Arianna was on CNBC's "The Call" today to discuss the Move Your Money campaign. Host Larry Kudlow challenged the idea of switching money from big banks to community banks. Arianna countered that she's not sure why anyone is still listening to Kudlow, given his previous predictions that have turned out to be wildly off-base, including his statement in 1999, "By 2020, the Dow index will reach 50,000, and the 10,000 benchmark will be reduced to a small blip on a large screen."
Kudlow repeatedly denied ever having made that prediction, actually claiming that it was Jim Glassman who had. But in the second segment, Arianna read Kudlow's direct quote from his March 18, 1999 Wall Street Journal article back to him.
Seeking Alpha has more.
Here is Kudlow's full statement:
The dominant event of the late 20th century is the bull-market prosperity of the 1980s and 1990s. This was caused largely by a shift back to free-market economics, a reduction in the role of the state and an expansion of personal liberty. At the turn of a new century, taking the right road will extend the long cycle of wealth creation and technological advance for decades to come. By 2020 the Dow index will reach 50,000, and the 10,000 benchmark will be reduced to a small blip on a large screen.