The Wal-Mart Effect

The Wal-Mart victory handed down by the Supremes today is a great win for all business, and a huge defeat for frivolous class-action lawsuits.

In fact, this business victory by Wal-Mart is so bullish, I believe it drove up stocks today, with the Dow finishing 76 points higher. There was no new news from Greece. Today’s stock market rally was the Wal-Mart effect.

By the way, the slam-down on class-action lawsuits is also a victory for individuals. If people have a beef, go ahead and sue. But the Supremes just said no to sociological or cultural or general statistical models, which provide no evidence in these cases. No proof.

Literally, the class-action slam-down by the Supreme Court will save business billions and billions of dollars over time. And of course, the liberal left has waged war against Wal-Mart for years. So that gang took it on the chin today.

And then there’s my friend Nancy Pelosi. She said today’s Wal-Mart decision “sets back the cause of equality for women.” She went on to re-endorse various equal-pay bills, such as the Lilly Ledbetter Fair Pay Act and the Paycheck Fairness Act. You gotta love it.

After the dreadful NLRB lawsuit against Boeing’s freedom to choose — which is part of the war against business coming out of Washington — today’s Wal-Mart decision is welcome relief.

Like I said, it rallied stocks.

Larry Kudlow — Larry Kudlow is CNBC’s senior contributor. His new book is JFK and the Reagan Revolution: A Secret History of American Prosperity, written with Brian Domitrovic.

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