He basically told Steve he's full of it when he says inflation isn't a big deal at the moment. Rick said falling housing prices is going to have a huge impact and that higher commidity prices will be taking a toll as well.
The bald guy (I think it's Steve) posted a few charts showing this happened in the '70s and it's nothing to worry about.
Kudlow is a freaking clown. I don't believe that he believes a word that comes out of his own mouth. If he is so freaking bullish on the economy then he should put his money where his mouth is and show everyone how much money he has invested in the market and where. Heck maybe hes short the market.