Kudlow is a known permabull. Just google the words Kudlow and permabull to see for yourself. He and Jim Cramer make money by giving people false directions, but taking out a short-term position on it beforehand. He would say things are looking up if your house is on fire - for the hour you'll be warm, just standing outside watching it.

Anyone who thinks the US economy will be saved by dropping rates even more, with the banks essentially broke and not making new credit, that person is basically a round sticky truffle with nuts in it, if you know what I mean.

Want a more realistic take on the US economy? Try Mish's Global Economic Trend Analysis.

And I'll be keeping my gold and my KXL, thanks very much.