Early in the new year, on Sunday, January 3, Federal Reserve vice chair Stanley Fischer delivered a hawkish speech to the American Economic Association. Completely misreading the economy, which is woefully weak while inflation is virtually nil, Fischer strongly hinted that the Fed would be raising its target rate by a quarter of a percent every quarter for the next three years.
Larry Kudlow | All Articles
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Larry Kudlow is a senior contributor on CNBC
The speed of the news cycle and the media obsession with the presidential horseraces have crowded out a crucial development in the war on ISIS and related Islamic jihadist groups.
GE’s decision to leave Fairfield for Boston is another sad marker in the downhill slide brought about by Connecticut’s high-tax, high-regulation, anti-business policies of the last 25 years.
The Dow Jones lost over 1,000 points last week. It’s down 9 percent over the past year. The broader S&P 500 also got clobbered, and is down 7 percent in the past year.
By all accounts, ISIS is the wealthiest terrorist organization in the world. By far. In round numbers, ISIS is said to have a $2 billion stash, which is keeping it afloat. Most of it comes from oil sales. Much of it comes from plundered banking funds. And the rest of it comes from taxing locals, selling stolen antiquities, and kidnapping ransoms.
I know this is not my usual position. But this is a war. Therefore I have come to believe there should be no immigration or visa waivers until the U.S. adopts a completely new system to stop radical Islamic terrorists from entering the country. A wartime lockdown. And a big change in my thinking.
A 211,000 jobs increase for November will finally push the Fed over the line and into a quarter-of-a-point rate hike later this month. The question is, how much and how fast will the central bank raise its target rates?
If we want to destroy ISIS, we can destroy ISIS. Perhaps I am stating the obvious, but I want to state it anyway. Why? Because I am not hearing it enough.
The singular economic issue of our time is the quest for more rapid economic growth. In the past century the American economy grew at roughly 3.5 percent per year. That included huge booms and even worse busts, such as the Great Depression.
The Democratic presidential debate ironically took place the same week that a Princeton University professor was awarded the Nobel Prize for economics. Why ironic? Because Professor Angus Deaton is a strong advocate of economic growth. Today’s Democrats are not.
As of this writing House Ways and Means chairman Paul Ryan has not decided whether to run for speaker. He has been bombarded by all the Republican factions. Even Mitt Romney says the Wisconsinite can unify the Republican conference and take the job.
Nobody really likes government shutdowns, including me. But sometimes you have to make a point. Send a message. Show voters what you really believe. Take a stand.
While there were some great moments in the latest GOP debate, and some terrific individual performances -- Carly Fiorina seemed to grab all the buzz in the aftermath -- one thing that barely came up was the economy. It was very much like the first debate.
As stocks endure their worst correction since 2011, and the battle between Fed doves and hawks rages on over a quarter-of-a-percentage-point rate liftoff, the much-anticipated August employment numbers made for a surprisingly mediocre report.
This column was co-written with Stephen Moore.
Just-published minutes from the Fed’s July 28-29 meeting indicate that most officials saw conditions for a rate liftoff as “not yet” achieved. They may be approaching a rate-hike moment, but they’re not there yet.
Pretty much everyone in the world wants the Federal Reserve to begin its “rate liftoff.” September is the latest target date for this market consensus. But permit me one dissenting question: Are yousure?
Or as the saying goes, be careful what you wish for.
With a record 24 million people watching the GOP debate, you’d think there would have been a lot more time spent on the most important issue of the day: the economy. Look at any poll. Jobs and the economy are always at the top of the list. But there was barely a mention of this on Thursday night.
Is Donald Trump a supply-sider? In his still young presidential campaign, he has said several times that he wants to be the “jobs president.” In his announcement speech, he put it this way: “I will be the greatest jobs president that God ever created.”