PSoTD

The Dow breaks 14000. Larry Kudlow's take ...

... this global stock market boom signifies a major defeat for al Qaeda and all the terrorist jihadists who seek to destroy capitalism and our way of life. The spread of prosperity across the globe cannot tell a lie: The terrorists are on the wrong side, they are on the losing side, and their side will be defeated. Freedom and capitalism is moving full steam ahead. It will ultimately crush the evil, totalitarian jihadists.

Despite all the criticism President Bush has received over his administration’s Iraq war policies, the stock market has been booming throughout the whole period from early 2003 onward. Markets are giving Bush’s steadfastness in the battle of Iraq and the world terror war a big thumbs up vote of confidence.

Whoa ... bold claims! Any sort of cause and effect data to back that up?

How do we know the market didn't take off on the Democrats gaining control of Congress? Or maybe the bull market reflects the Red Sox lead over the Yankees? Or could it be a reaction to Beckham and Posh coming to Los Angeles?

Nobody makes it up as they go along better than Larry!

You get the feeling Kudlow would credit Bush for good results on his cholesterol test. I think he's still hoping to kiss up enough to get appointed to the Fed.

“The income distribution has to stand,” Mr. Griffin said, adding that by trying to alter it with a more progressive income tax, “you end up in problematic circumstances. In the current world, there will be people who will move from one tax area to another. I am proud to be an American. But if the tax became too high, as a matter of principle I would not be working this hard.”

- Kenneth C. Griffin, who received more than $1 billion last year as chairman of a hedge fund, the Citadel Investment Group, as quoted in a NY Times article on "The New Gilded Age".

Kevin Drum supplies the rant.