Why Won't Anybody Call Larry Kudlow the Hypocrite He Is?

Larry is once again calling the lowering of energy prices a "mustard seed" of recovery that is being ignored by the markets.

When my occasional correspondant Doug Kass pointed out that the $360b savings on energy are trumped by the trillions of lost equity in homes and stocks, Larry (followed up by moron Dennis Kneale) essentially said that assets and incomes aren't the same thing and shouldn't be mixed.

But a year or so ago, when prices were rising, Larry and his cronies were quick to dismiss oil as an issue, pointing out that our energy consumption per capita had declined since the last oil shock in the 1970s, and that as such those prices were no longer all that relevant.  Besides, they said at the time, the wealth effect from stocks going up was going to trump it.

Now, Larry and his gang are happy to say the exact opposite in order to justify their "never any reason to sell" predisposition.

Why Doug Kass, who is a very critical thinker and a successful investment manager is willing to put up with his crap and not call him out as a hypocrite is beyond me.  He knows that Larry is pulling out any excuse to say that everything is OK, any excuse to promote his own political agenda, and any excuse to suggest that we don't need to do anything because everything is really fine.  Obviously he won't be invited back if he does call him out, but go back to the tapes, pull a Santelli on him.  He has it coming.

-btc