Tonight we start with a great quote from my hero Elon Musk: “I voted Democrats in the past because they were (mostly) the party of goodness, but they have become a party of division and hatred, so I can no longer support them I’m going to vote Republican. Now, watch their dirty tricks on me unfold.
It’s worth thinking about Elon Musk, who went from center left to center to center right, and is now clearly a full-blown Republican. It’s part of a revolt against Joe Biden’s radical, progressive agenda and his big-government socialism, but as Elon has said before, it’s a revolt against Biden’s sabotage team trying to change America’s behavior A broad-based “enough is enough”.
In Elon’s case, it directly involved his Twitter campaign to restore free speech on social media.a sign of Biden The world is state-controlled—not just the economy, but the state’s control of information. There is no disagreement anymore. In Biden’s sober world, disagreement has turned into disinformation. This is very offensive to everyone.
Even the Bidens had to fire the crazy lady Nina Jankowicz and suspend this crazy misinformation committee.
As we documented last night, Amazon CEO Jeff Bezos has now taken to attacking Biden’s socialist, progressive economic policies, which makes absolutely no sense.
Even Bezos’ newspaper, The Washington Post, is criticizing Biden’s omics. I think waking up CEOs and board members are in full retreat. It’s not just “enough”. This is a total retreat.
Here comes the cavalry, they know it, and there is another whip on the cavalry today – the Dow plunged 1,200 points. The stock market usually sends a message that things are going well, or in this case, things are going…not so well.
The market has been slammed this year, and this time, adjusted for inflation, this slam is much more serious, suggesting that it is very unhappy with our presidential leadership, or lack thereof.
Stocks don’t think successful rich people and businesses are bad. Stocks don’t think tax hikes are a good thing. Stocks might like the inflation breath, but not the triple breath we’re seeing right now. Equities also don’t like rising interest rates.
Indeed, retailers reported poor earnings today. The retail sector has been in decline for the entire year – more than 30%. Subtract 40% after inflation. That happens when rising prices eat into household incomes, and yesterday Fed Chairman Jay Powell fought to defend his inflation-fighting masculinity.
He said it so many times in one meeting because he struggled to get the hair out of his chest, and I think investors actually believed him — at least for a moment — and started running up the hill this morning.
Finally, the New York Times and its crazy columnist Paul Krugman’s lowest price. Krugman never encountered facts that interfered with his far-left, pretentious writing style. I mean, he’s just pure, utter nonsense.
I usually ignore him, and I don’t know why anyone with common sense would, but Monday’s attack on the supply side was so thorough that it really belonged to yesterday’s congressional hearing on UFOs. I’ll simply quote the last sentence: “From the Laffer Curve to January 6, there is a straight line to Buffalo.”
This is the fruit and nut type stuff. This also comes from a very sick mind. You have to have a sick mind to conjure up this crap, and I’ll end with this, my hero Elon Musk, who said he voted Republican because the Democrats have become a party of division and hatred – described by Krugman to a “T”.
But you know what, guys?here comes the cavalry
This article is adapted from Larry Kudlow’s opening comments in the May 18, 2022 issue of “Kudlow”.