Trump’s New Economic Advisor, Larry Kudlow, Is Former Cocaine Addict, Denied The Wall Street 2008 Crash Would Happen
President Donald Trump has named Lawrence Alan “Larry” Kudlow to replace Gary Cohn as director of the National Economic Council.
Cohn reportedly quit over Trump’s tariff on steel, which Kudlow reportedly opposes as well.
Newsweek noted in 2016 that Kudlow struggled for years with a cocaine habit that cost him jobs at the investment bank Bear Stearns and as a columnist at the National Review.
After a conversion from Judaism to Catholicism, Kudlow has worked as a CNBC senior contributor and hosted a syndicated radio program, “The Larry Kudlow Show.”
The Wall Street Journal reports that Kudlow developed a relationship with “Trump over the last 20 years by interviewing him on those shows.”
According to Newsweek, Kudlow dismissed the warnings of the 2008 Wall Street economic crash:
Just before the real estate crash that provoked the 2008 global financial meltdown, he ridiculed people predicting that outcome as “bubbleheads” and was still assuring his listeners and viewers after the financial crash that there was nothing to worry about.
Newsweek reported that Kudlow wrongly predicted that the Obama stimulus plan would cause inflation:
As late as 2011, he predicted that the Obama administration stimulus program would create “1970s-style stagflation.” Meanwhile, the country has been seeing the lowest inflation in two generations and the lowest interest rates in history.
J. Bradford DeLong, of the Department of Economics at UC Berkeley, opined on Kudlow’s appointment by Trump:
Larry Kudlow has not been an economist in at least a generation. Rather, he plays an economist on TV.
Whatever ability he once had to make or analyze or present coherent and data-based economic arguments is long gone—with a number of his old friends blaming long-term consequences of severe and prolonged drug addiction.
The right way to view this appointment is, I think, as if Donald Trump were to name William Shatner to command the Navy’s 7th Fleet.
However, Steve Forbes applauded Trump’s choice in USA TODAY:
Since his days working in Ronald Reagan’s budget office, Kudlow has been the happy warrior fighting for policies that would enable all of us to have better lives. He played an indispensable role in devising the 40th president’s economic revival program of promoting tax cuts, battling inflation, cutting regulations and reducing trade barriers.