David Stockman: Kudlow a Friend But Exactly ‘the Wrong Voice’ Trump Needs Now

RUSH EXCERPT:

ANCHOR: "What's your reaction to this report that Larry Kudlow could be the man to replace Cohn"
STOCKMAN: "I'm not surprised Larry is a great guy I've known him since 1980 when I came to Wall Street. Found him at bear Stearns. Convinced him on spot to be my economist OMB and he went on from there to become a major voice and influence in the Reagan policy formation in the early '80s he obviously has tremendous experience on both ends of the quarter. Washington policy and wall Street that's all the good. More importantly, he is a great free market and consistent free market thinker and free trader and with this absolute insanity that trump has launched with the steel tariffs and potential trade war down the road, that's all to the good. Unfortunately, I have to say, and as much as I love him and have known for him four decades, Larry's voice is the wrong voice that Donald Trump ought to be hearing as we go forward. Larry is an incorrigible Wall Street cheerleader and is incapable of recognizing an overvalued market and this one is absurdly so."
ANCHOR: "Honestly, look, I don't know if it's fair to sort of paint Larry that you do have an individual who if you think that the trade policies of the president are not good ones for the country, he is a more moderate certainly free trading voice that perhaps people like you would want in that chair."
STOCKMAN: "That would be a good thing, but much worse than the trade policy of trump is the fiscal policy it's a disaster. We're heading for 1.2 trillion in red ink next year after this ridiculous tax cut when the fed must be shrinking this balance sheet. Between the two, they're going to dump 1.8 trillion of bonds into the bond market that has cob ab ash absorbed and it's not going on easy. So I say that is the huge problem. Somebody needs to wake Trump up to the fact that he has unleashed a fiscal disaster late in a business cycle that's going to upend everything trump, Larry Kudlow is not going to tell him that Larry is going to tell him he can grow his way out of this mess and there's not a snowball's chance in the hot place that that can happen so yes, he's good on trade and I'm all for that but on the fiscal issue, he is the last guy that president Trump ought to be listening to."