tv Kudlow FOX Business February 13, 2024 7:00pm-8:00pm EST
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♪ (upbeat music) ♪ ( ♪ ) ( ♪ ) ( ♪ ) -awww. -awww. -awww. -nope. ( ♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, and grow. constant contact. helping the small stand tall. larry: hello, folks. welcome to kudlow, i'm lar ry kudlow. so inflation came in hotter than wall street expected. stock markets plunged across the board in response.
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we have art laffer and breitbart's john carney. joe biden makes plea for ukraine money. and house members cory mills and scott perry will tell us what the house will do about this and tony bobulinski sings and testified before house oversight that bidens sold out the u.s. to ukraine. and to china. and then, joe biden will get a medical, but not cognitive testing, how will we know if he still has all of his marbles? first let's go to our own edward lawrence, standing by at the white house, with all of the gory details of today. edward, a lot cooking. reporter: a lot, you talked about market, hotter than expected cpi inflation report, signals to the federal reserve they may not
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cut rates until maybe in the summer, that is the market reaction, trying to figure out you know when a march or may rate my be off of the table now. white house trying to spin it month or month, key indicators point to inflation possibly ticking back up. >> obviously we understand there is more work to be done, this is an economy in a much different place from a year ago, than 3 years ago. when you see, when you see eggs and milk, and products like that, at the grocery store going down, they are lower than a year ago, that is important. reporter: talk about the time frame but the themes that people pay for rent up 6.1%, and car insurance up 21%, and electricity up 3.8%, white house talking about trend, since president biden came into office, from january 2021 to january between 2024, overall inflation up 18%.
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food up about 21%, the rest of them are there. here at white house surprise add, president biden pushing house republicans to spend more money. 95 billion dollar in a package to ukraine, israel and i indopacific saying. >> are you going to stand up for freedom or side with terror and tyranny? are you standing with ukraine or stand with putin? we stand with america or trump? reporter: i was in the room, president said he would not take any questions, his wanted his message to stand, pushing house republicans he then turned and walked away. larry: was what last thing? he said stand with -- -- stand r trump. >> stand with america or trump that stuck out also. president, making this political. trying to put sides on this
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saying, you know president trump might not stan with america. but, that was a very interesting thing that president slipped in there on this report on purpose. larry: all right, edward lawrence, fabulous report. >> now, for a little bit of stom stock market, not much of a stock market day. if it is not reported by gerri willis it didn't happen, today of ugly. reporter: very ugly, a stock sell-off that continues all day long, getting a little bit better at the end. looking at major market averages, dow down 524. off as much as 800 at one point. and s&p 500, down 1.3%, and nazdaq off 1.8%. big changes for those. nowhere to run or hide in the sell-off, all of the
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magnificent 7, they are not doing so. tesla with roughest ride off by 3%. nvidia the best of group losing only 1%. also bank stocks majors jpmorgan chase, bank of america and citi group in the red, trading lower, but regional bank stocks on the chin, kre off by 4.9%. and coamerica off 6.2%. utilities and consumer discretionary sector falling over 2%, and done help that late in afternoon, double line challenge said that rising interest rates could spur company defaults, a tough day. larry: you know that jeff g gunlock he is a very
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smart guy. gerri willis, great stuff. >> let me get in here a quick word on hotter than expected inflation, joe biden heavy duty federal spending fiasco is forcing interest rate to rise and keeping the higher an expected inflation alive. he looks to plan on spend 4 trillion in years ahead award according to new cbobeys line bidenomics to 48 trillion from 26 trillion now. and share of gdp biden borrowing could reach 116% in years ahead that is well over twice the 50 year average of 48%. so. you have the fed trying to restrain inflation on one hand. but thed administration
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with huge spending and boeborrowing increasing anonymous in, today, unexpected cpi. over the past year. now, that may not be a short-term one shot aberration. over past 3 months, core inflation, excludes food and energy up 4% at annual rate, the fed let's target is 2. j. powell anonymous measure of core services, excluding housing is up 6.7 percent annualy. over the past 3 months. that is fastest rate in 19 months, and services inflation, rising 6. 4% over the last 3 months, and add to that latest ism survey of manufacturing prices, that just moved above 50% for the first time in quite a while, they are not good numbers, they suggest this inflation
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is creeping higher not lower, long term bond rates have spiked. all biden's government spending gave them a temporary boost to to the gdp, now we're paying the inflation piper, outside price hikes popping up all over the economy, groceries up 21%, energy up 29%. since biden took office, cpi up 15%, and more? eggs, 37%. gasoline, 33%, baby food 29%, electricity 28%. i could go on. with all price hikes for living day essentials, real average weekly earnings for typical families have fallen by 4.9% under bidenomics, that key measures under former president trump rose
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6 thousand dollars for families, or roughly 9%. all right. minus 4.9, plus 9. there is a contrast. the more after of the story -- moral of the story is you can't spend your way to prosperity, money condition buy love, all -- can't buy love, all of a sudden prices are going up again, interest rating are going up again. and the biden created affordability crises is worsening, if it were not an election year, federal reserve should be tightening their money, they will not lower them, that is for sure. like i said, money can't buy love. let's talk with it with john carney, breitbarts economics. and art laffer, his own cult following former reagan economist. author of facts have consequences, john carney, you have been speculating,
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fast few reports not so good this one blows out a. that do you make. >> it is important, not one report, you hear people say down make a big deal about one report, i have been pointing out for last few reports inflation was going to climb again. that is what we're seeing here. if luke at under lying inflation numbers they are worse than the headline, median cpi, 60% trimmed means. larry: what was that median. >> cleveland fed, takes what is the middle of all of the numbers says here is the real underlying. larry: chops off high and low. >> up 0. 5% for the month, this is a -- we're looking at a huge increase in inflation. it was pulled down by some things we can't didn't oenergy prices for for the month but we have a big problem in middle east, we can't depend on that, we still have some goods
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disinflation happening that is over, we'll start to see price of goods climb again. and we'll looking down the pack at, is higher inflation later this year, and we have the, the year-over-year number was down from a month okay but that is only because last january was 0.56, we have a huge number that dropped down, trend is up. larry: inards of this report are not good, and that median cpi. do you remember what year-on-year was for that. >> i think 4.9. larry: i think so, art laffer, money cond can't buy love, but it can buy higher prices, it is fiscal, government spending money this time. and there is no sign that that is slowing down. or going away because the biden loves to spend taxpayers money, what do you make of this?
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>> first, i think john is correct. i would like to add that the core inflation is -- exceeded cpi for last 11 months they dropped off a high number this month, there will be a lower number next month but next three months on core and the cpi are low, and and high, they will drop off this will be worse for the biden administration. this is a not a good week for biden. these numbers do as john said, look to be almost permanent, they will be more rising comes in the future, that is bad news, a interest rates up tell us that market expects this anded by inpo in-- biden policies are not working. >> important to know, in gerri willis' report with market interest rates rising
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not fed target rate but market rates. they are important. they have been going up since first of the year, bank stocks are going down, regional bank stocks down big time, you have a commercial real estate threat out there. commercial real estate loan, we'll have mr. wonderful kevin o'leary on tomorrow or next day to talk about, that they are all issues, art, what is the impact,? what is the impact on the average typical family on working folks, okay? middle income, working folks, blue collar and maybe lower income, what do the price increases do to them. >> it raises the cost of living for them, that makes it really bad, people buy on prices not on inflation. but when inflation goes higher and higher the prices get high or and higher, it just irritates and
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aggravates making it worse off there are other reports that jobs held and jobs creatcreated and all this about biden administration has not gone to same group of people and jobs for nonimmigrants have not risen much. and median income has also not risen like it should have, and wages are real wages from beginning of biden to today are lower than they were when biden took office. you know, it a cacophony of problems flowing down, that in con junction with rest of stuff on news, that you conservativeo well. it is -- cover so well, making for a tough week for biden and i think follow continue to be tough economically and also politically for him. larry: there is a report out, 183 thousand less u.s. born-americans working today than in 2019. big chunk of jobs have gone to illegals.
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i don't want to do it in this segment. but it is still an on going problem, shows the difficulties ons border, and other thing, this plate on breitbart, real wages have come down in part, not only but in part, because of cheap labor f from the illegal immigrants, i say bless them even though it is wrong that it is happening creating a fee fiasco of border security but that is realty, taking low end, low skilled jobs. >> not just native born people but recent immigrants, people who get hit the hardest are the legal immigrant whose came in over last 10 years who are at the bottom wrung of the ladder are getting that ladder kicked out from under them because of the flood coming over the border. this is a big problem. biden you know they call us
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anti-immigrant when we say we need to control the border, the people getting hurt of the recent illegal i'm garages. immigrant. >> i am pro legal immigrant and always will be. >> not uncontrolled numbers that come over, we'll look at a million a month if we don't control this border. larry: john carney, inan ele-- it is an election year, at what point does this turn the fed's own assessment. every time that fed comes out and says something they are wrong. they say, 6 months ago, economy is weak, to recession, they were wrong like the west of us, now talk about 3 interest cuts, and inflation is comes down, they will be wrong about that. >> they are wrong, inflation is not coming down, powell of smart to say we're not cutting in march, they will not cut in may, june looks
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questionable, there are not that many reports coming by july, they they -- better not start cuts in july, i believe possible we don't see cuts until after election day, maybe none at all this year the market not prepared for that. >> a art laffer, the individual prices, you make point we try to make the point, something called overall inflation rate. it is lower than it was a year and a half ago, but individual prices continue to rise. albeit m more slowly over 3 years this takes a huge toll on family budgets and what earnings are worth, they are worth less, this is a big political problem is it not? biden can -- hig he is move his way back and forth this is has plagued him.
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i give you last word. >> it say huge problem. not only is inflation not coming down any longer, if you look at numbers that are dropping off, the index and core, versus regular cpi, core exceeded regular cpi for 11 straight months on inflation, prices will rise at a faster rate not slower ergoing forward for next 5 or 6 months that is will happen this provides a huge political problem and a real economy be pro lim problem for people trying to get jobs, it say real serious real problem and a political problem. putting it on top of other stuff, it is just a death nel for this administration. larry: eggs up 39% under joe biden that is a lot. >> why did you pick anig egg for me. larry: they are highly, have
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your eggs. >> i love eggs. larry: they're up 37%. you are a successful guy, you can afford it not everyone can. eggs are important. art laffer. >> don't put them all in one b basket. larry: art -- h here we go. >> don't count them before they hatch. >> and john carney also. >> joe biden makes a plea for more ukraine money. he never once mentioned open border catastrophe at home. so, what are the house members doing about that, we ask two leaders, cory mills and scott perry next on kudlow, you can catch kudlow, monday through friday 4 p.m. here on fox business. if you can't catch us at 4,
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border security in u.s. now i want to know what the house will do about that, welcome florida congressman cory mills and scott perry, a quick clip from speaker johnson. >> national security begins with border security we said that all along. we're engaged in that we'll see how this goes. national security begins with our own border. larry: all right, national security begins at the border. but, scott perry, that is a bit of a does not say whether there will be a vote on the floor or not. i think that americans are still furious, and i want to add northern border security is coming to play, 484 came over on terrorist watch
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list, they were apprehended and southern border is a daily catastrophe, and joe biden didn't mention a single word about u.s. border security in his little speech today. scott perry, what do you make of it. >> well, in senate they are slow learners, i'm not sure what to say about president biden. i'll let you make your own okay assessment. house has said over and over we're not interested in secures other country borders, thousands of mile away and our borders are wide open, we heard your economic report that includes the things that our citizens are enduring. because of people coming across border illegally, it has to be solved first, then we can tuck about other -- talk about other things, senate will get it one way
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or another. larry: cory, i may sound like rand paul. putting in 100 billion, we'll be on our road to 50 trillion dollars in debt. and for what? here is what i don't understand. mr. biden doesn't layout our aims and goals in the ukraine. he does not layout any diplomatickic exit ramp or negotiations and does not care one wit about 8 million illegals crossing the border. i don't know what the strategy is, for either the war in ukraine or the border. all i know that we're throwing money at it. and co core the inflation rate is rising. >> we're 34 trillion in
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debt. that is our if president biden wanted to secure the borders like he tries to tell the american people, he could do it right now under executive authority with 212-section f, meanwhile you have senate and arrogancey trying to pontificate whether we should prioritize our border or another border, we have to stop fundings the endless wars and stop prioritizing team we were not elected by and think about people that are coming across our border illegally, 8.5 million across our border, that is not including, all of those on a known terrorist watch list. this is a national security, humanitarian and health crises, we as elected officials are elected by american people, i am. i will serve the american people not zelenskyy and his
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people. larry: you know scott, just cars to me, you are the leaders. ed by strebiden trying to make it about siving ukraine, h we have to save the united states it is not political, if you look at numbers 80% of americans want to do something about our border, and biden is ignoring that, i think if you turn the conversation back to our border, ukraine thing will make less sense unless we go back to a border bill scott perry, we need a border -- u.s. public -- i don't know what the ukr ukrainians want. i would like num negotiations with putin to tell the truth, but american folks' to solve our bordered. >> maybe the president is detached from reality, but representative mills and myself are not.
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our bosses our constituents, citizens of america whether in florida or pennsylvania are demanding that we fix the border, like you said, the president is not mentioning it. we're to ship our hard earned tax dollars people that get up in dark of night, pack their lunch, and kid goes bus before -- you know after the folks have been to work, they are working hard to pay the bills. trying to put period on the table. this president wanting on send their tax money over to ukraine, without plan, we don't know the missioned or what the success. and oh, by the way, where is europe, why are they not fixes will problem in their neighborhood? larry: you know all big countries, we did this last night. not the u.k., but france, germany, italy and canada, g7 countries have not paid their 2% of dw gd p pair
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share for nato, we have -- fair share for nato, we had tuberville on and others i don't like putin, but why is there no effort at a diplomatic channel it would help oukrainian people and might help the russian people, i think our foreign policy is just want jjustjust -- top s. >> president biden and democrats have not recognize our foreign and domestic policies are linked. the three biggest players, germany and italy and france, don't pay 2% of their over old function, 1947, nato of created to stand soviet union expansionism, they are saying, they don't care, in my opinion, we go to
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president trump stance, we need continued to that nato understands for now america takes over. have we do to protecting americans and protect our borders and working for american people. larry: it is a repeat from last segment but money can't bay love. >> congressman cory mills and congressman scott perry terrific to come. >> coming up tony bobulinski, remember him? he is singing before house ove oversight koimed i committee today. andy biggs will be here and the joe biden will have medical check up. it will not include a cognitive test. how will we know if he has all of his marbles? liz peek and batya ungar-sargon will weigh in
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larry: tony bobulinski tough deposition today, told house over site commit they the bidens sold out the u.s. to ukraine and china, andy biggs, this is brutal, candid, and direct. just thumbing through this. he says, the influence peddling depended on the biden name and the power of his higher office. biden family business was joe biden, period, and he accused them of dealing with the china oil company. and the ukraine and in particular. andy. he cited the fact that joe biden was sitting next to hunter biden when they did that 10 million dollar shake down of the chinese energy ceo, right next to him. is that what you heard?
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you were in the room today? >> yeah, mr. bobulinski was very forceful. provided documentation and you know he is pretty -- i think credible, everything he says has been verified by other people, when me says joe biden was the product that the biden family was selling, that was verified by devon archer. that was verified by others, he said he met with joe biden, he could tell you the day, where he met, and why joe biden was there. and untalking real in 2017 at milliken conference in beverly hills. i thought he was very -- to me 0 convincing and i think he supplied enough connection between joe biden. joe biden told us in his campaign people told us for years, joe biden, didn't know anything about hunter
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biden's business and nobody in biden orbit bot money from china, not true, you had what tony was talking about today to the say that the fbi statement, you have a plethora of information connecting joe biden to the shake down, which is what hunter biden was engaged in this shake down in selling up flewence. influence. larry: andy biggs, one thing bobulinski said, he said u.s. law enforcement appears to have been unwilling to speak with me, or hear facts we will be bis cussing and said i have never been contacted to provide testimony norred asked to speak with anyone with biden administration that including justice department, fbi irs or local law enforcement or special attorney david weiss.
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no one in justice area i'll say, we know it is two-tiers, nobody welcomed to talk to bobulinski, he is a navy veteran, his father was a navy veteran, they are decorated. and he is giving money to dip -- has given money to democrats. nobody wanted to solicit his opinion, i find th that incredible. >> don't be to too surprised, every agency you are talking about engaged in other acts to protect hunter biden whether it was doj, days, that lap top that is not real. or the intelligence community saying that russia disinformation. lobobulinski has mountains of documents, he kept 3 phones from the 2015 to 2020 with the text-messages between him and hunter biden and everyone like that. and they can't get those
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because they are blackberries. they claim they can't get information, what is more striking, i want to add to your bewilderment. when he was looking over the document when they released the fbi statement transcript, he felt it was wrong in places they reached out and contacts fbi they said we want to make corrections, they still did not get a response that is amazing to me. larry: it is, congressman andy biggs thank you, for this preliminary discussion, we appreciate it very much. >> moving on long, joining me on set, liz peek, i need company. knockfox news ex contributor and batya ungar-sargon, welcome, ladies, i enough of that. here. joe biden said today or people said, or his wife
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we're calling mrs. wilson said today, unthat inside joke, he will get a medical, liz but not a cognitive medical. how do we know if he as all of his marbles. >> i think this is a teaser, you don't think he has all of his marbles.. this cothis conversation has gone on for 4 years in 2020 people say why doesn't he take a cognitive test, now it is really dire for joe biden, it could be resolved if he took a cognitive test and did okay, end of discussion, obviously, he can't do it or he would do it, if you want to put 86% of americans who think he is too old to run at ease take that cognitive test, have results verified and say, i told you i'm okay here is the proof, but he can't. larry: did you see his
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speech about ukraine. do we have a tape. not in the swept, he looked so feeble, you could fairly hear him. trying to sell ukraine money, i don't agree. that is not my point. how feeble he looked. and to liz 's point, they can't continue to get wa away. public is turning against him unless and until he shows he has cognitive abilities or recover or something. >> here is my question, on ukraine for example, funding. he is no different from any other democrat. on the open border, in 2019, during a democratic primary debate, they were asked, who here agrees that we should decriminal criminalize, illegal border crosses every person on that stage raised their hand.
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all of these people agree with him, that democratic parties agrees with him, i say this not because his cognitive abilities are not terrifying, they are, but to say he is a perfect representation of where democratic party is it is wages class warfare against the workings that disploos class. larry: with or without his marbles, the clip. >> supporting this bill is standing up to putin, opposing it is playing to putin's hands, house republicans you have to decide are you standing up for freedom or side with terror and tyranny. you stand with ukraine or stand with putin? we stand with america or
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trump. >> oh, boy, that is awful. larry: all of. >> uncomfortable. larry: best thing is daytime tv no one saw it but it will be shown in primetime tonight. that -- whatever you think, i agree with you. the policy, is far left stuff, it and failing. i agree, one there are thing. >> can i say, something. larry: no too much fund. >> republicans, i said it before, republicans need to run against the policies not just an old person. larry: i -- >> that is valid. >> i agree 100%. >> new republican national committee, mike and lara trump and chris lhasa vita. the democrats are do what they can to sabotage to law fair to mail in ballots, to undermine and steal the election and republican
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national committee better be ready for it, that is how -- i don't know the people, they are head of the rny in north carolina, fine i know lara trump, very bright. and they will try to steal it, that semipoint. >> i think that is a great point. >> bet on it. >> i will say, the most important thing for the g.o.p. to be focused on right now is not just running against things, but running for things. how are you showing your working class voters who are majority of the g.o.p. right now, that you are creating a pathway to american dream for them. for working class people, that is harder and harder. what are you running for? what are are you running on not just against. larry: aircraft agree with that 100% -- i agree with that 100%, liz, you have your marbles. >> so far. larry: the rnc, they are machinery. >> i agree. larry: machinery has not done so great in last several elections.
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>> interestingly, i went back and looks add bi cycle fundraising, the legal stuff that you are right on. they need to be out there active and preventive in terms of this stealing of ballots and the drop boxes full of ballots that someone harvested that are not correct and et cetera, hopefully laura trump will get fundraising machine activisted. i think that is good. larry: she is great. they have got -- they will trust democratting on that? >> all dirty tricking pcial. possible. >> liz peek and batya ungar-sargon thank you, ladies. >> next up fani willis in trouble. she won't till the truth, he will lose or job and she will lows y -- less her case against donald trump we have a live report on fromxium
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the relationship with the prosecutor she hired. when about that relationship start and did they profit from it. willis said that allegations are gossip. but judge said differently, if they are true, she could be disqualified from the case. >> because i think it possible that facts alleged by the defendant could result in discalculation. a evidence sharing hearing must consider to establish the record. reporter: we could see some real fireworks thursday if the judge makes fani willis take the stand, one defense lawyer said, they wh willis and wade are lying about when weather relationship started and she has witnesses to prove it. larry: we have a minute, possibility that allegations that they knew each other before 2022, had their
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relationship quote, unquote, then she appoints him, then throws 700 grand at him, and they go and joyride with that, she could lose her control career from this, this the allegations are true? >> lose the career, and when you give fall false testimony in court records it could be criminal offense. larry: i'll tell you, steve harrigan, a theme of this show is money can't buy you love, here you go, thank you so much appreciate it. >> thank you, larry. larry: i'll be right back with my last word. shingles. the rash can feel like an intense burning sensation, and last for weeks. shingles could make it hard to be there for your loved ones. over 50? the virus that causes shingles is likely already inside you. don't wait. ask your doctor about shingles. if your business needs a new application then developers will have to write code. a lot of code.
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i always tell them about singlecare. it's a free app. accepted at major pharmacies nationwide. before i pick up my prescription at the pharmacy, i always check the singlecare price. it's quick, easy, and totally free to use. singlecare can literally beat my insurance copay. you just search for your prescription, and show your coupon in the app to your pharmacist. i just show you the coupon and i get this price? that's right! go to singlecare.com and start saving today.
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a. larry: that's it for kudlow, thanks for watching, folks. - hi, i'm mike rowe, and this episode of how america works is all about the men and women of law enforcement. why? because personally, i don't think we hear enough stories about the 800,000 cops in this country who show up every single day and do their jobs with diligence and excellence.
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