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Warren To Kudlow: No, Tracking Bailout Funds Isn't "Central Planning"
Here's Elizabeth Warren's interview with CNBC about her report on the TARP spending.
It's notable mainly for her setting one network anchor straight about the fact that, even though, "money is fungible" it would still be possible to track for Treasury to track its bailout spending.
Warren: You and I could sit here with pencil and paper and come up with a minimum of ten metrics in about ten minutes. If you just hand the money over and say gee moneys money then you won't see whether or not there's been any difference. And if that's the case then it really is just blank checks to financial institutions.
She also has an admirably calm response to Larry Kudlow's sophomoric contention that asking banks to monitor what they're doing with our money is "central planing."
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Josh
Zachary
Aren't these CNBC talking heads precisely the kind of people who created this debacle? Laissez-faire is not now and has never been the answer.
It's just as it is in the schoolyard: Allow laissez-faire and the bullies take lunch money and beat up the weaker as much as they want. And after being in the power position for long enough, they learn to think that it's their right.
But have a set of rules to follow, with meaningful consequences for not following the rules, along with effective enforcement, and you get a schoolyard where everyone gets to play and eat their lunches and the bullies learn that they're part of a community.
January 9, 2009 10:11 PM | Reply | Permalink
In a way I'm surprised anyone still watches CNBC. I thought they lost all credibility when the tech bubble burst. Maybe they just look good compared to Fox Business.
January 10, 2009 1:47 AM | Reply | Permalink
It's about time someone called Larry Kudlow out on the USED carpet. I have never heard such blatant and outright lies about almost everything that O and his folks are trying to accomplish. Kudlow spews endlessly about how every attempt to get the American economy back on track thru various means the Government (spender of last resort) has available to it is a HARD left turn towards hard socialism and his new term 'central planning'.
He is employing the same tactics that Rush Limberger and his hard-right pals are trying to use to strike fear into the hearts of his beloved "investor class"..(translated this means his rich friends ONLY) and anyone listening/watching.
This from the guy who wanted to be Fed Chairman!! Can you imagine, Kudlow running the Fed?? This has got to be the poorest vision of the world that anyone could construct!
Kudlow pretends to be an 'economist'. All this is a lie. Kudlow is a demagogue and needs to be retired to a rubber room -with windows so everyone that passes by can throw a huge barrel of his own crap back at him...
January 10, 2009 12:39 PM | Reply | Permalink
God Bless America and God bless Kudlow!
January 10, 2009 4:54 PM | Reply | Permalink
Doesn't surprise me that you're defending Kudlow when you're defending Madoff and spamming all of Mrs Panstreppon's blogs! Be gone, troll!
January 11, 2009 4:27 PM | Reply | Permalink
I am NOT defending Madoff. Have never done so and you can't prove otherwise. Please try to show me where I have done so. I am contesting many of Mrs P's accusations that have little evidence behind them. (But if you think everyone from Ozone Park is part of the mob, for example, then you're free to agree with Mrs P).
January 11, 2009 6:43 PM | Reply | Permalink
Overall, I actually like CNBC. Fast Money has been utterly scathing of the bailout from the start. Larry Kudlow, aka The Fountain of Misinformation, is clearly on the ropes. He already lost Kudlow & Company and now co-hosts CNBC Reports. But best of all was when his co-host clearly walked off the set at break Friday when he started calling the guy Comisar.
Bottom line for me is CNBC knows that there credibilty is on the line. Larry Kudlow is an ass and probably won't be around for much longer. Hope springs eternal!
January 12, 2009 1:04 AM | Reply | Permalink