You might think CNBC's Larry Kudlow and Fox's Glenn Beck would be birds of a feather. Both are on the conservative side of the aisle, and they both have a history of alcoholism and some of the personality quirks inherent in that struggle. But in an important way, Kudlow is the anti-Beck. Beck can cry at any moment, warning gloom and doom. Kudlow is the sunny optimist, sometimes disturbingly and irrationally so. Kudlow has been warning conservatives not to talk down the economy too much, expecting economic expansion to return sooner or later regardless of public policy. They can only screw it up so much, right?
Larry Kudlow is spooked. Spooked by the global cult of deficit spending.
[Ok, the video is a conservative bull-session. This is rather unlike a usual Kudlow show, where there's normally Robert Reich or some other similarly intelligent (and stubborn) lefty economist.]
Even Dan Mitchell from CATO is saying- look, you don't have to pay down the debt, you don't even have to stop growing sovereign debt, just for the love of Pete please slow the rate of debt growth. Kudlow, ever the Chicago-style economist, stalwart defender of "King Dollar", doesn't want the Fed to raise interest rates. I think that's a sign of the apocalypse or something. This sovereign debt issue could get out of control really quickly.
And as Kudlow said, John Maynard Keynes is rolling over in his grave at the structural debt. Governments around the world are intent on pursuing a path of ruin no matter what the evidence shows. If Kudlow were Beck, he'd be curled up in the fetal position on live TV now.