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.
Eugene Jarecki, who directed the Move Your Money video, stopped by the Colbert Report on Monday to warn Stephen about "crazy sociopaths who gamble with...
Arianna and Rob Johnson, director of the Economic Policy Initiative at the Franklin and Eleanor Roosevelt Institute, urged Americans to move their money to community...
I also find it hilarious that all the while calling Obama's actions wrong-headed, stupid, whatever - that CNBC's so-called "experts" would be lined up on screen, Brady Bunch style, ALL YELLING THEIR HEADS OFF AT EACH OTHER, because none of these "experts" could agree on what should be done! Even NOW, although thoroughly convinced that Obama was wrong, they STILL don't have ANY agreement on what should have been done. Except keep government out of business. but, thanks to the crooks among their cronies in the biz, that ship has sailed. Government MUST regulate business, because the big guys are just too crooked to even marginally control themselves. Kudlow must be going bonkers over even the thought of that. Dump him - let him go to Fox, where he can more effectively talk to himself. No one takes him seriously anymore ( I turn the TV off when he comes on) and at FOX business, no one is watching.
...he even called himself "fair and balanced" on CNBC....
...he is auditioning for a job on FOX. and he will fit just right ....
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In early 2007 I warned of an impending stockmarket crash.
I confirmed a bottom by April 2009.
In mid 2009 I warned of an impending USD rally.
The uptrend since March 2009 has been a bear market rally contained within a much larger bear cycle that started in 2000.
More analysis:
http://www.zerohedge.com/forum/market-outlook-0
It is obvious that the bank change campign has the big boys on Wall Street plenty worried.
Still listening to these MONEYCHANGERS?
NOT!
Blue Tsunami of Change is Revving up for the long haul this election. ONLY 12 seats on Dem side and 30 seats on the rethug side that need replacing. How about some INdependents and Green Party candidates?
WE know it's not just about majority party, but American party of unity and democracy. WE need adults in both HOUSES, that don't lie or take bribes from corporations. Progressives, Independents, and Greens apply. The party of NO, can handle their own crooks. If they don't then they have nothing to complain about when their party status quo hypocrits, crooks and liars, keep obstructing the people's protections from Wall St and morgage fraudsters and healthcare.
What change-oriented people should focus on in 2010 is how to BREAK THE CYCLE of low expectations + conventional thinking. In past 8years, Republicans have created yawning political void the size of the Grand Canyon. By one timid misstep after another, corporatist Democrats are ceding that void steadily to a POLITICAL VACUUM. Who are going to fill that vacuum? What are they going to offer to people to earn the right to fill that vacuum? That's the question progressive Democrats, Independents, + firstimers must focus on like laser beam.
First necessary thing to do is discard all old assumptions, precepts + vocabulary. Start with defining a clear vision that vast majority of people would say,
"Ahaaaa, that's it! WHY NOT?"
Nevermind million things that have gone wrong a million times in the past, like the proverbial unsolvable "Gordian knot". Spellout things so crystalclear, so fundamentally obviously true, that people cannot ignore or misunderstand them.
In psychology that's "paradyme shift" --- suddenly jump from seeing picture in one way to seeing it in completely different unexpected way.
In politics that's "transformational change" --- total systemic change of all rules, discard dead weight of low expectations, cynicism + apathy. The political puss must be cleansed before transformational change can succeed. To fill political social vacuum, third party must be credible force for change. EVERYBODY among 299million middleworkingclass Americans have to put their best thinking caps on, think