Wednesday, April 16, 2008

K&C Quotables

Here are a few notable guest comments from last night’s show in response to my interview with Republican presidential candidate John McCain. Incidentally, one area in particular where McCain has it absolutely right is lowering corporate tax rates. This would work wonders for U.S. economic growth. It would rehabilitate the ailing dollar and reduce inflation. Mac is right on the money here.

Restoring King Dollar I think we heard, once again, a lot of talk about spending cuts and balanced budgets—and a lot of discomfort in talking about tax decreases. So you know, I’ll take a tax cut wherever I can get it. I think the problem there is [McCain] is talking about suspending the gas tax, but in fact, what he should be talking about is a stronger dollar. That would actually drive down the oil price and gasoline prices a lot more…I think [the lack of a discussion on the dollar] is a big shame. One of these candidates is going to wake up to the fact that that’s the number one populist issue—strengthening the dollar. It would be a big vote getter. A weak dollar is bad for the middle classes.
-John Tamny, editor of RealClearMarkets & senior economist with H.C. Wainwright Economics.

Channeling the Gipper You made the point that there was this kind of combination of TR and Ronald Reagan in John McCain’s rhetoric. I agree with that. I really loved his line that sounded so much like the Gipper when [McCain] said the problem in Washington is not that we don’t have enough revenue, it’s that we spend too much. As you know Larry, that’s right out of the Gipper’s playbook. The other thing I really liked about this interview, and the reason I think John McCain is going to win this race, is he’s genuine. You listen to Obama and Hillary—Hillary Clinton is now a Bible-thumpin’, gun-totin’ Democrat—they just seem artificial. John McCain is the real deal. I don’t always agree with him, but I think he’s genuine.
-Steve Moore, Wall Street Journal senior economics writer & editorial board member

McCain Targets Cayne I think [Bear Stearns CEO] Jimmy Cayne has suffered enough. He went from $170 a share. He sold at $11. Anybody else could have sold at $11. I don’t know that he’s the proper whipping boy here. [But] I agree with a lot of the sentiment of Senator McCain on these exorbitant pay packages. I do like the idea of a non-binding “say-on-pay.” But non-binding. And I don’t want the government involved in it at all. But I think it's probably a poor example [for Sen. McCain] to take Jimmy Cayne.
-Vince Farrell, managing director at Scotsman Capital Management