Nov 7, 2012|
CNBC's Larry Kudlow's last take before the election
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
The best business show on television. Is that Kudlow report. Our next guest is the host of that show mr. Larry Kudlow Larry welcome to the show. Thank you very much as always. Larry I was shocked yesterday afternoon. Watch -- CNBC. Across the ticker at scrolls. That mayor Michael Bloomberg a Republican has endorsed President Obama -- second term what is gone I know things -- -- the New York what's going on. Well I just look at you it wasn't much of an endorsement it's an odd thing. As though Bloomberg doesn't have anything better to do -- that we got new York at the very peculiar thing. And right at the end of the day. Bloomberg. And -- endorsing Obama on grounds of climate change. He picked Obama is more sensitive to climate change even though that -- ecstatic that we looked at the numbers. Temperatures global warming temperatures. Stopped right in the certificate of -- But I want to read and I'm thinking it. I have that because he's very critical of Obama all go deep as the president has devoted little time and effort. The developing at the coalition -- centrist which doomed Oprah any real progress on illegal guns immigration. Tax reform job creation and deficit reduction. And rather than uniting the country around the message of shared sacrifice. He engaged in partisan attacks and hasn't raised a divide that populist agenda. Focus more on redistribution of income and creating another word of what I would call -- not endorse and endorse. With that message. Our stocks gonna sell off on Wednesday if President Obama gets reelected. Yeah now. I wouldn't want to conclude that Berry I'm not so I don't think. He's got a coming without going on when Ernie is doing. What you have to create a a young -- -- think the market react with such immediacy. What about that Romney wins it because I watched your show last night a number I I think the consensus was. That we get a pretty significant rally if Mitt Romney wins on Tuesday night. -- Again I wouldn't I just wouldn't wanna hang my hat on that because I've been around too long and I campaign. Powell. Extraneous or not extraneous but nonpolitical. Event. Can affect the market much more estimate suppose -- blows up today after. I don't care Romney wins landslide the stock market default for 400 points to around that -- I do. I think you have to judge these elections. Based on longer term economic policy. Expectation. And I think Romney is the pro market guy and hit the pro business guy Andy is that pro tax reform guide and I think you and your listeners know that. With all respect. I paper Romney's policy. Over Obama and -- say that would -- respected people may constitute. But regarding that day after I leave for example I think we really know what. President if President Obama is reelected I don't know what I mean I think he's gonna have more of this -- which is anti business bias and want to raise taxes on. Investors and successful. It was on his speech you kinda have to -- it is always. There's always I think people buried you just and I do hope I think can go to our. I think what -- I'd put -- investors -- saying last night. Is over a longer period of time here's a new direction. And that they prefer around these directions didn't seem to more pro market and I happen to agree with that but in the immediate. After that very tricky -- security I would make it clear that -- that. Larry you guys in New York have been through a lot the last unity at 9/11 you banded together. You you you came back stronger than -- this storm though. It seems like the level of outrage is on the increase yet more than three million households still without electricity. -- How bad is it in New York -- like I I saw clips again referring to your show last night I mean. It seems like the -- -- on the verge of violence we've got looting going on in Brooklyn what's what's going on what's the mood in New York City. You know down around those areas. -- describing the water area of low land area that's very bad. Deep power shortages are very bad the gasoline shortages are very bad. There's a lot of angry people I guess there is some looting I haven't -- that. As much. You know. The Rapid City wasn't really effective it really doubt that thirty forestry and particularly. A law on the water in places like Brooklyn. And -- I want to say -- you know we had Rudy Giuliani got last night and yes there's going to be some tough date here but. I wouldn't underestimate the fortitude of New Yorkers to get through this at all I want I know. It's it's extremely difficult I mean first of all the human tragedy the loss of life really to keep point -- just all. That's the key -- In terms of the infrastructure. And the power and the gasoline and all the rest a bit. That will be solved that will be resolved at least that is -- Great open view and I think New Yorkers are a hardy lot this one was -- There's no question about it and there are a lot of really angry people out there that does trouble me. I'm in favor of the marathon not everybody -- No I am to I think make it helps you get back into it makes you feel good in. Some sense of normalcy. Right now you have just yet that's my friend has just throughout -- not -- -- I was going back one more point. -- today's employment there yes it would have been a bad number. Now let's use -- it was better than if I didn't expect it and the revisions are gonna learn. They were and I just thought about that because you're asking the stock market question I know the Dow's off a little bit I think 45 points but. Just take away the politic for a second that I'm not sure -- dumbest -- have a big political impact. The economy is not it does not appear to be getting worse in other words if you if you pencil and -- 2%. GDP baseline you you'd be pretty good and with the recovery in housing. Even our jobs could be riding at 250 to 300 and not. I I don't think you've gone below that 2% baseline. And you might -- go about that people that basically I just want to note that because I know the earnings season and has cast a damper. Over economic outlook and so forth but it really wasn't a bad number and it really did -- expects. Playing your particular worry they -- -- who you think about all the things hanging overhead we don't order tax rates are going to be on January 1 fiscal cliff he got the election you got entitlement reform is a lot of things still out there. And it worked chug along so maybe maybe brighter skies are are ahead. Yeah I think that's right -- kind of like that I kind of like that attitude. And as I said depending you know the outcome of Tuesday night you just have to see what happens next you know what I mean you have the city. What the president's gonna do about the fiscal clip that's the most immediate issue could economy cannot take. 500 billion dollar tax -- I think we all know that. Common -- -- you can't take money out of the current economy when you're right when it's this week and write an -- in any keeps going for -- in tax hikes and you just can't do it. That you know you don't want to remove and status. For work at risk assessment he just don't want to do that. So those are. Shall we say imponderables we just don't know we just don't know yet and I guess I keep my powder dry you know I don't think I'd be a buyer here -- because he would balance the big guy wait to see the election outcome. And maybe would do that I talked a week from today. God willing I will have a little -- and from a passionate about this story. Yes we will we will Larry thank you very much appreciate your time to carry your family and -- Larry candle making it clear that. We're expecting it I think we can summarize. That we are expecting a rally is significant rally if Romney is elected he didn't say we would get a sell -- If Obama wins now why I kind of body might. I thought that was interesting -- I guess he thinks we need some breathing time you -- -- -- -- party. Eight dean and Obama reelection -- -- -- guess that would make cents yes you know McCarty had a. -- -- could be our will be back with the financial exchange our text number 68680. My email address is -- Armstrong at W work Leo dot com.