Lawrence Kudlow

CNBC's Lawrence Kudlow on Friday made a stock market comment about the earthquake and resulting tsunamis in Japan that have liberal media members hyperventilating.

Before we get to the response, here's what Kudlow said (video follows with partial transcript and commentary):

Former Clinton Labor Secretary and current Obama economic advisor Robert Reich was laughed at Friday for claiming "the stimulus package is the thing that is actually keeping the economy up, keeping people employed."

In a discussion on CNBC about the larger than expected September job losses reported Friday by the Labor Department, Reich was explaining to hosts Melissa Francis and Lawrence Kudlow how things would be much worse if not for the stimulus package.

He also implied that things won't get better until healthcare is reformed.

In the middle of this absolutely absurd statement, Francis and Kudlow appeared to look at each other with the former breaking out into laughter and the latter doing his best to hold it back (video embedded below the fold):

It seems the media know why the stock market declined recent. Some journalists are blaming this recent correction in the stock market on widespread credit problems and point to troubles in the housing market as evidence.  

“[B]ut nothing is likely to unsettle the markets as much as more credit woes,” said NBC News correspondent Pat Dawson on the July 29 “NBC Nightly News.” “Any additional problems with mortgage defaults or companies trying to borrow and coming up short is likely to send investors running for the exits again.”