Transcripts For FBC Kudlow 20240703

Wall street journal columnist and former george w. Bush speechwriter william mcgurns excellent piece called, time for zombie reaganomics. That is in todays wall street journal. Mcgurn calls it zombie reaganism because people think the gyppers free market, low capitalist, low tax, deregulation policies are hopelessly out of sync with modern thinking. People who make that case are mostly part of the new socialism, practiced by todays democratic party. Wasnt always so for the democrats. John f. Kennedy slashed tax rates. I wrote a book on the subject. Ronald reagan always promoted the jfk tax cuts when he himself smashed tax rates in the 1980s, bringing the top income tax rate believe it or not down from 70 to 28 . Incidentally joe biden voted for the reagan tax cuts when he was a senator, just saying. So after the tax cuts the economy boomed in the 1980s, i mean boom boomed. Between 1982 which was the end of the carter recession really and 1988 the gdp growth rate was an astonishing 5. 4 at an annual rate. It also boomed in the 1960s, growing at an annual rate of 5. 8 between 62 and 68. I dont think it is coincidence that tax cut were essential to the rising tide of prosperity in both eras. Bill mcgurn finds a great quote which i will repeat and read, why is it inflationary if you keep more of your earnings and spend them the way you want to but it isnt inflationary if the president takes them and spends them the way he wants to . Thats reagan saying that about carter. Here is president reagan saying it himself. Why is it inflationary if you keep more of your earnings and spend the them the way you want to but it isnt inflationary if he takes them and spends them the way he wants to . Larry got it. Spot on, mr. Gipper. Of course im proud to be alumnus of the Reagan Administration when i was a young man. Of course i have stayed with reagans free market supply side principles all these years since, proud to say so. But proudly, most important thing i learned from the gipper is his remarkable sense of optimism. He explained to people why the hapless jimmy carter had to be defeated and then reagan fought the liberal Media Establishment in a tooth and nail battle for many years but reagan wouldnt give up. The end of the day people supported reagan through thick and thin. He won two landslides in 1980 and 1988 and he launched an economic boom that really lasted through the early 2000s. It really wasnt until the financial meltdown of 20082009 that the reagan boom actually ended. Pretty remarkable stuff, dont you think . Bill mcgurn is exactly right that candidates for president today and im thinking specifically of those debating at the Reagan Library tomorrow night should follow reagans most successful political textbook, freemarket capitalism, not Big Government socialism is the path to prosperity. Supply side policies of low tax rates, deregulation, limited government, reciprocal free trade and a sound, reliable, king dollar are the key factors that could be put in place by a republican in order to begin the next longterm economic boom with perhaps 5 annual growth. Think of it. Gop candidates at the debate should not only echo reagans policies but his confidence, his humility, his ability to connect with ordinary working folks and his optimism regarding the future of america. Reagan always said he wasnt really a great communicator. It was the ideas that he was communicating. There you go. Lets hear it from these gop candidates so they will be able to persuade america of their virtue and the virtue of their ideas on the economy. We will talk some more about this debate channeling reagan later in the show, but first up, lets talk about the first biden impeachment inquiry hearing which is set for thursday. Joining me now kentucky congressman james comer, chair of the House Oversight committee. Chairman comer, welcome back to the show. Thursdays kind of the new beginning i suppose you could say. I just want, couple things i want to ask surrounding this new beginning on thursday, basically one of them is, if you can tell our viewers what is it you wish to accomplish now in the more formal setting of the impeachment inquiry regarding the Oversight Committee . What are you looking to get done, mr. Comer . Two things. First of all we want to explain exactly what an impeachment inquiry is and secondly we want to go over all the evidence that weve accumulated thus far. Remember, larry, our friends in the Mainstream Media are trying to create a false narrative there is no evidence of wrongdoing by joe biden and that is simply not the case. In the beginning they were saying there was no evidence of wrongdoing by anybody. That ship has sail. The media accepted the president s son committed crimes, many serious crimes but this investigation is not about the president s son. This is about joe biden and that is what we hope to get across to the American People on thursday. Larry lets see, your initial witnesses, forensic accountant bruce dubin ski, Justice Department former assistant attorney general for taxes eileen oconnor, and wellknown law professor at gwu, Jonathan Turley. What will you have them go through . Are they the ones who are going to review all of the evidence or will they present new evidence or how is this going to work out . I think you will see over the next 48 hours well release some new evidence of wrongdoing by the biden family but with respect to the three witnesses what we want from them is to answer questions from our panel. So we have 26 republicans on the panel and obviously there are 19 democrats will continue to defend the indefensible by defending joe biden at all costs. With respect to the 26 republicans, we want to go over the evidence we accumulated thus far and ask each particular witness what their impression of this evidence is. We have forensic auditors, forensic accountants that will be able to talk about the tax crimes. We have Jonathan Turley who does a very good job talking about the violation of the foreign agents registration act. He talks about crimes that joe biden himself has committed. Then weve got the doj employee that can talk about the coverup. Remember there is two problems that we have here. We have the biden crimes and we have the biden coverup. So all three of these witnesses will be able to cover every angle of what weve been trying to present to the American People for the last several months. Larry can i ask you, speaking of the biden cover cup and the coverup by Merrick Garland and others, i guess last friday was, anyway, Merrick Garland as you know testified in front of jim jordans Judiciary Committee and basically denied that there was any interference by him or presumably by main justice in the investigations of david weiss as a u. S. Attorney, okay . And then you, jason smith of ways and means had uncovered the irs agents, two irs agents who completely denied that and gave pretty hard evidence, pretty Firm Evidence that the Justice Department had interfered. Now where im going here, sir, you got late last week right after Merrick Garland spoke before judiciary, two more irs agencies corroborated the report that the Justice Department discouraged mr. Weiss from charging hunter biden, okay . Two more. So you have the first two. Then you have spot the second two. Two plus two equals four irs agents. Four. Larry even in this woke period two plus two still equals four and when it comes to irs agents you have a lot of evidence that Merrick Garland was, to put it mildly, not telling the truth. I wanted to get your thoughts on that and how does that figure in your own investigations . Well its a problem because again not only are we investigating the crime were investigating the coverup and with respect to what the irs whistleblowers, the two initial ones that testified, i believe them. Their stories never changed but weisss story changed many times about Merrick Garlands level of involvement. Now we have two more irs whistleblowers have come forward to, to verify what the initial two is when whistleblowers testified, and tomorrow the ways and Means Committee will release more evidence that the whistleblowers dropped off to the ways and Means Committee. Well talk about that in our hearing on friday. There certainly has been a coverup. It is not just david weiss, with his investigation of the biden family. It is with the national archives, it is with the fbi. We found the 1023 form that alleged joe biden took a bribe. No one investigated that. [inaudible]. Everyone was, testified that told to stand down. Then you have a situation where with the national archives, the general counsel was, testified in a transcribed interview he was told not to cooperate with our committee. All of these things are happening by someone at the department of justice. Now whether its Merrick Garland or not i dont know but thus far i dont believe a lot of what Merrick Garland told the American People. Larry mr. Chairman, you will be releasing new evidence this week and chairman jason smith ways and means will also be releasing new evidence, is that what youre saying . Yes, sir. Larry well look forward to that. When will you put this out . Is it going to be thursday and when will jason put it out . Jason will put it out wednesday and well talk about it thursday. We have some interesting transactions that will be coming public soon hopefully very soon, but at the end of the day we already have mountains of evidence and the thing that the media is going to regret is all the reporting and all of the fake narratives that they have tried to create that there is no evidence. There is overwhelming evidence, there is overwhelming evidence and well continue to get more evidence despite the fact were being obstructed by the department of justice, by hunter biden and joe bidens very expensive legal team. What ive said all along, this is like tracking a bleeding bear through a snowstorm. They left evidence everywhere along the way and were just trying to put it together to present it to the American People. Larry last one, chairman comer, there is with a report, newspaper report actually in the Washington Times, sues fan fereccio was the reporter, i asked several people about this but nobodys really nailed this down so i will give my best shot with you. Shes reporting that with respect to the statute of limitations regarding Hunter Bidens taxes, they couldnt go after him either whoever let it lapse, Merrick Garland, david weiss, i dont know, somebody let it lapse, she is saying that attorneys are telling her hunter biden never paid the back taxes. He never paid even current taxes. A lot of us thought he had paid. A lot of us thought this los angeles lawyer, this celebrity lawyer whoever it is paid it. Maybe paid some of it but not all of his taxes have been paid. Therefore, the statute of limitations can be waived and they can foe all the way back to whatever, 2014, 2015, et cetera, that would epup a lot of doors and a lot of investigations and i just wondered has anyone brought this line of reasoning to your attention . Can you comment on it . Weve been told his taxes were paid, that the irs declared he owed. The taxes that he owed was on the w2 from burisma but what the irs whistleblowers testified, larry, you understand this, the financially illiterate media does not, all those Shell Companies, all those 20 plus Million Dollars from the Shell Companies took in, they never paid any taxes on those. So his Tax Liability is significantly more than what he settled for. Now its my understanding that Beverly Hills lawyer made him current with the irs. That may not be true. That is just what i was told but at the end of the day was on the w2. No ones ever paid taxes on the, money that went through the Shell Companies and youre talking about, we found over 20 million thus far. So you can do the math and see what he owes. The bidens owe a lot more money than what he was initially hit with by the irs. Larry well, mr. Chairman, the headline of this is, hunter biden vulnerable to federal charges for unpaid taxes from his Million Dollar a year job in ukraine, and i just want to see somebody run that down. Ive asked a bunch of people about it. Thats why im bringing it to your attention. It is a Washington Times story about three, four days old, that is all it is. I bring it to your attention because im not sure, you know, hunter biden, i mean, more investigations on taxes as well as foreign transacts. Anyway, i dont want to keep you sir. We look forward to your hearing on thursday. We look forward to your new evidence and we appreciate you coming back on the show. Thanks for having me, larry. Larry you bet, anytime. Coming up here on kudlow joe biden is doing nothing to solve the border crisis except to blame donald trump. It is a wondrous thing, wondrous thing, blame trump. Well talk about it with former director of National Intelligence John Ratcliffe next up. Folks dont forget, fox business will host the second republican primary debate, Ronald Reagan president ial library, simi valley, california, tomorrow night at 9 00 p. M. Eastern. Yours truly will broadcast live from simi valley, 4 00 p. M. , 1 00 p. M. Pacific and host the predebate coverage, 8 00 p. M. Eastern, 5 00 p. M. Pacific. Were up to four guests on the that. I have to figure out how to do that. These are not shrinking violets. Im kudlow, and i look forward to the new evidence from to the new evidence from chairman comer. Possibilities. To find your personal style. Endless hardie® siding colors. Textures and styles. Its possible. With james hardie™. Every day, businesses everywhere are asking is it possible . 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Larry all right the illegal Immigration Crisis in america is fantastically, fantastically fantastic, that is what i have to say, beyond what anyone could have possibly imagined. Joining me to talk about it is John Ratcliffe, former director of National Intelligence, former texas congressman, former prosecutor and, hes with the America First policy institute if im not mistaken. So, john, welcome back to the show. I wanted to just kind of sit back to talk about this disaster at the border. Good to see you, larry. Larry did you know that the open border policy is really all President Trumps fault . Okay, this is, this is, we have a great quote, recent quote, take a listen to what in biden had to say. President biden republicans in congress and my predecessor spent four years gutting the immigration system under my predecessor. They continued to undermine our Border Security today. Larry gutting, gutting. There is a maga quote in there someplace, gutting and maga. Flash back from John Ratcliffe back in 2021, sunday morning futures, with my pal maria bartiromo. We have a great quote from but the northern try angle countries. Take a listen to this one. This is totally unnecessary and now it created a National Security issue at our southern border that hadnt existed. President trumps policies ended the migrant crisis two years ago when he required mexico stop its traffic at the southern border and had agreements in place with what we call the northern triangle countries. Larry the thing is, john, youre responding to biden and it is a great response but trump was able to persuade the leftwing president of mexico, amlo, obrador, to put troops up, put troops up with the border with guatemala and the mexican south, i think 6,000 troops, john, correct me if im wrong and then another 15, 20,000 troops on the american border which helped our administration implement remain in mexico, remain in mexico and if you took that plus the building of the wall which wasnt completed but moved along nicely before biden, and basically viewed an attitude of catch and deport, you know, we really, i dont know we solved everything but we sure slowed it down. Now biden has gone into reverse. I want to ask you, when you look back on this story, you had a lot of experience in these areas, what is the most damaging thing biden has done in your judgment to create what might be as many as eight million illegals and maybe more when you add the gotaways, who knows . Pretty simple larry, he failed to listen to the intelligence that the u. S. Intelligence community i gave to him and presumably his dni shared with him. To put it in context, at the end of the administration, i sat down with haines the dni we talked about china the geopolitical threat that they are. We talked about the circumstances in afghanistan and went into at length with the situation at the border, to show how disingenuous and dishonest joe bidens comments are, as i explained to her and as you accurately recounted, you know there had been a lot of rhetoric from biden about changing these policies, i emphasized remain in mexico policy, agreements with the northern triangle country, guatemala, honduras, el salvador the impact that had have but not to solve the problem completely, we had no caravans at the border. We had no imminent National Security threat and it slowed to a trickle. She was told our intelligence is very clear on this, you reverse these policies you will create a crisis currently does not exist. Youre going to threaten the sovereignty and integrity of our territorial borders well go back in time. But larry, they were so intent at proving that trump was cruel and his policies were bad that they ignored the intelligence just as they did about china, just as they did about afghanistan with the withdrawal, and it has created a absolute disaster and one that is hard for people, you and i can talk about numbers, you know how staggering they are, larry, but hard for the average american, the average American Voter comprehend when we talk about the increases but i think what i would say hopeful for our country is the percentage and numbers dont mean anything but americans increasingly are seeing migrants impacting their own community. In your city of new york, you have the mayor of new york and new yorkers protesting finally saying this is a real problem because they have gotten a little taste given what we exported from texas up to new york. Americans are now experiencing sons, daughters, nieces, nephews, neighbors, dying from fentanyl coming from mexican cartels. God forbid we wont experience anything from the 3,000 increase, 3,000 increase of terrorist watch list suspects encountered at the border from the Trump Administration to the first two years of the Biden Administration. So larry i dont understand, here is what i never understood, im not trying to psychoanalyze it, but you know, barack obama under whom biden served as veep as we all know, barack obama deported a lot of people, a lot of illegals and also barack obama locked up a lot of families that crossed over the border, stomach that trump was blamed for, obama is the guy who launched it. Here is biden with a completely different policy from obama or trump, literally an open border. Literally right now offering work permits and i. D. Cards and whatever as an an invitation for illegals to come on over. They crip crippled Law Enforcement agencies who are babysitters, and administrators. I dont understand it. What is the working theory, i will ask but the military, john, just on this point, a matter of National Intelligence what theory were they operate operating on . The difference between the Obama Administration and Biden Administration was donald trump who actually said the preamble of the constitution our primary role is provide for the common dense, that means the protect the sovereignty and integrity of our territorial borders. So he built a wall, the wall, in between that period of time the Progressive Democrat Party became the voice of the party, the wall became impetus for change in policy and they really wanted to reverse everything about that. That is why the Biden Administration policies have been so absurd and they have gone to such Great Lengths to create an absolutely unnecessary crisis of you know, really inscribable proportion. Larry john, let me ask you one final question from your experience. Throughout your career, prosecutor, house member, dni, the role of the American Military and secondly the potential for the American Military to work again with the mexican military, i mean the two have always had good relations. They have combined exercises and so forth. Presumably enforcing the border instead of opening it and secondly going after the cartels. Do you see in a new Republican Administration no matter whom it is that there will be a return to an American Military role and or expanded military role working with the mexican military . Is that a good place to start . It is. I think it is actually, you know, you skipped over the first part which is, the bad news in this situation is the problem that were talking about, larry, there are no solutions in the next two years or yearandahalf with the Biden Administration but and i know there has been a lot of talk about military intervention at the border, into mexico and what not and i think thats a good thing to have that conversation. I want the realm of possibility of that possibility in the minds of the Mexican Government and the cartel leadership, but what i would say the starting mace, actually, larry, notwithstanding everything you said about our cooperation, including our joint training exercises with the mexican military, is where all of this started, worked in the Trump Administration was with diplomacy and with donald trump and, you left out your good work, it wasnt just, it was also the tariff aspect and the Economic Impact on mexico they would have, they would have felt had they not cooperated but those policies really did work, larry, and diplomacy really worked there with mexico, with the leadership in guatamala, honduras, el salvador and i think the good news for the American People about this problem it can work again. Larry yep. And so thats where i would start but having said that your point is absolutely right. You know, if the u. S. Military needs to be involved, again, that is, that is the reason we have a federal government is to protect the sovereignty and integrity of our territorial borders which is cheerly not happening. Larry John Ratcliffe, thank you, thank you for your visit. Talk soon. Appreciate it. Larry folks, as i mentioned in my riff, reaganesque freemarket capitalism, not Big Government socialism is the path to prosperity. Republican candidates need to channel it. Liz peek, Monica Crowley will weigh in. Im kudlow. Se back id n a all that planning has paid off. Looks like you can make this work. Moment wor. I can make this work. That seems to be universal. I can make this work. I can make this work. No wonder more than 9 out of 10 clients are likely to recommend us. Because advice worth listening to is advice worth talking about. Ameriprise financial. Rsv is in for a surprise. Meet arexvy. the first fdaapproved rsv vaccine. 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They provide the potential for regular income. Are federally taxfree. And have historically low risk. Call today to request your free bond guide. 18007632763. Thats 18007632763. Larry so i will say it one more time, reagannesque freemarket capitalism, not Big Government socialism should appear again and again in tomorrow nights Republican Debate at the Reagan Library in simi valley. We will see. Joining us to comment on this liz peek, syndicated columnist, fox news contributor, Monica Crowley, former assistant treasury secretary, host of the Monica Crowley podcast. I got that down pretty good. Really i want to see some reaganesque, trumpian too, but were in the Reagan Library and he was the guy that sort of restored freemarket capitalism and he sure taught me so i want to see that. I dont want these candidates to beat around the bush. I dont care about their 12 point plans. I just want to hear them. Progrowth economic policies and yes they all will, including you be at the Reagan Library but there is updated version of reaganomics which is trumpnomics, tax cuts, egg Laboratory Relief and tax relief and better trade deals that released release economic boom to every demographic across the country. They all remember it. If these candidates are smart they will run under a progrowth economic policy. Larry i never hear them though, maybe im picking at knits, but i never hear them talking about freemarket capitalism. A year ago, Newt Gingrich concerned the term Big Government socialism. It became very popular and there was a lot of truth to it and i never hear them say that, and i think the public is dying to hear about it. That was the most Important Message Ronald Reagan had, the line im from the government and here to help that was the most telling line and every american shivered they heard it, everybody heard it, uaw heard it, they know the government is not helping them. Guess what . Polling shows people dont want the government more involved in their lives and boy are they getting involved under joe biden. No ceiling fans, no gas stoves, you name it the government is telling you what to do and people dont enjoy it. Larry did you you enjoy joe biden on picket line, find that a meaningful experience . Couple minutes of my life i will never get back, larry and liz. He was forced to go because President Trump was going tomorrow. He had to do this under political duress. He looked like he did not want to be there. He always sold himself as the average guy from scranton who is really plugged into the unions. He is the working mans leader. I think he is losing the rankandfile. I think he is hemorrhaging support among the working class because he hasnt delivered for them. They have a very recent point of contrast with President Trump, who spent the four years of his first term delivering for the forgotten men and women. Larry i think they know, besides the fall in real wages which is a killer, because they have not had any cola adjustments the wrong time. Theyre probably asking too much, i get that they havent had any cola adjustments. They know the Green New Deal will kill their jobs. That is what this strike is all about. Larry the strike against the Green New Deal. Even workers in the picket line when they were interviewed afterwards by one of the fox reporters were saying hey it is about the ev transition. It is bad for them, it is bad for their union. By the way, larry are, it is bad for america because americans dont want these cars. Theyre expensive and it is not good for our auto industry. Larry yes to all the things you just said. Im just dying ts not good for our auto industry. Larry yes to all the things you just said. We can have a one sentence response okay . You hear, you here, we, lots of people hear that the democrats will take down joe biden for health, whatever reasons and Michelle Obama is going to be the candidate of the party. Monica crowley. Yeah, so, cpac march of 2021 i was on the main stage and i predicted that because my friend joel gillbert who has produced a great documentary was the original person to postulate this, Michelle Obama 2024 is the documenttry. I think odds are increasing. Larry liz, what do you think . One candidate she is terrifying because become as fullblown fundraising apparatus in america. If democrats can convince her to run it would be a great choice for them. Larry were going to revisit this down the road. I hope so. Larry liz peek, Monica Crowley, appreciate it very much. Joining me new jersey congressman Jeff Van Drew. Jeff, welcome back to the show. Where are you, there you are. Everyone is pulling the plug. I guess you dont get a fair trial anymore. Senator menendez looks bad, i get that. He could have called me for his gold quotes. He didnt have to look on the computer. I look at gold every day. No one wants to wait for the trial. Theyre all calling for his resignation now, governor, senators everybody. I want to know a couple things. Number one, can republicans capture menendezs sight, right . It is up for grabs november 24, and i guess numbers two and three do you want to throw pure hat into the ring and do you think you could beat him . Well, larry, first of all good to be with you again. We want to get you back in new jersey but in all seriousness, we do, we need you but in all seriousness, they are scared. They are worried, they are concerned because you know, bidens numbers are tanking. People are finally had enough including the good men and women of the state of new jersey who worked so hard just like the rest of the country does. Theyre tired of these immigration policies because now they were talking about bringing 60,000 Illegal Immigrants into Atlantic City airport. Theyre tired of what is happening to their School System where kids can make life altering decisions about who they are and how their body functions without any input from their parents. Theyre tired of them wokefying and destroying our military. You know what theyre tired of . Theyre tired of paying for drag queen ambassadors to attract a new type of man and woman into the military. You got to be kidding me. They are just tired of demeaning the police. It is time for a conservative, good republican to stand up and really have real values and fight for new jersey and stand up for new jersey. Larry i mean, i dont know, i was surprised, cory booker, senator booker came out and said menendez you have got to resign. I was surprised that Governor Phil Murphy said the same thing last week. I dont know booker. I do know phil murphy but i think that opens the door to a republican. Republicans almost captured the statehouse . The last election in new jersey and, wasnt much money spent. So i just wanted to know, are you going to throw your hat into the ring . Do you think you could beat menendez, that is all im asking . If i run i will beat him, whoever is going to run on the republican side. I have to think about this. Serious consideration. This is not a political answer. Right now i am focused on this budget deadline that is looming this week. I have to focus on the task at hand and what is going on right now in congress but i will talk about this with my family and my friends, my closest advisors and make a decision. Regardless of whomever the candidate is they have to be strong. If we dont stand for something we stand for nothing. They just cant be pabulum. They really have to speak to these issues i just mentioned which are real issues not only in the state of new jersey but in the United States of america. I believe were at a breaking point. Larry all right. And these democrats know that and that is why they are trying to do everything they can, everything is orchestrated. You know years ago i was a democrat. I know how it works and they orchestrate everything. They are working together to move him out as quickly as they can, bring somebody else in, say, this is new and different. This is a better candidate. You should vote for this person. Thats the mistake that would be made if people do vote for them because its about a philosophy. It is a socialist philosophy. Larry well leave it there. Freemarket capitalism versus Big Government socialism. Correct. Larry anyway, new jersey congressman Jeff Van Drew we appreciate it. Good luck in your deliberations. Folks well take a quick break. Coming up why does joe Biden Administration, absolutely, totally, unambiguously hate successful businesses . It is beyond belief. We have Jason Trennert and joe lavorgna when kudlow returns. This isnt just freight. These arent just shipments. Theyre promises. Promises of all shapes and sizes. Each, with a time and a place theyve been promised to be. A promise is everything to old dominion, because it means everything to you. Let newage products transform your garage into an area of your home you can be proud of. Modular steel cabinets let you pick and choose the Storage Solutions to keep your garage organized, with overhead racks and shelving, slat wall, workstations and flooring that let you create a showroom garage to call your own. Designed for diy installation. All you need is one weekend to take your garage from unusable to unbelievable. Visit us at newageproducts. Com. Do you shop for vitamins at walmart . Force factor products powerfully improve your health, but theyre also delicious, easy to use and affordable. Thats why force factor is now the number one best selling superfoods brand in america. Unleash your potential with force factor at walmart. Larry weve been talking about Ronald Reagan. Promoting free freemarket capim as the best path to prosperity. Why does joe Biden Administration, absolutely, totally, unambiguously hate successful businesses . It is unbelievable. Jason trennert, strategas securities, joe lavorgna, former National Economic council chief economist at the white house, senior fellow at afpi. Jason, the ftc once again, lina kahn,. I think it is luna kahn, everything they do is defeated in the courts but here they go again. Theyre attacking amazon, monopolistic, forcing businesses to use expensive logistics and advertising. If they get their way they will want to break it up. Whats your, youre a hotshot Institutional Investment manager, you look at this stuff, whats up with this . I think there are certain elements of this, are almost, if you combine this with say president bidens trip to the picket lines today, almost a book end to reagans pat costrike. It is the other end weve been talking about the 62 market drop with kennedy and u. S. Steel. Listen, this is, you can pick on capital a lot when Interest Rates are low and you can get away with it. When Interest Rates are higher and you start driving antibusiness sentiment its a big problem and thats exactly what is being reflected in the stock market now. So i dont get it. President bidens numbers are very low despite the fact you have full employment. Larry yeah. This is only going to make it worse. Larry dont gazillions of people use amazon, and like it, joe lavorgna. In this case prices have been low. In fact there were various fed studies prior to the pandemic, talking about amazon keeping inflation down especially on the good side. That is a bit surprising as jason side. Larry jason, stocks got clobbered today, the trend is bond rates up. We quoted you last night. You looked at 100 basis points rise in the 10year from roughly to 3 1 2, 4 1 2 . In fact you also looked at the, ironically the Energy Sector which is mostly fossil fuels that has done the best under biden because of supply constraints. Thats right. Larry whats going to happen here . Looks like Interest Rates will stay high and go higher, market rates. Will that drag stock prices down . I think so. The hard part for the fed seems to me the fed is fighting the federal government. Youre running budget deficits of 5 1 2 of gdp year after year and this is with full employment. Lord only knows what the budget deficits would be if you actually had a rough patch in the economy. So it to me inflation is sticky which means 10year treasury yields will be sticky, and that means you put pressure on earnings multiple especially for what we call the Long Duration stocks, technology stocks, that dont have profits right away or cash flows well out into the future. Larry be careful. I would be very careful here. Larry but joe, youre suggesting to be careful on the economy too. Ive been negative on the economy, larry, since 2 1 2 years ago, sort of inside joke there. But i am negative on the economy. Larry trying to be polite. The leading indicators have been very weak, the yield curve is inverted. Larry yep. And ive been negative on equities typically stocks do not have bull market runs when the equity risk premium is negative, household exposure to stocks is high and Unemployment Rate is low. Larry did you see the drop in the Consumer Confidence number today . Yes, thats a problem. Larry not good. Larry, to me that reflects the weakness in the labor market, this is only unemployment at 3. 8. To jasons point what happens to the deficit when the economy weakens . Im negative on outlook and by default would i be negative on stocks. I do expect this to be a traditional recession at some point and the fed to cut. Were not there yet but i do think were moving closer. Larry i tell you, they just do not like business. Im sorry we dont have more time. Well get back to it in another segment, another day. They just dont like business, i think particularly they dont like successful business, which is tragic, that is what america is all about, free markets. Where is reagan when we need him . Jason trennert, joe lavorgna, appreciate it gentlemen. I will be right back with my last word. Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. Curated by joanna gaines. Explore endless design possibilities. To find your personal style. Endless hardie® siding colors. Textures and styles. Its possible. With james hardie™. Larry tomorrow, fox business debate in the Reagan Library and free advice, republican candidates, think like reagan, supply economics worked once and can work again. Now, we will all watch liz macdonald. Elizabeth larry, that never gets old. Never gets old, larry kudl