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Kudlow: Stock Market Cares More About Roaring Economy Than Cohen, Manafort

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White House top economic advisor Larry Kudlow says the reason financial markets have not been phased by the recent negative headlines involving former associates of President Donald Trump is due to the robust economy.

The bull market on Wall Street reached a record on Wednesday becoming the longest running in U.S. history, during the same week the S&P 500 hit an all-time high, CNBC reported.

These numbers came despite a federal jury in Northern Virginia reaching a guilty verdict in eight of the 18 counts of bank and tax fraud charges brought against former Trump campaign chairman Paul Manafort.

That same day, Trump’s former personal attorney Michael Cohen pleaded guilty to eight federal criminal counts, including tax evasion, bank fraud, and breaking campaign finance laws regarding payments to two women on behalf of Trump.

Kudlow told CNBC the strong economy is overcoming any negative impact these issues may have otherwise had on the markets.

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“The economy’s everything when it comes to markets and confidence, and I think that markets frankly look through all these various political issues,” he said. “There’s no change in policy coming, that’s what really matters. Keep your eye on the ball, and I think the markets have done a good job.”

CNBC noted the the GDP grew at 4.1 percent during the second quarter and the Atlanta Federal Reserve Bank is forecasting 4.3 percent growth in the present one.

Unemployment is currently at 3.9 percent, which is the lowest it has been since 2000.

At a cabinet meeting last Thursday, Kudlow said that America’s current economic boom launched under Trump is the most important and underreported story of the year.

Do you agree that the strength of the economy is keeping the markets from being rattled by the Mueller investigation?

“By far the single biggest event, political or otherwise, this year is an economic boom that most people thought would be impossible to generate. Not a rise, not a blip — a genuine economic boom,” he said.

“Confidence is everything,” Kudlow added. “The new numbers coming in — retail sales, industrial production, low inflation, a rock-steady dollar. Trillions of dollars of capital from all over the world is coming into the United States because our economy, our investors, our workforce are crushing it right now. We are crushing it.”

“And presidential policy — low tax rates, roll back regulations, open up energy, trade reforms to help the American workforce and the employers — across the board, we’re not punishing success; we’re rewarding success,” he said. “We’re not against businesses; we are for businesses. And we have a President who, in my words, was telling folks to take a rip at the ball, and they’re doing it.”

In Kudlow’s assessment, “We’re in the early innings.”

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Kudlow believes the current growth is not a “one-quarter blip,” citing rising productivity and business investment and low inventories.

“And presidential policy — low tax rates, roll back regulations, open up energy, trade reforms to help the American workforce and the employers — across the board, we’re not punishing success; we’re rewarding success,” he said. “We’re not against businesses; we are for businesses. And we have a President who, in my words, was telling folks to take a rip at the ball, and they’re doing it.”

In Kudlow’s assessment, “We’re in the early innings.”

Trump argued on Wednesday that the campaign law violations Cohen has pleaded guilty to are being treated differently than those in 2008 by former President Barack Obama campaign.

“Michael Cohen plead guilty to two counts of campaign finance violations that are not a crime. President Obama had a big campaign finance violation and it was easily settled!” the president tweeted.

In an interview with “Fox & Friends” co-host Ainsley Earhardt slated to air on Thursday, the president elaborated that payments to adult film star Stormy Daniels and Playboy model Karen McDougal “didn’t come out of the campaign, they came from me.”

“My first question when I heard about it was, ‘Did they come out of the campaign?’ because that could be a little dicey,” Trump added, but noted that Obama “had a massive campaign violation” but was able to get off with a fine “because he had a different attorney general and they do it a lot differently.”

Politico reported that Obama’s 2008 campaign was fined $375,000 for failing to properly file donations totaling in excess of $1.8 million.

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Randy DeSoto has written more than 2,000 articles for The Western Journal since he joined the company in 2015. He is a graduate of West Point and Regent University School of Law. He is the author of the book "We Hold These Truths" and screenwriter of the political documentary "I Want Your Money."
Randy DeSoto is the senior staff writer for The Western Journal. He wrote and was the assistant producer of the documentary film "I Want Your Money" about the perils of Big Government, comparing the presidencies of Ronald Reagan and Barack Obama. Randy is the author of the book "We Hold These Truths," which addresses how leaders have appealed to beliefs found in the Declaration of Independence at defining moments in our nation's history. He has been published in several political sites and newspapers.

Randy graduated from the United States Military Academy at West Point with a BS in political science and Regent University School of Law with a juris doctorate.
Birthplace
Harrisburg, Pennsylvania
Nationality
American
Honors/Awards
Graduated dean's list from West Point
Education
United States Military Academy at West Point, Regent University School of Law
Books Written
We Hold These Truths
Professional Memberships
Virginia and Pennsylvania state bars
Location
Phoenix, Arizona
Languages Spoken
English
Topics of Expertise
Politics, Entertainment, Faith




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