Former Wall Street economist and star CNBC host Larry Kudlow takes issue with Joe Weisenthal’s description of him as a “fair-weather gold bug.”
Specifically, Larry responds to Joe’s assertion that the Wall Street bailout that Larry supported could not have been possible if every dollar had to have been backed by gold:
Hi Henry. would you be kind enough to tell your man Wiesenthal that I have supported a gold -backed dollar since the mid 1970s.
Also, I favoured letting Lehman go bankrupt.
And I did not support Tarp 2, the capital injections. I did support Tarp 1, where Treasury was going to buy toxic assets in order to resell them, RTC style. And, Tarp 1 would have been possible under a gold-backed dollar.
Over to you, Joe…