A Victorious McCain, the Ongoing Hill-Bama Saga, and Welch's Wisdom
So, Hillary’s got a second life after her sweep last night of Texas and Ohio. The game goes on.
The next big state showdown is in Pennsylvania on April 22nd. Indiana and North Carolina follow in early May. Hillary’s claim to having won the big states is a strong one, especially if she can take the next three.
But the real winner yesterday was John McCain. No doubt about it. Mac completed his primary victory journey in one of the greatest comebacks in American political history.
On Kudlow & Company last night, Phil Gramm, McCain’s chief economic advisor, talked about McCain's commitment to pro-growth tax reform, spending restraint, and free trade. (As bad as Hill-Bama are on trade, Mac is excellent.) The pro-growth former Texas Senator also discussed a healthcare program that is consumer-powered, not government-controlled.
However, I continue to believe that Sen. McCain should be talking up the dollar. We need a McCain dollar appreciating reform plan. We need dollar diplomacy, with the U.S. Treasury and the G7 finance ministers. We need a Reagan dollar to boost American prestige and strength throughout the world.
There is no question that a McCain presidency will be vastly better for stocks and the economy than Hill-Bama. For a considered viewpoint regarding Hill-Bama economic policies, what follows is my conversation with legendary GE Chairman & CEO Jack Welch on last night’s program. Mr. Welch pulled no punches.
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Kudlow: Jack Welch, welcome back to the show, sir. We love seeing you as always. Did Senator Obama listen [to the advice you gave him on CNBC back in January] from what you now know?
Welch: He’s the smoothest guy in town, I’ll tell you. He put me under the table, and didn’t listen to a word I said.
Kudlow: That’s right. Didn’t listen to a word you said. And that’s where I want to pick up on this. Now let me ask you, first up, Warren Buffett was on the network yesterday or the day before. He thinks we’re in recession. Do you?
Welch: Well he said we’re in a practical recession. We’re certainly in a slowdown. But if I had to bet a dollar or two, I’d bet we’ll have a positive GDP in the first quarter, and the second quarter. But it’s certainly is a slowdown of enormous proportions from what we were experiencing.
Kudlow: Alright, I like your optimism very much, as always. So let me ask you, you’ve seen a lot more of Hill-Bama, as I’ve taken to calling them. Senator Clinton, Senator Obama on the campaign trail, particularly in Ohio, bashing trade, bashing businesses, bashing wealthy people, talking about income inequality. As you look at this, you’ve seen a lot of elections, you’ve been through a lot of election cycles. What’s your read here? What should people be thinking about?