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Kudlow’s Money Politics

Larry Kudlow’s daily web log of matters political and financial.

Tuesday Night Lineup



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On CNBC’s Kudlow & Company this evening:

CNBC’s Scott Wapner will start things off with a quick report from the NYSE.

STOCK MARKET PERSPECTIVE…Our market mavens will offer up their latest insights on what’s ahead for the markets.

*Don Luskin, Trend Macrolytics
*John Rutledge, Rutledge Capital
*Barry Ritholtz, Ritholtz Research & Analytics
*Herb Greenberg, MarketWatch

FED/FOMC/ECONOMIC DISCUSSION with:

*Bob McTeer, former head of the Federal Reserve Bank of Dallas
*Wayne Angell, former Federal Reserve Governor

YOUR MONEY, YOUR VOTE political debate with:

*Jared Bernstein, Economic Policy Institute
*Steve Moore, Wall Street Journal

Please join us tonight at 5:00 p.m. (EDT) on CNBC.

Monday Night Lineup



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On CNBC’s Kudlow & Company this evening:

CNBC’s Scott Wapner will start things off with a quick report from the NYSE.

STOCK MARKET PERSPECTIVE…Our market mavens will offer up their latest insights on what’s ahead for the markets.

*Steve Forbes, CEO of Forbes
*Gary Shilling, president of A. Gary Shilling & Co.
*Ben Stein, economist and author of “Yes, You Can Get a Financial Life”
*Jim Lacamp, portfolio manager, RBC Dain Rauscher

Donald Evans, CEO of the Financial Services Forum and Floyd Norris, New York Times financial correspondent, will join the market panel to discuss the current credit crunch and sub-prime issues.

SUNDAY UNSPUN with Frank Newport, Gallup Poll editor-in-chief

ETHANOL debate with Jeff Goodell, contributing editor of Rolling Stone, and Lou Ann Hammand, CEO of Carlist.com

Please tune in the CNBC’s “Kudlow & Company” tonight at 5:00 p.m. (EDT)
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Money-Good



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Wall Street stabilized today with a triple-digit Dow gain as of this writing.

All those Bear Stearns rumors on Friday were totally over-baked and hyperactively alarmist. The firm is money-good and their daily security positions are being financed by their top lenders, including Citibank and J.P. Morgan.

What’s more, the two credit rating agencies, Moody’s and S&P, gave Bear Stearns a positive and sound outlook with respect to liquidity and credit. S&P downgraded because of the possible likelihood of lower earnings over the medium term. But S&P said liquidity is fine. All the negative speculation and rumors about the firm are just wrong.

Meanwhile, I still believe the Goldilocks economic scenario is alive and well. Jobs came in at 120,000 for the private sector and if government teachers had contributed 30,000 as usual (probably due to a statistical estimating error, they didn’t), then the jobs report would have met consensus.

Unemployment has essentially been unchanged at 4.5 percent to 4.6 percent for a year. Weekly jobless claims are low. Wages are running ahead of inflation. The ISM report suggests at least 2.5 percent real growth. The global economic boom continues as commodity indexes are holding the high ground. In the U.S. business loans are growing about 12 percent.

Second quarter profits are running 15 percent on a market cap basis, 11 percent on a net income basis, and 9 percent for continuing operations. Those profits are two to three times higher than consensus expected. Corporate bond spreads and yields are normalizing, but sources tell me that new money is coming in from petro countries and China to bottom fish cheaper corporate loans. All of which are money-good.

The sub-prime mortgage virus is still the biggest issue and no one can be sure how large the total damage will be. But with a global boom abroad and Goldilocks at home, the stock market story is in better fundamental shape than so many commentators would have us believe.

Call it money-good.

Friday Night Lineup



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On CNBC’s Kudlow & Company this evening:

STOCK MARKET…Our market guests will weigh in with their perspective on what’s ahead for the stock market and economy.

On board this evening:

*Joe Battipaglia, chief investment officer at Ryan Beck & Co.
*Fritz Meyer, senior investment officer with A I M Advisors
*David Doll, president & CEO at Kanaly Trust Company

Also, Lawrence Lindsey, president & CEO of the Lindsey Group, former chief economic adviser to President Bush will be aboard tonight, along with former Dallas Fed President Bob McTeer.

WASHINGTON TO WALL STREET…Rob Portman, outgoing White House Budget Director will join us from the White House with his take on a number of key issues.

We will also have an economic debate between Jared Bernstein, senior economist at the Economic Policy Institute and Steve Moore, Wall Street Journal editorial board member on a host of issues including today’s jobs number.

BRIDGE COLLAPSE & U.S. INFRASTRUCTURE…Geoffrey Segal, director of privatization and government reform at Reason Foundation will offer his thoughts on this tragedy. He will be joined by Janet Kavinoky, director of transportation at the U.S. Chamber of Commerce.

Messrs. Bernstein and Moore will weigh in as well.

Please join us live at 5pm ET on CNBC for another free market edition of Kudlow & Company.

“Leviathan on the Potomac”



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“Add Rep. Roy Blunt to the list of Republicans who say a fall federal shutdown cannot be avoided. Here’s a suggestion: Many government departments, agencies and offices should be closed for good.

The Politico reported this week that Blunt, House minority whip from Missouri, said a shutdown over the 2008 budget is “inevitable” because Democrats in Congress want to spend more than President Bush is willing .

Though it likely will hurt the party that ostensibly supports less government, we admire Bush’s principle. The federal apparatus has become the Leviathan on the Potomac.

…When the federal government was shut down in 1996, “nonessential” federal workers were told to stay home. It sounds like a joke, but the fact the government employs nonessential workers is clear evidence that it has grown too big.”


-From Investors Business Daily’s great editorial (Drain the Swamp) today criticizing the ridiculous growth of government.

The whole thing is worth a read…
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Not Too Hot, Not Too Cold



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The way some people in the mainstream media are talking about the stock market and economy these days, you’d think it was 1929 rather than 2007.

This kind of extreme pessimism is unwarranted.

Just this morning, for example, we got a Goldilocks jobs increase of 92,000. Wall Street was expecting 130,000, but actually private payrolls increased 120,000, while the government lost 28,000 jobs. That can’t be all that bad.

Meanwhile, the unemployment rate is 4.6 percent, where it’s been bobbing about for many months now at a near historic low. Moreover, non-management wages are 3.9 percent above a year ago. This is well ahead of the inflation rate. It means the wallets of American workers are gaining real ground in real purchasing power.

Once again, the education gap figured prominently in the unemployment statistics. If you’re armed with a bachelor’s degree or higher, your jobless rate stands at 2.1 percent. But if you didn’t graduate from high school, your average unemployment rockets up to 7.1 percent.

As for all the gnashing of teeth over corporate and mortgage loans, capital markets are absorbing the credit backup. Stocks posted strong gains the last two days and the long awaited market correction is currently tallying a 4-5 percent loss’”quite mild by historic standards. Year-to-date the Dow is still up 8 percent and 20 percent higher than one year ago. All this comes despite a constant Democratic barrage of threats over higher taxes and trade protectionism.

Down in Washington, government shutdown rumors have started trickling out from House Republican members like Minority Whip Roy Blunt. This is because Bush will veto $22 billion dollars of Democratic overspending on appropriations, in addition to all the tax hikes chronicled in today’s Wall Street Journal by editorialist Kim Strassel. It is my hope that President Bush and the GOP congressional minority hang tough on the tax and spend issue.

So, while the mainstream media peddles its flimsy ’sky is falling’ narrative, the reality is a 13,400 or so Dow, along with rising wages and a 4.6 unemployment rate, point to a prosperous nation. These are the key barometers. The Bush boom continues.

No one should buy into this 1929 scenario. It’s not happening.

Thursday Night Lineup



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On CNBC’s Kudlow & Company this evening:

CNBC’s Bob Pisani and Scott Wapner will start things off with two quick reports from the Nasdaq and the NYSE.

STOCK MARKET PERSPECTIVE…Our market mavens will offer up their latest insights on what’s ahead for the markets.

*Barry Ritholtz, president of Ritholtz Research & Analytics
*Jason Trennert, chief investment strategist at Strategas Research Partners
*Jerry Bowyer, National Review Financial columnist and author of “The Bush Boom”

Silicon Valley whiz Roger McNamee, managing director and co-founder of Elevation Partners will also be aboard this evening’s program.

INTRADE CEO INTERVIEW…CEO John Delaney from Intrade will join us live from London with insight on what his trading exchange market is predicting on political races and the economy.

MINNESOTA BRIDGE COLLAPSE…Sen. Norm Coleman (R-MN) will join us with his take on all the latest news.

CHINA PROTECTIONISM DEBATE…Economist Art Laffer, chairman of Laffer Associates, will weigh in along with former Michigan Governor John Engler, president of the National Association of Manufacturers.

Please join us at 5pm ET tonight for another free market edition of Kudlow & Company.

China Bashing Baloney



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Seventy-seven years ago, economists from both sides of the political aisle warned President Hoover not to sign the Smoot-Hawley protectionist trade bill’”1,028 economists to be exact. Hoover didn’t listen. He signed it and the Great Depression ensued.

Yesterday, the Club for Growth released a petition signed by 1,028 economists (once again’”from both sides of the political aisle) advising Congress and the president against imposing retaliatory trade measures against China.

One of the signers, John Rutledge, joined me on Kudlow & Company last night with his unique perspective. John is a former Reagan economic adviser, chairman of Rutledge Capital, president of Mundell International University Business School in Beijing and the chief adviser to China’s Silicon Valley governor. Simply put, he knows a thing or two about trade.


KUDLOW: Look, John, here’s the deal. I want to challenge you a little bit’”just to play devil’s advocate. Economists love free trade, no question about it. Half of the signers today were Democrats. But Main Street may not love free trade. And you know the rap, John. Free trade, particularly with China, is costing Americans jobs and wage inequality. How do you respond to that?

RUTLEDGE: Baloney. That’s how I respond. Larry, Congress is the only whorehouse in America that loses money. Today they proved why. The Senate Banking Committee today passed a China-bashing bill 17-to-4. It wasn’t just the Democrats, it’s the Republicans too. We’re having a race to the bottom now of politicians trying to get in front of that Main Street lynch mob you were describing with tax increases, with protectionism. People are scared. The world is changing fast. Politicians have chosen short-term political gain over long-term growth for the US and abroad. They should be ashamed of themselves.

KUDLOW: Okay. That’s the usual mantra with Congress. I don’t disagree with you. But on this point, let me go back to it. So many people have come to believe that trade deficits, large trade deficits with China are costing Americans jobs and lower wages and benefits, and therefore free trade is a bad idea. I mean, are the Democrats smarter than we think here? I’m not looking at it from the economists’ perspective, I’m looking at it from Main Street.

RUTLEDGE: I think the Democrats are very smart politically. They’re not idiots. But they’re doing a bad thing here intentionally to garner votes. Main Street doesn’t think about free trade and long-term growth. And right now growth is what’s in danger. We’ve got Obama, we’ve got Hillary and others, all competing to be the biggest foreigner basher we’ve got. That’s just like what happened in 1930. This is a grave situation. The world is growing now faster than ever. The only risk is protectionism out of America. We’ve got to do something to stop it.

Wednesday Night Lineup



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On CNBC’s Kudlow & Company this evening:

MARKETS…CNBC’s Bob Pisani and Scott Wapner will deliver two quick reports from the NYSE and the Nasdaq.

Our stock market panel tonight:

Joe LaVorgna, Chief U.S. Economist – Deutsche Bank
Russ Koesterich, senior portfolio manager – Barclays
Rich Karlgaard, publisher of Forbes Magazine
Kevin Divney, portfolio manager – Putnam Investments
Alison Deans, director of investment policy at Neuberger Berman
Michael Pento, market strategist – Delta Global Advisos

On Anti-Protectionism Protest in DC:
John Rutledge, founder of Rutledge Capital

Your Money, Your Vote:
John Harwood, CNBC political contributor

General Barry McCaffrey will discuss the Pat Tillman Hearings in DC

Please join us tonight @ 5:00 p.m. (eastern) on CNBC

1,028 Then and Now



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1,028 economists who are against imposing retaliatory trade measures against China signed the Club for Growth petition that includes almost 50 percent Republicans and 50 percent Democrats. Bravo!

Seventy-seven years ago, 1,028 economists in both political parties petitioned Herbert Hoover to veto the Smoot-Hawley tariff bill. Hat tip to Greg Mankiw’s blog site for reprinting the New York Times article.

While the Hoover-Smoot-Hawley tariff was a huge hike in tariff rates, and Dodd-Shelby and other Congressional bills would impose retaliatory duties unless China significantly raises its Yuan currency exchange rate, the potential trade war similarities are very worrisome. As was the case in the 1930s, legislation proposed today could spark a China trade war that conceivably could spread worldwide. Of course, this would put an end to the record-setting global economic boom.

The White House is opposed to any of these China bashing bills, but as yet the President has not indicated clearly that he would veto.

Senators Baucus and Grassley have a protectionist bill. House members Timothy Ryan (D-OH) and Duncan Hunter (R-CA) have a bill. And of course Sen. Chuck Schumer and Lindsey Graham started the anti-China ball rolling a couple of years ago.

Hats off to the Club for Growth for sponsoring their free trade petition. Trade barriers or tariffs amount to tax hikes on international commerce, which are just as bad as tax hikes on domestic work, saving, investment, and entrepreneurship. Both are growth-stopping.

The Ethanol Boondoggle



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Well, this is a first.

In the three years I’ve been blogging, not once have I mentioned or linked to Rolling Stone magazine.

But Jann Wenner’s four-decade old pop magazine served up quite a dish recently’”a definite must-read entitled, ’Ethanol Scam: Ethanol Hurts the Environment And Is One of America’s Biggest Political Boondoggles.’

The author calls ethanol, ‘dangerous, delusional bulls*it.’

This echoes my feelings exactly.

(A big thank you to Mark Perry who highlighted this story on his excellent Carpe Diem blog.)

Iron Joe Nails It (Again)



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‘I think either [Democrats] are, in my opinion, respectfully, naïve in thinking we can somehow defeat this enemy with talk, or they’re simply hesitant to use American power, including military power. There is a very strong group within the party that I think doesn’t take the threat of Islamist terrorism seriously enough.’ – Sen. Joe Lieberman (I-CT) in an interview with The Hill

Dems Losing Tax Hike Mojo



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Some very good news on the tax hiking, war against prosperity front: Democrats Lose Zeal for Raising Hedge-Fund Tax according to a page one Wall Street Journal story today.

This is no time to start raising taxes.

In fact, one of the best antidotes to the current bond market credit freeze is strong profits and plentiful liquidity. Low tax rates help create both.

Stocks are recovering on good profits, as I wrote in my column, “Profits Matter.” But tax rates matter too.

Let’s hope this whole hedge fund/private equity tax threat goes away.

Alarm Bells in Alaska



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Senator Ted Stevens’”one of the chief architects of special interest earmark pork’”had his Alaska home raided by federal agents yesterday.

Stevens’”who’s held his Senate seat since LBJ was in office’”recently gained notoriety for threatening to quit the Senate if it didn’t green light the infamous Alaskan ‘Bridge to Nowhere,’ as well as placing a secret hold on a pork bill allowing greater accountability and oversight of federal spending. Now he may be in line for corruption charges.

This may rid us of Mr. Stevens, but it’s a very bad sign for Republicans.

Top White House political advisor Karl Rove told a bunch of us over lunch last week that corruption was the single biggest issue in last fall’s election that overturned the GOP congressional majority. I have always agreed with this assessment, based on exit polls that showed corruption and runaway budget spending were actually more important to voters than Iraq.

So this Stevens business has to be swept away. The GOP should not defend him if he is guilty. Just clean house.

By the way, another theme Mr. Rove highlighted was the importance of the economic populism/inequality/globalization issue. He said the GOP must face this head-on in 2008 and rebut it in terms of economic prosperity.

He figures the Dems will run on a three-legged stool: Iraq, healthcare, and economic populism. His solution is to have Republican candidates sharply contrast GOP plans with Democratic plans.

“A War We Just Might Win”



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A rather positive endorsement here, startling when considering from whence it came

“Here is the most important thing Americans need to understand: We are finally getting somewhere in Iraq, at least in military terms. As two analysts who have harshly criticized the Bush administration’s miserable handling of Iraq, we were surprised by the gains we saw and the potential to produce not necessarily ‘victory’ but a sustainable stability that both we and the Iraqis could live with.

…Today, morale is high. The soldiers and marines told us they feel that they now have a superb commander in Gen. David Petraeus; they are confident in his strategy, they see real results, and they feel now they have the numbers needed to make a real difference….”

Congressional Class Warfare



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“Not content to merely spend the record influx of cash coming into the federal treasury, some members of Congress are pushing to hike the capital-gains tax on so-called “carried interest” — the share of partnership profits, typically 20%, that hedge-fund and private-equity investment managers have not sold to their outside investors. This would be nothing more than a punitive tax on those the congressmen perceive to be making too much money….”

That’s a snippet from today’s Wall Stret Journal op-ed, The Smart Way to Soak the Rich by Phil Kerpen.

Mr. Kerpen’s dead right. He will be joining us on Kudlow & Company later this week with his perspective.

Profits Matter



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My latest syndicated column.

Stock market bulls like myself were on the losing side of last week’s trading, as the Dow gave back roughly 4 percent from its 14,000 peak. The big story was a wave of high-anxiety credit fears over the value of corporate and housing loans. Credit circuits blew a fuse, lending markets temporarily froze, and a number of buyout deals were postponed as analysts and traders worked through their problems.

But this is no time to lose faith. The economy has found its legs with a 3.4 percent GDP report for the second quarter ‘” a much-needed surge from only 0.6 percent growth in the first quarter. Moreover, core inflation came in at a rock bottom 1.4 percent.

Most important, second quarter corporate profits are flowing in two-to-three-times better than expected. Much of this reflects the huge global economic boom that Treasury Secretary Henry Paulson describes as the greatest worldwide surge in his professional lifetime.

These rising profits inject new value into the stock market. Doomsday seers on Wall Street take notice: At fifteen times forward earnings, the S&P 500 yields about 6.5 percent, a very high equity risk premium compared to a 4.8 percent yield on 10-year Treasury bonds.

Be it loan worries or the stock correction, the key point in all this is the steady stream of rising profits. Profits matter. They are the best guarantee for the credit worthiness of corporate loans and the value of stocks. As classical economist Benjamin Anderson wrote in the 1920s when he was the top economist at the old Chase National Bank, ‘profits are the heart of the business situation.’ Down through the years, I’ve paraphrased that as ‘profits are the mother’s milk of stocks and the economy.’ It’s time to add credit-worthiness to that list.

What we’re witnessing is not a true credit crunch, but a temporary credit freezing-up. Banks have a lot of loans from financing buyout deals, and right now the credit freeze has stopped them from selling these loans to institutional customers. Loan markets have been over-leveraged by private-equity funds that over the past year or so have completed deals with too little cash equity and too much loan leverage.

Bond vigilantes are disciplining the buyout mavens and forcing a credit-risk re-pricing that will incentivize cash equity and discourage debt over leveraging. It’s a healthy market-driven correction.

But the key point is that robust business profitability makes these over-leveraged bank loans good paper ‘” not bad. In due course, the dust will clear and credit markets will resume functioning. Bankers will divide up these loans and resell them in tranches at handsome interest rates to pension funds, insurance companies, and money managers around the world.

Congressional Democrats could enhance this healing process if they would quit threatening to raise taxes on buyout firms and hedge funds whose ears are being pinned back by the bond market. This is no time to raise capital costs by repealing President Bush’s tax cuts or by raising new taxes. Case in point: former Sen. John Edwards’s bad idea to raise the capital-gains tax rate to 28 percent from 15 percent, and to drive up the top personal tax rate to at least 40 percent from its current 35 percent.

Treasury man Paulson was right when he told me in a recent CNBC Kudlow & Company interview that if you tax something more you get less of it. That’s why he opposes the hedge- and buyout-fund tax hike. Millions of pensioners including firefighters, police, and teachers will suffer lower retirement returns if Democrats have their way. Taxing capital more will throw a wet blanket over the income and spending power of American families by weakening the jobs picture, which remains one of the brightest spots in our economy.

Secretary Paulson has a better idea. He recognizes that our corporate tax system is broken. Business tax reduction is occurring all over the globe. Hence, the U.S. is becoming less competitive in the global race for capital. Paulson believes the best solution to this is full-fledged, pro-growth corporate tax reform.

His Treasury staff is apparently preparing a plan to reduce the current 35 percent federal tax on business down to 27 percent. It’s a very good idea. Paulson also favors Loews CEO James Tisch’s idea to reduce the corporate capital-gains tax rate. Measures like this would improve business profitability, make the U.S. more hospitable to global investment, spur new businesses and job creation, and enhance the credit worthiness of all that loan paper gathering dust on bankers’ shelves.

The loan credit freeze-up currently plaguing corporate stock and bond markets would improve rapidly if Washington would befriend the markets, instead of waging war against them.

Friday Night Special Lineup



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*STOCK MARKET & ECONOMY*…We are going to spend the entire hour tonight debating what’s going on in the stock market and economy.

Our market pros tonight include:

*Joe LaVorgna, chief US economist, Deutsche Bank
*John Rutledge, chairman, Rutledge Capital
*Michael Pento, senior market strategist, Delta Global Advisors
*Jeffrey Kleintop, chief market strategist, LPL Financial Services
*David Sowerby, chief market analyst, Loomis Sayles & Co.
*Michael Panzner, Financial Armageddon author
*Jared Bernstein, senior economist, Economic Policy Institute
*Robert Hormats, vice chairman, Goldman Sachs International
*Brink Lindsey, The Age of Abundance author, VP research at Cato Institute

Please join us at 5pm ET on CNBC for another free market edition of Kudlow & Company.

The Heart of the Business Situation



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Despite yesterday’s 2 percent drop in stock prices, driven by high anxiety credit fears over corporate and housing loans, today’s 2nd quarter GDP report brings some very good news: an annualized inflation adjusted 3.4 percent pace ‘” the strongest economy growth rate in a year.

While consumers spent at a somewhat slower pace, business construction and investment picked up the slack. Exports were particularly strong, reflecting the huge global economic boom that Treasury Secretary Hank Paulson describes as the greatest worldwide surge in his professional lifetime. In addition, the depressed housing sector was less of a drag than in recent quarters.

Also noteworthy is the fact that 2nd quarter business profits are coming in 2-3 times better than expected. So there is considerable value in the stock market, despite the current loan worries.

Another key statistic in today’s GDP report was a rock bottom 1.4 percent core inflation reading from the Fed’s personal consumption deflator target. Averaging the 1st and 2nd quarters together produces a picture of slower growth and very low inflation. During the first half of 2007, real output averaged 2 percent and the core deflator, 1.8 percent.

There’s a lot of gloom and doom on Wall Street right now from yesterday’s market drubbing and the cumulative 4.5 percent corrective stock slide from the 14,000 peak reached last week. But the economy is expanding, profits are rising, and inflation is muted. So stocks look pretty attractive. (In fact, they look almost downright cheap.) At fifteen times forward earnings, the S&P 500 yields about 6.5 percent, a very high equity risk premium compared to a 4.8 percent yield on 10-year Treasury bonds.

Moreover, the steady stream of rising profits is the best guarantee for the credit worthiness of corporate loans. As classical economist Benjamin Anderson wrote in the 1920s when he was the top economist at the old Chase National Bank, ‘profits are the heart of the business situation.’ Down through the years, I have always paraphrased that as profits are the mother’s milk of stocks and the economy. It’s time to add credit worthiness to that list.

What we are witnessing now is not a true credit crunch, but a temporary credit freezing-up. Banks have a lot of loans from the financing of buyout deals and right now the credit freeze has stopped them from selling these loans to institutional customers. Loan markets have been over leveraged by private equity funds that over the past year or so have completed deals with too little cash equity and too much loan leverage.

Now, private credit markets are disciplining the buyout mavens and forcing much better balance between equity and debt. This is a good thing. It is a market driven corrective that will add rationality to corporate finance. The key point here is that more than ample business profitability makes these over leveraged loans sitting in bank hands good paper, not bad.

When the dust clears and credit markets resume functioning, bankers will be able to divide up these loans and resell them in tranches at handsome interest rates to pension funds, insurance companies, and other investors all around the world. Again, what makes all of this possible is the strong profitability of the business sector.

The Democrats in Congress could enhance this corrective process if it would quit threatening to raise taxes on the very buyout firms and hedge funds whose ears are being pinned back by the bond market vigilantes who are demanding more equity and less loan leverage from the buyout financiers.

This is no time to raise capital costs and reduce investment returns by repealing the Bush tax cuts or by raising new taxes on the very entities which are struggling. A case in point is former Senator John Edwards’s bad new idea to raise the capital gains tax rate to 28 percent from 15 percent, and to drive up the top personal tax rate to at least 40 percent from its current 35 percent. Senators Clinton and Obama are thinking along the same lines, though their pronouncements have not yet been as specific as Mr. Edwards.

Thursday Night’s Special Lineup



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*SELL-OFF*…We are going to spend the entire hour tonight on today’s stock market plunge.

Following two quick reports from CNBC’s Bob Pisani live from the NYSE and Scott Wapner over at the Nasdaq, our stock market panel will launch into a lively debate about what happened today and what’s ahead for the markets.

(I happen to believe this is a big buying opportunity.)

Our market panel:

*Art Laffer, Laffer Associates Chairman
*Steve Liesman, CNBC Senior Economics Reporter
*Barry Ritholtz, President of Ritholtz Research & Analytics
*William Smith, President/CEO of SAM Advisors
*Gary Shilling, President of A. Gary Shilling & Co.
*Elizabeth MacDonald, senior editor at Forbes magazine
*Jerry Bowyer, National Review Financial columnist and author of “The Bush Boom”

Please join us at 5pm ET on CNBC for another free market edition of Kudlow & Company.

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