Lawrence Kudlow interviews Dr. Dick Cheney on what the stock market is telling us:
In the last month’s run-up to the midterm elections, stocks have been climbing while Republican polls have been falling. Does this mean the markets favor gridlock in Washington, after six years of Republican rule? It’s an odd paradigm. I put this question to Vice President Dick Cheney in Washington this week, during a special interview that aired on CNBC’s Kudlow & Co. His answer was no. He disagrees with the market.
Say what? Had a Democrat told Larry the stock market got something wrong, me thinks Larry would bust a few buttons on his cheap suit. The rest of this op-ed from the GOP’s favorite suck-up goes onto to bash Congressman Rangel for being some big government liberal. Never mind that Milton Friedman even admits To Spend is to Tax.
But let’s take a gander at the S&P 500 for the past three months. There was an increase in the stock market for much of this period but in the last few days, it has been declining. A couple of things Larry should think about: (1) the determinants of the stock market go beyond his usual partisan nonsense; and (2) he might have checked recent developments in the stock market before he posted his column today.
Then again – the question isn’t whether the Vice President trusts the stock market. It’s more like whether those investing in stocks trust this Administration’s commitment to fiscal responsibility. Then again – can we trust anything that comes out of Dick Cheney’s mouth?