just a hair below 3% that we’re moving
in the same direction.
And let’s be honest here, we’ve faced severe
monetary tightening, seven rate hikes in 2017
and 2018, don’t think all that was necessary,
it’s a miracle we’re able to continue as well
as we’re doing.
This is Trump’s economic adviser Larry Kudlow
promising, just like he did in 2007 while
he was carrying water for the last Republican
president, that there’s totally, definitely
no recession coming.
And I feel like the safer bet here, while
we’re predicting things, is that Larry Kudlow
is not the person to turn to for insights
about the economy.
In reality, what this proves is that Kudlow
is just as much a reliable economic figure
as Kellyanne Conway is honest.
That he, on more than one occasion in his
desperation to defend Bush, swore up and down
that there was no recession on the horizon
in 2007, is a testament to the fact that his
partisan politics have ALWAYS outweighed whatever
tepid economic credentials he has.
And while Kudlow absolves himself of his partisan
hackery by claiming that every other forecaster
missed the economic crash, I should note that
there was ONE person who did see it coming—
Ultimately, Alan Greenspan constituency is
just the banks.
Keep those banks safe and that means, everything
is happy.
But you see, Chairman Greenspan does think
we can make the payments by and large.
He’s been asked about this at recent appearances
and he’s not that worried about household
debt or that it’s too much or that we may
be getting in over our heads.
You know, I don’t understand what Chairman
Greenspan is reading in terms of the data.
Let’s talk about what’s happened to families,
not in the long past, just in the year 2000.
Since the year 2000, credit card defaults,
that is people who are not even making the
minimum monthly payment, up 55%.
Home mortgage foreclosures, people who desperately
want to keep up the payment on that one asset,
because if you don’t that means you’re out
on the street, up 45%.
And bankruptcies, ultimate declaration of
financial death that I can’t make it anymore,
up 33%.
What was the number one New Year’s resolution
this year?
What was it?
For the first time ever overtaken lose weight,
it was pay off some debt.
I’ve got too much debt, I’m in trouble, I’m
worried whether or not I can make some basic
payments.
Alan Greenspan, our national economic leader,
has stood up for the last four years and told
Americans, barrow against your house, if you
can’t close the gap at the end of the month
just barrow against your house.
Now he never called it barrow against your
house, he said fancy things like, tap your
home equity, which sounds like some kind of
dance or, you know, some clever financial
thing to do.
But what it really was, is barrow more money
against your and bet your house that you could
continue to make all those payments.
Do all that just as a way to make it to the
end of the month, to put groceries on the
table, to make that house payment, to keep
the lights on.
That’s really scary financial advice for someone
to be giving American families.
And, what frightens me, is that millions of
American families have taken that advise.
We’re starting to watch the numbers grow of
people who are 65 and don’t have their homes
paid off, people that are 55 and still owe
20, 25 years on their mortgages.
Or in 30 years, when you’re just finishing
mortgages payments, fifteen years after you’ve
tried to retire.
Trying to manage mortgage payments the same
time you’re trying to live on social security.
We’ve literally, as a country, mortgaged our
future.
The long term trends don’t look good.
It’s almost like listening to someone who
cares about the economy more than fawning
over Republican presidents might be a better
source when it comes to identifying impending
recessions.
And if Warren correctly predicting the 2008
crash was any indication of that, then we
might want to heed her advice about the economy
now under the Trump administration—
Senator Elizabeth Warren out with a new warning
today.
She says an economic crash is coming.
She also claims that has a plan that could
prevent it.
In a new Medium post, the 2020 presidential
contender writes, “I warned about an economic
crash years before the 2008 crisis, but the
people in power wouldn’t listen.”
She goes on to add, “Now I’m seeing serious
warning signs in the economy again—and I’m
calling on regulators and Congress to act.”
The Massachusetts Democrat bases her predication
on a number of reasons, including growing
household debt and corporate debt, and what
she calls a manufacturing recession.
Warren also faults President Trump for chaos
in the form of the trade war with China as
well as his comments on Brexit.
And this is a recurring cycle in American
politics.
A Republican president inherits a strong economy
from a Democrat.
They pass massive tax cuts for the rich, deregulate
Wall Street, which implements predatory banking
practices that only serve to line their own
pockets, the economy crashes, and then a Democrat
takes over to clean up the mess.
It happened when Bush took over for Clinton
2001 and it’s happening now as Trump took
over for Obama in 2009.
And Kudlow DOES try to invoke Obama, likening
Obama’s GDP with Trump’s GDP.
He says that while Trump didn’t get to 3%,
that Obama didn’t either in the first two
years of his administration.
…Only, when Obama took office, we were mired
in the Bush recession.
Kudlow just got done saying how indestructibly
strong this economy is—so are we really
comparing Obama’s economy in the midst of
the second worst economic downturn in US history
to Trump’s economy, after 107 straight months
of growth (76 of which he inherited from Obama)?
The truth is that Obama hit not only hit 3%
quarterly GDP growth, but broke 4% of several
occasions, even breaking 5% quarterly GDP
growth in the second quarter of 2014.
Trump, meanwhile, has only broken 4% quarterly
GDP once.
As for annual GDP, Trump reached 2.9% in 2018,
which is the exact same GDP that Obama had
only 3 years ago in 2015.
And 2.9% wasn’t bad then and it’s not
bad now, but to claim, somehow, that Trump
is some self-described economic guru sent
from the Gods is clearly based on …nothing.
And look, Kudlow clearly sees some warning
signs, which is why he goes on to toe the
White House’s line of already blaming for
Fed for rate hikes.
And this has been stressed ad nauseum by Trump
so that if a recession does occur, he’ll
have already made it clear that it wasn’t
his fault.
Because say it with me now: nothing is his
fault.
So Trump and his mouthpieces can pretend that
everything is fine, but they’re only doing
a disservice to themselves by disregarding
major warning signs, and there are some big
ones, like an inverted yield curve and massive
drops in the Dow.
But in our experience, the greatest indicator
of all is Larry Kudlow saying—
Well I tell you what, I sure don’t see a
recession.

100 thoughts on “Trump adviser called out for vowing “no recession” after saying SAME in ’07”

  1. This is the problem with most republicans, they don't want to look at the facts and actual data and instead act like everything is good.

  2. THIS MFER IS DRUUUUNNNKKKK😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂

  3. Larry Kudlow gives the impression that he's a thinker, choosing the best wordsbut he's a hack…thoughtful fool,a fraud…if they mess up,they.should be thrown in jail, him, Navarro, Mnuchin..they had a.good thing.going and they thought they they did it ,so they started playing with it…then tariff man startedmessing up a good thing …they are all incompetent fools, just saying what the boss wants.to hear

  4. Larry Kudlow and Peter Navarro were lying through their teeth on Meet The Press and it was for one viewer and that was Trump. Navarro said no this trade war is hurting China more than the US Navarro stated for they devalue their currency for that it's hurting China really what a load of manure. The currency is devalued makes their product cheaper and the US product more expensive that's why they call it a trade war. Larry Kudlow really what a load of manure there will be a down turn in buying American made products when China has made it cheaper to buy their product.

  5. How ridiculous that this dipsh*t is an economic adviser to another idiot in Donald Trump. This charlatan has no economic pedigree whatsoever. Not even a bachelors in economics. Nothing. We are a pathetic nation being led down the primrose path by elites with no connection to working people. No chance of a revolution by an opioid addicted population of underpaid numbnut corporate slaves.

  6. Liz Warren was actually still attractive at this point. From living in a man's world and fighting with men, she's begun to look a tad mannish. If she gets the nomination over Bernie i won't be happy, but I'd still get out the vote for her. She is Bernie lite.

  7. The lie that NOBODY SAW THAT 2007 CRASH COMING IS BS !!! Every bank that was dealing in junk mortgages new the endpoint was coming. Why does he (Kudlow) think there was so much investment in betting on companies TO FAIL (idk; is that what selling short' is?)… Banks made more money on the crash than actually selling crap mortgages by the bundle. Bullshit Kudzie!

  8. This seems so familiar….oh yeah that's right a Republican was in office and this same smuck said the exact samething for Bush that he's saying for Trump

  9. So this is 'The best people"? WOW…fox news left overs. This is pathetic. This must end. Mueller….You betrayed us. You should have indicted the son of a bitch. Policy is not law.

    Don't Boo. . .VOTE. Doesn't matter who…just vote Blue 2020.

  10. He thinks that his brain is the world's limit, hey guy you must reflect yourself and take the responsibility for your words. You have already the past failure of prediction with the 2008 financial crisis. Idiot. For your information, I am not a US citizen.

  11. Scientific analysis has proven the Right has spun off into a singular media echo system, viewers misled and baited into intentional anger, they dwell in a fact free echo-chamber of disinformation. GOOGLE "FOX BREITBART FEEDBACK LOOP"

    The U.K. banned FOX because their news oversight committee OFCOM, found that 68% of the time, what they say on FOX is “not truthful, pushes own agenda, attempts to mislead people with fiction.”

    Recall if you will, by 2016 FOX and right wing media had convinced enough voters that Obama had the the USA on the threshold of desolation, even though the USA had just experienced 89 straight months of economic growth, a historic high of 80 months consecutive jobs growth, the Stock Market had risen a whopping 235%, unemployment had dropped from 10.6% down to 4.6%, manufacturing & exports achieved all time highs, crime rate was down, deportations of illegal immigrants up, longevity & graduations were never higher, gas prices lowest in 10 years.
    Fact is, Trump inherited a strong economy.
     
    Americans in 2016 were the most privileged, living in the most prosperous, secure time in human history and yet right wing media was telling viewers that America was facing its darkest moment, on the brink of disaster.
    FOX convinced their viewers that Obama, Hillary and in fact, all Democrats are evil, anti Americans, out to ruin the USA.

    The proudly deplorable, misinformed Trump supporters wear their ignorance as a badge of honor. They claim President Trump has turned around the economy and is making America Great Again. And now, Trump has claimed victory.
    What is the score? Trump economy vs Obama Economy.

    US Stock Market:
    Obama market gained 235%. Small Cap funds went up 330%.
    Trumps market is up 23%. Small Caps are up 18%.

    Unemployment:
    Obama cut unemployment from 10.6% down to 4.6%. 6 points.
    Trump cut unemployment from 4.6% down to 3.6%. 1 point.

    Jobs:
    Obama averaged 217,000 jobs per month.
    Trump is averaging 186,000 jobs per month.

    Budget Deficit:
    Obama cut the deficit by 68%.
    Trump doubled the deficit by 100%.

    National Debt:
    Obama increased the national debt by $6.85 trillion. 
    Trump is projected to increase it $10 trillion.

    In essence, since the great recession 2008, Obama carried the football 80 yards, then handed off to Trump at the 20 yard line. 
    Trump is now doing the victory dance in the end zone. "LOOK AT ME" "BEST PRESIDENT EVER!" "BEST ECONOMY EVER!" 
    Right wing media is playing along with the hoax. Fake news as it were.

    Somethings very wrong when a media ecosystem is able to intentionally keep more than a quarter of Americans siloed. 
    A country depends on people who understand the worth and the ways of democracy.

     America is in big trouble.

  12. What people don't realize is how slow the stock market gets affected by things like Tariffs. That's because they only see the surface trading which is very visible on the indexes. I mean that's what indexes do, they show reactionary trading. But what takes a very long time to change are the fundamentals, and when these start to change people start to freak out. It's like the foundation of your house slowly turning into quicksand. At first you don't notice much, then you wonder why it's so soft and crumbly, then before you can even react your entire house goes crumbling down.

  13. Hey cohen, I despise u. U only show clips of corporate news outlets. Fox, msnbc, nbc, cbs, abc r all fake news. Kudlow is going to benefit from the next recession. He n other bankers r in on it.

  14. Kudlow's opening statement looked and sounded so Trumpian… "blockbuster… really blockbuster numbers…" LOL! On top of that he appears to have had a whiskey double before the interview.

  15. Can you all image the people at the firms he worked for in Wall Street listening to this and keeping a straight face, yet trump hired him because he was a CNBC talking idiot?

  16. Buckle up folks. It's going to be a bumpy ride. …and when boo < hoo, well, I don't have to tell you what that smell is. No sir, that smell there is the smell of burned civic duty casserole, sprinkled with couch potato sores and apathy the size of, hell, you got the picture. New Picture, #Vote #VoteDemocrat2020 #GetInvolved #ForABrighterFuture

  17. This guy is fucking drunk 😂😂😂 Didn't he get fired for absusing alcohol and cocaine back in the 90s??? Lush

  18. They are in denial here in the UK too. Our GDP has slumped, unemployment is up, and sterling is at it's lowest since 2011. We are due the figures out for the second quarter in a week or so. If the above happens again for a second quarter here, then we are actually officially in a recession. Brexit has has only added to our woes here, but that is only the threat of brexit. It still has not happened. When we do leave the EU the economy of the UK is expected to take a -10 / 20 % hit with thousands of job losses. We may not officially be in a recession here for a couple of weeks, but i call my government out on this. We are already entering a recession here. Tough times ahead folks. I wish you well.

  19. Collusion.
    Obstruction.
    Emoluments.
    Stormy
    Cohen
    Flynn
    Papadopoulos
    Treasonous
    Impeachment.
    And now recession.😂
    Fake news wrong on all accounts😄😎
    Keep trying children you might hit on something one of these days.🤣😄😂✔

  20. Kudlow is just another trump mouthpiece conman like his boss. He's surrounded by yes men and women. They wont admit that Obama did good considering he took over a huge recession.

  21. There's a part in his explanation he's hoping for..'' Let's bring in some optimisme''..He knows that when people are optimistic about the economy, they are willing to spend more..In other words,he knows it's going wrong and if people aren't going to be optimistic ,all will fall apart..He knows it..But people are no fools,at least,not all people are fools..

  22. on March 2, 2018, Trump stated that “[T]rade wars are good, and easy to win.”

    On March 22, 2018, Trump signed a memorandum under the Section 301 of the Trade Act of 1974, instructing the United States Trade Representative (USTR) to apply tariffs of $50 billion on Chinese goods.

    As of Aug 9, 2019, China's 100% exit from US agriculture. Some farmers are being forced to sale their farmer to Corporate Farmers, file for Chapter 12, get subsides and food stamps from the government (AKA: Socialism). Four American companies have laid off employees, plus (Mid-Continent Nail (SEMO box, Norway's REC Silicon and Winnsboro) and Ford are laying off employees due to losing $1 Billion due to Trump's tariff/Trade War.

    As of Aug 12, 2019, Economic Growth slowed to 2.1 in Second Quarter, but China economy is still growing by 6.2%.

    Thank to Mr. Tariff Man (what Trump call himself), China isn't paying Trump's Tariffs, because they pass the cost to the importers and importers in turn pass the cost to the consumers.

    02/05/2018 -1175.21

    02/08/2018 -1032.89

    03/22/2018 -724.42 *

    10/10/2018 -831.83

    12/04/2018 -799.36

    12/24/2019 -653.17

    05/07/2019 -473.39

    05/13/2019 -617.38

    08/05/2019 -767.27

    08/14/2019 -800.49

  23. You should have some self reflection on your career.
    Trump can only be president for 2 terms. After that what you gonna do ??

  24. Larry Kudlow holds a degree in History. Not Economics. He was unable to foresee the crash in the Bush Administration and now he is the Economic Advisor to the Clown Administration.
    Three out of four economists are predicting an economic melt-down in the very near future and we're going with the advise of a historian. That's right up there with hiring a landscaper to perform your heart surgery.

    Hold on everybody it's going to be a bumpy ride. 😱

  25. BLOCKBUSTER numbers… Does anyone else think he really means the company that used to be a juggernaut in Video Rentals?

  26. Yall wanna know why they don't see a recession? Their pockets are lined for these type of situations. This is how the wealthy stay wealthy while the rest of the population suffers.

  27. Anybody remember when Bush II said people were suffering from a "mental recession"? Today we call it "Orange Fucko derangement syndrome".

  28. This guy is NOT credible one bit. Get ready for a recession trump supporters. It’ll be your fault for voting the racist moron in the white house.

  29. He wasn’t alone in that false forecast cause he wasn’t the only one paid to purposely dupe the American people. If someone is that bad at there job that they were that wrong why would they still have such an important position ? Cause he did exactly what he was paid to do. That’s it . Lie to the people

  30. Larry Kudlow is as qualified as an economist as Steve Bannon is an Antifa member. What an idiot! How he said there wasn't going to be a recession in 2008 when the real estate bubble imploded and economists all over the world knew we were in trouble and this buttwipe goes against all the evidence. Trump was handed an economy that had years of continued growth and job numbers that saw 4.? % after being at 12% when Obama took over. The deficit has exploded under this administration and again in 2020 someone is going to have to fix the previous 4 years and put us back on track. Republicans were supposed to be fiscal hawks, especially the conservatives. Where you all at?!?! As Americans we have very short political memories.

    Who's best qualified as far as economics is concerned, Elizabeth Warren. Her forte and sorely needed. She's not my candidate but she is more qualified than anyone else running as far as the economy is concerned.

  31. Out of touch old white man tries to convince the public that his monetary gains from this presidency reflect those of all Americans watching. Because Wall Street reflects the health of the economy. Love how he calls Americans "consumers", just wait til they come to his door and consume every last bit of that fatted bull.

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