>> great question. what we really like what typically works when the fed stops raising rates and starts cutting rates and those are things are cyclicals and industrials and energy, and financials oh by the way some underperforming sectors of this year. that is a healthy catch-up. we're starting to see some of that bid come in now. i think that continues throughout the year. balance that off in a barbell portfolio they do well. don't forget the underperforming small caps. what is interesting small caps have a nice run. they're still 18% of all-time high where s&p 500 is 2% off all-time high. [closing bell ringing] record second day in a row for the dow. bitcoin, who better to talk about it -- ♪. larry: hello, folks, welcome to

"kudlow," i'm larry kudlow. now breaking, the senate still has no border closing or a completed national security funding bill. just a few moments we'll speak with senator james lankford, the lead republican negotiator but first up let's go straight to our white house correspondent, the great peter doocy for a run-down on today's always exciting white house briefing. peter, what can you tell us? >> reporter: larry, i can tell you something new today. admiral john kirby is not usually one to step up to the mining phone to deliver political, but he was political on house republicans who will not sign on to money for ukraine without changes to border policy. >> i sure those house republicans for months held hostage to critical assistance to ukraine heard putin's message loud and clear.

instead they're heading home for the holidays while ukrainians head right back into the fight. they face more shelling, more air attacks, more dark nights. >> reporter: president biden found a border angle in a response to the impeachment inquiry. he said we have to address the situation at our southern border i'm interested in solving the problem. we need funding for border security but republicans in congress won't help. republicans are saying bipartisan closed-door negotiations are going pretty well. >> i'm much more optimistic than i was a week ago. i believe that senator lankford, our negotiators on both sides of the aisle and most important the fact that the administration is now involved is making a difference. so, i'm hopeful. it's still not done. >> reporter: white house officials are also criticizing republicans in congress for

planning to go on vacation beginning the end of this week. no word yet though if president biden plans to cancel or delay any of his planned december vacations, larry. larry: peter doocy, thank you ever so much. we appreciate the report. now folks before we get to senator lankford, i want to inject something completely different, okay? here's the question, why has america come to hate harvard or penn or mit or carnegie mellon, or a bunch of west coast schools or fancy elite universities everywhere in general? why? well, for one thing they all lack the backbone to stop anti-semitism. by the way the same could be said about the biden white house which set up some kind of a inneragency working group own islamophobia but not one on anti-semitism. this is tragic, it is pathetic, and it is awful.

let's go back to harvard and its president claudine gay. not only did she flunk the anti-semiconductor test posed to her by house member elise stefanik. backtracked later that will never pass the smell test. she is broadly involved in a page rich scandal where they unambiguousry involved the harvard mt.. in academic world plagiarism is a big no-no, not as big as anti-semitism, major a punishable off fins. usually students and faculty get expelled for it but now ms. gay. the harvard corporation for reasons unclear stood behind gay so far and president allowed her to rhett tree actively whitewash her plagiarism. then the "new york post" wrote a

scathingly detailed story how harvard lawyers worked assiduously to cover it up. normally in america you would say three strikes you're out. anti-semitism, plagiarism, and a coverup but harvard doesn't want to admit any wrongdoing, so for now they're sticking to claudine gay. many people she got where she got, remains where she remains because of harvard's left-wing policies concerning diversity, equity, an inclusion. not merit, mind you, but dei and showing up for the first time to help a bunch of harvard jewish kids light the hanukkah candles is so transparently phony it will not change claudine gay's shaky standing. anyway, harvard's loss of money from large donors overall but there is an even bigger money scandal regarding all these well-endowed elite universities and that is, they're really

permitted by law to run tax-free hedge funds with their endowments on the one hand and they're the recipients of massive volumes of federal spending on the other. another hat tip to the "new york post" breaking this story. combined endowment, penn, and mit just short of $100 billion. any capital gains from stock sales or interest on bonds is taxed at, wait for it, zero. that's right, zero. ordinary run-of-the-mill, well-to-do people they have to pay a top rate of 37% or long-term capital gains for individuals of a taupe rate of 15%. the corporate tax rate rate is 21%. the dividend income is taxed at 37% but for harvard and the other big shot schools their tax rate is zero. for all income combined these schools have a top tax rate of

1.4%. on top of that just harvard alone, besides their 2.5 billion in virtually tax-free investments, they receive, get this, 67million dollars from federal government grants, $349 million from state governments, and $1.3 billion from tuition including federal loans like pell grants. professor rich voter from ohio university has estimated that government subsidies and tax breaks at ivy league schools are more heavily subsidized than students at public universities, state schools. now this inequity on top of their egregious left-wing social policies as well as their spiraling anti-semitism should be totally changed. at the very least there should be a heavy cost imposed on these

schools. now, ohio senator jd vance has a very good idea he recently tweeted about his bill that would tax the largest endowments at 35%, not 1.4%, in order to impose significant consequences on these dei and woke insanities. harvard and the others may still hate america and they may hate traditional american values but at least they will find that hatred to be far more costly than the free lunch they're getting now. by the by my great pal tax expert grover norquist, grover will join us later in the show to talk about why america needs to tax harvard. all right, but, now we return to the unfinished senate business of protecting america's border. welcome back the republican's lead negotiator, oklahoma

senator james lankford. senator lankford, you're kind to come back. we saw you last week. there was a "wall street journal" story yesterday, don't know if it's true or not, but they said some progress might be in the works, around i want to ask you specifically, i mean you tell me if there is any progress or not, but specifically they mentioned a title 42 type expulsion law it is being called, title 42. so that would allow the government to turn away asylum-seekers, turn them away. now i would think that is more like remain in mexico but maybe you could tell me what the nuances are. there would be thresholds, numerical thresholds or maybe held in detention centers, i don't know. that is what i read in yesterday's "wall street journal." it was online last night and in today's paper. is any of that true, senator lankford, first of all? >> none of it is true until we get it written down and we pass

it around there are a lot of ideas i've been an advocate for from the very beginning. you don't actually control your border if the number of people that come across your border each day is managed by criminal organizations in the mexican cartels. now the mexican cartels run our border not the united states of america. i want to turn that back on its head the united states makes decisions who comes across our border not a criminal organization. that is one of the ideas. until we can get agreement, everybody write it down, pass it around everybody sees it nothing is settled. there are very good ideas out there. we're waiting to get the white house to sign a piece of paper to see what exactly we're going to do. larry: how is that different, senator, from trump's idea which worked so well for several years of remain in mexico? >> remain in mexico required a bilateral agreement with mexico, they had to actually agree how they would handle what they would do on it. this administration, the biden administration was actually forced by the courts also to do remain in mexico they did it so

bulky, so complicated there was something like 47 people they actually managed and hundreds of millions of dollars that they spent on the process on it. my focus is, if you, depends on the administration what you will do, how they will handle it. if set up authorities that make it really clear regardless 6 your administration that is better way to be able to do it at this point f we have trump, nikki haley, ron desantis any republican quite frankly in the white house they would handle this border incredibly different than how this administration is handling it. larry: for sure. as you reimagine remain in mexico, it resurfaces as title 42 but title 42, you know, title 42 was a health measure and i dare say i think you can agree, there is a lot of health issues that are still tied up with all the biden's illegal immigration policies. so i was just kind of saying, gee whiz, golly, you will need both. you need remain in mexico, or

remain someplace other than the united states, and, and you need a new title 42 to deal with health issues. >> this is not health related this is authority-related. people are comparing it to title 42 because that is something they are used to, they saw during the pandemic how it actually worked but it really is how you actually control your own border. yesterday there were 10,781 people crossed the border. 9,000 of those were between the ports of entry. no way to manage that. literally thousands of people were fingerprinted, name written down and released into the country by the thousands yesterday. that has to stop. that is a national security risk f you're outside of washington you understand it. if you are inside washington you think border security is political issue. no one outside of the 202 area code think it is a political issue, it is a national security issue. larry: okay, absolutely right. sew the next thought i had is, as you are reimagining these things or relabeling these

things, is there any money that is reimagined into this bill that might build out the wall which was done, you know, in part by a former president who wishes to be president again? but as you pointed out before, as far as i have can tell, all the republican candidates would like a wall. the hr.2 bill coming out of the house wanted a wall. has the wall made a new appearance? >> i would say here's the challenge we have on the wall. this administration, the biden administration used their wall funding that was set aside, five-year funding, president trump was using that to actually build a wall. this administration was using a the same funding to do environmental remediation around the wall. you add wall dollars to them they will find ways to not spend it on building fences. you add them to someone determined on national security it is very different. we have to think smart on what we're trying to include. right now the biden administration based on how the bill was designed five years ago

is compelled to build several miles of wall they're actually building right now because how that original bill was built, was designed but it took them three years to struggle through to get to this spotlight rally attorneys said the rest of the money has to be used for wall. they have been squandering a lot of it. we have to get real security. honestly there are places you can walk around the wall you never get in can i don't knows, mountains, other areas. our policy ask a better determination rather than wall. the border patrol definitely wants more wall i. larry: i think it is very clever to use wall money for climate change, very clever. mr. lankford, where does it stand now? i guess the weekend is upon us. maybe the senate will meet tomorrow. i have don't know, maybe they will stay the weekend. maybe they will have cots on the floor, i mean you tell us, where does this thing stand? >> no cots on the floor this time. the senate actually finished its last vote of the week a few minutes ago. i will remain here to continue

to go through the negotiations. most of my colleagues are heading out. i'm not the only republican in this negotiation. there are multiple eithers going through. i'm the tip of the spear in the final negotiation process. there are republicans in the house and senate trying to work through this process. we're going to keep working. i'm skeptical it will be finished because the white house continues to drag their feet on text. if we don't have text we'll not move. they can say orally what they agree to until we see it in writing that is a very different issue. larry: and i take it president biden and/or at least his senior white house staff is finally engaged or is that untrue? >> i have not seen president biden yet in any of negotiations or been invited to personally negotiate with him. some of his staff have been engaged in this. that is helpful. obviously senate democrats and house democrats want to know the white house is engaged in this process as well. that gives them reassurance they

will go out on a limb that the president will not support. we're working in this process to get everybody at the table. larry: all right, i have guess i wish you luck. it is a hell of an assignment for you, christmas. >> it's a pain to be able to deal with it. it is not a merry christmas present but with 10,000 people a day crossing we have to stop this flow. larry: if you did, senator, it will be a fabulous christmas present for the rest of america. you get high marks for your service in pursuit of what i will call reimagined border policy. senator james lankford of the great state of oklahoma. thank you, we appreciate it very much. >> thanks, larry. larry: you bet. folks, coming up after many years of prosecution and persecution donald trump may finally get some relieve from the supreme court. we have andy mccarthy, a former prosecutor to weigh in when "kudlow" returns.

senator lankford, even-handed smart guy, he is up against it but he is giving it his best shot. who knows what will happen. you have to reimagine the whole thing. maybe that is my word of the day. i'm kudlow. merry christmas folks. it is wonderful. i will be right back with more.f ♪. er you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher investments. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different.

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♪. larry: so is donald trump about to finally get some significant constitutional help from the supreme court? interesting possibility. joining us now is andy mccarthy, former assistant u.s. attorney, "national review" contributing editor, fox news contributor. an did i, you have a new book coming out? did i see that on nationalreview.online? >> no. i hope not, larry. [laughter] larry: all right. you would know, or i would hope you know. >> who has got time, who has got time to write a book with what is going on? larry: that's what i say. let me go back to this judge shut kin, the washington, d.c., judge of liberal persuasion. while the trumps appeal the issue of presidential immunity, while they appeal the issue of

double jeopardy, shutkin apparently said she will stop the presses and postpone any court hearings until the supremes make up their mind. i guess that is also true for the federal court, the u.s. court of appeals, even though the u.s. court of appeals is trying to get around it. walk us through this. this came out yesterday just as our show was hitting, sounded very interesting and sounded very promising. >> yeah it is very interesting. the default position of federal law, larry, is, that you try the whole case including all the litigation in the trial court first and then after it's all over, if there is a conviction, jury verdict and sentence then the whole kit and kaboodle go up to the court of appeals. there are a handful of issues you get pretrial appete on which

is immunity. if you have immunity from prosecution the defense is actually having the trial, not potentially getting convicted. the other important doctrine of law here, in federal law, once there's an appeal, even if it is an appeal pretrial, the district court, the trial court, judge chutken, you just referred to loses jurisdiction of the case because the whole case goes up to the court of appeal. once the trump people argued that once chutken ruled against former president trump on immunity claim, trump appealed to the d.c. circuit. what trump argued that has to freeze the whole case. in other words she was hoping to get through with other pretrial stuff and hearings, all that stuff, he is saying you can't do anything. she really agreed she can't act on the case until the appellate courts decided. this is very important to trump

and to the biden justice department. trump is trying for delay. he wants to push everything past election day. the biden justice the whole point was trying to get him convicted before election day. that is what hangs in the balance. larry: for chutken to say what he had to say he wants to go right over the appellate court to go to the soup peoples. phony as he is is telling the appeals court to go faster. but whatever, chutken is saying no, we'll have to just wait and wait is a good thing for donald trump. >> yes. wait is a good thing but i also think, larry, that smith i believe may have full belled into a mistake here in his haste to get immunity issue in front of supreme court.

it is understandable why he wants to go fast. that has been their plan all along. the only thing he wants the supreme court to look at is the immunity claim. what donald trump has always wanted but to get the case in front of the supreme court so they can look at the charges. larry: yeah. >> because smith may have better than even shot to win on immunity claim. the supreme court never decided whether a former president has immunity from criminal prosecution for his presidential acts but i think his charges in this case are very shaky and what trump has always wanted is to get this case in front of the supreme court before the trial because if they have a trial and he gets convicted, then the issue is would the supreme court throw out the conviction? here i think it would just be have a look at the charges and see if this is really legal. larry: just one last thing on this, as i understand it, as a

non-lawyer, okay, donald trump was tried over this matter, you know, while he was still president and he was tried in the house and was acquitted in the senate. essentially jack smith wants to do the same thing overagain, like a do-over. that is double jeopardy. i thought the constitution was pretty darn clear, you can't have double jeopardy. if you're tried once and acquitted as president, no more, that is probably for other officeholders too. i will give you the last word on this. you're a long-time prosecutor but seems to me the issue of double jeopardy, you can't have that, you can't be tried and acquitted tries or can't be tried and acquitted and do the whole thing over again, let me leave it at that? >> well, double jeopardy under the constitution only protects you from a second prosecution in the criminal courts by the same offense. larry: right.

>> impeachment is not a criminal trial. it's a political proceeding and the constitution explicitly says that a president who has been even convicted in a senate impeachment trial can face lawsuits, including criminal prosecution in the courts. so there is know jeopardy protection from double jeopardy against prosecution. larry: but he wasn't convicted. >> but what difference does it make? it is not a criminal proceeding. it is not a legal proceeding. larry: you're saying it is a political proceeding. and does the constitution -- >> impeachment is absolutely a political proceeding. it is only stripping political power. he doesn't face any criminal sentence or fine in the criminal procedure. larry: you're saying trump cowin on the immunity trial and immunity aspect but you're not sure about the double jeopardy is that fair or you are sure? >> i don't think he, i don't think the double jeopardy

argument has much weight at all. i think the immunity question is a significant question and i think the charges in the case, trump would be hitting the gold mine if he could get the supreme court to look at the charges in the case. larry: all right. that seems likely, right? they're going to look at it? which pushes everything -- >> they're the supreme court, so they can decide what to look at if they decide to take the case. they still haven't decided that, larry. we'll know more about that in a week or so. larry: you really think john roberts, chief justice roberts want to put the court back into the political game, the election game like two -- 2000? >> i think he absolutely does not want to be thrust into the politics of 2024 election, if four members of the court vote to take the case, they take the case. the thing about conservative majority in the court, roberts has less ability to keep the court out of cases he wanted

them in. he is still significant but not as much. larry: thank you, andy mccarthy, we appreciate it very much. folks coming up we have a live report from israel where it looks like the idf is knocking out hamas left and right. now the question is when will the bidens stop meddling in their strategy? we'll talk about it with idf special operations veteran aaron cohen, prince aaron cohen to me. then interest rates keep falling, stock prices are rising but i just want to come and flirt with the potential that deflation may be just around the corner, not the worst thing in the world by the way. we'll talk about it with "breitbart"'s john carney. all that when "kudlow" returns. ♪. pp. jen x is planning a summer in portugal with some help from j.p. morgan wealth plan. let's go whiskers. jen y is working with a banker to budget for her birthday. you only turn 30 once. and jen z? her credit's golden.

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in northern israel with much more. nate as always thank you for coming on. what can you tell us? >> reporter: larry it has been a busy day militarily and politically. you mentioned 70 hamas terrorists surrendered in northern gas today at a hospital. the expected timeline of this i can't remember with the defense minister goal lant telling national security advisor jake sullivan this war will take several months. the newest individual yow! out of gaza as idf continues to fight hamas terrorists in close combat. they fought them in a school and kahn younis they destroyed two tunnel shafts and rocket site used to house weapons. they met with the president of the red cross today. they demanded israeli hostages receive medical care. the humanitarian crisis continues to worsen for palestinians.

many are hungry. you see them grabbing food and water from a truck in rafah. today national security advisor jake sullivan said he spoke with israeli benjamin netanyahu about transitioning from the war's current phase to a more precise and targeted phase with less civilian impact. here is what netanyahu said tonight. >> translator: i told our american friends, our heroic warriors did not fought in vain out of the their fall we are more determined than ever to continue fighting until hamas is eliminated and to complete victory. >> reporter: sullivan made clear today that the u.s. will continue to support israel in its goal to eliminate hamas. notably, larry, he also said that he believes there's a diplomatic solution possible to negotiate a deal with hezbollah terrorists in lobe none lebanon to improve the security situation for the israelis who live here on the northern border in the villages that we are

right now but they're evacuated because of the threat that hezbollah poses. we'll send it back to you. larry: thanks, very much, nate foy, we appreciate it. be safe. appreciate these reports. joining us now, aaron cohen, former ddf special-ops veteran. aaron, you probably heard nate foy's report. i mean it's a great thing. all these officers of the u.s. government, national security advisor, secretary of state, they all start out we support israel's effort to destroy hamas and then proceed to give them all kinds of advice how long, how much precision, as though the israelis don't want to have precision. how many casualties as though the israelis are really want to have more casualties. of course they don't. the whole thing will take a little longer but that's what you've been telling us. they need to have intelligence to do the right job. i mean, i don't know, i asked this question again, when will they stop meddling, just let the

idf do what it knows how to do and what its going to do? >> larry, they will stop meddling once they realize that the thicker the handcuffs they put on israel and longer it takes for israel to destroy hamas, i mean physically and idealogically, the sooner it is going to affect u.s. national security and what i mean by that is the longer it takes for israel to topple hamas, the more the craziness is going to continue to build here in the united states, i'm going to cut back to what fbi director christopher wray said, he has not seen this level of threat since 9/11. and the longer israel is at war with hamas, the longer the handcuffs are on the more active shooters we'll see start popping up here. the more pressure will be on u.s. law enforcement to respond to multiple threats at multiple locations at the same time and the more the u.s. is probably going to start moving to get biden out of that white house

and get somebody in there that understands the threat at the micro level and the macro level. that is someone who is tough, and understands israel is a expert in counterterrorism. when bibi gets on television and says we have to destroy hamas, around he means it f i could jump, larry into this next piece, all the aggressive operations israel were conducting before the cease-fire, was very effective. i'm sure there were casualties. let me make it clear. we're at war. civilians get killed. no different in afghanistan, no different than iraq. no different than any other country in the western world that deliberately tries to kill the enemy while limiting risk to civilians. israel falls in line with that international law. the problem here, the u.s., the white house wants to have its cake and to eat it too. so it is slowing down operations. israel is having to pull back those really successful air campaigns, which by the way, larry, that jtac unit, joint

terminal attack control unit that puts those missiles in selective, i keep going back to that, that unit is the iron dome of the palestinians. we're not lobbing missiles into gaza from you know, from the israeli side into southern israel trying to take out civilians. we have commandoes risking their lives to protect and create a protective umbrella for the palestinian people. the iron -- jtac force unit is the iron dome for the palestinians. problem the safe zones that were created hamas is going in there. let me say this, larry all of southern gas is filled with 15,000, 20,000 hamas militants wearing civilian clothing. the numbers reported to who, the uniteddations -- larry: all bs. >> all bs. i want to stay it on tv, larry. larry: i will say it for you, everybody knows it is bs.

astonishing to me these official organs, the u.n. forget about it, but astonishing to me the white house would use this stuff too because of what you just said. anyway, prince aaron cohen. i got the message. i got the message but you don't know who to believe. >> that's right. larry: at the end of the day everybody tells me, people on the ground in israel, people in the united states close to people on the ground in israel, everybody tells me the israelis are behind the idf. take the politics out. it is not about mr. netanyahu who happens, he is an old friend of mine but take that out. >> that's right. larry: the israeli people are behind the idf -- >> they jumped on gold today may area larry in '70s, same song and dance. thank god for kissinger. got down with israel when the time mattered. at the end day biden needs to shut his mouth. blinken stop yapping. israel will deliver the message. uncle larry, we ain't going

nowhere. larry: we'll hit it again next week. aaron cohen. >> appreciate it, larry, folks, shifting gears, the stock market is hot. the kudlow trust is doing very well. interest rates keep falling. stock prices keep rising. there might be a little overexuberance in the fed yesterday in terms of easier money but who can be sure. i want to put this up, the brilliant joan carney, "breitbart finance" editor and coauthor of the unbelievable "breitbart business digest." john, check out this chart, this chart is, this is for off the chart chart, okay? what we have here is the two lines, one's a 10-year bond yield and the other's crb commodity index. notice they work together. when interest rates are going up as they were in the spring and summer, the commodities were going. >> sure. liz: -- larry: booming, booming.

interest rates coming down in mid-september and you can see commodities are down, about 15%. 10 year is hovering below for. >> below four. almost 3.9. larry: i'm just saying, there is nothing wrong with this, i'm say i think we're headed for a bought of deflation and there is nothing wrong with a bought of deflation. >> especially the inflation we just had, people will take deflation later this week. we had so much deflation taking back some of those price hikes would be a relief. larry: it would be a harder landing. >> yes. larry: in the short run. the stock market is not signaling a big crash right now but i'm saying be a little sober about the outlook in the next two, three, four, quarters, because i don't care what the fed says. i'm much more interested in trying to figure out what mr. market is telling me. >> the market is sending a pretty insane message. right now it is pricing in seven rate cuts next year.

that's really, really exuberant. if the fed cuts seven times next year in a an election year they will be instantly accused of trying to fix the election. i think they will stay away from that. i think the market has as you said it, gotten overexuberant here. they have gone too far. what's weird if the market believed there would be a deep recession, seven cuts are easy next year but instead we're getting this weird thing where people are predicting no, the economy is going to be fine, we'll grow 1 1/2, maybe 2% next year and the fed will cut at every meeting other than january. right now they're pricing in 60 to 70% chance of a cut in march. that is two meetings away, three month from now. they're saying we'll have a cut in march. i don't get it. larry: i just often say, when i was in that game on wall street and loved being in that game and i wish i could cover it more but such is life i'm just saying it is more useful to follow the

market signals, what we used to call wayne angell market price signals, manley johnson, alan greenspan who was a gold guy but for all the end of his career then it is to parse through the fed. the fed stuff can be sometimes a fool's errand and the futures markets does this. i'm saying when i see a chart like that chart, the relationship between interest rate and commodities has not broken down. >> the one thing that gives me hesitancy about the idea that we're, we might have even a slight downturn next year. larry: yeah. >> how strong retail sales are. the consumers spent more money in november than anybody thought. larry: subject to huge revisions, subject to huge revisions. prior two months were revised downward. nobody knows what those numbers mean. i'm a numbers guy. i'm okay with it. i'm just saying a lot of middle class people, a lot of young people would be happy to get some price relief. >> absolutely. larry: in other words, the cpi

is up 17% last few years,. that has put things like cereals meat, milk, poultry, even gasoline all off their highs but way above where they were three christmases ago, that would be welcome relief. the fed ought to let a little deflation happen. don't go crazy to try to ease right off the bat. throw your phillips gives out the window. let's have a little deflation. i'm totally for it. >> the fed is upside down, they have a asymmetrical approach when should be going the other way. instead they're scared to death of even a slight downturn and they seem willing to let inflation happen. that is why we got high inflation the first players and they're making the mistake again. larry: the bidens keep spending like drunken sailors. that will not help them on that side. the kudlow trust continues to own the index. i won't mess with it. >> hard to complain. larry: i almost feel wealthy again. thank you, john carney, public

service is a wonderful thing and being at fox is even better. now we'll talk about why america hates harvard and wants to make it very costly for harvard to keep hating america, all right? stay with me on this, please. we have the great grover norquist, americans for tax reform. he's going to give us a few tips. you know what? make the harvards of the world pay for their left-wing nonsense. i'm kudlow. no-nonsense here. we'll be right back. ♪. business? some companies today bring politics into the boardroom, then into our living rooms. that's why i use spotlight reports from 1792 exchange. here, i can search more than 2,000 companies, to see if they care more about divisive social issues than about running a sound business. isn't it time we got back to the business of business? learn the risk to your company or family at 1792exchange.com.

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call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. ♪ larry: one more time let's talk about why america hates harvard and wants to make it very costly for harvard to keep hating america, all right, as in tax-free with unbelievable federal, state, and local money going to harvard? it is not just harvard, it is a lot of these big fancy schools. let's bring in he grover norquist, president of americans for tax reform. grover, i'm not a taxer, you're not a taxer, but i don't want them to have zero tax rate. they're running a hedge fund in the middle of this thing. pursuing anti-semitism, plagiarism, coverups of both anti-semitism and plagiarism lord knows what, dei and other

woke policies. grover there has to be a change here, help me out. >> there is. we could go in one of two directions. one is, they get hundreds of millions, billions of dollars, major colleges, harvard, yale, state universities from the federal government, we should take a look at that and say, you're sitting on a pile of cash the way you are, and/or spending it doing crazy left-wing things promoting anti-semitism, we'll pull that back, that number will get smaller, maybe zero but it should get smaller. the other thought we actually do have a tax on increase in value of very large endowments, that was put in for the trump tax cut. it was one of the pay-fors for the job creation act that trump put together. we could revisit that because when we extend the job cuts and tax cuts and jobs act, tax cuts and jobs act, when we extend that out we'll need some

pay-fors to make sure to continue that into the future using reconciliation and perhaps we could revisit the tax that was put in the first time. i would hate to raise a tax even on universities and give washington more money. we're just transferring one left-wing funding source into another. larry: yeah. was that the 1.4% tax? i think it was. >> i thought it was 1.3 but roughly 1.3, 1.4. larry: the other side of the coin, you and i don't want to raise taxes but let's have some spending cuts. this money going to the harvards of the world, by the way sure doesn't need it, and sure doesn't deserve it the way they're behaving with left-wing social policies. let stop the spending. put a put down and watch it. go after them and watch them. if harvard wants to hate america we should make it costly for harvard to hate america. right now it is a free lunch. i have to get out. what do you think? buy it? >> awful lot of money to be

saved. larry: yes, sir. there you go. more toby revealed. maybe you come more on the radio, talk to me more about (fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher investments. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when clients do better. that might be why most of our clients come from other money managers.

at fisher investments, we're clearly different.

- wounded warrior project has been with me every step of my journey. - they've helped me realize it's possible to rise to the top again. - it's possible to get the help i need for me and my family. - it's possible to hate pushups again. - to feel understood. - to begin healing both inside and out. - to feel like myself again. - and now i know anything is possible. (gentle music) larry: staying with this team and anti-semitism and left wing woke and dei and cover up and cannot be tax free and has to be steep cost and disincentive to cut this stuff out. that's my take but now everybody is going to learn something because liz macdonald is going to square this circle.