And all right, there may be no hope to tame inflation. That is the subject of the riff. Stock market bulls continue to taught Federal ReserveInterest Rate cuts but latest fed minutes out today throw cold water on that. The stocks dont need extra juice from the fed. Consumer prices increases around 4. 5 annual rate over first third of the year. 20 over course of joe bidens presidency. Prices risen faster than wages during mr. Bidens term. You could addon personal borrowing costs. Like car loans, home mortgages, credit cards. All those are not counted in the cpi but they weigh heavily on families. Then there is never ending biden spending machine. And soaring deficits and debt that go with it. You are looking at two trillion dollar deficits as far as the eye can see. The root cause of those, is over spending. Which is running nearly a quarter of gdp, that is a peacetime record, cbo estimates that budget deficits will run close to 3 trillion dollars by 2034. Spending continues unabated from biden policies. Deficits estimated to rise to 6 of gdp, that is an unheard of level in an economy with unemployment less than 4 and a troublesome high inflation rate. Debt held by public totals 27 trillion. And to rise from current 99 of gdp to 116 of gdp. Total federal debt itself now 34. 5 trillion. Net interest expense running over 800 billion a year, that is near unbelievable number. That is actually just as costly as our kno entire National Defense budget. And joe biden treasury making a huge mistake, by financing the debt at shortened of the curve through monday prez bills treasury bills, 5 and a quarter , they are higher than 10 year bonds. Treasuries should be selling much longer Duration Bonds to avoid high interest expense. And to properly fund out the debt burden over a long period of time. Maybe 50 to 100 year bonds, would make more sense for future generations than 3 montre3 month, treasury bills, the fed pushed down on the brake bidens spending policies keep the accelerator on the floor, that is an inflation problem for longer term that is unless someone else comes along to completely change the policies. That is my riff. All right. Joining us now, florida congressman Byron Donalds and congresswoman anna paulina luna. Byron, were spending away fed is pushing the brake down. The biden spending is pushing accelerator. Inflation remains a stick sticky problem. And they are pushing out how much 7 or si sit billio bill or 8 billion of more student loan. You know byron this is a crazy government if you ask me. Larry, i would tell you this is a rogue government. A radical government. You are right about student loan debt, Supreme Court has told joe biden, no. Congress has not voted on anything like this for Student Loans but he does it anyway, that say violation of separation powers, which is impeachable offense, you have his massive over spending, a lot of our clegg colleagues on capitol hill voted for to continue, but no one is asking, what is happening in the auctions. We have to be responsible here on capitol hill. It is a recipe of disaster, led by master of disaster joe biden, we have to get rid of him, we need donald trump back. Larry you know, anna, thanks for comes back on. Washington has to stop spending your take on this well you know byron is a financial expert, i can hardly keep up with him. He knows about yield curves and treasury bonds. But generically this country spends too much money, there are too many deficits, it now shopping up the poll, bankers like jamie dimon who say democrat saying, hang on deficits and debt will key inflation as far as eye can see, how do you break this cycle anna. It is up to the voters this november. Byron stated, a lot of people realize under President Trumps economy that is was more affordable. When see this administration pushing Something Like student loan forgiveness, i look at it like they are trying to buy votes, and for people like myself who joined military and pay our way through college, this is a slap in the face for those of us who did it responsibly, a lot of people now realize regardless of what Administration Says they cant trust them that is why you see a massive influx of voters and hispanic and black demographic. Interesting. You cant trust the issue of trust, there is a new harris poll, big majority of people say we are in a recession, saying were in a recession. Were not technically. But you know. Anna paulina luna, there is a matter of broken confidence in biden. Which he cannot somehow marshall back. I think that is what they are saying. I have no confidence in the future, things are not fabulous now, it is too expensive to live in his economy, i have now confidence he will fix it, is that possible, a confidence perception and break down . Most certainly, you saw i am sure you may have heard of cardi b. , she said he would not reendorse president biden, she was disappointed in his performance, and others, in celebrity hollywood say they are supporting President Trump because of, that i could not agree more, i am sure my colleague byron has something to say about that. Larry in cardi would speak to me, i could speech her about supply side economics, byron. Let me tell you cardi knows about supply side. You will have a good conversation on economics. There are so many people like anna said, amber rose supporting President Trump. And you have a lot of people in hiphop supporting trump. They understand that if it does not make dollars it does not make cents people might make money under joe biden but they are spending far more, it does not work, that is before you get to other problem with this administration. This is why you see so many out of entertainment world lining up behind donald trump because at this point in American History the economy worked, things made sense, media never made sense were working on them. Larry if she calls me ill talk with her. We could have a sit down with charts and graphs. A couple more things. You are terrific. Anna to this, our own bill melugin great reporter, reporting massive migration along san diego border, here is the rub, people coming across, iranians, chinese, turks that is a new ball game, were getting so many foreigners not from south america. Not from central america. Not from mexico. They are coming from all over the world. Now the middle east. I think first, that is going to be a big issue. There are terrorists in that group. And also criminals in that group. What do you think anna . I think that it is the number one topic for the election season. This is a creation of the biden and Harris Administration doing, it interesting media is trying to portray people coming here as hispanic, when they are not, there are people who have been noted on terrorist watch list that have been coming across. If you are elected official,y need to say we secure our border, until we can get it under control, you could put a temporary pause to allow immigration courts to catch up. Larry one other thing on this byron, the state of oklahoma is being sued by Justice Department garland Merrick GarlandJustice Department because oklahoma is criminalizing illegal immigrants, but, imagine that, in the pokey for a couple years. Governor is very much a part of this and garland Justice Department is opposed to it somewhat like in texas they had to bring in their own guards and rangers, and put up chicken wire. The bidens will not do anything about it. What states are doing is correct. They have a responsibility to retek their protect their citizens if federal government is not doing their job, founds of this nation, states would have never ratified constitution if federal government could ignore the lay, that is happening in United States today, joe biden ignores the law, Merrick Garland does nothing to keep joe biden accountable to the law. And what is happening is they are criminalizing other states that want to inforce the law, and enforce the lay and criminalizes chief political rival in donald trump, they must be defeated, garland has to go, the job of the administration is to execute federal law. Not go around it. Not ignore it. And not create new law that never existed in the first place. That is why america is crumbling before our eyes. Larry anna, you want to bus Merrick Garland. Yes, well vote i think return from break on contempt of congress, i dont have faith in justice system, i did file inherent contempt of Congress Resolution against Merrick Garland that will allow congress to use sergeant of arms at direction of speaker of the house and hold attorney general accountable, that would happen to any other american, i dont think there should be a twotiered justice system, do you want to close out . Should i . Normally id hold. But. Taking the gains is smart here, right . Feel more confident with stock ratings from j. P. Morgan analysts in the chase app. When youve got a decision to make. The answer is j. P. Morgan wealth management. [introspective music] recipes. Recipes that are more than their ingredients. [smoke alarm] recipes written by hand and lost to time. Can now be analyzed and restored using the power of dell ai. Preserving memories and helping to write new ones. And theyre all coming . Those who are still with us, yes. Grandpa whats this . Your wings. Light em up gentlemen, its a beautiful. Day to fly. Larry welcome back, breaking news, news corps and open a. I. Have signed a landmark multiyear Global Partnership to bring newscorps news contend to open a. I. Open a. I. Will receive access to current and archived content from news corps major news and information publications that is wall street journal, new york post, times of london, daily telegraph, Fox Corporation shares ownership with newscorp. It tell us more. Sam altman, ceo of open a. I. And Robert Thomson, ceo of news corps joining us later in the show. Now, back to the mundane, i dont know something. Well talk about the case. 0100 year bonds. The case. Joining me now taylor riggings cohost of the big money show and very old friend of mine todd buchholz. Who is an economist and author ofs price of prosperity, todd, you stimulated this segment by your note to me in our oped piece. Ill tell you, when i this was office i talked to don about thdonald trump about this many times, every time i said 1 hupp ye 100 year bonds he loved it. He said yes, i said japan is doing it and mexico, yes. There was not a lot of total enthusiasm in the others in the oval office meetings, but you have trump on your side, that is not nothing. That is not nothing. This has been one of the biggest blunders in American Economic history. Think about it, we could have locked in our borrowing aat 1 b ip 1. 5 for a hundred years. More during the meltdown or basically from 2000, i wrote a piece in wall street journal in 2012, since the financial crash of 2008 until 2 years ago we had an opportunity to lock in rates but we now spend more on interest on the debt than defense. It didnt have to be. Larry yellen is selling treasury secretary yellen ill be respec respectful, selling the bulk of debt at shortest end of the the curve. I dont know why but in the inverted yield curve, lets see 10 year about i will call 4. 5 . She is selling paper at 5 and a quarter. Two years that 4. 88 is creeping up today, you pay more on shortened than long end because that inverted yield curve. I like idea of century bonds, we had unlimited qe more offer, for my generation, and my future generation, we could have been saving so much money that you talked about. But were issuing rates now and paying that debt expense on yields that are triple what they were a few year ago. Were just wasting that money and burdening the future. Larry you are right. Selling the short and rolling over everything 3 months is not funding the debt properly, not bonding the debt out the way a company would bond it out. And your piece you said, a bunch of Companies Sold 50 to 100 year bonds. Imagine disney sold bonds they call them Sleeping Beauty bonds. And Norfolk Railroad sold 100 year bonds, they told them. Sold them, but treasury just decides to blunder, i dont know, you know, every night there are 120 productions in world of mu of the musical hamilton, every night hamilton should come forward and weep at disaster. Alexander hamilton in case cardi b. Calls me s this her name. You are so young and hip. Larry i will turn her who a supply side. I want too see you bust a dance move. Larry i have done this before. Taylor riggs. Before we go further into this. Liquidy issue, i wonder if they are going to front end of curve it might be more liquid than maybes century bond, i think there is appetite for u. S. Debt, argue now is the time. Our average duration of debt is 5 years, britain is 15, could we at least catch up on the way to 100. Larry who mexico has long. Mexico, austria, ireland. Belgium. Larry my favorite 12 1 2 on Corporate Tax rate, china . Long bonds . Japan. Well, japan has. Yeah. They have a lot of debt. Janet yellen was asked about it when interests were 1. 5 , she said we looked at it. Were not i doing it. Larry i tell you, forecast, if mr. Trump wins, he will restart all of the oil and gas drilling. That will put more supplies on the market from that production that will lower energy costs. And will spillover hang with me to a lower inflation rate and much lower Interest Rates. At that point, it is time to go to 50 or 100 bonds if he getting a second changes, i believe that is what he will do. Taylor in last minute. Fed minutes came out today. Huge. Larry no Interest Rate cuts in high lifetime. No, wire obsessed with the fed Meeting Minutes making then fun again, they are not boring. Larry were the only ones in the building. But they are fun. They are admitting that maybe hikes i dont think that they will happen. But they are understanding that cuts likely are not, you could get one in december, but i think they came out, from the minute of meeting saying, we could look at maybe hikes but were not cutting cutting any time soon, higher for longer. Larry christopher waller, center of gravity on the board, appointed during trump administration. He said for a while, the evidence on inflation is not good enough to cut rates, i think people should listen to him you know why, because other fed governors and president s listen to him. A list of treatment tranner to team transitory. Joe biden, janet yellen insured us that inflation was a passing thing. Larry larry summers, and credit. They summers called this spending bill in 2021 of march, he calls it original sin of inflation. Larry and traffic noises the road to opportunity. Is often the road overlooked. At enterprise mobility, we guide companies to unique solutions, from our team of mobility experts. Because we believe the more ways we all have to move forward. The further well all go. Larry an interesting topic former President Trump campaign is betting big on crypto. They are taking contributions in form of crypcrypto currency we bring in vivek ramaswamy. All good things in life, welcome back. Start with you on crypto story it is modern, current and cool that mr. Trump who by the way i have known for some time has always been favoring the crypto. Better than fed and treasury run every darn thing in the world. What do you make. Crypto for trump. It is positive. I am biased my president ial campaign also accepted crypto currency donations, this a good move. It is also what is symbolizing, an alternative, an opt out from a system which sadly has been corrupted by Federal Reserve running a printing machine on hyper drive, that opt out holds the existing currencies, including fiat currency and u. S. Dollar holds their feet to the fire, this is an accountability we should want. I think that prob President Trump has been ahead of the curve, i respected his decision. I think that something that libertarians, even not traditional republicans, and freedom minded independents continue to respect about him. His ability to adapt as issues move he keeps up with them thank is true about trump in a way not about joe biden. Larry for sure, you want you know Central Bank Digital currency, but lets break it down, a Federal Reserve digital currently, and an attempt by the Federal Reserve and treasury to control our money. That is what it is. So better off break through help the crypto currency out, you know most of th the echanges are good exchanges are good, i know there are bad apples, but bitcoin for example. Bitcoin had a great year. You know price of bitcoin, i dont know what it today, it got back to choice to 70thousan. Central Bank Digital Currency point on po spot on, an argument for doing it that china is doing it, keep up the with jones or the xi jinpings if you ask me. If you do something that government disapproves off, they could wipe it out, that is unamerican. Keeping up with issues as they arise. A repora i respect his ability to do that, not just joe bidens age but his inability to adapt as issues arise. Important point vivek. One more for you. I riffed on this yesterday senator jd vance. The business of joe biden going to Morehouse College, whose kids, are doing fabulously in the real world. Getting jobs at 12 higher pay and way biden calling them victims and all racism and jim crow, it was insulting and disgraceful. Sound from senator jd vance on this. What he is trying to do, insulting to graduates is to distract them from fac