their lot in with the democrats here. the inmates are running the asylum. congress is supposed to be the watchdog looking over presidential expenditures right? that's why we have the various levels of government. liz: sure. >> unfortunately you've got the fed that has enabled with a balance sheet expansion has enabled the treasury and congress to spend as much as they want, the president. unfortunately we're in a bad situation now. the good news we are the tallest midget. there is no real other place around the world that reserve managers can put their assets. [closing bell rings] we're going around the world very quickly but i can tell you that the good news is -- liz: kyle, we're up against the bell. listen you make too much sense, kyle. great to have you. big fed decision tomorrow. we will see you then. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow.

all right, a bunch of big stories today. joe biden says israel is losing support. oh, my gosh. meanwhile chuck schumer around the democrats still won't come to their senses closing the border even as tens of thousands of illegal migrants are streaming into the u.s. on a daily basis. meanwhile donald trump appears to be fighting jack smith and the supreme court at the same time. we'll have live reports from capitol hill and the southern border in just a few moments. later on in the show we're going to israel where the idf is mopping up hamas left and right. but first, a few quick point on my part. i want to talk about why joe biden is so unpopular in economic terms. consumer inflation jumped slightly in november but that marks the 32nd straight month with annual percentage rising significantly faster than the 2% federal reserve target.

hat tip to "breitbart"'s john carney for nagging all of us about this key point. inflation has slowed but it is still rising and it's still well above the fed's target. here is joe biden's problem. since february 2021 which was his first month as president, consumer prices are up 17%, but, average weekly earnings up only 12.8%. so that's a drop in take-home pay for typical families of over four percentage point and that's is a killer for joe "bidenomics." meanwhile if you look under the hood, grocery prices are up 21%. that is another killer for joe "bidenomics." energy prices which have come down are still up over 30%. gasoline prices well off their highs but even at $3.13, aaa

nationally, they were two dollars last christmas, ouch. another killer for joe "bidenomics." so eating at home? chicken is up 24%. beef is up 22%. cereals and bakery up 25%. i mean you got to eat your veggies and have some fruits too but that is up 13 1/2%. milk for the babies? well terri is up over 16%. here is another one you might not think of, fertilizer, that is up nearly 36%. why is that important? because it affects farm prices big time. and why is fertilizer up 36%? because of the "bidenomics" green new deal war on fossil fuels but even with all these economic and political killers president biden still has not wised up. he just intensified his war on natural gas by issuing a regulation to abolish methane but as steve moore points out, this is preposterous because

natural gas, which is a clean burning fuel is the biggest reason that carbon emissions have declined in recent years. in fact joe "bidenomics" wants to abolish coal and natural gas which combined is 60% of our total electric power. and of course natural gas comes from oil so that closes the fossil fuel circle, doesn't it? this is crazy. killing electricity, jacking up farm and food prices, sinking family wages. you know, i really would like to meet sultan al jabbar. he is the u.a.e. host of this u.n. climate conference, what is it cop28. he said and i'm going to quote, please help me. show me a roadmap for a phaseout of fossil fuel that will allow for sustainable socioeconomic development unless you want to take the world back to the

caves. all right? back to the careful. i want to me him. i want to get him as a guest on this show. we'll talk about all of this later in the show. we've got steve moore, liz peek and kevin hassett for a dynamite panel. all right, let's go back to capitol hill where our own hilary vaughn is standing by. hilary what are you cooking up? >> reporter: hey, larry, ukrainian president laid it out for lawmakers. with this $61 billion in aid he is requesting he says he will win the war, but without it he says they will lose the war. >> president zelenskyy's message was direct. ukraine will win the war against russia if more aid is approved but, his, message to the contrary was also true. if no more aid is approved putin will win. it is that simple. >> reporter: zelenskyy came here hoping to get $61 billion in taxpayer cash from congress.

he is not going to get that today. he is not leaving empty-handed, president biden is authorizing 200 million for ukraine from existing defense funds. he cautioned congress leaving town before giving zelenskyy the rest of cash would be a christmas gift for putin. democrats are calling out republicans who say the border is in crisis but are planning to leave town without a deal. >> they say it is an emergency at both the border around ukraine. you don't go home for three weeks. you don't say we can put it off three weeks if it is a emergency. if republicans are serious about getting something done on the border then why are so many of them in a hurry to leave for the winter break? has border simply been an excuse to kill funding for ukraine? >> reporter: but house speaker mike johnson son says today it is the senate that let time run out. the house passed their border fill six months ago and the senate was not in a hurry to take it up.

>> the senate has been mia on this. the house passed hr.2 six months ago, more than six months ago. it has been sitting and collecting dust on chuck schumer's desk. i have told him personally, i told the national security advisor, the secretary of state, secretary of defense that these are our conditions because these are the conditions of the american people. >> reporter: and larry, president biden made news at a fund-raiser today. he seemed to indicate that israel is losing support around the world. he made a comment that israel is the most conservative government under prime minister benjamin netanyahu and that bibi needs to strengthen the government, two state solution to get support around the world. the big question is everyone else losing support for israel or changing their minds or is he talking about himself thinking about israel differently? larry. larry: that is a key question, hilary. i'm glad you asked it. by the way he can call it a

conservative government but it is a bipartisan war cabinet. just want to say that the composition of the government is a bipartisan war cabinet. you've got labor and you've got conservatives in there. hilary, one last point, about the gop going home, mitch mcconnell who wants a tougher, much tougher border security plan to his credit, he said it is not going to pass until christmas. my inference was, my question to you, quickly, anybody goes home this weekend, they are going to come back, aren't they? >> well they would come back after the new year. this would be a next year problem. larry: oh. >> speaker johnson's perspective is, he is not going to stay here unless there is a major path forward or concrete substantive change in negotiations. he will not keep people here indefinitely home be they work out a deal. larry: hilary vaughn, great report. really appreciate it. folks, let's move on. we'll go to eagle pass, texas

where fox news correspondent griff jenkins has the latest. another 10,000 coming across the border or more, griff? >> reporter: it sure is, larry, and you know since we talked yesterday it's even, they're getting hit even harder here. just for our viewers to put into context here, when you get a group they call large, a large group that is 100 plus and they will get two, three, maybe four a day in any given sector. here in eagle pass, they were simultaneously hit in the last few hours at five separate locations. we can go to the fox flight team our drone in the spy, you see remnants after group, larry they tell us was estimated about 350 migrants to get on the 10th or 15th bus of the day to be transported. we know many of them, half, will probably be released into the u.s. by day's end. to my south, about three miles there was a group of five to 600 earlier today. out to the north at two, three,

other locations, groups of 80 to 100 hitting at the same time, completely overwhelming the agents here. if i go 1000 miles to my west, to lukeville, arizona, you can see the images there. they had a group of 600 or more before the sun even came up. they have been getting hammered all day. it is fair to say, even though we don't have the exact numbers yet from our sources that both locations are receiving at least 1500, 1700 or more so far in and the day is not yet over. i want to tell you here in eagle pass i can confirm from sources not only venezuelans is a i told you yesterday i told you and eight russians and slovenian. the mayor, not a republican, democrat, independent, he says he feels abandoned by this administration dealing with this crisis. listen here to mayor salinas. >> we just kind of have to fend

for ourselves here in eagle pass. we do our best with what we have. it is unacceptable, we feel 100% ignored by the federal government, by the administration. they don't bother to give us a call. nobody bothers to tell us what the plan of action is. >> reporter: and finally i just want to add to this, larry, that is when you look at the senators on capitol hill trying to do a border deal and i heard in hilary east great reporting that senator schumer was talking about funding, we have talked to officials here. they don't care so much about the funding although they need more resources. they're worried about things like policy. things like increasing the credible fear factor to make it harder for people to claim asylum, the magnet drawing such large numbers, unprecedented numbers is what is bringing people here because they believe that they are going to be released and that is enough of an incentive to bring them

through a dangerous trek to get to the finish line which is where i'm standing. larry, we'll send it back to you. larry: griff, you're totally right. look it, so much of this is about more money to facilitate more illegals crossing. it is not about policy changes that would actually close the border. and it is not about remain in mexico that would stop the asylum problem. so you're on target, griff jenkins. thank you ever so much. we appreciate it. all right, now, joining me now to talk about all this and it is quite a hatful, tennessee senator marsha blackburn. senator blackburn, welcome back to the show, we appreciate it. >> sure. larry: let me just -- let's go to the border first. >> sure. larry: chuck schumer wants to talk about ukraine. first of all i think it is overly simplistic to say more money to ukraine will win the war, less money will lose the war. i think a lot of people would doubt that, but, he doesn't want to talk about hr.2.

he doesn't want to talk about truly closing the border. he doesn't want to talk about changing the whole asylum system. he doesn't want to talk about remain in mexico. to me, ma'am, that is the obstacle in these talks and i don't knowing where do you see all this? >> and i agree with you, because he could solve this. what republicans are saying it is our border first and secure our border, then let's talk about these other issues that are out there but if you're going to do a national security supplemental, shouldn't we be first? and when you look at the numbers coming across our border, when you look at the millions of people that have come under, under joe biden's watch, when you look at the terrorists, 279 known terrorists have come into this country under president donald trump, a couple of years we had zero. then another year we had three. and then you look at these

numbers, when you look at the thousands of chinese and the russians and the afghans and the iranians and the pakistanis that are coming to the southern border you realize this border has to be secured because right now it is wide open and people think they can come here, they can get in, and larry, not all of these people wish us well. you have so many of them that are attached to cartels, they're attached to gangs, they're attached to terrorist cells and when the fbi director says everywhere he looks he sees flashing red lights, then you know our threat assessment is high, as high as the fbi director says it is. that the worry is ex dream, because, everyone is worried about this but this administration, they are not wanting to secure this border. they're willing to leave it wide

open and leave our nation vulnerable. larry: so we had senator langford, james lankford on this show, and he talked about a lot about these matters you're raising but what i gather the democrats have given this to senator chris murphy, an ultraliberal from connecticut and lankford is not there, is no music there, there is no magic there. >> yeah. larry: and there is no deal there. so we're not going to have this foreign, foreign affairs funding bill. that's what i gather, it is not going to happen? >> well, and the house is going home, as you reported. they're leaving here on thursday and it appears that we are just so far apart on how to proceed on this defense supplemental but why would you give money to ukraine for their safety and security without first tending to our border and the safety and security of our citizens?

it makes no sense. so republicans are holding strong on this. senator lankford is right now meeting with homeland security and the democrats and they are trying to find a way forward but we have to have money on the border for security, not for processing, not for beds, not for giving them flights to other cities but for securing this southern border. the thing we need to do? put that barrier up, build that wall where you can't have a wall. give them better technology. that is what border patrol has been saying for about 30 years. that is what they need in order to secure the nation. larry: just to switch gears slightly, somebody that i'd like to see go home is the harvard university president, miss claudia gay, who did not distinguish herself a week ago in the house hearings with elise

stefanik and others. she apparently is going to survive. the harvard corporation will stay with her but here, stuff in the papers yesterday and today, senator, the issue of plagiarizing has come up and in the official announcement, this kind of blows my mind, in the official announcement by the harvard corporation i guess it was, they are saying that all is good. ms. gay is going to, she will oppose genocide. israel, she will oppose anti-semitism. shy will not allow this business about calling israel genocide which harvard has yet to prove because they rank last among large universities for free speech. listen to this last tuesday was the congressional hearing where she bombed. now on saturday, december 9th, they suddenly

discovering this plagiarizing scandal. they were it goes on to say there is a few instances of inadequate citations and they had this analysis, nobody knows about this, nobody has seen this analysis, but anyway, she's somehow proactively it says, i would say, retrospectivelily making changes in the citations for her phd thesis and other written work. now this just strikes me as totally phony. they're trying to whitewash this whole scandal. people whose work she page you - plagiarized are popping up everywhere about there and they're still sticking with her. this destroys any credibility harvard had or maybe they lost it all and this woman and why are they staying with her in the first place? she bombed in the congress. she then tried to change her whole standing. they don't allow free speech at harvard number one.

they just discovered free speech. they won't stop anti-semitism and she is a plagiarizer. they're allowing her to make changes on stuff she plagiarized years ago? i don't get this, senator blackburn there is not what normal people go through. >> they're sticking with her right now. her performance in front of the committee was miserable. i really give congresswoman elise stefanik so much credit for how she handled that hearing and the things that she revealed about these university presidents and if you're not going to call out anti-semitism, then that is a problem and of course many of the large donors and those that have given to the endowment at harvard are speaking up about this and larry, senator jackie rosen and i last month passed a resolution through the senate condemning this anti-semitic activity on

college campuses and when you have bipartisan support for that in the senate and you have someone who is struggling to hang on, i think it's just a matter of time before they cut her loose and they begin to look at what they're losing because they are allowing this activity to continue and many of these large donors are going to close those checkbooks and withdraw from funding some of these activities at harvard. larry: i think they're whitewashing this plagiarizing scandal. remember joe biden years ago when he first ran for president page you page you arized a speeh from neil kinnick from labor, he had to resign, pulled out of the presidential race because he plagiarized the speech. page you arizing is bad at these universities. they are whitewashing it. it is there in their press

release. they still don't want to do anything about it. anyway we won't solve that today. senator blackburn, thanks for coming back on the show. >> sure. larry: coming up on "kudlow" a live report from the israel where the idf is completely mopping up hamas strongholds in gaza, taking out their commanders left and right plus, former president trump i think incited nothing on january 6th. i have don't understand this whole business of jack smith leapfrogging over the appeals court and going straight to the supremes. we'll talk about it with somebody who will know it, former missouri attorney general, now senator eric schmitt. all that and more when "kudlow" returns. you know anti-semitism is awful. page you plagiarizing is bad to. i don't know how this gay woman, claudia gay is hanging on. don't get it but we'll be right back with more.

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israel's defense minister, gallant today says israel is close to eliminating all hamas infrastructure in gaza city but as they look to secure the rest of the gaza strip "the wall street journal" is reporting today, that israel is pumping hamas tunnels with sea water. that is something we're working to independently confirm. but defense minister gallant says the fight continues in gaza, below ground, on the ground and in the air. take a look at this video of israeli airstrikes as they have done a lot of damage over the past week, today included. these pictures that you're seeing are from gaza city where four tunnels were destroyed in the past week. they hit hamas weapons factories, a rocket launching post, hamas posts in homes and schools. the hamas health ministry which doesn't differentiate between terrorists and civilians that 18,400 civilians have been killed since the start of the

war. joe biden said benjamin netanyahu must change his government and israel is starting to lose support because of the rising civilian death toll. here is netanyahu talking about israel's relationship with the u.s. >> translator: i greatly appreciate the american support for the enemy nation of hamas and the return of our hostages. yes, there are disputes about the day after hamas and i hope we reach an agreement here as well. >> reporter: larry, president biden will meet with the families of american hostages tomorrow. israel announced the murders of two more israeli hostages today. one was killed back on october 7th. the other, a 28-year-old girl was murdered more recently. their bodies were discovered during an idf raid. meanwhile the houthi rebels in yemen again attacked a cargo ship in the sea. this time a norwegian tanker. houthis promised to target all ships headed to israeli ports. here on the northern front,

larry, we continue to see a lot of artillery going back and forth between hezbollah and israel. for the second time this week hezbollah launched rockets next to a u.n. facility. we see escalation here. the united states continues to support israel. the u.n. general assembly is meeting to vote on a resolution that would demand a immediate ceasefire. the ambassador speaking up in favor of israel and against that cease-fire. send it back to you, larry. larry: great, nate foy, we appreciate the update. please be safe. thank you very much. folks to switch gears a bit here, i want to talk about this extraordinary request by special counsel jack smith to bypass the d.c. court of appeals, to go directly to the supreme court with respect to the prosecution of donald trump, former president trump. so joining us now senator eric schmitt from the great state of missouri who is formally an attorney general. senator schmitt, let's talk about this.

i mean, putting aside the question of how mr. trump incited anybody, that is, which i think is malarkey, but that is, how, how do you reconcile the jack smith request to jump over the court of appeals and have the supreme court make a decision? and secondly, the supreme court has asked the trump team for some kind of opinion or counterto what smith is saying, which kind of surprised me but how do you see it, senator schmidt? >> unfortunately this is another sad chapter in this political prosecution of president trump. you have rightly pointed out, this is a very unusual step, you know former prosecutor, attorney general, these cases in federal court, run-of-the-mill gun case or carjacking cases can take years. so jack smith is on this mission to have this trial be held in march which is unrealistic to say the least.

and typically when you have questions like this say issue of presidential immunity is being discussed here and at issue you would have a ruling. it would be appealed to a panel of three appellate judges. if you didn't like that result or you disagreed with it, you could request an en banc hearing which is in front of the full circuit, all of the a appellate judges f somebody want ad appeal from that you can go to the supreme court that can take months, years but that doesn't fit into the timeline jack smith political prosecution what he has in mind, fruit of the ridiculous january 6th committee this is all part of trying too affect the election and so it is very unusual. we'll see where this goes but i just think it's sad, and i also think it is worth pointing out, larry all this stuff backfired on the democrats. i think president trump is going to win the nomination. i supported him early, like a year ago, one of the first senators to do that. he is going to win the nomination. he is going to be the republican nominee. i think a lot of democrats

quietly are questioning the strategy they had which was very critical which was to push all of these, you know, exotic theories, novel theories, that is why jack smith wants to get in front of the supreme court as quickly as he can. that is very unusual. it would be number of steps before it ends up here but it is part of this chapter now. larry: the supremes asked the trump team for a response to jack smith's petition but that doesn't mean they will accept it, does it? >> right. it remains to be seen how this ultimately plays out with the supreme court. this is highly unusual, which is what you know, what all of these prosecutions are. it is because it is banana republic style, show me the man i will show you the crime. i think that, that people regardless of your political stripe ought to be very concerned that in the united states of america this is happening to the president, the

president's chief president call opponent. here is where we are. i don't think this works legally. these cases fall apart on scrutiny. they pick venues where they think they will be successful. ultimately the supreme court will have the final say. from a political perspective, i think it backfired around president trump is on his way to victory next november. larry: the supremes will look at this in 2025. that's my guess. i'm not the lawyer, you are. anyaway, senator eric schmitz we appreciate you walking us through that very much. all right, folks, coming up on "kudlow," why does washington want to destroy america's "magnificent seven" by breaking up our tech giants? go figure. we have super panel today. if that weren't enough we have steve moore. if that weren't enough we have liz peek. if that weren't enough we have kevin hassett.) i'm just your humble host. "kudlow" will be right

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♪. larry: all right, the great steve moore writes in a column out today, quote, why does washington want to destroy america's "magnificent seven"? how about that? he joins us now to talk about it, steve moore, freedomworks, chief economist, committee to unleash prosperity, host of "moore money" on wabc radio, and, one of his colleagues on wabc radio on the weekend, a certain show named "kudlow." liz peek, syndicated columnist and fox news contributor, and, another of our heroes, kevin hassett, former chair of the council of economic advisors during the trump years and author of the most important book of the 21st century, the drift, stopping america's slide to socialism. all right, steve, amazon, apple, going gell, meta, microsoft, nvidia, tesla, these guys are so far in front of their technological prowess and as you point out in your column,

consumer prices for what they make and produce have been falling for years which is what technology does, enhancing productivity, et cetera, et cetera. why do both republicans and democrats want to destroy the "magnificent seven"? i don't get it either. >> i don't get it and look, anybody who has a 401(k) plan, and i think that is over 120 million americans, anyone with a retirement plan that is invested in the stock market, if you look at the gains this year, larry, and i heard you say this many times but it is worth repeating, almost all of the gains in the stock market this year are attributable to these "magnificent seven" companies. every one of them is a great american company, and i love that story. we're out competing the jop niece, we're outcompeting the europeans, we're outcompeting the chinese. they would die to have companies like these and we have our members of congress and groups on the conservative and liberal

side trying to break these companies up because they're too efficient, they're too profitable. come on this is america. if you make money that's a good thing and you're right about this, every single one of those companies is lowering the coast of cell phones, of search engines, amazon, lowering retail costs. come on, i love these companies. larry: liz peek, during the break you were saying the same thing, s&p 500, 11% year-to-date, most of the gains are "magnificent seven." the kudlow trust is long the index all year long. the kudlow trust is always long the index. i'm not a stock picker. >> good. larry: the point is really well-taken, would we rather have the chinese with the best technology companies? would we rather have europe with the best social media companies? i mean that's what steve is driving at. >> sure. larry: and some of these companies, i don't like their politics either. the market is going to take care of that with demand, just like it took care of disney and budweiser. what is your take -- we shouldn't attack america's

greatest companies. >> i think the biden white house has idealogically aversion to profits and market dominance. these companies are market dominant. google has what, 85, 90% of the search business yet none of us pays anything for that. not like the price of search goes up every day. there is no price of search and we rely on it. larry: wait a second it's free. they give it away. how can you complain about something that is free? >> we can't leave it alone, larry. they can't stand success, they can't stand profits the mother's milk of everything. that is a problem. the conservatives it is a whole different issue. they don't like the fact these are left-wing companies and they are by and large. larry: ah, kevin hassett isn't that the issue what liz just said, she said that last sentence was a throwaway but if i could i would repeat. they don't like it because they are successful capitalist companies, kevin hassett. it is right out of the drift.

>> that is certainly why people on the left don't like them and people on the right need to understand that sure, they have done like terrible things by you know, killing conservative voices, wiping them from the internet and so on but the fact is that in a free enterprise system that companies rise, they succeed, they take over a market and then creative destruction hits them, before you know it competitors are coming in. remember the eu wanted to break up netscape, you remember that? larry: yes. >> all the stuff they were doing. where is netscape now? you know in the dynamic free enterprise system what is going to happen is, if these guys continue to censor and do things, then elon musk will create other things that are preferable because they're not politically biased and they will go out of business. that is like the natural competition that should discipline these things and it shows that something is under cover that the biden administration is so far to the left of the obama administration on everything that you think back to the obama days, remember

they had 100 google people serving in the obama administration at some point? they brought in a bunch of of people from these industries. i think they tilted policy in their favor a little bit. now the biden people are all bernie sanders people and elizabeth warren people. really out to lunch. larry: real socialist us. not fake phony socialists, real social is. the other point is, it was europe, the eu, that wanted to put digital sales tax on american companies because they said it was social media companies. steve moore, can you remember any large social media companies coming out of europe? can you remember any large technological companies coming out of europe? actually i'm tempted, there are a couple of phone companies in northern europe but seriously, europe doesn't have any of this stuff, and the competition, would we rather have google and nvidia, by the way jim cramer's dog is named nvidia, would we

rather have google and nvidia under chinese stewardship, steve moore? is that really the issue? that is why we shouldn't attack them. >> we have blown away europe with respect to the technology revolution that goes back to the early 1990s with the internet and all these incredible companies that have developed and you know it is important to remember what happened, what created, the environment that created these, larry. i said it before on your show, i want to repeat it, we made -- this actually goes back to bill clinton and the republicans in congress, we made a decision, you know what? we'll make the internet tax-free, regulation-free, lawsuit-free. we'll let these companies, like the wild west. look what it has created. some of these companies have a trillion dollars of value. it's a beautiful thing. one other quick point, larry, guess what happens once they knock these companies down to their knees which is what the biden administration wants to do, you know what they will do then? they will treat them like intel and then going to subsidize

them. larry: that is just wonderful. speaking of subsidizing and socialism, liz, the last two minutes here the trump derangement syndrome rides high again. you wrote a very good column about that? >> thank you. look they are attacking trump at a pace we've never seen before. i think it is because a, they're afraid he is going to win, if joe biden is the candidate, almost surely trump according to polling will win but they have nothing else to run on. the only credible agenda that the democrats can really run on is climate. i think americans are becoming less enamored with what he is doing on climate every single day. i point out in this piece and others have written about this, we need something incredible like 20 million charging stations. we have put $100 billion towards that end. not one station has been built which is what happens when you put the government -- larry: i didn't know, not one? that's fabulous.

>> i mean that is one, i can tell you 12 things that the government is doing that are impeding the progress towards renewable fuel adoption. larry: can we play, do we have the quote from the sultan, the u.a.e. sultan who runs -- he should be our energy secretary in the next trump administration. can you put it up on the full screen or play the sound or something? here it comes. listen to this. >> please, help me, show me, a roadmap for a phaseout of fossil fuel to allow, that will allow for socio, for sustainable socioeconomic development. unless you want to take the world back into caves. larry: this is my kind of guy. >> this guy was the host of cop28 and he told the truth. larry: this is my kind of guy. he is the next energy secretary. >> i love it. larry: kevin, his cousin will be the interior secretary. we'll give them special visas. we'll give them legitimate visas to come on and help us out.

anyway i got to go. they're all yelling at me. steve moore, kevin hassett, liz peek. i think i'm still kudlow. coming up folks, how now dow jones, stocks climbing to 2023 highs today. the market could be ahead of themselves. that is what liz is telling me offset but we'll talk to david bahnsen who knows all about the stock market and probably knows all about the "magnificent seven" also and probably knows a little bit about the trump derangement syndrome. i will keep babbling on here until we get to the break. folks stay with us. we're "kudlow". three forks ranch is the destination for luxury and adventure. enjoy private skiing with 23 runs for every level. kick back for intimate performances from the best in country music. enhance your wellness and longevity through our mayo clinic programs, or plan your meeting for a memorable corporate retreat. discover the west kept secret. go to threeforksranch.com to book your luxury experience.

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♪. larry: all right, let's do a little stock market work with david bahnsen, managing partner at the bahnsen group. author of there is no free lunch. there we go, the teleprompter. thank you, david. s&p 500 up 21% and change year-to-date. we were talking about the "magnificent seven." they are the bulk of it. somebody just told me. the kudlow trust has been long the index all year. we're always long. i don't play the thing. and bonds closed at 4.21. west texas oil, 69 bucks. brent crude 73 1/2 bucks.

what did i forget? i think that is about all. what do you make of this whole big picture story, david bahnsen? give me some advice, please. >> yeah, so much it is related to bond yields, larry. i think, overhalf of that s&p return has come in the last six weeks when bond yields peaked out and really started collapsing. the 10-year basically has gone from 5% to 4% in just over a month. that is a pretty big deal. almost all of the gain this year is multiple expansion. what that means, the the pe rato the valuation has just gone up. earnings are not up much. they never went down that much during the contraction but everything is very pricey. so you were talking with our friends on the prior panel, the "magnificent seven," they're trading about 50 times earnings. the rest of the s&p is trading about 17 or 18 times earnings. it is all pretty expensive.

larry: so, inflation keeps rising slowly but it still keeps rising. liz peek made that point. i think kevin hassett, someones else made that point but i will make that point. prices are a lot higher than they were three years ago. is that an impediment to this stock market? >> yeah, look i think the market knows what i've known for some time. the inflation rate has come down a lot. it will not come down lower than it was three years ago, but even now the number is overinflated. the shelter inflation is not 7%. that is ridiculous. the lag effect it making it look worse than it is. inflation is coming down. the bond market tells the story. larry: i total afree. rents in new york city, even manhattan are falling. david bahnsen, appreciate it so much. i will be right back with my last word.

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well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com larry: so president joe bind says israel is losing support, which is a very dumb thing to say about your ally and i'll re-up this. it's president biden who is losing support. think of that. and, and liz macdonald is back, and she never loses support, ever. elizabeth: thank you so much, larry. good to see you again. we have breaking news coming in. welcome to the sho