incredible run, has it not. >> it really has been. when i look back at this year we're earning 2023 in a very different place than where we started 2023. for a lot of investors they have been flock together bitcoin as and inflation hedge. i think you know, this morning we actually, we've been looking out ahead to the next presidential election. we actually did a poll with the "harris poll" and actually redeveloped data investors are worried about inflation as they think about the election this is reasons why people are moving into bitcoin. liz: michael sonnenshein of grayscale. as bitcoin riseses the markets fall. do you joan industrials turning around from the green. falling 475 points. s&p falling down 1 1/2%. nasdaq down 1 1/2%. [closing bell rings] we'll be back here tomorrow with the carnival cruise ceo. larry: hello folks, welcome to

"kudlow", i'm larry kudlow. so the democratic colorado supreme court has disqualified former president trump from the 2024 ballot over something called insurrection. the former president plans to appeal the case as republicans are rallying behind him almost everywhere. let's turn to our own hilary vaughn on capitol hill for all the gory details. heli, hilary. >> reporter: hello, larry. this decision from the colorado supreme court already is helping trump. it has his 2024 gop rivals on the campaign trail taking a break from attacking him to now defending him. >> well if somebody is convicted or something of some of these things there was no trial on any of this. they basically just said, you can't be on the ballot? how does that work. >> they will not run a free and fair election from colorado and remove myself from the ballot and call on every republican to

do the same thing. we cannot stand for this assault on our republic. >> reporter: the colorado republican party responded to ramaswamy's pledge the party will switch to a caucus subverting the state ballot system if the ruling is allowed to stand but former president trump is already asking the supreme court to weigh in on the state court's decision. experts warn the colorado court is setting a dangerous precedent. >> no one is worth sledding shredding the constitution. what is done here is, the path laid out by these four justices is not a path they should go down. i have no question they should overturn this decision, they should do it unanimously in one voice. >> reporter: some democrats say this removal is democrats last report, because they see polls that president biden cannot beat trump. >> it is an effort to stop donald trump at the ballot box

because right now they don't think they can beat donald trump at the ballot box but to use law fare, the legal process to take rights away from american voters -- >> reporter: larry, looks like the supreme court will ultimately weigh in whether or not this court decision will ultimately stand. they don't have much time to make up their mind. the deadline to get this all worked out is january 5th. that is when the state needs the legs of gop candidates that are going to be on the ballot for the primary on march 5th. larry? larry: hilary vaughn, thank you ever so much. we appreciate all those good details. now, folks for my brief take on this, democrats just can't stop trying to stop donald trump from running for president. they're obsessed with stopping him. it is in their dna. they refused medications for their trump derangement syndrome. they do not want an actual november election. they will subvert any constitutional or even institutional process to keep trump from running and the more

they try the dumber they look. and the dumber they look the voters sympathy builds for mr. trump. i don't think any of us have ever seen anything like this ever. now the most recent of course, colorado supreme court made up much seven democrats, ruled, mr. trump be disqualified under the 14th amendment that was drafted after the civil war to apply for those who fought for the confederacy. this is so-called insure reckist charge. this will be overturned by higher courts. what is so remarkable about these crazy democrats mr. trump has never been convicted. no, no, wait a minute, mr. trump has never been charged with any crime related to insurrection. even special counsel jack smith who works for attorney general merrick garland, who works for president joe biden, even they have not charged trump with incitement or insurrection.

so let's go back in time and take quick listen to what mr. trump said in his speech on january 6th. >> i know every one here will soon be marching over to the capitol building to peacefully and patriotically make your voices heard. larry: all right, peacefully and patriotically is not insurrection. that's called free speech. and on that topic, even if mr. trump believed he won the 2020 presidential election and if he says so, that us still called free speech that is the first amendment. that is not only not an insurrection, it's not a crime. now mr. trump may be right or he may be wrong but in our free country he is allowed to say so and he is permitted to run again. now here's the great alan dershowitz on this whole issue, quote, in the 60 years i've been

practicing and teaching law i have never seen a decision that is so anti-democratic and so unconstitutional, end quote. and here's eminent constitutional professor jonathan turley, i will quote, it is an anti-democratic opinion and it could set us on a course that would be incredibly destablizing for our system, end quote. now, these crazy 14th amendment insurrectionist charges to keep trump off state ballots, they have been tried in nearly three dozen states across the country. as of this writing except for the liberal ankle biters in colorado, wiser heads have prevailed elsewhere and a bunch of the dumb charges have been thrown out all together. by the way, if the insurrection disqualification were ever uphold upheld as hilary vaughn said, colorado republicans will change thereby laws to move to a caucus system which will then

nominate trump. they are a common sense bunch in colorado. and of course joe biden, chimed in today to say trump supported insurrection. so, joe, why didn't your ag bust trump for that? or your special counsel? well here's thought because there is no case. there is no insurrection. the democrats disregard for the law has spread over many other issues. you know, the law says, for example, protect america's sovereignty, but democrats favor open borders with 10,000 illegals streaming into the country every single day. the supreme court says that joe biden has no executive authority to cancel student loans but he is doing it anyway. the supreme court also ruled that the epa didn't have the legal authority to regulate greenhouse gas emissions but the bidens are doing that anyway. and of course pay-for-play influence peddling and

international bribery, well they're forbidden under the law but evidence is mounting that the biden family ignored those laws too. more generally i want to say far left liberals have always disregarded the law. they are the government command-and-control advocates and the so-called deep state and their left-wing masters will break any law in order to achieve their socialist economics and their woke culture. including even breaking our democracy into a thousand pieces. that is my riff. all right, we need some experts here, some legal experts. so let's talk some more about this with the great senator eric schmitt who importantly not only a terrific senator but a former missouri attorney general. mr. schmidt, welcome back to the show, happy holidays and a unhappy occasion.

what do you make of this? is this thing going to stand? does it have any merit? this is a civil rights, a civil war amendment for the confederacy. help us out, senator schmitt? >> well, it is a lot. i mean i could not believe it, seeing this yesterday and reading through this. this is, i think one of the most dangerous rulings from any court in the history of our country. the idea that somehow without any due process protections, without any protections that go with you know, having evidence come in without a trial, some summary decision here, that they're going to take off a, the leading presidential candidate, one political party is totally insane. it is outside the bounds of any authority that they have. i'm confident that the supreme court will sort of check this thing here but it does go to show, larry, the lengths to which the left in this country

who claims to have want to protect democracy is willing to destroy it. they have completely lost their minds when it comes to donald trump so on, that's the legal side of it. on the political side of it, you now have the modern democrat party, okay, which has been captured by the left, has censored americans in the missouri versus biden lawsuit. we've shown that. it is proven. not a theory. vast censorship enterprise. they're trying to put the chief political rival in jail for the rest of his life. now they're trying to kick him off the ballot. to take a step back, larry, understand how insid with us this is, this whole january 6th committee, this sham committee had a hollywood producer working with the democrats to do this. this court relies on some of those factual determination the joke of a committee came up

with. jack smith is a spawn of that committee. this has been a plan. they knew trump was going to run. trump derangement syndrome is real. their rage and hatred for the man has blinded them with the fact they're willing to destroy their republic over it. i think this election in 2024, i endorsed president trump a year ago, one of the first senator to do it, this is no longer a race between two candidates. this is going to be a statement about what, this is about reviving and saving our country. this is about people, i don't know how they voted in 2020 but they're going to look at this and say this isn't america. if this was happening in another country, larry, it does happen by the way in banana republics our state department would be warning people about it. there would be potential sanctions on the line if they were taking out a chief political opponent. it is like a alternate universe we're living in but it is real. it is incumbent for us to speak up on this, to make sure they're

not successful this is incredibly dangerous for our country. larry: the way you say that, senator schmitt is very interesting. this is really, i had a little bit of this in my opening riff, this is a battle between the left-wing forces of command-and-control socialism versus conservative forces of representative and institutional democracy. that's what you got here and the lawbreakers are the democrats. i mean they're trying to throw jump in jail for 700 years. can i come back to this point? i didn't realize this because i'm not a lawyer and you are, they never had a trial in colorado? they made a ruling one morning, brought in dunkin' donuts coffee, decide toed keep trump, there was no trial or hearing, is that right? >> basically importing without any evidentiary safeguards, there i am porting a lot of what happened in the january 6 committee, relying on some of

those facts which again is why that was so -- they knew exactly what they were doing. the left is completely mobilized here. they have captured different institutions. i never as a lawyer i never thought we would be in a place where you would have the highest court in one of our states, you know, kick off someone for something they have never even been charged with, let alone convicted of. larry: well -- >> this is serious business. this is about preventing, by the way, millions of americans from choosing the president of the united states? the courts have been very wary to really get involved in politics because it -- you're supposed to allow the people to have their say. the court is supposed to interpret the law here, not interject themselves into presidential politics. that is what they have done. it is up to the supreme court to right this terrible wrong. larry: do we have sound from the chief justice of the colorado supreme court? i know we have a full screen. let me read you now, this is interesting, they're all democrats, seven democrats but

three of the democrats dissented and the chief, he dissented. i will read you this, quote, in the absence of an insurrection-related conviction i would hold that a request to disqualify a candidate under section 3 of the 14th amendment is not a proper cause of action under colorado's election code, end quote. that is pretty good and they even had a split decision, all seven of them were democrats. so that shows you -- >> i think,. larry: no, no, please go ahead. >> larry i think it is also worth noting that it's a split decision in this court 4 4-3 majority stated themselves depending what the supreme court is going to do. i think they understand, i am running out of adjectives how

bizarre this is. i don't think anybody really thought this would actually happen but they found a court, i mean they found a court that was willing to go along with this, but again the democrats, they filed this in a number of states. again they have a prosecutor, jack smith who has a terrible reputation in this regard of being overzealous, who is again trying to put -- larry: he didn't charge trump. he never charged trump. >> no, right, exactly. larry: he never charged him! he had every opportunity to charge him. doesn't that mount to, doesn't that tell you something? the merrick garland justice department, they're obviously complicit goes to this guy jack smith, you're right he has checkered career. that is not the charge. he is going after trump on some fraud charges. didn't say insurrection, we played the speech, we played the speech, senator. trump never mentioned anything about insurrection. he said be peaceful and

patriotic. what? that's free speech. >> didn't even go there. i think in 100 years when you and i are long gone, larry, people are going to look back in this sort of time frame and they are going to be scratching their head, if we by the way hold onto the republic because as benjamin franklin famously said walking out of the constitutional convention, what do you have? a republic if you can keep it. because the founders knew how fragile this whole thing was. this law fare, censorship by the biden administration, this administrative state doesn't care at all the limits constitution sets for the on the executive branch, all this stuff is in play. i think this 2024 cycle will be so important. it is not just about two candidates anymore. it is about the country and whether or not we'll see more of this. if they can do it to donald trump, we're fooling ourselves if we don't think

there will be somebody else down the line. larry: yes, sir. senator eric schmitt of missouri, thank you ever so much. senator, you have been great to us over the course of this year, your first year in the senate. we're most grateful. we wish you a merry christmas and happy holidays. >> think of the world of you larry, thanks. larry: coming up here on "kudlow," lots of polls show threats to democracy are moving voters of all stripes to trump. this latest trump legal attack will help former president's campaign? this comes right before the iowa caucuses and the new hampshire primary. we have the great kellyanne conway, will talk about this and many other things when "kudlow" returns. we are in a battle for our democracy, folks, make no bones about it. ♪.

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♪ >> never forget our enemies want to take away my freedom because i will never let them take away your freedom. it is very simple. lever let them do it. [cheers and applause] they want to silence me because i will never let them silence you. in the end they're not after my they're after you. larry: that is pretty good, i think the way he is framing that is pretty darn good. polls show by the way threats to democracy are moving voters of

you of all stripes to trump. republicans are key to the democracy issue. whether the legal attack will affect iowa, nobody knows that better than, wait for it, kellyanne conway former counselor to president trump, fox news contributor, author of here's the deal, a very good book. you're seeing in the polls, e her son polls, other polls, this democracy issue which was the domain of the democrats is now becoming a big republican issues because of attacks on trump. >> these numbers came out before last night's supreme court decision in colorado. i think it will only increase. the number of republicans and independents who cannot stand when the separation of powers is violated, people are playing politics with governance. i think it will increase as a share of the population. threats to democracy was always seen as a proxy for january 6th, trump, trump, trump. larry: yep. >> but you know the two things

that really fueled his candidacy i think this time, in his second try at the president's, third try at the presidency, is number one when he visited east palestine, ohio. it set him apart. it was a big inflection point. here is a guy who has a nose for going where the forgot own men and women are suffering. second is these indictments. we all know, i told trump personally, if in your life you are ever given a choice being indicted or not indicted you choose door number two every time but for him it helped but just not with his base. that is the other misconception. first the democracy is trump, trump, trump and january 6. the other misconception is that trump somehow has his base all locked up that's it. if that were the only thing he locked up, he would not be beating joe biden by six points in georgia and every single swing state, every single mainstream media sponsored poll.

that is base plus. it's biden whose base we should be discussing every single today, because he can't scaffold together that tenuous collection of groups that came out for him in 2020, strong and long enough for him to become president. he is losing his grip on all of them. all of this equals people being very frustrated and angry what the colorado supreme court -- larry: like moving day towards trump. i like that clip. i like the way he handled that clip. it is not his grievance, it is our grievance. he is leading a movement now. we've seen this before from him and it is very effective. he loses ground when it is only his brief vance but now he is representing a whole movement. people pick up newspaper, you keep him off the ballot? you can't do that. that is not democracy. this come as few weeks before iowa, yes? >> yes. he is way ahead there to begin with. the iowa poll that came out "the des moines register" poll, the famous poll there that showed him with the largest lead

just a week ago last monday, the largest lead in the history of the poll over other republican primary opponents. now they're still there. ron desantis was there yesterday nikki haley is still there and still campaigning hoping or wondering to be a placeholder if he is somehow kicked off the ballots, convicted of something, goes to jail or passes out on golf course, other than that there is not big rationale for their candidacy, larry. when people say to me we need someone other than than trump. that is fine in a democracy you have ever right to feel that way but this cycle all these other candidates had their shot to make their case to the people in the republican primary which in some states which means independents that can vote in a republican primary and they failed to make that case enough of the time that they could supplant trump as the front-runner. i think the reason he has been able to burrow in there because people are hiring him to do a job that he has already done.

larry: right. >> they know what they're getting. he has done a fairly good job of pivoting to a general election strategy. he pivoted to a general election strategy a while ago. in the last 36 national polls that were conducted and released since october 2th, trump is leading biden 27 of 36. six of them they're tied but biden is never outside of the margin of error against trump. even worse news for biden when you look at the swing states. larry: can i just raise this point? we know the economy, the failure of "bidenomics," undoubtedly opening of the border and the whole collapse of the urban cities and the lawlessness and drugs and kidnappings i get that, huge issues but i think as we watch biden fumble with israel, iran, doesn't say anything about iran, doesn't fight the houthis, let's the houthis push us around, fumbling in ukraine, fumbling with the

border, fumbling with grocery and gasoline, people want a tough guy, okay? my view, tough. i call it trump tough. i think people just, okay, i'm going to tune out some of the things he says occasionally that we don't like but i want a tough guy representing this country. i haven't seen a poll on that. it is just my own instinct. i hear it from people around. >> sure. larry: christmas season, i hear it from a lot of people, we're not trumpers. >> yes. larry: they might in next breadth say something i don't like but the fact that i think biden is so weak, kellyanne, they want a tough guy, there is one there. >> what is the oop sit of weak, is strong? larry: tough. >> tough and strong are related. tough means you don't back down. larry: right. >> that you're resolute, not obstinate, resolute and focused. in trump's first term, larry that allowed him to get nato

partners to pay up a little more. larry: by the by. >> trade deals with china, korea, with japan, mexico, canada. you were intimately involved in that. larry: yeah. >> tax cuts and jobs act passed so on, so forth. that strength to people also means we project i had around the globe. very chaotic crisis-filled time but it also means strength here at home. that people don't have to worry about what, you know, if someone will follow through. the other thing today, speaking of weaknesses, joe biden made a colossal mistake by going, right to the press today and saying there is zero question that donald trump was insurrectionist. they should call him as a witness in the next trial. he shouldn't say things like that. there is a question. donald trump has not been as you said in the opening, he has not been charged or convicted of anything to do with insurrection. the last five words by the way of that 14th amendment section says something about, or trying to harm the country.

in other words it is so vague that you can argue is when biden gives billions to iran? it's when people coming over the border. larry: biden gives billions to our enemies. when biden flouts the law on the border by protectioning american sovereignty. >> any of it. be very careful. larry: we don't have time but i think this team of trump tough -- >> trump tough and strong. he is not tough for toughness sake to argue with people. he is tough that's what we need. we're supposed to be the global leader. larry: america first, defend america. he will hit the houthis. i keep coming back to that. kellyanne conway, nothing but love. you're filling in for sean hannity tonight at 9:00 p.m. >> i am. larry: i heard among other people you have a very important fox business guest who will join you. >> and his name is -- larry: on set. >> larry kudlow will be joining me. larry: much more about that on "hannity." thanks, larry. see you at 9:00.

larry: we have a live report, this is unbelievable, more plagiarism accusations against the harvard president claudine gay. my goodness. republicans need to be trump tough on the border. guess what? arizona senate candidate carry lake agrees. that is why she is up in the latest polls. she could be the next senator from arizona. then why is president biden letting the houthis humiliate us? we'll ask former intelligence director, john ratcliffe. kellyanne conway is tum tough the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪

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♪. larry: all right, give me a p for plagiarism. here we go again, harvard president claudine gay faces over 40 more plagiarism accusations. fox news's molly line in massachusetts with the details. molly, thank you, this is a tough story.

>> reporter: good afternoon, larry. as you mentioned these additional allegations of plagiarism by harvard's president claudine gay were reportedly sent to the university's research integrity office by professor who is not at harvard, from another university who according to the "washington free beacon," quote, requested anonymity for fear of retaliation. gay recently survived public calls for her resignation from notable alumni and donors after she failed to state during that recent congressional hearing that calls for the genocide of jews on campus would be against school rules. after her follow-up apology, the harvard corporation, that is the university's governing body, expressed unanimous support for gay while also acknowledging quote, a few instances of inadequate citation in her work. now "the boston globe" editorial board is seeking some clarity here with this query, did claudine gay plagiarize or not? harvard should be clear.

the board spoke to the university of kentucky associate professor, stephen voss, whose work was allegedly page you arized by gay. he asks if a harvard student were to turn in a paper with same missing citations and quotation marks what would the university call it and how would it respond? we reached out to harvard for comment, larry but we have not yet heard back. larry: wow. molly line, thank you very much. we'll see again if this story continues to mount. we appreciate it. >> reporter: thank you. larry: folks, let's turn to biden's crisis at the border and a possible senator who is running some terrific polls. kari lake, republican from arizona. kari lake, welcome back to the show. i want to read this. a recent poll, a good poll, you got 41%, this is the general election, kari lake, 41, reuben gallego, incumbent krysten sinema 16. you're rocking out there. what is the big issue for you.

>> well it's the border and the border and the economy and basically getting back to policies that make sense and help arizona families so they feel secure, see what they're making is going further and people are really concerned about the future. they look back where they were four years ago. our border was secure. we have had a great energy policy, our economy was growing and now it's just the opposite. you mentioned plagiarism. i kind of wish joe biden would plagiarize some of president trump's policies because we would be in a better place right now. you're looking at the footage you're showing right now, this is just, we can't sustain this number of illegal folks coming in across our border. it is an invasion. we have the largest number of people coming in one day, nearly 15,000 across our southern border and they're prepared for it to get even worse. i talked to a mayor down on the border. he said it is showing no signs of slowing. it is getting worse every day.

instead of filling nine of those huge tour buses every day full of people come here illegally, they're filling 12 in nogales, arizona. larry: we talked about this a bit last night. mark levin has been talking about this. this open border policy is illegal. it breaks, breaking american sovereignty breaks a number of constitutional and congressional laws. this is law breaking. you can talk about the issue of democracy as kellyanne conway said. republicans are increasingly concerned about anti-democratic actions against trump and elsewhere but this is another example. they are just breaking the law by refusing to defend american sovereignty at the border. i think that is crazy. >> it's that simple. frankly the people i'm running against, ruben guy yessing go, krysten sinema are voting for this kind of stuff to continue. though vetted against funding the border wall which is very

effective and actually a inexpensive way to stop this kind of thing. they voted to end title 42 which is preventing a lot of this and they are open borders folks. it is not working out. we're seeing as our airports are full of people here illegally. they're coming to a city near you. we can't take much more of this. i think the american people have grown very tired of democrat policies. they're recognizing that with democrats in office we get this kind of stuff at the border. i call it a biden invasion because we're getting an invasion at our border. they're looking to the future, we know they will see president trump's incredible tax cuts go away in 2025 if we don't start electing some folks who are going to make sure that we continue those. larry: i like that. >> that is a scary proposition. larry: biden variable shun. is close to biden inflation and "bidenomics." >> none of it works. larry: just a minute or so is

"bidenomics" a big negative in arizona as it seems to be across the rest of the country? >> oh, it is actually probably worse here. i know phoenix where reuben gallego who i am running against his congressional district, phoenix is suffering the most out of any major city in america with inflation. prices are shooting up everywhere. i just heard that the average mortgage payment under president trump was a little more than $1700 a month. now it has shot up to $3300 a month. you know young people are looking at that saying we'll never be able to buy a house. we'll never be able to achieve the american dream. it doesn't have to be this way, larry. you've been around for a while. you've been you know, studying and talking about the economy and, you understand that we've been through tough times before. we can get out of this but not with the kind of leadership we're getting from the democrats. larry: all right. kari lake is ahead of the general election race. very interesting, got a nice

lead over krysten sinema and you're spot on the issue. two things, number one, merry christmas. number two, good luck. i hope i see you in the new year. kari lake thank you. >> go to kari lake.com and support our race. larry: thank you. we'll switch gears. let's talk about foreign policy where is president biden on houthis humiliating the united states? we have john ratcliffe, former director of national intelligence, former prosecutor, former house member. you know, john, let's see last night kash patel said there is really only about 2000 houthis. they may be armed to the teeth by iran. 2000 houthis, like .1 of a donald trump rally and yet doesn't seem like the biden administration wants to retall eight in any way, shape or form, for their shutting down the red sea and attacking our military

assets. john ratcliffe, how is this possible? >> well, larry, i'm surprised that you're surprised. the houthis are only the latest lesser opponent to kick sand in the space of the biden administration. this week it is the houthis. before that it was hamas and iran. before that it has been china, to a lesser extent russia. yeah, kash is right in terms of you know, the houthis capabilities. i mean this operation prosperity guardian which was the response of the biden administration is really kind of the epitome of this turn the other cheek and then cut and run foreign policy that the biden administration has deployed everywhere. you know punched in the mouth by a lesser opponent the response is, we're going to build an international coalition to protect us? larry: right. >> i mean it's just, it is so ridiculous. larry you were there in the

reagan administration where the example of exactly what to do. when iran mined the persian gulf and hit a u.s. frigate, ronald reagan's response was not to build an international coalition. he sent the largest u.s. naval fleet since world war ii, largest operation to destroy two oil platforms, iranian oil platforms, eight iranian ships and killed more than 50 irgc soldiers and the problem ended and that's what should happen here. but it's not. just like strong deterrents and a response isn't happening with the houthis, it didn't happen with hamas or iran. it hasn't happened with china. it hasn't happened with russia. you know, unfortunately, larry you and i talk about foreign policy all the time and we've been reduced to talking about the degrees of failure of the foreign policy of the biden administration. never any successes. always which is worse you

know -- larry: two pinpricks, john. listen, this middle east war now, israeli wars, about three months old. and iranian terror subsidies including the houthis have been hitting u.s. military assets now for almost three months. not quite. we have except for a couple of little pinpricks someplace in the middle of syria we have done nothing, we, the united states, the biden administration has done nothing. moreover, everyone acknowledges including john kirby, john, kirby will say yeah we know iran's behind it. we have done nothing to enforce the sanctions on iran, much less you know, hit an iranian oil field or hit an iranian training center this is humiliation of the united states but the leaders of the world in beijing and north korea and moscow, they're watching this weakness and that's what hurts so much! i don't understand how this is possible. i'm going to give you the last

word. terrible, terrible thing. >> when we talk about degrees of failure i could argue that iran is the worst because you and i left the trump administration and handed off a bankrupt iran. larry: yes, yes. >> to the biden administration. larry: yes, yes. >> bankrupt was the word we used in intelligence assessments and the biden administration's failure and in fact, they have essentially rebuilt iran and as a result they have rebuilt their ability to fund proxies like the houthis, like hamas, like hezbollah. they have turned them all into household names in the united states. larry: yep. >> and you're right, russia and china, are paying attention. it is why we found out that during their stroll in the garden in san francisco president xi told joe biden i'm taking taiwan either peacefully by force but i'm taking it. larry: john i got too go. >> unfortunately, larry the damage is done here. larry: i know, i know. >> good to see you, larry. larry: this is -- look, i hope

in the near future you get yourself back in big foreign policy position and somebody is going to defend -- >> we'll have a lot of work to do, larry. we'll do it together like we did before. larry: we have to defend this country and it is not being defended right now. john ratcliffe, the best of the best. merry christmas, sir. all right, folks we'll take a quick break. my great pal art laffer is going to come. five years ago he and i wrote an op-ed piece saying steel tariffs were a lousy idea. i know the stock market sold off today. it was a correction but rally has been huge. i want to ask art, why are stock markets rallying. i'm kudlow. someone has to defend america, dammit. that's the whole point, defend this country! ♪.

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♪. larry: all right, i said this last night, five years ago art laffer, steve moore and i wrote a piece for "national review" magazine saying that the steel tariffs were a bad idea. turns out to be a bad idea. in fact, nippon steel is buying u.s. steel, i won't belabor the point. we'll bring in former reagan economist and presidential medal of freedom recipient the great art laffer. ought their of taxes have

consequences. arthur, up on the full screen, turns out we were right. ironically u.s. steel didn't survive but nippon steel is better company. probably make our steel industry stronger. sometimes tariffs are a very bad idea, arthur? >> they sure are, larry. they have always been a very bad idea. we went through the color television example in that article. there are lots of other examples. tariffses allow the domestic industry to become obsolete, become lazy, become fat, fall behind the recent of the world. that is what happened to our color television and what happened to our steel industry. tariffs are a very bad idea except in the case of material for war. i would not ever have a free market in nuclear weapons with kim jong-un but other than that i would have free trade across the board. it makes our industries competitive and great. and that's wonderful. larry: we will disagree on my next sentence but i support the

chinese tariffs. >> uh-oh. larry: i support the chinese tariffs because they steal our intellectual property, they force our technology transfers. they are the enemy, look japan is one of our dearest friends. china is one of our worst enemies but i support the china tariffs. but on this particular one, the steel tariffs were a lousy idea and we nailed it. >> that's right. larry: i know the stock market was off today, there is a correction, blah, blah. but it basically had a guy began tick rally, last few seconds. we don't have enough time to do it. profits are better and interest rates are lower. do you stay in the market, arthur? give us a little quick wisdom, do you stay in the market? >> yeah i think biden policies are failing and everyone knows it. more interest rates with lower profits is great. and we're seeing a huge change in policies in the future. with that i will say it will be

a very nice holiday season and we'll have a great year next year. larry: merry christmas, arthur. thank you for everything you do.

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you know what's interesting these days? bitcoin. look for bitwise, my friends. larry: i'll tell you this, if an enemy hits america, america's got to strike back a hundred times harder. minute's got to stand up for this -- somebody's got to stand up for this country on the world stage. not happening now. anyway, please dial up liz macdonald. she's got a lot of great answers. i tell you, liz, i'm losing -- i just think somebody's got to