Transcripts For FBC Kudlow 20240703

Kudlow. Im larry kudlow. All right. Everyone should read wall street journal columnist and former george w. Bush speech Writer William mcgurns excellent piece called time for so manically regular mommics. Thats in todays wall street journal. Mcgurn calls it zombie reaganism because people think the gippers free market, procapitalist, lowtax, deregulation policies are hopefullylessly out of sync with modern thinking. Of course, 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 jfk tax cuts when he himself slashed tax rates in the 1980s bringing the top the income tax rate, believe it or not, down from 700 to 28 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 might, 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, and i dont think its a coincidence that tax cuts were central 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 hem the way you want to them the way you want to, but it isnt inflationary if the president takes them and spends hem the way he wants to . If thats reagan saying that about carter. Heres president reagan saying it himself. Why is it inflationary if you keep more of your earnings and spend 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, i am proud to be an alumnus of the Reagan Administration when i was a young man. And, of course, i have stayed with reagans free market supplyside principles all these years since. Proud to say so. But proudly, the most important thing i learned from the gipper was 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 and nail battle for many years, but reagan wouldnt give up. At 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 a candidates for president today that candidates for president today, and im thinking specifically of those debating at the Reagan Library with tomorrow night, how old follow reagans most successful political playbook. Free market capitalism, not Big Government socialism, is the path to prosperity. Supplyside 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. Nice and simple. All right. We will talk some more about this debate channeling reagan later mt. Show in the show. But first up, lets talk about the first biden impeachment inquiry hearing which is set for thursday. Joining me now is kentucky congressman james comer, chair of the House Oversight committee. Chairman comer, welcome back to the show. So thursdays kind of a new beginning, i suppose you could say, and i just want theres a couple things i want to ask surrounding this new beginning on thursday. Basically, one of them is if you could tell our viewers what is it you wish to accomplish now in the more formal setting of the impeachment inquiry regarding the the Oversight Committee . What are you looking to get done, mr. Comer . Two things. First of all, we want to explain exactly what an impeachable inquiry is, and secondly impeachment inquiry is, and secondly, we want to go over all the evidence that weve accumulated thus far. Our friends in the Mainstream Media are trying to create a false narrative that theres no evidence of wrongdoing by joe biden, and thats simply not the case. In the beginning, they tried to say there was no ed of wrongdoing by any biden, but i think that ships sailed, and the medias finally accepted that the president s son has committed, you know, many crimes, many serious crimes. But this investigate isnt about the president s son, this is about joe biden, and thats what we hope to get across to the American People on thursday. Larry lets see, your initial witnesses, forensic accountant bruce dubinski, Justice Departments former assistant attorney general for taxes Eileen Oconnor and well known law professor at gwu Jonathan Turley. What you have them go the what a will you have them go through . Are hay the ones that are going to review all the weve, or will they present new evidence . Hows this going to work out . Well, i think youll see over the next 48 hours were going to 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 democrat cans thatll continue to defend the indefensible by defending joe biden at all costs. But with respect to the 26 the republicans, we want to go over the evidence that weve accumulated thus far and ask each particular witness what their impression of this evidence is. We have forensic auditorses, forensic accountants that are going to 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, theres two, two problems that a we have here. We have the biden crimes, and we have the biden coverup. So all three of these witnesses are going to be the 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 coverup 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 room by by main justice presumably by main justice in the investigations of david weiss as u. S. Attorney, okay . And then youve jason smith on ways ask and means had uncovered the irs agentses, 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, is youve got late last week right after Merrick Garland spoke before judiciary two to more irs two more irs agencies corroborated the report that the Justice Department discouraged mr. Weiss from charging hunter biden. Okay . Two more. So you had the first two, now you have the second two. The two plus two equals four urs agents. 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 investigation . 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 testified, i believe them. Their stories never changed, but weiss story has changed many times about Merrick Garlands level of involvement. Now we have two more irs whistleblowers that have come forward to verify what the initial two whistleblowers testifieded, and i think that tomorrow the ways and means committees going to release some more evidence that the9 whistleblowers dropped off to the ways and means committee. So well be talking about that at our hearing on friday. There certainly has been a coverup. And its not just with david weiss investigation of the biden family, its also with the national archives, its the with the fbi. You know, we found the 1023 form that alleged joe biden took a bribe. Well, no one investigated that. [audio difficulty] testified they were told to stand down. Then youve got a situation with the national archives, the general counsel testified in a transcribed interview that he was told not to cooperate with our committee. All of these things are happening by someone at the department of justice. Whether its Merrick Garland or not, i dont know, but thus far i dont believe a lot of what Merrick Garlands telling the American People. So, mr. Chairman, you will be releasing new evidence this week, and chairman jason smith of ways and means will also be releasing new evidence, is that what youre saying . Yes, sir. Larry and we can look, we will look forward to that . Are you going to when will you put this out . Is it going to be thursday . When will jason put it out . Jason will put it out wednesday, and well talk about it thursday. We have some interesting transactions thatll be becoming public soon, hopefully, very spoon. But at very soon. But at the end of the day, we already have a mountain of evidence. And the thing that the medias going to regret is all the reporting and all the the fake narratives that theyve tried to create that theres no evidence. Theres overwhelming evidence. Theres overwhelming evidence, and is were going to continue to get more evidence despite the fact that were being obstructed by the department of justice, by hunter biden and joe bidens very expensive legal team. Its what ive said all along, this is like tracking a bleeding bear through a snowstorm. Theyve left evidence everywhere along the way, and were just trying to put it together and present it to the American People. Larry last one, chairman comer. Theres a report, there was a newspaper report actually in the Washington Times, Susan Ferrechio was the the reporter, and ive asked several people about this but nobody s really nailed this down, is so im going to give it my best shot with you. Shes reporting that with respect to the statute of limitations regarding Hunter Bidens taxes, they couldnt go after him because either whoever let it lapse, Merrick Garland, a david weiss, i dont know, somebody let it lapse. But heres the argument, sir, and i want to get your opinion. Shes 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 he paid some of it, but not all his taxes have been paid. Therefore, the statute of limitations can be waived. And they can go all the way back to whatever, 2014, 2015, etc. , etc. Now, that would open up 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 . Well, weve been told that his taxes were paid, that the irs declaredded he owed. And the taxes that that he owed was on the w2 from burisma. But what the irs whistleblowers testified, larry, all those Shell Companies, all those 20 the plus Million Dollars 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 that Beverly Hills lawyer made him current with the irs. Now, that may not be true, thats just what i was told. But at the end of the day, thats only on what he was, you know, 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, is so you can do math and see what he owes. The bidens owe a hot more money a lot more money than what he was initially hit with by the irs. Larry well, mr. Chairman, i will just read 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. To bunch of people about it, its why i bring it to your attention. Its a Washington Times story about three, four days old. Thats all it is. Anyway, i bring it to your attention because im not sure, you know, hunter biden, i mean, more investigations on taxes as well as the foreign transactions. Anyway, i dont want to keep you, sir. We hook forward to your hearing can be look forward to your hearing on thursday, we will look forward to your new evidence, and we appreciate your 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. Its a wondrous thing, a wondrous thing, blame trump. Well talk about it with former director of National Intelligence John Ratcliffe next up. And, folks, dont forget fox business will be hosting the second republican primary dea bait debate at the Ronald Reagan president ial library, simi valley, california, tomorrow night, 9 p. M. Eastern. Yours truly will also be broadcasting live out of simi valley for our regular show at 4 p. M. Eastern, 1 p. M. Pacific, but i will also be hosting the predebate coverage at a 8 p. M. Eastern and 5 a p. M. Pacific. Were up to 14 guests, ive got to figure out how im going to do in this. And believe me, these are not shrinking violets. Im kudlow, and i look forward to the new evidence from chairman comer. Is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. 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Someone needs to tell them, that theyre sitting on a goldmine, and you have no idea hey, guys youre sitting on a goldmine come on, guys do you hear that . I dont hear anything anymore. Find out if youre sitting on a goldmine. Call Coventry Direct today at the number on your screen, or visit coventrydirect. Com. Larry all right, the illegal Immigration Crisis in america is fantastically, fantastically fantastic, thats what ill have to say. I mean, 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 so, john, welcome back to the show. I wanted to just kind of sit back and talk to you about this disaster at the border. Did you know that the open border policy is really all of President Trumps fault, okay . [laughter] this is joe biden. This is we have a great quote, recent quote. Take a listen to what mr. Biden had to say. The maga 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. Theres a maga quote in there someplace too. Gutting and maga. Now, flash back from John Ratcliffe back in 2021, sunday morning futures with my pal, maria bartiromo, we have a great quote from you about the northern triangle countries. Take a listen to this one. This was totally unnecessary, and now its 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 that mexico stop its traffic at the southern border and had agreements in place with what we call the northern triangle country countries. Larry and the thing is, john, so youre responding to biden, and its a great response. But trump was able to persuade the leftwing president of mexico, obrador, the put troops up, put troops up on the border with guatemala and mexico, i think 6,000 troops, john, correct me if im wrong, and another 15 or 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 if an attitude of catch and deport, you know, we really i dont know that we solve everything, but we sure slowed it down. Now bidens gone into reverse. So i want to ask you, when you look back on this story, youve had a lot of experience in these areas, that whats the most damaging thing that biden has done, in your judgment, to create what might be as many as 8 million illegals and maybe more when you add the gotaways . Who knows . Pretty simple, harry. He failed to listen larry. He failed to listen to the u. S. Intelligence committee that i gave him and that presumably his dni shared with im. Him. So to put all of that in context. Part of the transition, i sat down with the current dni, and we talked about threats to america. We went through why china is the geopolitical threat that they are, or we talked about the circumstances in afghanistan, but we went into at length of the situation at the border. And to show how disingenuous and dishonest joe bidens comments are, as i explained to her and as you just accurately recounted, you know, thered been a lot of rhetoric from biden about changes changing these policies. I emphasized the agreements with guatemala, you know, honduras, el salvador and showed, you know, the impact that it, that had had not to solve the problem completely, but we had no caravans at the border, we had no imminent National Security threat. It had really slowed to a trickle. And she was told, look, our intelligence is very clear on this. You reverse these policies, youre going to create a crisis that is currently does not exist. And, you know, youre going to threaten the sovereignty and integrity of our territorial borders, and were going to 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 kid with afghanistan in the crawl did with afghanistan in the withdrawal, and it has created an absolute disaster and one thats hard for people you and i can talk about the numbers. You know how staggering they are, larry. Theyre just but its hard for the average american or the average American Voter to comprehend when we talk about the increases. But i think what i would say is hopeful for our country is the percentages and the numbers dont mean anything, but americans increasingly are seeing migrants impacting their own community. In your city of new york, you now have the mayor of new york and new yorkers protesting finally saying this is a real problem because theyve gotten a little taste given what weve exported from texas the up to new york. Americans are now experiencing sons, daughters, nieces, nephews, neighbors dying from fentanyl thats coming from mexican cartels. And, you know, 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, you know larry but i dont understand, heres what i never understood, and im not trying to psychoanalyze it. But, you know, barack obama under whom biden served as veep, 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, stuff that trump was blamed for obama was the guy who launched it. So heres biden with a completely different policy from obama or trump. Literally an open border. I mean, literally right now offering work permits and id cards and whatever as an invitation for illegals to just come on over. And theyve crippled the Law Enforcement agencies who are now essentially administrators and babysitters, not Law Enforcement. Theyve done everything possible. I dont understand. What is the working theory, and and then im going to ask you about the military but, john, just on this point, as a matter of National Intelligence, what theory were they operating on . Well, the difference between the Obama Administration and the Biden Administration was in between you had donald trump with who actually is said, look, the preamble to our constitution says our primary role is to provide for the common defense and that means protect the sovereignty and integrity of our territorial borders, and he built a wall. And the wall and many between that period of time Progressive Democrat Party became the voice of the party, and the wall became really the impetus for the change in policy. They really wanted to reverse everything about that, and thats why the Biden Administration policies, you know, have been so absurd and theyve really, theyve gone to such Great Lengths to create, again, an shul unnecessary an absolutely unnecessary crisis of really indescribable 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, secly, the potential 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. You know, presumably enforcing border instead of opening it and, secondly, going after the cartels. Do you see many a new Republican Administration no matter whom it is that there will be a return to an American Military role and or an expanded military role working with the mexican military . Is that a good place to start . It is. I think its actually, you know, you skipped over the first part which is, you know, the bad news in this situation is the problem that were talking about, larry, there are no solutions in the next two years or the next year and a half with the Biden Administration. Larry yeah. But and i know theres been a lot of talk about, you know, military intervention at the border and into mexico and what not, and i think thats a good thing, to have that conversation. I want the 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 place actually, larry, is not withstanding everything you said about our cooperation including our joint training exercises with the mexican military is where all of this started and and 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 as aspect and the Economic Impact on mexico that they would have, that 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 guatemala, honduras, el salvador. And i think the good news for the American People about this problem is 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 clearly not happening. Larry John Ratcliffe, thank you. Thanks for your visit. Appreciate it, talk soon. All right, folks, as i mentioned in my riff, reaganesque free market capitalism, not Big Government socialism, is the path to prosperity. The republican candidates need to channel it. Weve got liz peek and Monica Crowley weighing in. Stick around, im kudlow. Back in my relationship with my credit cards wasnt good. I got into debt in college and, no matter how much i paid, it followed me everywhere. Between the high interest, the fees. I felt trapped. So i broke up with my Credit Card Debt and consolidated it into a lowrate personal loan from sofi. I finally feel like a grownup. Break up with bad Credit Card Debt. Get a personal loan with low fixed rates. Borrow up to 100k. And no fees required. Go to sofi. Com to view your rate. Sofi. Get your money right. Larry so ill say it one more time, reaganesque free market capitalism, not Big Government socialism, should appear again and again at tomorrow night s Republican Debate at the Reagan Library in simply valley. We will see simi valley. Liz peek, Monica Crowley, former assistant treasury secretary and host of the Monica Crowley podcast. I got that down pretty good. [laughter] everyone i mean, really, i want to see some reaganesque trumpian too the, you know, but were in the Reagan Library, and he was the guy that sort of restored free market capitalism, and he sure taught me. I want to see that. I mean, i dont want these candidates to beat around the bush. I dont even care about their 12point plans. I just want to hear them progrowth, economic policies and, yes, they all will. Theres an updated version of reaganomics called trump economic, right . Tax cuts, regulatory relief, unleashing our great Energy Sector and fairer trade deals. That delivered a more recent economic boom to every demographic across the country. They all remember it. These candidates, if theyre smart, theyll run on a progrowth economic policy. Larry i never hear them though, i mean, maybe im picking, but i never really hear them talk about free market capitalism. And, you know, a year ago, a year and a half ago Newt Gingrich coined the term Big Government socialism, and i think there was an awful hot of truth to it. Thinkty i think the public is dying to hear them talk about it. And i think that was probably the most Important Message that reagan had, im from the government and im here to help, that is probably the most telling thing he ever said. Every american sliver when they heard those shiveredded when they heard those words because they heard it. Evens herald everybodys heard it. They know the government is not helping them. Guess what in polling shows people dont want the government more involved in their lives if and, boy, are they getting involved under joe biden. No ceiling fans, no gas stoves. I mean, you name it, the government is telling you what to do, larry, and is people dont like that. Larry did to you enjoy joe biden on the uaw picket lines today . [laughter] did you find that a meaningful moment in your life oohs ebbs appearance . Well, its a couple of minutes of my life ill never get back, larry and liz, unfortunately. He was forced to go because President Trump is going tomorrow, so he had to do this under political duress. He has always sold himself as the the average guy from scranton who is really plugged into the unions. Hes a working mans leader, right . Well, i think hes losing the rank and file. I think he is hemorrhaging support. Among the working class because he hasnt delivered for them. And they have a very recent point of contrast with President Trump who spent the four years of his first term delivering for the fort gotten men and women. Forgotten men and and women. Larry i mean, i think they know despite the falling wages, which is a real killer. I mean, they didnt have any c. O. L. A. Adjustments, but they know that the Green New Deal is going to kill their jobs. Thats what this strike is all about. Larry youre right. Even the workers on the picket line when they were interview afterwards by one of the fox reporters were saying, hey, its really about the ev transition. We know this is bad. Its bad for them, its bad for their union. By the way, larry, its bad for america because americans dont want these cars. Theyre expensive, and its not good for our auto industry. Larry yes to all the things you just said. Im just dying to ask this last question. If we can have a onesentence response, okay in you hear, you, we, lots of people hear that the democrats are going to take down joe biden for health or whatever reason, and Michelle Obama is going to be the candidate of the party. Monica crowley. You think, yes . Increasing, yes. Larry liz peek, what do you think [inaudible] awed know. [no audio] well, she is the one candidate that would be terrifying because she comes with a full blown fund raising apparatus. Larry i want to know a couple things. Number one, can republicans capture menendezs seat, right . Its up for grabs november 24. And i guess numbers two and three, do you want to throw your hat into the ring and do you think you could beat him . Well, larry, first of all, its good to be with you again, and we want to get you back in new jersey. [laughter] but in all seriousness we do. We need ya. The but in all seriousness, they are scared. They are worried. They are concerned. Because with, you know, bidens numbers are tank thing. Tanking. People have finally had enough including the good men and women of the state of new jersey who work 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 whats happening to their School System where kids with make lifealtering decisions about who they are and how their body functions without any input from their parents. Theyre tire of them wokefying and destroying our military. You know what theyre tired of in theyre tired of a paying for drag queen ambassadors to attract a new type of man and woman into the military. You gotta be kidding me. They are just tired of demeaning the police. It is time for a conservative, good republican to stand the up and really have real values and and fight for new jersey and stand up for new jersey. Larry i dont know, i was surprised cory booker, senator booker, came out and said, senator menendez, youve got to resign. I was surprised Governor Phil Murphy said the same thing. I dont know booker, i do know phil murphy. I think that opens the door to a republican. Republicans almost captured the statehouse in the last election in new jersey, and there wasnt much money spent. So i just want to know, are you going to throw your hat in the ring . Do you think you could beat menendez . Thats all iming asking. Oh, if i run, ill beat him. If i run, ill beat whoevers going to run on the republican side. But i have to think about this. Serious consideration, and and this is not a political answer. Right now i am focused on this budget deadline thats looming this week. Larry yeah. I have to focus on the task at hand and whats going on right now in congress. But im going to talk about this with my family, my friends, my closest advisers 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 cattle. They really have have to peek to these issues that 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, 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. They orchestrate everything. Theyre working together to move them out as with quickly as they can, bring somebody else in and say, oh, this is new and different, this is a better candidate and you should vote for this person. Thats the mistake that would be made if people do vote for them because its about a philosophy. Larry all right, well leave it there. Its a socialist philosophy. Larry yeah. Listen, free market capitalism versus Big Government socialism. Correct. Larry jeff van drew, we appreciate it. Good luck on your deliberations. All right, folks, coming up, why does Joe Bidens Administration absolutely, totally, unambiguously hate successful businesses . Its beyond belief. We have jason trend art and joe lavorgna when kudlow nice footwork. Man, youre lucky, watching live sports never used to be this easy. Now you can stream all your games like its nothing. Yes [ cheers ] yeah woho running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. Larry weve been talking about Ronald Reagan promoting free market capitalism as the best path to prosperity. Why does Joe Bidens Administration absolutely, totally, unambiguously hate successful businesses . I mean, its unbelievable. Joining us now to talk a little bit about it, jason trend part and joe lavorgna, chief economist at smbc knee coe and former economic counsel, chief economist at the white house. Jason, the finishing tc once ftc, once again lena khan, everything they do they are defeated in the courts, but here they go again. Theyre attacking amazon, which is monopolistic, forcing businesses to use expensive logistics and advertising. If they get their way, theyre going to want to break it up. Whats your, you know, youre a hot shot Institutional Investment manager. You look at this stuff, whats up with this . Well, listen, there are certain elements of this that are almost if you combine this with, id say, president bidens trip to the picket lines today, its almost a bookend to reagans patco strike. Larry right. Its the other end, its a little bit more, weve been talking about a little bit 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 whats being reflected in the stock market now. So i dont get it. President bidens numbers are very low she despite the fact we have full employment, and this is only going to make it worse. Larry dont gazillions of people use amazon and like it, joe . I think in this case prices have been low. In fact, there were various studies prior to the pandemic that talked about technology which am southern was clearly a big amazon was clearly a big input. Sos it is a bit surprising, as jason said. Larry stocks got clobbered today, but the trend is bond rates up. We quoted you last night, you looked at the hundred basis point rise in the 1010year in the 10year, in fact, you also looked at the [laughter] ironically the Energy Sector which is mostly fossil fuels thats done the best under biden because of supply constraints. Whats going to happen here . It lookses like Interest Rates are going to stay high and may go higher, market rates. Will that drag stock prices down . I think so. The hard part for the fed, it seems to me, is the fed is fighting the federal government. Youre running budget deficits of 5. 5 of gdp year after year, and this is with full employment. Is so lord only knows what the budget deficits would be if you actually had a rough patch in the economy. So it, to me, inflations sticky which means that 10 year treasury yields are going to be sticky, and that means youre going to put pressure on earnings multiples especially for a lot of what we call the long door can ration stocks, the Technology Stock stocks, that dont have profits right away, cash flows well out into the future. Larry be with careful. I would be very careful here. Larry joe, youre suggesting to be careful on the economy too. Ive been negative on the economy, larry, since maybe who two and a half years ago . Inside joke there. [laughter] i am negative on the economy. Larry being polite. The leading indicators have been very week. Weak. The yield curve is inverted, and ive been negative on equities because typically stocks do not have bull markets when the equity risk premium is negative and the Unemployment Rate is lo larry do you see the drop in the Consumer Confidence number today . Yes, thats a problem. Larry not good. But, larry, that to me reflects the weakness in the labor market. And, again, this is with unemployment at 3. 8. To jasons point, what happens when the economy weakens . So i am negative on the outlook. And then by default i would be negative on stocks. I do expect there to be a traditional recession at some point and the fed e to cut. Were not there yet, but i do think were moving closer. Larry ill 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. And if i think particularly they dont like successful business which is tragic, because thats e what america is all about. Freedom, free markets. 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