the euro? a couple moments away. if you want to find winners, you have to find the countries that aren't being correctly valued. they're not technology stocks per se. i'm talking about a few of them tonight with larry, so stick around. search wants to trade apple, i am not an apple trader, i want you to invest in apple. that's how you're going to make the big money. that's not the way to play. like i say i always promise to find you a bull market. i'm jim cramer. see you monday. larry, what do you have for us? the stalled speed recovery and scandals are killing obama's chances for reelection. this is "the kudlow report." yeah, the stalled speed economic taking its toll on obama's poll, so now team obama is labeling

romney as a radical conservative extremist? instead of brainstorming, they're blame-storming, figuring out who to blame. nonever thinks of mitt as -- here as an election you don't know about that could have ramifications far beoind what you think. francois hollandi could doom europe if he wins sunday and goes on to be present. then there's sex and scandal. mills onbeing wasted at the gsa, now 12 secret service agents on the taxpayer dime embroiled in the worst scandal of its history. this is government corruption at its worst, you know, in the private sector, a ceo would clean this mess up. why is the president awol? he is, by the way, the chief executive of this country. we begin tonight with this. team obama now calling mitt

romney an extremist, a hard-core conservative instead of a centrist flip-flopper. this is team obama has -- it's all stupid. nobody thinks of mitt romney as an extremist. polls show that voters blame obama for the high gas prices and mortgage worries, and college education fears. that's the issue. obama playing blame ognomics. let's talk. we have keith boykin. david fredoso, and kevin william zone, with "the national review." kevin, all during the primaries they wished mitt was an extremi, but he's not. this is obama's blame game. >> i wish he -- at some point you have to wonder if these people aren't just a little embarrassed to say this sort of thing, because it's so

transparent. romney's most -- when it comes to tax reductions in the $200,000 line. but only for people who are making $200,000 or less. he's kind of right there in the president's range when it comes to a lot of these issues. you know, i wish mitt romney were half the tough guy that they want him to be. >> keith, they have to be racking their brains in the white house, what to do, about their lousy economic polls. you don't believe this extremist thing is going to work. a minute ago they were calling him a flip-flopper centrist. >> i think their point is he's taken on extreme positions, if you look action for example at the dream act, the ryan budget, position on planned parenthood, foreign policy, those are extremist positions. whether or not he really believes in them is a different question. >> compared to what, keith? planned parenthood, republicans have been trying to defund

planned parenthood for years. his budget -- it's basically simpson bowls, which -- >> no, simpson and bowles was a -- >> romney is more mainstream on this stuffivities i think the more effective argument is his inconsistency. you all are here saying -- i assume david will say the same thing, that you don't even believe romney, you don't believe the extremist positions he's taken. i think that's a big credibility issue. >> do you believe romney is he an extremi? >> which romney? the one a couple years ago or the one who is talking right now? i completely agree with keith. those things pop up every day. when jim me cino goes on a conference call and says he's the most extreme republican since barry goldwater. that means his 'more conservative than ronald reagan. as kevin said, i wish. that's not true at all. >> let me ask you about that, romney the extremist, obama

calls romney being born with a silver spoon in his mouth. okay? is that extremist? >> well, you know, i think the president all to think about that is his kids were born with silver spoons in their mouths. should that be held against them? yeah, romney comes from an influential family. it has nothing to do with what he thinks. he wants silver spoons for more people. >> that's right. >> we have a little silver spoon shortage right now. >> and his policies don't make a rising tide for more people. the economic benefit ininjures inures to the wealthiest. >> and tax cuts how is that going to benefit the wealthy? >> if this goes to the people -- >> it's a portion -- >> they're getting a bigger part of the taxes. >> you cannot seriously cut taxes in that country without

disproportionately affecting the wealthy. >> you get a 12.5% which one is getting the bigger tax cut? >> the code will being so progressive that you're falling off a cliff. yes, i mean, they're all going to be disproportionately taxed. at some point if you want a pro-ground company and think about the good of the economy as a whole, you're going to be stymied by that. >> the point is we've been having these arguments for years, and there's nothing extremist about it. i mean, bill clinton's former chief of staffer win bowles proposed tax reform that looks a lot like romney's, they had, and alice rivlin, has proposed the stuff that ryan and romney are proposing. where is the extremist? it tells me that obama's polls

in the mid 40s, and he's losing to romney on economic poll i by ten points, that's what this is all about. he's just trying to change the subject. that's all i see. i get very frustrated. this stuff is not going to work. thises another obama enemy list. >> i think it's a bit of extreme panic. >> thank you. >> and there are a lot of thing that could brea badly for the obama administration. there are a lot of variables up in the air. but, you know, you can see the markets turned around very seriously. the jobs number isn't looking good. >> there's been a recovery stall. >> i've said this earlier before, and the only thing that beat the economy is the unemployment rate, because romney doesn't have the skills to be able to do it.

the real problem is both sides are overselling their case. they're making him into some sort of caricature, the extremist muslim socialist, which he's not, and peek are trying to make romney into a conservative ideologue. we have two fairly moderate people, but the problem with romney is he's been inconsistent in his views. >> did the romney campaign call him a -- >> romney said that president obama doesn't know america, he doesn't understand america. >> that's not the same as calling someone a muslim socialist. >> basically accusing him of being an outsider. that's a dog whistle message. about being out of touch. the guy is putting -- -- put. >> did -- the guy who's run company? i only know what was in his book. >> i wasn't going to say that,

but i have to say it. that is an extremist position. >> putting a dog on top of his car -- >> cutting marginal tax rates, limited government, some regulatory reform is not extremist. that's all i'll say. i think obama is desperate. that's all i'm saying. i'm a free market extremism. this is our free market, keith, david and kevin, we'll see you back later in the show, to talk about some other things like sex and scandal, and moments ago, three more secret service agents have, air quotes now, resigned. more taxpayers, millions wasted at the gsa. where is mr. obama's leadership? why is he awol? and mixed market today with apple close to correction territory, the nasdaq down, are we seeing the beginning of a spring stall? stocks are is the market just satire? we're going to break it down

next. free market capitalist is the best path to prosperity. that's not extreme, that is common sense. i want all these guys to follow. i'm kudlow. we'll be right back. if you're one of those folks who gets heartburn and then treats day after day... well, shoot, that's like checking on your burgers after they're burnt! [ male announcer ] treat your frequent heartburn by blocking the acid with prilosec otc. and don't get heartburn in the first place! [ male announcer ] one pill a day. 24 hours. zero heartburn. only hertz gives you a carfirmation. hey, this is challenger. i'll be waiting for you in stall 5. it confirms your reservation and the location your car is in, the moment you land. it's just another way you'll be traveling at the speed of hertz. you won't just find us online, you'll also find us in person, with dedicated support teams

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let's do some stock market work. here's the good news. the dow up 65 points, 180 points for the week. however, dragged down by apple, the nasdaq fell slightly. you know what? even as company prostsds are beating, stocks have gone nowhere this month. i'm seeing stocks going nowhere. they look tired and seem to be stalling along with the economic numbers. so let's talk. we have alan valdez, vice president dme securities, michael norman returns, chief economist at john thompsons. all i know is the numbers come in stinky and stocks are going nowhere with a mild correction in april. that's my reading. >> you're 100% right. they look good, but if you take out inventory, it's stalling. no growth there, no expansion. you mentioned apple. you have a few stocks that are really leading this market. apple starts to break down a stall, what happens to the

nasdaq, what happens to the s&p 500? >> i think that the earnings beats are good and they're stopping the market from really going down, but i think the market started this decline when the economy numbers started coming out, you know, including the jobs report. when you look at the chart, it's just kind of flat to down, what's your take? i like to be optimistic, but it's hard. >> you're always optimistic. >> you're setting me back here, but look, the numbers have been stinky for a long time with the exception of several quarters here and there, we get a pop, but running with a big output gap for a long time. the dow is like 7% only below it's all-time highs. i like at -- larry, i look at one number. that's the deficit as a percentage of gdp. at 7%, it seems sufficient enough to support aggregate demand, so we're going to cruise along at a 2%. >> they're bad -- >> why do you think their goo?

>> it's the opposite. >> and waste money. >> the deficit equals the net savings and income of the nongovernment. when the government spends more than it's taking in, it goes to someone, right? and look at europe, where they're trying to shrink deficits. they're going into recession. here in my opinion it's what's kept us out of the recession. >> here's the things about earnings. they're beating expectations, but the growth rate is still small. i'm an optimist on earnings, but in terms of playing this market, to make me excited, i can't get excited right now. i've tried almost everything, and i'm getting very tired. >> one of the reasons many s&p is undervalued is no one is buying into the ecity market. more importantly, if you look at what's going on, the etfs are now the tail that wags the dog. by some statistics, you know, 75% of the trades on the new york stock exchange are held for under seven minutes. it's this constant turning

that's going on. >> give me a break, don't tell me budget deficits will help out. give me a break. it's something i have to see that will get my enthusiastic again in my more normal optimistic stake. >> well, look, this is the environment we're in. you could have made this bearish case. it's been climbing this wall of worry, the conditions i think, if you look at the three rs -- low interest rate, low inflation, low labor costs, you make a case that's not good for equities? it is. it's always historically good for equities. ity. if we continue -- >> we're not going to go into a recession. >> well, that's the answer. >> it's just kind of borg right now. thanks very much. round 1 of the extremely important french presidential election kicks off on sunday. this is a big story.

conservative president nicholol sarkozy looks to lose big against francois hollande. he's an extremist, 75% tax rate, no spending cuts. this is a worrisome thing. this could doom europe and the euro. whether it affects the u.s. remains to be seen. i need some help, and i'm going to nick burns, professor at harvard's kennedy scold of government. nick, welcome back. he wants 75% rates. the public statements say he does not want to cut public spending, he doesn't get along with angela merkel, france is in a resays, how is it going to be a good story? >> it will be a very consequential election. it looks like no one will win outright. there will likely be a runoff on sunday may 6th. if hollande wins a victory, if the socialist government comes back, there will be consequences for the united states, serious

ones, up and down consequences for europe. hollande is saying he'll take the french troops out of afghanistan by the end of 2012. we want them to stay until to 14. on iran, hollande will not be as nearly as tough as sarkozy. sarkozy i think has been tougher than george w. bush or barack obama on iran, and he could be trouble for nato as well. so there are consequences for us. as you rightly say, there could be a real problem between germany and france. >> you know what, nick, on the economy, the trouble is france is in recession, sarkozy has been acting like a socialist, why do i say that sarkozy has been raising taxes. he talks about taxing rich people, talks about the value-added tax. he's all austerity. i think the french don't see a way out of the recession, and sarkozy's own center-right allies are running away from him, nick. >> austerity is very unpopular,

as you can imagine, and the eu is unpopular, and he accept hezbollahs the eu, so hollande is running a smart campaign. he's appealing to the french, saying i can create 150,000 subsidized jo, for young people. i'll raise taxes to 75%, he says on peel emearning more than 1 million euro a year. he'll undo some of the reforms that sarkozy put in place three, four years ago. it will be a dramatic change. >> all that stuff, i agree with, from what i've read. that will doom the europo. if you have the franco german alliance go under, because you election a socialist in france, what will happen to the rest of the continent and the currency? >> well, we're assuming here that hollande would actually implement the policies when elected. i don't assume that.

germany is a lot stronger than france. there's been a power shift throughout this crisis. i think if hollande wins, he'll have a tough time to convince the rest of europe to go back to state spending at a time when the french economy is in big trouble. >> i don't see the way out. what you're saying is germany will try to discipline france. and i see that as a gigantic political problem. the last word, nick burns? it will be a big problem. no question it will be contentious, b. i do think the germans will be very persuasive. if hollande wins, in convincing him not to implement everything he's talking about. >> thank you, nick burns. later in the show, sex and scandal. more taxpayers millions wasted at the gsa, so where's president obama's leadership? up next, a big week for ipos

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filed their compensation report with the s.e.c., and eric schmidt received $56 million in stock awards, $30 million in options. his salary was $937,500, and he also received $6 million in nonequity incentive plan compensation. . it's been a big week to go public. kayla has the numbers. >> high-flying ipos got off the ground this week. they saw so much demand early in the week, they both priced above range and debuted a day early. plunk rising 18.7%. info blocks and mid state petroleum also received well today. a total of 53 companies have gone public so far this year, a rise from last year, but that's just chiselling away at a clogged pipeline, according to renaissance capital. some on wall street fear a

slowdown as a decreasing number of companies to join them. back to you, jackie. >> thank you, kayla. larry, your kind of story, a new furnace company in north carolina, ashley furniture announcing a new plant, hire when it's up and running. america coming back. thank you, folks. sex and scandal. who is in charge? where is the presidential oversight? and the gsa wasting millions of taxpayers dollars. later on in the show, my man cramer on the new tech companies. the hint, none of them in silicon valley, but they're developing and innovating like crazy.

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in this half hour, when a scandal rocks a company, the ceo fixes the mess. where is the president when scandals rock his company? and obama's inconvenient truth. we have hundreds of billions of barrel underneath our country. the president says we have 2% of

the world's supply. it turns out we have 26%. why is he hiding this truth? recent economic stats suggests a springtime stall, but you know what? this whole recovery has stuck in low gear. who's to play. we begin this evening. they're more secret service agents have been forced out. now the number of agents is up to 12. that, along with the gsa scandal where millions of dollars are wasted and bureaucrats ran wild, it all caps off quite a week for the president. this string of salacious scandals rocket the without, but reps from sarah palin to jeff sessions, are on the warpath. these are incidents of a culture of world corruption, that are symptoms of a leadership breakdown. >> these boys not considering there are ramifications for their actions, whether it can ups to budget out of congress,

to gsa overspends, to the secret service scandals. i have enough of these men being dogs and not being responsible. the president, the ceo of this operation called or federal government has got to start cracking down on these agencies. >> and senator jeff sessions, he said, like a private sector ceo, when the executive branch is rocked by scandals, it's the president who must step in, and enforce discipline across the board. today white house spokesman jay carney fired back, and take a listen. >> any assertion by those politicians that you mentioned should be -- of the nature that you mentioned should be valued it el cost that you paid for it. >> back with us, cnbc contributor and former clinton white house aide keith bojesen. keith, and kevin william sons, deputy managing editor for "the

national review." why is obama awol? i think it will really hurt him. >> you know what? guys in a macho man, high testosterone in latin america is not a scandal, it's biology. the worst scandals of the barack obama administration -- >> they all got drunk the night before the president came into town, which means instead of doing their job to protect the president, they were all hung over and bleery-eyed, 17 years ago i used to go through the same problem, i'm intimately acquainted with it. that's why i don't do that anymore. this is a -- >> it isn't the hooker that bothers me, but the getting drunk. >> but the real scandals are not just people behaving badly, it's matter of policies. they're fast and furious, which results in the death of law enforcement officials, there's

solyndra, and phony green energy investments. but people get upset because there are hookers involved. >> but sex sells. that's a controversy. i agree, i don't think it's as big a deal as people are making it out to be. >> said the man from -- >> i'm sorry, that's not what protection is all about. >> i gra el this el shouldn't be doing that, but at the same time i can't imagine this hasn't been going on for a long period of time. i think that there's a culture of the secret service, it's very secret tiff. i worked in the white house. i respect them immensely, but i think there's been a secret fraternity going on. but there's been --ened and think take a toll. >> the president has taken responsibility. he fired the people at the gsa -- >> he hasn't fired anybody. >> well, people have been fired, they lost their jobs. >> by the new bureaucrat. >> you can't blame -- >> what has he said about it. >> and not give him cried. >> just tell me what the president has said? >> he hasn't stepped up at all.

this is a great opportunity, though, for him to step forward and show some leadership on a problem that did not start with him, that's been around for a long time. this gsa scanned 58d and conferences people were going, back in 2006, tom coburn did a study on government conferences and what they were spending. he found departments that were sending people to 1,000 conferences a year, depends that were sending delegations of over 100 people to several dozens conferences, which seems completely absurd. >> but the white house had the gsa conference overspending ridiculous home video stuff. 10, 11 months before it surfaced. >> that's right. the only thing that smoked them out was the videos that ran on youtube. where were they? >> they did not step forward. it's not too late for him to step forward and say we're going to crack down on these kinds of things. >> they are doing what they need to do, but i wish republicans

have been concerned about scanned always when they were spending $200 for a toilet seat in the defense department. the overspending has been going on forever. nobody ever talks about that. >> the $200 toilet seats won the cold war. throw in your solyndra point. and the seek cell service. what kind of political poll will this take on obama? >> i don't think it will take as much of a toll as it should. the really bad scandals are the one to understand, and voters are not really smart. >> kevin, you're a democrat, small "d" read your columns online. >> they elected him this the if i were, didn't they? >> they did, but there's a massive resentment and guilt

trip about it. keith, the clinton white house was pretty well run, particularly in the second term. i really believe that. i don't think the obama white house is well run and i don't think the public regards it, and the more the president is awol, he's either on the campaign trail or playing golf. >> that's not the long and short of it. he's been around the globe dealing with international crises. he was in north korea last week. he's been dealing with the problems in this country. he's got the jobs act passed just a few weeks ago. the president has been very active. >> the jobs act was put on his desk. that was done by republicans. >> it was a bipartisan bill. he got that done, the extension of the payroll tax done, a lot done since the republicans took over and congress. since the debt deal was established last september. i don't like this idea of president in campaign mode. >> keith makes his usually good articulate defense.

which is going to be more important for this election? fast and furious, the gsa or the secret service, or the jobs act? >> all of them. [ laughter ] >> that's just one example. >> which do you think about win or lose votes? >> i think keith is right in what he was saying before, that he was running against the unemployment rate. they're trying to say that romney is this radical, as we talked about earlier, in order to make it a choice and not a referendum. >> stay with it. we may go over a second. don't you think mitt romney and his experience in business, successful experience in business as a ceo and fixer of companies plays right into this, that people know if romney were running the white house, hook line and sinker, he would have cleaned house by now with the secret service and gsa? >> he likes firing people. [ laughter ] >> that's exactly my point. the country wants a guy who can

fire these corrupt bureaucrats. this is romney's -- this is his breadbasket, his main thing. >> i think, you know, keith's point here, to the obama administration as great domestic achievement has been talking republicans interest an unfunded tax cut. i don't think that romney is going going to have a whole 4r09 of difficulty of making the case that he's got a bigger economic vision. >> and ceo vision. he's a ceo. >> obama is not a ceo. every day these scandals go by and they're not fixed proves he's not a ceo, but he's running again a successful ceo. >> we talked about this before. the last two ceos were george w. bush and herbert hoover. >> jimmy carter was a ceo. >> no, he want. >> he ran a peanut farm. >> my gosh -- >> and he was peanuts. >> and harry truman -- >> he had a has beener dashry. i liked alreadiry truman. >> my point is this.

romney was successful in business, but wasn't able to translate in. >> this is a business breakdown. >> he wasn't able to translate his business skills to success in massachusetts. >> all of that may be true, but as the country goes bankrupt and all these scandals break out, this is time for a businessman if we've ever had a time, and i'm going to end it right there, answering my own question as usual. but the cast is great. thank you, gentlemen. i appreciate it. coming up, two years after bp's deepwater horizon oil rig blew up in the gulf, are we back to normal and tapping our vast oil supply or not? brian schactman is there. later in the show, jim cramer's new tech, a different way to think about innovating companies. don't go away. cent. that's about 8 cents a gallon, and that can really add up over the next few years. see, going green can save you green

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good evening. >> reporter: thanks, larry. right after the spill, as they tried to assess damage. they put a moratorium on drilling for almost five months. permits were virtually at a standstill. yes, drilling is moving forward again, and the permit process, albeit slowly, is making progress, but there's a lot of work to be done. regulations much more onerous and frankly many companies pulled their resources out of the region. >> it's coming back slowly. we're up to 22 rigs. the bad news is we were at 32 before the spill, and we were headed for 42, the best guess is right now by the end of the year we'll be at 29. so at the end of 2012, we will still be below where we were prior to the spill. >> there is a job impact here. you factor in the indirect jobs,

it's about double that, and you have a huge impact, especially considering more than 1500 small oil and gas firms just in indiana. revenues over $4 billion the a lot of them either laid people off or they brought on more dead. interestingly enough, one company has not scaled bag here, and that is bp. >> b p.m. is still active. we have five rigs running in the deepwater environment, the same number of riggs we were operating prior to the events in 2010. we continue to be an active player in the gulf in the development of critical resources that this country needs. >> reporter: larry, we talk so much about this movement toward energy dependence, can the united states do it? the production in the gulf is down, production in the u.s. is still up. imagine if they get things together here, intoing to pre-spill levels and grow, that energy independence can be more of a possibility.

>> brian shactman, you've got it exactly right. now, i want to switch gears slightly. call it president obama's inconvenient truth about oil. this is something i've talked about for weeks. a new study by the u.s. geological survey found that the world's undiscovered oil supply is 565 billion barrels. but a recent energy information report put the supply here in america at about 198 billion. that's roughly 26% of the world's oil supply. not 20, 26%. so then why is the president singing his old tune? take a listen. >> america using 20% of the world's oil, but we only have 2% of the world's known oil reserves. so we use 20%, we have 2%. who's a math major here? all right. if i'm not mistaken, that leaves us about 18% short. >> now, we welcome alaska

senator lisa murkowski. thank you. >> thank you. >> it turns out we're not running out of oil, that new official government reports suggest we may have 26% of the world's oil reserves. can you tell us about it? >> that's right. we do have abundant reserves here in this country. the president has been saying for months, for years now that we've got 2% of the world's supply, and we're running out. there's a difference between what is a proven reserve, in other words, what has actually been drilled for and has been produced, versus technically recoverable. and when technology advances, or when it becomes economically beneficial to produce, when, for instance, prices are above $100 a barrel, it's more -- it then becomes what they call

technically recoverable. but it's not yet been booked, because we haven't drilled for it yet. >> but as i understand it, it's really the difference between the past and the future. >> exactly. >> the other point i want to make, according to thinks estimates from the energy information administration and the geological survey, this doesn't even include the massive oil shale. this is just a traditional conventional oil fossil fuel, so the president's 2% numb enter is completely out of date by any measure. >> there needs to be trust in advertising here. when we're talking about our resource inventory in this country, we should not sell ourselves short. technology has changed. the ability to access it clearly has changed as the price of oil has increased, and, again, know how we can access or shale reserves, this is a whole any

world out there in terms of energy opportunity for us. >> the keystone pipeline is coming back to the senate for another vote. last time it gout 56 votes, it needs 60. what's your estimate. will there be enough democrats to push it to 60 or more? >> there should be. we should, as a nation, we should as a congress, make a commitment to our north american energy sources, and what comes from -- or what could come from the keystone project is absolutely part of that mix. the fact that we have stalled out on this, the fact that the administration has been so resistance on this is just, in my opinion flat-out wrong. >> thank you senator murkowski. >> good to be with you. let me make this clear. the president's math is completely wrong based on his own government reports. we don't have 2% of oil

reserves. we have at least 26% of world oil reserves, and if you include. oil shale, we might have as much as 50% of world oil reserves. that's the math. up next on kudlow, jim cramer's new innovators. a great way to think about companies. four new companies when we come right back. guys. come here, come here. [ telephone ringing ] i'm calling my old dealership. [ man ] may ford. hi, yeah. do you guys have any crossovers

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america was built on invasion, powered by free market, just look at the best companies and look invasion at the heart of it. good evening, jim,. >> larry, i am loving they earnings. i'm not talking about microsoft or salesforce.com. i'm talking about the new technology companies, like pitch pg, lining honeywell, like schlumberger. these are the companies that are taking share. underarmour, us, had doled new forms of fiber lighter weight, but tough that athletes love. technology is what's driving them sales. ppg made technological breakthroughs in the coating industries that have made them the envy of the world. it isn't just because ppg has been able to sell paint better than the other guys. it's regarded as superior to the rest of the world's coatings.

that's why the japanese and chinese car makers are demanding the materials to maintain higher price points. the turbotech, it's been a major difference when it comes to fuel consumption. you ever wonder why cars get more mpgs these days and have larger power? a lot because honeywell why is turbo engines that give you more power. finally schlumberger, when you hear how we were able to find more oil and gas than the finding inexpensive and safe ways to get nor fossil fuels out of the ground and they are the best at it. until people realize these are technology stocks, innovators, they will remain cheaper than they should be and the stocks will continue to go higher because of the innovative measures, and now i send it back to you, lawrence. >> jimmy, you are spot on. many thanks to jim cramer. check out this headlines. fears rising that the recovery may stall in the spring.

that was the front page headline on "wall street journal," and "new york times" today. now, look, somebody's got to explain to me what's the difference between the spring stall and the whole recovery stall. that's my. strategies. look, i'm not into the double-dip camp. all's i'm saying is we're growing at 2.5%, we've been growing at 2.5% under these policies. that's a recovery stall. >> i don't think it's a stall. it's slow growth. we should be doing a lot better. there's lots of obstacles, for example, the tax uncertainty, but we do have profit growth that's strong the that's what generates jobs, and we've got credit growth now kicking in, so big banks havic inned their lending 17% over the last year, and that begins to drive some of the -- >> that may be the most bullish thing, but on the other hand, you know, all these other data

points have gone south, not north, except jobless claims, that is -- >> that's bad -- >> so what does that -- what does that tell you? >> philly fed, empire state manufacturing. >> that's your bottom line? >> i think we're going to a one handle on gdp. >> why? >> didn't we destroy the decoupling myth? i remember so many people coming on, even this esteemed program, telling me, that the center of the real estate crisis for the u.s. would not affect the emerging markets, and lo and behold, the shanghai composite dropped, and into recession and 40% of s&p 500 earnings are from overseas. they're in a recession, and that's not going to hurt profit growth? product activity is now below 1%. the dollar is no longer falling, it's rising on the dxy. i love a strong dollar. >> i don't think it's a -- >> not overseas -- >> i don't think it's

decoupling. as europe goes down, it does slow us, but we've got lots of drive going on here. jim cramer was just talking about invasion, and you see it all across. the global dollar gdp has gone up to $72 trillion, that's 14% up from 2007. >> hang on one second. we've had a string of lousy reports, starting with the nonfarm payrolls, right on through. so what does it mean? in other words, does it mean we're downshifting to 1% growth? >> just the weather was good in february. people ball their cars in february. we had auto sales down in march. people made a much bigger deal. >> the cvs prices were dinner. >> what is that? >> credit default swaps. spanish banks, they have an 8% default. that's an 18-month high. how could you count out -- 17,

the sect largest on the planet, that will hurt corporate earnings. >> china is going to 8%. >> now they're growing at 3% annual rate. >> so the stock market is overpriced, and it's going to come in. >> the issue is whether we're stalling in the u.s. in the second quarter. >> are we stalling? >> and we aren't stalling. the data was strong in february, let down in march, because the weather didn't get even better than february. that's all that's happened so far. if europe collapses, we're going to have a big slowdown. >> nothing's changed. we're still growing. >> yeah. >> nothing's really changed, and all this stall-speak is really misleading people. but you think we are heading for something much worse. you've got 40 seconds. >> on the ltro, thank got there's a hiatus. >> you're back to europe. >> how about american businesses and consumers. forget europe. you're obsessed with europe. >> profits are slowing. >> how bad will that impact the

economy? >> 14% to 13%, so contracts. that's all i'm saying. it's a bear in nominal terms for the summer. >> it depends on europe. there you go. david, michael, thank you. i say the whole recover is on stall speed. we ed to juice it up with some tax cuts and free market economics. that's it for tonight's show. thank you for watching. i'm larry kudlow. we'll be back to monday. ♪

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