President Trump has named Larry Kudlow to replace Gary Cohn as head of the National Economic Council, a week after Cohn resigned in protest of Trump’s tariffs on imported steel and aluminum. Larry Kudlow is a syndicated columnist and radio host, and once served as chief economist at the investment firm Bear Stearns—before he was fired in 1995, when he entered rehab to treat a $100,000-a-month cocaine habit. Kudlow has repeatedly failed to forecast macroeconomic trends. In December of 2007, as the subprime mortgage market began to unravel, leading to the deepest recession since the 1930s, Kudlow wrote, “There’s no recession coming. The pessimistas were wrong. It’s not going to happen. … The Bush boom is alive and well. It’s finishing up its sixth consecutive year with more to come.”