Tags: larry kudlow | cnbc | run | office

CNBC's Kudlow: I'm Not Running for Office

Thursday, 19 Dec 2013 03:42 PM

By Bill Hoffmann

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CNBC financial guru Larry Kudlow has poured cold water on growing speculation he may run for office— possibly for the Senate or for governor in New York or Connecticut.

"I love my work. I love my TV show. I love my radio show … You want put me in the Senate? Why would you do that to me? I thought you were my pal," Kudlow scolded Newsmax TV's Steve Malzberg when asked about the rumors.

Kudlow, who was associate director for economics and planning in the Office of Management and Budget under the Reagan administration, has flirted with running in the past, but has always backed off.

Story continues below video.




In March 2009, after rumors surfaced he was considering a run for U.S. Senate in Connecticut against Christopher Dodd, he announced that he wasn't on his TV show.

In January 2010, a movement to draft Kudlow to challenge Sen. Chuck Schumer of New York, briefly elicited Kudlow's interest. He stated, "I do believe that retiring Sen. Schumer would be a noble cause," but went no further.

"I had to say no, let's see, two years ago in New York and a couple of years before that in Connecticut, I said no. It wasn't in my heart. So, no, I don't see anything like that," Kudlow, who hosts CNBC's "The Kudlow Report" told Malzberg.

"I like to help. When people ask my advice, I've got plenty of advice to give. And I want to see … a pro-growth Republican Party."

Kudlow says he approves of the bipartisan budget deal fashioned in large part by Rep. Paul Ryan of Wisconsin.

"Paul Ryan saved the Republican Party from itself. That's what I see happening here. And it's more about politics than it is about fiscal policy or the budget," he said.

"This was not a great deal. I don't think anybody, including Ryan … [thinks] it's a great deal. But here's what it did: it kept 70 percent of the sequester budget caps … no big Democratic tax increases, no extension to the unemployment compensation, which would have made unemployment worse, not better, and no shutdown."

Kudlow says the GOP has a substantial advantage over President Barack Obama heading into midterm elections because of ongoing problems with the Affordable Care Act.

"[They] would've made a terrible mistake if they had harped on too perfect sequester at the risk of a shutdown for which they would've been blamed and would've gotten Obama off the hook," he said.

"I'm glad that Ryan got what he got even though it was far from perfect."

Kudlow also believes lawmakers will hammer out a deal on the upcoming debt ceiling.

"They'll make a deal. You probably won't see this until, frankly, May or June, but they're going to make a deal and we'll get through that," he said.

"I don't think there's any appetite in the country for a shutdown, all right? I don't think there's any appetite for a breakdown in our debt ratings. And I don't think, politically, again, the Republican Party doesn't want to get its nose in a wringer over an issue that, frankly, right now, is not that important."

Kudlow says the stock markets, which have soared this year, may be headed for a correction.

"I would say 5 to 10 percent and I'm not a market timer. I mean, I'm a TV correspondent, radio guy … but the fact is I don't think the economy's in fabulous shape," he said.

"It may be a little better around the edges but there are serious holes in the economy."

Kudlow called incoming Federal Reserve Chairman Janet Yellen "the empress of the doves … a Keynesian, old fashioned, very smart lady."

In the coming year, he believes, "Number one, they're going to slow down this bond buying, which means the monetary base is going to slow down.

"They're not going to put as much new cash into the economy and probably by the middle of next year, maybe October at the latest, it'll be OK. No more QE[quantitative easing]. That's a tightening."

See "The Steve Malzberg Show" on Newsmax TV each weekday live by clicking here now.

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