larry: hello, folks.

welcome to kudlow, i'm l arry kudlow. biden classify the documents special counsel robert hur testifying on capitol hill, made it clear joe biden wilfully retained classified materials after end of his vice president and is therefore guilty, we talk about that with steve forbes, and jason chaffetz and sean duffy if we can stand it. and taylor riggs and john carney on biden flag heating up and gordon chang telling us why tiktok must be divested from bite dance. and newt gingrich on donald trump's republicans becoming party of working class. and joe biden's big government socialist budget, and senator tommy tuberville talking about far left woke stuff. in joe biden's fantasy budget. but first to jackie hinrich live from white house on robert hur business.

reporter: white house wanted special counsel hur's testimony to reaffirm his reports conclusion that conversely with president trump, president biden's handling of classify the documents did not warrant a changing decision, they released interview to prove that the descriptions of biden's memory of over wrought, they found himselfs arguing on capitol hill. >> did you reach conclusion that this man was out right innocent? >> that conclusion is not reflected in my report, sir. >> you exonerated him. >> i did not. >> a willful -- reporter: the white house counsel office tweeted. in america you are innocent until proven guilty, the case is closed, in other words the president was cleared, the live so-called fact checks, have been

continuing, white house prev of previewed the transcript to counter's hur description of biden's memory, they highlights favorable reporting all day, tweeting this biden does not come across as absence minded. and this special counsel defended his description of of biden's memories as relevant to question of willful intent, saying it spoke to president's state of mind, however white house has been going after hur, himself, pointing to some claims in the testimony today, we're expecting to hear from the white house counsel's office in on camera gaggle shortly. larry: all right jackie hinrich thank you, appreciate it. >> before we carve up the biden hur hearing, i want to go on a separate topic, talk

about tiktok. either tiktok getting sold by bytedance. the chinese communist party linked owner of the app or tiktok will be banned. for use in america. breaking up is hard on do, one way or another it will happen. tiktok owner bytedance, the chinese communist party. engages in spying, survey lint of personal information, cyber espionage and political interference. as excellent "wall street journal" editorial put it, xi jinping has eviscerated any distinction between the government and private companies and chinese law requires bytedance to comply with beijing a surveillance demands. all right. tiktok's aa controlled by bytedance. they have control overall

american data servers unless the card with china is severed, president trump has decided to let congress make up its own mind on this issues, he always feared national implications of security on tiktok. trump is not weighing in gains a tiktok sale to other companies, he will let congress figure it out, how it will play out, remains to be seen. china does not want bytedance to celtic stock. -- tiktok, ban co tiktok will be tricky account, some states have already banned app from government phones, and some poin point will ruse against it, china

is our greater adversary and enemy, they are untrustworthy, they use construction cranes to plant tiny camera to sta spy on our military bases. tiktok runs pro hamas videos, osama bin laden's speeches, tries hard to bend youthful find thes in the -- minds in the wrong direct, seems that bytedance tiktok story is there was example of chinese communist infiltrations as part of its on going war to dominate the united states bipartisan lawmakers are right, to vote in house is tomorrow. either break up with the chinese communist party or break up with america.

that is my riff. we will go back to the matter a at hand, testimony of special counsel robert hur, joining me now. the brain power jason chafeet, former utah k congressman. and fox news contributor, sean duffy. co-host of "the bottom line." and former prosecutor, and steve forbes. editor in chief, author the inflation. thank you. sean duffy you were a prosecutor, can you bust a sitting president? >> it is hard to do, politics with that, he has immunity. larry: legally. >> you have to wait. there is a flimflam argument by robert hur to say, joe biden is forgetful, therefore i can't win a conviction, prosecutors say one president was charged

let's look at charging this one on bases of equality of the law, and i'll let a yjury died, we too it all of the time, present the case robert hur, if a jury convicts him so be it, if they convict him that is what prosecutors do, the fact you have this evidence, joe biden knew he had classified documents, he can't call up archives and say i have the classified documents, he used them to write his book and he kept them, this is an eg egregious crime, if we're prosecuting former presidents trump and biden have to be treated similarly. larry: why didn't hur just say he is guilty, he basically said it. why didn't he say he is guilty and i would have charged him but he is president. >> i wish he would have.

it beg the question, are we ever going to prosecute someone, what would you have to do to prosecute someone. there is not a single fact pattern in and way shape or form that a member of congress, house or senates that classified information you have to steal it to do it. he did this over the course of decades, it was not like accidently some staffer stuffed it in a job. larry: senator, and vice president. only one person that can take stuff out, that is the pres president. >> senator -- that drives me nuts, they have to establish the standard. but, right now it is, if you are a democrat, you will get away with it but if you are a republican or donald trump we might prostitute. larry: steve forbes, why should hur, i you know he stood up on a lot of forces he had to strand up to the justice department to get it.

instead of coming up with this about how joe biden lost his mind. he is a nice guy but high lost his mind, he is not a nice guy did more, he was guilty, i bust him but he is president. why didn't he just say that. >> because he could not take that leap, democrats are in a quandrenew, saying this shows joe biden has not lost his mind, if he has not, that means that primis of hur's not bringing him to trial goes out the window, you can't have it both ways, you can't say he is in full charge of his faculties, if he is, charge him. then a bunch of other concerns. larry: with all respect to you, i don't think it should be about whether he lost his marbles. >> he brought that in as an excuse. >> that say cover-up thing. >> it is. >> we have sound. what the hur said.

>> hold on. >> my team and i conducted a thorough independent investigation. we identified evidence that the president wilfully contains classified materials when he was a private citizen. larry: it should have finished, and i would have busted him and charged him actually a felony? >> yes. >> yeah. larry: if not for fact he is president. >> some of the documents have markings, they are more classified. >> that would have made it simple. >> the other thing, fact that joe biden gave his ghost writer when he knew was classified that ghost writer, deleted audiotapes, got rid ofs every, if the most writer was not charged it shows how much in bag robert hur is protect joe biden. he put some comment.

larry: that word, your context is right. this means he dodged what he should have said originally, i would have charged him but he is president. >> right. larry: he could have said, but you know, you had a . 2 pp58 batting average when you were a college baseball player. >> and donald trump got up and mocked donald trump how -- joe biden got up and mocked donald trump, and me had the stuff scattered everywhere. who knows -- >> true in the hearing, hur testified that joe biden was making chevy core corvette noises, vroom ?

>> st steve forbes, what does the public think. >> reaffirms two standards of justice, i think hur felt it was only way he could get this report out of the justice department, he knew garland would be around pressure the ag to suppress it. he figured only way to get out, say, joe, you committed it but you are gaga right now, you are excused. otherwise it may not have sign the light of day until after the election. larry: can like at this, three instances of this, charges taken away. documents you should not have take up, hillary, who bleached how much 30 thousand or something like that them out like my old tennis shirts. there is joe biden, and donald trump. only one has gone -- has been charged. donald trump, how is that possible? >> this is america. >> well america being

perverted by deep state that is arrogant and needs a real thrashing, comey made that decision on his own, they wanted trump to lose, they are shocked he got the nomination and more shocked he could win the election, comey put hillary in to losing column on election day, that is how trump won, he thought she was show hursure to win, he would reopen the investigation, she lost because of that, have arrogant state, they are all in collusion that is why you need a real cleansing of the -- >> charge me your pointing. >> i am pointing at you. there is no way it works out well for joe biden, to steve's point, all americans look at this, if you are far left and right you might be

in your bubble, most fair minded americans see a t two-tier justice system, they read hur report theyn 't that joe biden -- they understand that joe biden has a failing mind, because of what they see on television, either way, hur's nonprosecution but layout of mental state of joe biden is a death blow to joe biden in reelection campaign in an election year. larry: jason chaffetz, can i ask you, i am po bored with this, tiktok is now is time to throw them out. what do you make of this is bipartisan support 50-0 in committee goes to house floor tomorrow. there you said i'm not opposing it he does not like facebook, i get that he knows it is wrong.

even joe biden is in favor. >> idea that white house will let it get to finish line is not happening. larry: you think they will stop it. >> key election tool for them, they much rather go for the power and win white house than do about what is good for national security, they are trying to ban it for government issue but use it as a bludgeoning tool to win an election. i think it you have to tut -- >> stop it in senate. >> it will just barely not make it. it is san election year. and that is the way this will go. larry: we'll talk about it later with gordon chang. but steve forbes you know about this stuff. media and so on, we have a national security obligation to do something, there is 150 something odd a popular app, i get that. is this right thing to do go after them? >> well they laid out the

solution. divest, tiktok can exist, people can use it, but not part of the ccp . simple. cut it off. >> ccp won't let them. they oppose any divest am. dive. >> at the end of the day they will lose whole thing, i don't think so, to jason's point, they will try to push it to after the election. but there is no way, in cranes putting cameras and cranes. >> something glun believable.. larry: we have a national security presentation by fbi, a special meeting and the fbi came in and showed us the pictures of huawei, chinese phone company, ordinary run of the mill, rural wooden telephone poles with tiny cameras on them. just happen to be very near

military bases in th dakota and northern california, we threw huawei out. >> they will send a s spy balloon. they want to spy on our country, we had a bill that was on trade. this makes sense, they won't let facebook or twitter into china. because it is a national security risk to china. the same thing applies for us, apply the china rule, don't let them in, it is a symptomatic risk -- security risk for this country, you have 150 users, kids lobby congress to keep the app up and alive, you know how powerful the tool is to motivate the american kids. larry: they try to bend the kids minds it is garbage and crap and sexual ter vision. per.

>> i don't think that biden will be at top of the ticket -- >> rail. >> despite the state of the union. >> we'll close it on that. guilty as charged, steve forbes and jason chaffetz, and sean duffy, terrific stuff. >> 10 years. >> you can catch sean with co-host dagen mcdowell on "the bottom line." >> coming on kudlow biden flaflation is heating up gain, you can catch kudlow at 4:00 on fox business. i'm kudlow we'll be right back.

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when i was your age, we never had anything like this. what? wifi? wifi that works all over the house, even the basement. the basement. so i can finally throw that party... and invite shannon barnes. dream do come true. xfinity gives you reliable wifi with wall-to-wall coverage on all your devices, even when everyone is online. maybe we'll even get married one day. i wonder what i will be doing? probably still living here with mom and dad. fast reliable speeds right where you need them. that's wall-to-wall wifi on the xfinity 10g network. larry: bidenflation heats up again. cpi 4%. core services, without rent,

core, core inflation that fed bgend up, can't be good, taylor riggs, and john carney. john, let the games begin. >> this was bad. not just because these numbers were bad and higher than expected but it is a confirmation that january was not anomaly, inflation is going back up. we have not really made any progress on inflation for 8 months. now for last 4 months, it has been creeping back up. 4 months in a row of headline inflation month-to-month, going up this is means that fed cannot cut, they say, they are looking for more confidence, i don't see how you can look at these numbers and say i'm more confident. larry: anyone from fedspeak about it. >> we're in a quiet period. but you know we heard from

jamie dimon, he spoke in australia, he said that fed should not cut in first half of the year, maybe second half. if at all, but they should be data depend. art laffer was on the program said interesting points an election year, the fed cutting in second half of the year they have to be careful, he almost made the point do it now or never. larry: i don't think i will do it. >> they can't in september that would be the most political cut ever. it will create backlash, they want to defend their independents, they will not cut in september, maybe they cut in november. like the week after the -- day after the election. larry: interesting point, joe biden said he is expecting them to cut before. if they cut before, the other candidate, starts with a t will scream at j. powell, he dud that anyway. it will be like old-times.

>> you have to think joe biden's advisers must have been pulling their hair when he said, i bet they will cut, that puts fed in awkward position, if they cut it looks like they are obeying what joe biden told them to do. larry: stock market went up today. s&p hit. >> record the high. >> that is important, and other hand. inflation is not creeping down. it is creeping up. or maybe creeping. this is something that fed has to pay attention to, if you might your target of 2%, there is nothing in here that says you are meeting that target. >> if you have a core 3.8 you are almost double that target of 2%. fed looks at pc, this is cpi, we're nowhere near 2%, notes i was reading harkens back to 1970s era. that is what the fed needs

to be worried about, making sure with stock market at record high, they are loose, and easy, you are not seeing credit spreads widen and traditional signals that market surge pressure -- is under pressure. it is all risk on, the eeasing of financial decision. larry: goal and bitcoin. -- gold, since the etfs were put in place, it has gone from 40 thousand to 70 thousand. john, what do you make of bitcoin rally. >> i think a big part is easy money, the people say that fed is restrictive right now, if you look at things like pit coin, it --

bitcoin, it says they are not, a lot want to buy bitcoin as a hedge against inflation that did not work it is not a good hedge, it is telling you, that right now people are not saying i better have a risk off trade. >> did you know what costco said last quarter, they sell gold bars, they sold 100 million dollars of g goal gold bars, they launched today they want to celtics sell sill very coins -- silver coins. larry: is gold still a hedge against inflation. >> i think it is yes. >> gold is t traditionally something to diversify your portfolio. won't some gold and now you don't have to go to your

broker you can go to costco. larry: with these indexes, forbid coin, that is -- the bitcoin that is a booster rocket that puts them into the game in a way they were not in the game before. >> it does undermine part of the original use case for bitcoin, it was to free you from financial system and be its own financial system, but it is going up because it is getting integrated into the financial system, being the etf means you could call your broker and say i would like to own a bitcoin etf, you have don't have to go through all hurdles you used to, you don't have to worry about losing your hard drive. >> i lost mine. larry: beyond the scope of this. treasury and fed, would like to control digital currencies. do you think it will

happen. there is a lot of opposition to it. in senate, house and market. but fed in particular, talks about controlling it. you know creating their own. i don't want that, i don't want them to control everything, it is possible. larry: >> i think to your point. about trying to evade surveillance, they don't' it, it is easy for government to say, we don't like what we're doing, and shut you off, you talked about china central bank and digital currently and control on their population. larry: called tiktok. it does promote survey lint. >> i think it is a good idea to have things that compete with official currency, roosevelt banned goldener gold-owner sship at

one point, the fed should stay out of it. larry: competing currencies. >> j. powell last week in his testimony said he is nowhere looking at essential bank digital currency snow . larry: all right, no federate cuts. john charlie and taylor riggs, with her co-hosts the big hone show, weekdays, 1 p.m. the big money show. >> on kudlow, bytedance and tiktok, either need to break up with chinese communist party or break up with america, breaking up is hard to do, we talk about it with china expert gordon chang, then newt gingrich will come around, donald trump's party is becoming party of the working clarks. class.

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larry: all right, to tiktok business, bytedance and tiktok needs either to break up with chinese communist party or they will have break up with america. joining us to talk about it gordon chang. author of great u.s.-china tech war. thank you. china is our adversary slash enemy they want to dominate everything and spy on us and surveil us and bend the kids minds, we have got to, we're coming close now, we have got to follow through for a number of reasons. >> we have to follow through, china has weapon weaponize tiktok. just to give you an example radio free asia reports in

2020, intelligent unit of people's liberation army based themselve in now closed houston consulate, using big data to identify parents who participate in violent protests then sent them videos via tiktok on how to riot. that is an act of war. we have known about it for some time, this is in public domain, we know about the videos that promote illegal drug use, promote self harm, promote the russian propaganda narratives, and hamas and chinese narratives, this is for two reasons, a critical national security threat. larry: you expect china through tiktok and whatever other means, will try to influence or election in they will interfere? >> absolutely, in 2020, we know that biden operatives used tiktok to actually

disrupt a ast least one trump campaign event. we know in 2020 in general through tiktok, through text-messages. they tried to get bernie sanders out of the race for the democratic primary. and they also tried to help biden in general election, they were successful on both. they have been involved in our elections, we have seen them do other things in 2020, this is something they will be doing in 2022 director of national intelligence said yet and this election cycle. larry: do you think that biden administration, j jason chaffetz was skeptical, do you think that bidens will stay where they are now, that is supporting the pill to break it up. >> -- bill to break it up. >> i think they will say it will stay there, they may work with senators to derail it or postpone it, i believe

this is temporary, whatever happens this election cycle with next president there will be something done, american people demand it, there is too muchs every that china has used tiktok in malicious ways and other stuff that we've been learning bthese are things that the american people will demand that their government do something about. larry: gordon, w one other point, if you have a break up, let's day bytedance sells tiktok. but will all of the tentacles be cut off, servers and things that i don't particularly understand. i remember when we l look at this in trump administration there were issues software issues that even though bytedance might sell it to someone they would never give up the influence. >> they are talking about curing a a alg a

algorithm. >> it knows what your kid wants to see and doesn't' to see. they might have 130 million active users, it is a lot of user because of that. if we're going to do this we have to get control of that atal.. >> can we. >> i think we can, it getting tricky, we can say we'll do it china will say no we're not. but the point is, we can redw retaliate and make live deficien difficult for them. >> gordon chang thank you very much. >> now, we will switch gears, talk about voter alignment and presidential election. maybe tiktok too, joining us now great newt gingrich, former house speaker fox news contributor. welcome back.

i want to talk to you, about this tiktok story. you are a man of the future, and you heard what gordon chang said, you have seen the goings on in washington, it looks like time has come to break up. what do you think? >> i think it is essential that tiktok be brought under american control and that the chinese be forced to sell it on an american company and chinese n not be allowed to have any ties to that kind of social media, a simple matter of national security, gordon is right, he is one of the great experts of this issue how chinese wage war by a variety of societal means. i am hoping that the senate will take it up, i think that house will pass it by a huge majority, se senator

schumer should get out of wait. larry: thank you. >> we have a full screen, a poll, i think from "financial times." the republican party has cha changed. and changing to a working class party, how well to do people are moving away from democrat -- i am sorry away from republicans, old country club, they are going to democrats now. the elites. low income people, believe it or not are moving back toward the republican party. and middle class people have pretty much left the democratic party. and have moved to republican party. i don't know that all this began under mr. trump, what do you make? >> well, i think that you have two different things happening. one you have a trim

tremendous portfolios failure by -- performance failure by joe biden whether you talk about inflation or immigration or crime or fentanyl, you can go down the list, result is people just every day normal people, say this is not working, it is not complicated biden's biggest drop is with people under 30 who have realized they are not getting a good job, they can't afford to buy a car or to buy a house, and biden's policies will make them poorer. performance is part, the other part is values, a lot of stuff democrat stand for is weird. state of union, i d joe biden talked about an illegal immigrant killing a young girl in georgia, the left reacted f ferociously, he backed off and said, i should not have used word illegal, the

average blue col collar american has common sense, you come across the border, illegally, you are an an illegal. "new york times" of all places did a poll, they showed that the tremendous movement among latinos and asian-americans and african-american, flu collar workers and middle class workers are shifting toward the republican, elites, if you are a phd from harvard you are likely to be a democrat, but a janitor cleaning out the classroom, you are likely to be a republican now. larry: interesting, under trump, work -- i like to call them working stiffs, it is middle income and lower. those groups got a pay increase under trump. but after inflation they

have gotten a pay cut. under biden. i'll leave it to you the last word, i think that mr. trump talks about it a lot that will be major? >> sure, it is a matter of common sense and reality, people know when they walk into a grocery store it is a lot more expensive and they have a lot less money than they did under donald trump, i think that is a huge part of this election, joe biden can't give enough high. ed u hyped up speeches. larry: thank you newt gingrich. >> tommy tuberville on the other side of the break, what about far lift woke spending -- left woke spending bills in joe biden's budget, you won't believe what is in this, tuberville is next, i'm kudlow, we'll be right back.

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eligible samsung device with a qualifying trade-in. don't wait call, click or visit an xfinity store . larry: part of k crazy baskbudget story is the woke money, we talk about that with alabama senator tommy tuberville. we will put on full screen.

90 million free community college, 11 billion interior department cultural preservation. and 8 billion climate core, 3 billion global gender equity. 1.5 environmental justice. then another one sense, 9 1/2 billion dollars worldwide, a reparations program, loss and damage, because we're the united states to blame for everything, including climate change, that is hurt the foreign country. i would argue that whole budget is insane. but, you know this is the more insane than the rest of the budget. >> well, it is no change. you keep racking up the money, 34 trillion in debt, and rising and inflation going up. 1.6 trillion for social security discretionary

spending, money you have b been paying, it is gone, the politics have spent it. we're having to tax and take money and have a bigger budget for that this climate hoax, all money into this, the money, i think 482 million supposed to go to ukraine, you know it is just one thing after another that american taxpayers are paying more, borrowing 80 thousand a second, they are in a di disaster spiral, this budget and inflation is a -- for joe biden. there is no way powell can drop interest rates now. larry: it does box the fed in and biden has said he is expecting them to drop rates, i think you are right.

relying on taxes. 5 trillion dollar tax hike, on successful learners and corporations and businesses, they are not getting that money, that is not real deficit reduction that is class warfare. it will never happen. >> it reminds me of state of union, president biden said i have cut deficit a trillion dollars, i don't know where he is getting that from, he is putting burden on taxpayers and small businesses, the small business and farmers have built this country, not the illegals we need to stand up for them, quit putting blame and burden on them, and give the taxpayer a relief, they need relief, they don't need more money spent in climate hoax money overseas, when it should not have to, this is a disaster. larry: let the folks keep their own money. you know. that is a good point. senator tommy tuberville, we

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larry: that's it for kudlow, thanks for watching, folks. - before it became your property, every single thing in your house was cargo, from the sofa you're sitting on to the dishes in your sink to the tv you're watching right now.