* Hats Off To Larry, my favorite Republican!
"We believe that free market capitalism is the best path to prosperity!"
According to Jim Cramer, my friend Larry Kudlow may be the leading candidate to replace the departing Gary Cohn as the Administration's Director of the National Economic Council and as the chief economic advisor to President Trump.
I know Larry quite well and consider him to be a dear friend. He has attended my son's wedding and I have appeared on The Kudlow Report on over 50 occasions and on his Saturday radio show about 10 times. And, as mentioned in my Diary on Friday, I even made by "Generational Bottom Call" for equities on his show in early March, 2009.
As you can see in my reposting of a March, 2014 column, below, on Sir Larry, my admiration for him has no bounds.
Larry and I couldn't be more different from a political standpoint. I am a Democrat and former "Nader's Raider." Larry is a strongly committed Republican and a former member of the Reagan Administration.
* Larry's proximity to Washington, D.C. during his sojourn with President Reagan has provided him with a strong sense of process and policy. He is a keen student of economic history. This knowledge provides him with a broad economic perspective, a lot of which was reflected in the body of his recent book, JFK and the Reagan Revolution: A Secret History of American Prosperity, demonstrating that he has the requisite depth of understanding of practical economic policy alternatives (tax, trade, tariff, infrastructure, etc) that will significantly influence the trajectory of domestic economic growth.
* Larry's role as a commentator, bridging various Wall Street views, would also be an asset to a possible position in the Trump Administration. After all these years on CNBC, his relationships run deep on Wall Street and within American industry - which would likely be assuring to the capital markets.
* For years on The Kudlow Report, Larry always listened to what his guests had to say - he never talked over them. He believes in respectful and courteous debate - which is a seeming requirement in dealing with the current Administration and the varying policy views.
* Importantly, I have seen firsthand how Larry brings together people with differing views. He does this with a rare, charming and natural technique that is not often seen today - particularly in a general setting in which too many are intractable and unwilling to listen to an opposing view. This trait would serve him well in the Trump White House.
* Larry is a deeply religious man who values his family, his friendships, his community and understands that the route to success is often a crooked one - but it is well worth the travel.
In March, 2014 I wrote this heartfelt tribute and open letter to Larry when it was announced that he was ending his run on The Kudlow Report - it captures the essence of my feelings towards Larry as well as incorporating many of the reasons why Sir Larry Kudlow would be a terrific choice as Director of the National Economic Council:
An Open Letter to Sir Larry Kudlow
Mar 10, 2014 ' 8:09 AM EDT
Dear Sir Larry,
I just read the CNBC announcement that you are retiring from the "Kudlow Report" at the end of March.
I wanted to write to you and say that you have been a beacon for me and many others throughout nearly a decade and a half (on "The Kudlow Report," "Kudlow & Company," "Kudlow & Cramer" and "America Now").
You are bigger than just a commentator and host of "The Kudlow Report"; you are a man who has faced headwinds and adversity and has conquered them all.
You are among the handful of beautiful people I have been associated with who have known trials, known struggles, have known loss and have found their way out of the depths to rise to new heights.
My Grandma Koufax used to say, "Dougie, it's not where you start that counts; it's where you end up. If the road was smooth, you have likely taken the wrong route. And, remember, never to suffer would never to have been blessed."
Hardship either makes or breaks people. It made you.
To me, you have ended your role as host of "The Kudlow Report" at your professional apex.
You have been a forerunner in the integration and analysis of politics, policy and markets in the media.
Your delivery has always been fluid, your point of view always substantive, not easy tasks.
You are by far the best dressed in the Fourth Estate.
You have had the rare ability to bring out the best in investment debate and from experts with markedly opposing viewpoints. Despite spirited debates, you managed to end every segment on high, courteous and respectful notes.
I will forever treasure my many appearances on "The Kudlow Report." Most were filled with exciting sparring against the bullish cabal. Some even ended up with a historic calculus, like my early-March 2009 "generational bottom" call I made on your show.
You also brought me back together with old friends during that period, like with Uncle Vinnie Farrell, Joe Battipaglia, Mikey Holland and many others.
On a more personal note, your mentoring of my son Noah will never be forgotten by me, him or my family.
Now with Noah getting his Doctorate at The University of Pennsylvania, I am sure he is on the way to an even more exciting career than when he originally met you that first time over dinner at Nicolas Restaurant in New York City. You, in part, are responsible for some of Noah's great successes in print (Huffington Post and TheStreet), on television (MSNBC) and in his important role in addiction treatment.
To myself, Noah and so many others that you have helped, you are a personal role model.
I am a former "Nader's Raider"; you are a former member of the Reagan administration. Our politics are diametrically opposed, but our debates have always been lively and respectful of view.
You are my favorite Republican, ever.
I call you Sir Larry because of the esteem I hold for you.
Like members of my family, I like to think that you call me Dougie because of the fondness you have for me.
Wherever you are and whenever you call, Sir Larry, Dougie is there for you.
With Love and Fondness,