We begin tonight with a fabulous quote from my hero Elon Musk: "In the past I voted Democrat, because they were (mostly) the kindness party, but they have become the party of division & hate, so I can no longer support them and will vote Republican. Now, watch their dirty tricks campaign against me unfold."
It's worth thinking about Elon Musk's movement from left of center, to center, to right of center and now apparently whole-hog Republican. This is part of the revolt against Joe Biden's radical, progressive agenda and his big-government socialism, but as Elon has said earlier, the revolt is a broad-based "enough is enough" at the Biden wrecking crew attempt to transform America.
In Elon's case, it goes directly to his Twitter crusade to restore free speech to social media. A hallmark of Biden world is state control — not only of the economy, but state control of information. There's no such thing as disagreement anymore. Disagreement has turned into disinformation in Biden's woke world. This is highly offensive to everybody.
Even the Bidens had to fire this crazy lady, Nina Jankowicz, and suspend this nutty misinformation board.
As we chronicled last night, Amazon CEO Jeff Bezos has now taken to attacking Biden's socialist, progressive economic policies, which make no sense at all.
Even Bezos's newspaper The Washington Post is criticizing Biden-omics. I think woke CEOs and boardroom fellow travelers are in full retreat. It's more than just "enough is enough." It's a full-fledged retreat.
The cavalry is coming and they know it and yet another whip hand driving the cavalry appeared today — it’s a crushing 1,200 point plunge in the DOW stock market index. Stock markets often have a message: Things are going well or in this case, things are going... not so well.
The market's been slammed this year, adjusted for inflation, the slam is even worse and it's signaling its great displeasure with our presidential leadership or the lack thereof.
Stocks don't think successful wealthy people and businesses are bad. Stocks don't think tax hikes are good. Stocks might like a whiff of inflation, but not a triple whiff, such as we're getting now. Nor do stocks like rising interest rates.
It's true, retailers reported bad earnings today. The retail sector has been falling all year — off more than 30%. Make that off 40% after inflation. That's what happens when rising prices eat into family incomes and yesterday, Fed chair Jay Powell worked so hard to defend his anti-inflation manhood.
He said it so many times during a conference, as he tried so hard to grow hair on his chest, that I think investors actually believed him — at least for a moment — and started running for the hills starting this morning.
Finally, the lowest of the low from the New York Times and its crackpot columnist Paul Krugman. Krugman has never met a factoid that interfered with his far-left, ad hominem writing style. I mean, he is just sheer, utter nonsense.
I don't usually pay him any mind and I don't know why anybody with any common sense would, but Monday's attack on supply-siders is just so totally out there that it really belongs in yesterday's congressional hearings on UFOs. I'll simply quote the last sentence: "There is a direct line from the Laffer curve, to Jan. 6, to Buffalo."
This is fruits and nuts type stuff. It's also from a very sick mind. You have to have a sick mind to conjure up this kind of trash and I will end on this, where I began — with my hero Elon Musk, who said he's voting Republican because the Democrats have become the party of division and hate — describes Krugman to a "T."
But you know what, folks? The cavalry is coming.
This article is adapted from Larry Kudlow's opening commentary on the May 18, 2022, edition of "Kudlow."