Kudlow's cheerleading

About one year ago:

"There is no recession. Despite all the doom and gloom from the economic pessimistas, the resilient U.S economy continues moving ahead—quarter after quarter, year after year—defying dire forecasts and delivering positive growth. In fact, we are about to enter the seventh consecutive year of the Bush boom."

So said Larry Kudlow, cable TV economics maven. It's important not to let these blowhards go utterly uncorrected as the realities they denied smack us in the face. Its important because otherwise naive folk might think Kudlow is saying something of significant the next time he bloviates.

So let the record show: a boom is the necessary preface to a bust. Bubbles can't burst until they've been blown. The "Bush boom" for which Kudlow was still cheerleading even as it disappeared, like the Clinton boom before it, was a central-bank promoted drinking binge, necessitating an awful hangover.

And geniuses like Kudlow are the alcoholics at the party who are always saying, "I've only had two or three."

That's how an alcoholic counts, by the way.

One, two, three, four, two-or-three, two-or-three, two-or-three.