CNBC’s Larry Kudlow defends corporate greed in debate with TP’s Faiz Shakir.
CNBC’s Larry Kudlow defends corporate greed in debate with TP’s Faiz Shakir.
Last night on CNBC, ThinkProgress editor-in-chief Faiz Shakir debated CNBC host Larry Kudlow about a front-page story in the Wall Street Journal which revealed that the CEOs of banks receiving government bailout money are expensing travel on private jets for personal vacations. “I think it’s great because I want to stimulate the economy,” Kudlow said of taxpayer-funded private jet trips by bank CEOs. “I want to help the resorts. … I’m glad the CEOs are going around. I just wish they’d take me with them.” Faiz responded:
I do have a problem when they’re taking taxpayer money. Larry, you hate paying taxes. I understand that. But if there’s one thing you hate more than paying taxes, it’s seeing those taxpayer dollars go to waste. And that’s what’s going on here.
Watch it:
Taxpayer Assisted Recreational Plane travel, according to Paul Begala on Real Time.
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Kudlow gives the typical rich guy answer – he can only relate to people who take expensive vacations – middle America is taking “staycations” if they can afford anything at all and poor people are just hoping to keep up with the rent.
June 20th, 2009 at 10:10 pmKudlow and his corporate hogs feed at the public trough, and expect us to be appreciate it.
The combined IQ in Kudlow’s studio stage was about five… and dropping. And they were so callous.
Oh no, Obama is taking the money! We’ve never had a President and Congress that spends money or disburses it.
Of course, a brilliant plan… forego massive salaries for practicing law in your home city to engage in massive, exhausting campaigns and scrutiny! Then live in a fairly remote compound, not able to leave without a good reason to and grand escort force! Lose the ability to walk the streets (and worship freely) but gain cash from house resolutions!
And he’s taking our religion, honor, and purity! /sarc
June 20th, 2009 at 10:35 pmLOL! CEOs going on boondoggles is “stimulating the economy”!!
Yup, and this is from the same guy that railed against the gov’t spending $Bs on public works and infrastructure programs as not being “stimulus”.
Because in the world of CNBC and big-business Wall Street advocates, what stimulates the economy is not blue-colar jobs, but more CEOs jetting around to vacation towns.
What a goon.
June 20th, 2009 at 10:39 pmOh and corporate CEOs should be barred from luxury jets save actual emergency.
Their time is NOT that valuable, there’s nothing wrong with normal planes, etc. If a handful of people need to physically move around slightly quicker than on a jumbo jet, that company needs to clean house anyway.
And if they’re really good or “exceptional” they don’t need to be pampered and live in constant luxury.
P.S. Obama is cooped up, good for them to have a date night. And a Super Bowl ad is $3 million, the advertising for NYC and Broadway was cheap in comparison. And they didn’t take Air Force One.
June 20th, 2009 at 10:42 pmCan Larry Dumblow give a valid reason why greed is good for America? If not, can he explain just who greed is good for?
June 20th, 2009 at 10:44 pmThe difference is that a majority of taxpayers, whose money is being squandered, didn’t voluntarily elect any CEOs whatsoever.
The majority did elect Obama and they understand that control of the funding goes with the job. The majority don’t begrudge a president reasonable expenses, but an unelected CEO who first begs for reimbursement for a poor job performance, then turns and squanders that reimbursement, taxpayer money, on a narrow segment of the populace for a lavish lifestyle is vastly different.
June 20th, 2009 at 10:50 pmTaxpayer Assisted Recreational Plane travel, according to Paul Begala on Real Time.
June 20th, 2009 at 11:00 pmWouldn’t it be a better use of funds to spend tax dollars to send 50 families on a bus to the the beach than to send one CEO to a resort? If you’re going to buy in to the whole stimulate the economy thing, send the folks who will appreciate it most.
June 20th, 2009 at 11:05 pmAs to the “date night”, I think seeing a popular first couple out enjoying NYC did the country and city a great deal of morale boosting good. I’m sure it was a better use of funds than a fighter flight to a carrier circling off the west coast so that a president could have a hero photo op.
These people are parasites, feeding on the blood of the working class. They are running dog lackeys of the bourgeoisie.
June 20th, 2009 at 11:08 pmI assume the CEOs have always charged lavish vacations to their corporate accounts, and didn’t see any reason to change just because they nearly went bankrupt.
Besides, they need spend some $ in Las Vegas, which is really
June 20th, 2009 at 11:08 pmhurting after Obama’s remark.
Mathazar Says:
I assume the CEOs have always charged lavish vacations to their corporate accounts, and didn’t see any reason to change just because they nearly went bankrupt.
the whole bankrupt part has a lot to do with their spending habits. They give themselves pay that is in no way reflected in their contributions, either to their companies or to society.
June 20th, 2009 at 11:11 pmAmericasBack Says:
How does one defend the indefensible?
By throwing vast sums of money at lobbyists, lawyers, and media talking whores? Just a guess..
June 20th, 2009 at 11:24 pmAmericasBack Says:
How does one defend the indefensible?
Well, I guess it helps to not have a soul.
June 20th, 2009 at 11:28 pmPhuck! Phuck! Phuck! Phuck! Phuck!
I’m sorry, gang. I simply can’t think of a way to politely express my contempt for the “power elite”.
June 20th, 2009 at 11:33 pmSo with all the evidence laid out, with all the history, it all comes down to Gordon Gecko’s “greed is good”.
LOL! American is now a one party country. Repubs have gone the way of the Wigs.
June 20th, 2009 at 11:48 pmWell, flying on a personal jet isnt going to create jobs and I doubt that the resorts will hire more people than they already have. That taxpayer money should be used by the bankers to invest or loan to projects that will create jobs.
Not to mention another wave of mortgage problems are on the way [ARM mortgages]
June 20th, 2009 at 11:51 pmAnd besides that if these bankers are already wealthy why dont they use their personal money like most others do?
June 20th, 2009 at 11:54 pmGod forbid they use that money for loans and give up a trip on their jets.
June 21st, 2009 at 12:03 amAnd just so people dont forget that bailout money didnt buy any toxic assets..they were simply revalued later on when the mark to market rules were changed. The central banks are now sitting on some 964 billion.
June 21st, 2009 at 12:06 amHey Kudlow,
Why not give that money back to the people who actually paid the taxes, like the average working class American? Why do want to give more money to Wall Street Bankers who ripped us off for trillions of dollars. You actually want to reward them for destroying the American economy? I want to slap the lips off your face.
June 21st, 2009 at 12:07 amWay to go Faitz.
Great come back and refusing to get distracted with the Obama bashing and AF1 with your comment: Take it up with the Secret Service.
Kudlow and the other guy were all over the place while Faitz remained on topic, strong and in charge of the debate.
I’m sure the last comment from Faitz on health care was very much appreciated by the majority of viewers.
June 21st, 2009 at 12:10 amXisithrus,
June 21st, 2009 at 12:12 amMost of that $964 billion is from Bernanke and The Fed, which they are using to pay back the TARP money, to get out from under the restrictions, except when they are loaning it to Geithner at Treasury at a guaranteed profit. But that’s not really our money at the Fed, except that it is.
Well, from what I gather that 964 billion will be used to buy T-bonds from the treasury,,IE monetizing our debt
June 21st, 2009 at 12:18 ampete says: I’m sorry, gang. I simply can’t think of a way to politely express my contempt for the “power elite”.
Just listening to Kudlow and the other guy, you would think the working class were a separate human species.
They know the corporate powers that be have US by the balls and will always until the day comes they can no longer buy congress.
We need an uprising to reform campaign contributions… Obviously Congress will not pass it and will continue to do their dance.
June 21st, 2009 at 12:27 amNIce job, Faiz. Banks receiving TARP money should use it responsibly. However, the argument that our government officials are using private jet privileges at the same time is valid.
What neither Shakir or Kudlow don’t seem to consider is this:
Should the government be bailing out the corporations in the first place?
CEOs should be able to travel around in jets all the time, as long as they aren’t using taxpayer money to do it. But, when they accepted the money, it muddied the waters of the marketplace.
Corporate types seemed more than willing to soak up as much government money as they could; to make up for their mismanagement and despite their supposed promotion of a free market.
But, in a free market, the mismanaged companies would have failed. Their assets would have been dismantled and used to start new, and hopefully, more successful endeavors. New growth, instead of stagnant preservation.
When government steps in to provide an artificial floor for business, in addition to forestalling its failure – it creates moral hazard, artificial winners and losers, and management decisions being made by public opinion.
Faiz may be right that the CEOs shouldn’t being using private jets with taxpayer money. I agree.
But, if we would have let the businesses fail in the first place, we wouldn’t have to debate what the CEOs can and can’t do. And we would not have to suffer the consequence of the moral hazard.
The government is wrong to prop these companies up. And businesses are wrong to sellout the marketplace for their own preservation.
June 21st, 2009 at 12:48 amI watched this clip again. If Kudlow really believed in a free market, he should berate the companies for taking the money in the first place.
Then he says, he wishes for the return of business as usual. But, those businesses took excessive risk and should have failed due to mismanagement. That seems like the status quo he wants to return to.
Business wants it both ways. Wave the free market flag when they oppose a regulation, but stow it and play victim when they want a handout.
If I’m a shareholder of Bank of America or Citigroup and the CEO is doing something I don’t like, I can try to vote him out or sell my shares. But, when I become part owner as a taxpayer, my options seem to become more limited.
June 21st, 2009 at 1:42 amFaiz Shakir is good in these appearances.
It seems obvious that he’s destined for bigger things.
June 21st, 2009 at 1:45 amcapitalism americans
you wanted it now you have it and you whine
iran wanted religion to run their country now they have it
universal law we reap what we sow or better called karma
for every action there is a reaction
universal laws apply to every action whether from a person, tribe, state or nation or world.
where do you think climate change is coming from. karma.
karma is not punishment but a universal law of cause and effect.
YOYO (you’re on your own)
With communism man exploits man with capitalism it is the other way around.
“Advocates of capitalism are very apt to appeal to the sacred principles of liberty which are embodied in one maxim: the fortunate must not be restrained in the exercise of tyranny over the unfortunate” Bertrand Russell.
June 21st, 2009 at 1:49 amThese guys are greedy,pathetic and shameless. They used to be a bit more discrete when they were stealing money. Now they get right in your face and tell you they’re stealing your money and having fun with it.
June 21st, 2009 at 1:54 amKudlow says here that the front page editorial writers at the Rupert Murdoch owned and operated Wall Street Journal are “librrrul left,” (lie) then tries to sell the notion that “the editorial writers” (which we love) are somehow different. Deception is as much a part of these people as breathing.
June 21st, 2009 at 1:55 amcorrection-front page “headline” writers.
June 21st, 2009 at 1:58 amTwo points:
Fist… What economy are the CEOs stimulating? Don’t they usually go to resorts in foreign countries?
Second….Larry Kudlow is a multi-millionaire, conservative, greedy
b a s t a r d !!! Does anyone believe he pays any taxes? He – no doubt – has an army of accountants making sure most of his money goes to banks in Switzerland!
Who does he think he’s fooling? Sheeeesh!
June 21st, 2009 at 2:58 amen son videolar
June 21st, 2009 at 5:44 amen son videolar
Ah, the old Reaganomics “trickle down” dusted off for another go round!
And we all know that “resorts” are traditionally staffed with middle class American citizens and don’t in any way break laws, bypass unions and hire the cheapest labor it can find at well below market rates who cannot complain.
So unless these private jets flew these rich asswipes to stay at a community-run motel in Detroit, or a family-owned B & B in small town America, eschewing the corporate mega resorts and retail chains, I don’t see how the fcuk they can claim that spending hundreds of thousands on taxpayer-funded family junkets!
Really, how can they keep a straight face while spouting their duplicitous talking points?
PEACE
June 21st, 2009 at 7:37 amI wonder when was the last time Larry Kudlow or any of his “friends” ironed a shirt, took out the garbage, made a bed, mowed the lawn or even dressed themselves.
June 21st, 2009 at 8:47 amThese clowns have no concept of reality.
Hey! These CEO’s earn Millions each year and Millions more in bonuses. Why in Hell don’t they pay their OWN way on the corporate jets?
If it cost $20,000 to fly the corporate jet from New York to Hilton Head, let the CEO’s reinburse the company. It’ll still stimulate the economy, but just not on the taxpayer’s dime.
Is that such a difficult concept for Kudlow to understand?
June 21st, 2009 at 10:02 ambackup Says: If Kudlow really believed in a free market, he should berate the companies for taking the money in the first place.
Aaaah, isn’t it lovely to see a greedy multimillionaire speak out of both sides of his mouth?
Kudlow is always blathering about the myth of the “Free Market”, but is happy the banks were able to survive on a handout of American working class taxpayer money.
Capitalism without bankruptcy is like Christianity without Hell!
June 21st, 2009 at 10:13 amKudlow defends corporate greed.Is anyone surprised at that revelation? Larry and his pals at CNBC are all about predatory capitalism. They believe in a virulent form of individualism that sees any notion of a “Greater Good”, as weakness. They will always want the largest slice of the pie and they are unwilling to stand in line for it. Greed is what drives and motivates Kudlow and his ilk.
June 21st, 2009 at 10:25 amI am tired of fast-talkers interrupting their guests.
It happens on O’Reilly’s show, it happens on Hannity’s show, it seems to happen on a ton of shows that have either little control of their hosts or little structure to their format. Cut Kudlow and let him work for Fox Business.
That being said, Kudlow’s argument that these trips are stimulating the economy are probably valid, but not defensible. If you have money from the government, would it not be in your best interest to use that money to help your business and let the money stimulate the economy through business-related expenses?
People are expected to fund their own vacations through their own money. I’m not about to let some corporate fat-cat do it with money they have borrowed for corporate purposes. That money is there so that the business has enough of it to operate with smaller businesses underneath it, not vacation spots. Heck, go international for a trip, and that money doesn’t even return to American businesses!
When I was young, I was given an allowance with the idea that I would spend it wisely. Once I started using it incorrectly, I was told by my parents to earn it myself.
Companies need to start spending their “allowances” correctly.
June 21st, 2009 at 10:30 amAnd the news carries stories of those who “get it.” Orpah, who I really don’t care for, is taking her entire staff on a vacation. Think of how much money she’ll be pumping into the economy, while also ensuring her staff come back to work rested, and ready to give her their best efforts. Perhaps if these CEO’s did something more like this, instead of just thinking of themselves, they wouldn’t be viewed as such weasels.
June 21st, 2009 at 10:36 amGimme a break !
Obama makes an off-hand remark about Las Vegas, and you are quick to blame the suffering Vegas economy on him!!
Jeeesh!
June 21st, 2009 at 10:56 amKudlow
Corporate welfare = good
Public welfare = bad, very bad
Greed = good
Humility = bad
Arrogant avarice = good
June 21st, 2009 at 11:01 amCompassion = bad
TARP = Taking it up the Ass from Republican Pricks
June 21st, 2009 at 12:19 pm“Capitalism without bankruptcy is like Christianity without Hell!”
COProgressive, BRAVO! Perfect!
June 21st, 2009 at 12:23 pmshorter Kudlow: Wealthy CEO’s living high off the hog on tax payer money = good. The poor, sick and elderly struggling to survive on meager tax payer funded social programs = bad.
June 21st, 2009 at 12:35 pmcovered_10 Says:
Kudlow says here that the front page editorial writers at the Rupert Murdoch owned and operated Wall Street Journal are “librrrul left,” (lie) then tries to sell the notion that “the editorial writers” (which we love) are somehow different. Deception is as much a part of these people as breathing.
True journalists report the truth. True conservatives hide the truth. That’s why conservatives are always so quick to claim that journalists are “liberal.” If it were up to conservatives, none of us would ever know the truth. They believe we should only know what the people running things want us to know.
In all seriousness, anyone who complains about the “liberal media” doesn’t know what they are talking about. It’s a matter of publishing the truth versus the lies the participants want us to believe. Just because liberals tend to prefer the truth to the lies does not mean that all media is bad. But it does mean that there are certain “media personalities” (like Kudlow) who should not be trusted to give you the truth.
June 21st, 2009 at 12:36 pmOnly from the mouths of a delusional republican: You just got to love how Kudlow defends these greedy, rat bastards by saying that they are helping the economy while screwing the American tax payers.
June 21st, 2009 at 12:41 pmAll CNBC hots eat their own defication.
June 21st, 2009 at 12:58 pmthen FLY THE DAMN JETS!@!*!!!
but NOT on MY dime – not with CORPORATE WELFARE!
jeeeeez… what part of that do tthey not understand…
or is that just being a disingenuous liar…
good job, faiz… keep pushing!
June 21st, 2009 at 3:41 pmWayne says: In all seriousness, anyone who complains about the “liberal media” doesn’t know what they are talking about. It’s a matter of publishing the truth versus the lies the participants want us to believe.
The reality is “news” is neither conservative nor liberal. It just is. Editorials are immaculately political.
Mainstream Media is purely corporate. The moguls, publishers and editors decide what to publish. These are not journalists, they are corporate whores who worship the mighty dollar. The main reason newspapers are dying is because, thanks to the Internet, they no longer have absolute control of what the public becomes aware of.
Humanity has woken up to the fact that the World is much more complexed and nuanced that the corporate whores made it out to be.
Information is power. Now this power is free to be had by all.
June 21st, 2009 at 3:45 pm*
MUST READ. You will NOT regret it…
via C&L
Words of Power: A message for the progressive media and citizen journalists.
Brock, Walsh & Boehlert Deliver A Powerful Message for the Progressive Media & Citizen Journalists: Savor the Victories, But Strengthen the Capability
http://words-of-power.blogspot.com/2009/06/brock-walsh-boehlert-deliver-powerful.html
June 21st, 2009 at 3:48 pmThank you..
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June 22nd, 2009 at 2:22 amSesli Sohbet
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If I buy smokes, lobster, and wine with my foodstamps would that also be helping the economy? Good, I thought so.
June 22nd, 2009 at 11:27 amLarry Kudlow is a schill for the criminal rich. A total loser.
June 22nd, 2009 at 4:50 pm