Kudlow & Company
It hasn't been in the limelight recently, but it is coming. According to CNBC contributor John Kilduff of Round Earth Capital, we will soon see the price of reach $100 per barrel.
On CNBC's Jan. 11 "The Kudlow Report," host Larry Kudlow asked Kilduff what it would take for the Obama's administration to change its energy policy to allow for more oil exploration and drilling.
"Oil is hitting a 15-month high at $83 a barrel and it was $30 about a year ago," Kudlow said. "So, Interior Secretary Ken Salazar rules drilling of oil and gas out of bounds for federal lands. No drilling. So, how high does it go before we go back to drill, drill, drill?"
Given the well documented "revolving door" between the media and the Democratic Party (particularly the Obama administration), it's hardly surprising that MSNBC "The Ed Show" host Ed Schultz has been approached about a run for the Senate from North Dakota. But it's still hard to swallow the left's hypocrisy concerning who can make the jump from journalism to politics.
On his Jan. 6 broadcast, he elaborated on the news that he had been approached to run for the North Dakota U.S. Senate seat, which will be vacated by Democratic Sen. Byron Dorgan at the end of his term. Schultz admitted he wasn't "considering it right now," choosing his words carefully.
"After talking over how he arrived at this decision to retire, he did ask me one question," Schultz said. "That was, how old am I. I thought, uh oh, here we go. Then, this morning, I got a phone call from a good friend, Merle Boucher. Merle is the House Democratic leader in North Dakota. He officially asked me to consider to run for the U.S. Senate seat in North Dakota. All right. I'm flattered and I'm honored and I can't say I'm even considering it right now. I've worked, as many people know, very hard to get where I am in my career. To go from Fargo to 30 Rock is a dream come true for any broadcaster. I've invested a lot of years, a lot of time and effort, as an opportunity to use the microphone to advocate for the middle class in this country." [Emphasis added]
If you believe polls, current Federal Reserve Chairman Ben Bernanke favorability has been slipping. A recent Rasmussen Reports poll indicates that only 21 percent of Americans favor his reappointment as the Fed chair.
And this hasn't gone unnoticed by some members of the Senate, where Bernanke's fate lies. Bernanke's reconfirmation passed through the Senate Banking Committee by a 16-to-7 vote on Dec. 17. But that margin calls into question how his reconfirmation vote on the Senate floor could go. And as CNBC "The Kudlow Report" host Larry Kudlow warned, that puts his reconfirmation in question.
"Look, ‘Helicopter' Ben passed the Senate Banking Committee vote on his reconfirmation," Kudlow said on his Dec. 17 program. "He got 16-to-7, but he lost seven votes. I think all the Republicans except Sen. Bob Corker voted against Bernanke, and they were joined by one Democrat, Sen. Jeff Merkley of Oregon. Now the reconfirmation goes to the floor of the Senate. So, I think Bernanke's reconfirmation could be in some trouble when that Senate vote occurs. I'm going to bet that most, if not all, of the 40 Republicans are going to vote against Bernanke and that they are going to be joined by a number of Democrats."
When viewers tune into watch CNBC's "The Kudlow Report," they may not anticipate a host interrupting conservative Republican Sen. James Inhofe, R-Okla.
But on CNBC's Nov. 24 "The Kudlow Report," fill-in host Simon Hobbs attempted to do just that. Hobbs, a regular on CNBC Europe, suggested there was nothing to emails unveiled after a hacker allegedly accessed the Climate Research Unit at University of East Anglia in Britain. These emails showed an effort by scientists, some on the United Nation's Intergovernmental Panel on Climate Change (IPCC), to manipulate data to strengthen the claim of anthropogenic global warming.
"You're well-known as a campaigner or man that believes humans are not the cause of global warming," Hobbs said. "I mean, specifically if you look at the coverage we have, the allegation is that the emails indicated that they were declining to share data with fellow scientists or they were seeking to keep other researchers with dissenting views from perhaps joining them on some platform. It doesn't indicate that the science was wrong or that the science was manipulated."
It's an issue that libertarian Rep. Ron Paul, R-Texas, and Sen. Bernie Sanders (I-Vt.), a self-proclaimed socialist agree on: Congress should have the authority to call for the Federal Reserve to be audited.
But it is also something that some in the financial media are reluctant to support, especially judging from the tone of CNBC "The Call" co-host Trish Regan and comments CNBC senior economics reporter Steve Liesman. On the Nov. 20 broadcast of "The Call," CME Group reporter Rick Santelli made the case that Federal Reserve should be audited. He cited opposition to the Fed audit proposal from Sen. Judd Gregg, R-N.H., which was based on Congress' inability to be fiscally responsible.
"He said, ‘You know, there independence is important to protect the soundness of the dollar,'" Santelli said. "Has he read any papers lately or looked at any charts? Come on. Amen, amen that this process is happening. They're not taking away their independence to make a decision on interest rates. We need to know where the money is going. I remember when Ben Bernanke faced committees of elected officials and said, ‘We can't audit the Fed because then you might look unfavorably on some of the counterparties we deal with. That's like finding paraphernalia under your kids bed and then not asking where he got it."
Now that former CNN host Lou Dobbs has been freed of his duties with his former network, he has been making the rounds on other networks - Fox News "The O'Reilly Factor," Comedy Central's "The Daily Show" and now with his long-time rival's show CNBC's "The Kudlow Report."
One of the issues debated among a panel consisting of Dobbs, host Larry Kudlow, former Clinton Secretary of Labor Robert Reich and CNBC CME Group reporter Rick Santelli on Nov. 19 was the issue of wage stagnation - which Dobbs blamed on outsourcing, immigration policy and technological advancement.
"I believe that the issue of unemployment in this country and job creation fundamentally will have to be taken on as a matter of government policy," Dobbs said. "It will also have to be taken on as a matter of business leadership. As to the idea that wages have been stagnant in this country for 35 year, point of fact, we have to understand what the causes are."
Video Below Fold
There's a lot of uncertainty with the U.S. economy and a lot of its recovery hinges on some key policy decisions due from the federal government.
On CNBC's Nov. 2 "The Kudlow Report," CNBC host Maria Bartiromo discussed her interview with former Chairman of the Federal Reserve and Obama adviser Paul Volcker from the Global Financial Leadership Conference in Naples, Fla. One of the topics Bartiromo reported on from the conference was the possibility the Bush tax cuts would be allowed to expire, which she insisted is unlikely.
Now that the Obama administration is attempting to take a victory lap on the U.S. economic recovery, claiming the $787-billion stimulus passed earlier this year was what did the trick, despite a cost of $160,000 per 'stimulus' job, as ABC's Jake Tapper pointed out, it has come at the cost of the U.S. dollar.
Since then, the stock market has rebounded nicely. The Dow Jones Industrial Average (DJIA) is off a March low of 6,547 points, even topping the 10,000-mark recently. But what has caused this nearly 50-percent jump? According to CNBC's Larry Kudlow - loose monetary policy by the Federal Reserve, with low interest rates, has made it possible for the markets to rise, with the 'loose' money going into the market.
"The funny thing is, Steven, it has gone into stocks - I mean the stock market guys ... there's no real multiplier for the economy, right?" Kudlow said on his Oct. 30 CNBC program. "But it has gone into stocks and the stock market crowd wants to see the Fed to keep pouring the money in no matter what happens to the U.S. dollar."
It is bad when an anchor from a sister network feels compelled to call out a colleague about the lack of ideological balance, but that's just what CNBC's Larry Kudlow did on his Oct. 27 program.
In a time when some of CNBC's critics demand the network be held to a high standard when it comes to balance, a different standard is applied to MSNBC. And a lack of balance is something Kudlow pointed out.
Kudlow, referring to the Oct. 26 broadcast of MSNBC's "The Ed Show," which featured Rep. Barney Frank, perennial presidential candidate Ralph Nader and the host Ed Schultz, noted all the participants were left-of-center. And in the appearance, Frank made a pitch for the expanded role of government and argued the only reason people opposed it was because they were disillusioned by the government for its failures during the Bush administration, specifically dealing with Hurricane Katrina.
While none of the other cable networks experienced any technical delays leading into Rep. Charles Boustany, R-La., CNBC - the business arm of NBC Universal's cable empire didn't quite get there on time.
Boustany was cheated out of a little over a minute and a half giving his response on CNBC. However, its sister network - MSNBC, and the major cable networks caught up with the Republican response to President Barack Obama's Sept. 9 speech to a joint session of Congress.
Instead, viewers were treated to "The Kudlow Report" host Larry Kudlow and CNBC Washington correspondent John Harwood, reflecting on the president's speech. It is worth noting that Harwood earlier this week called parents that were opponents of the president's Sept. 8 school address weren't "smart enough" to raise their kids.
It's one of the few times one can wish the reporting by NBC News was right and CNBC was wrong.
A segment on the July 21 "NBC Nightly News" pointed out some of the key points of a budget deal reached between California Gov. Arnold Schwarzenegger and leaders of the state legislature. The deal means some service cuts - but also includes the possibility of exploration and drilling for oil off the California coast.
"California is our biggest state in terms of population and it long ago ran out of money," "Nightly News" anchor Brian Williams said. "They got nothing to pay the vendors they owe and now they have struck a deal for more cuts, and these are going to hurt. They're going to allow offshore drilling for the money it will bring in. The LA Times reports tens of thousands of seniors and children would lose access to health care. Prisoners will spend less time in prison. And the governor is going to sell cars and furniture and office supplies and autograph some of it, he says, to raise more money. It's an unbelievable turn of events."
While many on the left are reveling in the downfall of South Carolina Gov. Mark Sanford after he disclosed his affair with a woman in Argentina, there's a sympathetic figure being overlooked that might have the necessary background to fill the void left by the governor should he resign.
On CNBC's June 30 "The Kudlow Report," Wall Street Journal senior economics writer Steve Moore explained his close relationship with the Sanfords and raised a new political possibility.
"This is such a tough thing for me Larry, because as you know Mark Sanford has been a long-time friend of mine," Moore said. "This story truly breaks my heart." Moore suggested that South Carolina First Lady Jenny Sanford run for her husband's seat - as he called her "the brains of the operation."