At National Review, he writes:

Larry Kudlow on Federal Reserve on NRO Financial : I still can't forgive the [Federal Reserve] for decimating and deflating the bullish stock market economy five years ago, a move that temporarily ended the great productivity surge of the Internet revolution.

Productivity growth in the American economy, nonfarm business sector:

1996	2.7%
1997	1.6%
1998	2.7%
1998	2.8%
1999	2.8%
2000	2.8%
2001	2.5%
2002	4.4%
2003	4.4%
2004	4.2%

I can't stand it. I really just cannot stand it.