loss solution perhaps by this summer. remember, pfizer, lily has 3 1/2 times the market cap of pfizer but pfizer has 150 billion more in revenue. doesn't make any sense. second they closed on the transaction to buy cege-nt. 43 billion. one of the best oncology players in the business. we see great drugs coming out there. they're still keeping, selling a portion of their haley, which is over-the-counter thing that will give them another 2 1/2 billion which allows them to buy back stock. liz: david dietze, always great to have you. by the way, i know it looks sexy, the dow up 312 points. s&p on track for a record close. tomorrow the big fed decision day. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. an eighth amendment supreme court appeal may be donald trump's best way out of the unprecedented democratic

lawfare attacks against him. mr. wonderful kevin o'leary and our ace league analyst gregg jarrett will weigh in on that one. then why do democrats hate israel? we'll ask ranking member of the armed services committee, senator roger wicker. plus breaking news right just now, texas razor wire wins according to the supreme court. we're going to have senator john kennedy weigh in own that and some other things. and then why inflation is much worse than folks think. we'll discuss why with steve forbes and mike falkander. but first up president trump says he can't secure a bond for his 464 million judgment. our own lydia hue has the details. lydia, what can you tell us? >> larry, time is ticking for the former president. the deadline for that bond now less than a week away. as you mentioned his lawyers tell the court he has encountered insurmountable difficulties securing that bond. without it, attorney general

letitia james says she will seize his property. she already specifically mentioned 40 wall street. but that is not the only piece of real estate she could target. in new york city alone she could go after trump tower, trump park avenue, the trump international hotel among others and james could also go outside of the state of new york if she choose as do so. she could try to seize properties like mar-a-lago, the former president's florida home. now trump's lawyers previously asked the court to accept a lesser amount of $100 million, but the attorney general's office opposed that request and now, trump's lawyers asked the court to waive the bond requirement entirely. if the court denies that, the former president could be forced to sell his own properties to raise the cash for the bond to stop the attorney general from seizing the properties. and with the need to come up with a cash in less than a week, the concern is that the properties would be sold quickly at a discount and he never would be able to get them back at the same low price if he won the

appeal. now the former president posting on truth social today this, quote, if i weren't running for president and leading by a lot none of this legal lawfare would be happening. election interference, maga. now we often think of trump's assets to include husband massive real estate portfolio, larry, i want to mention this, letitia james could go after other assets like his bank account and art. a lot on the line for the former president. larry, back to you. larry: just take every darn thing he has. for what we don't know. lydia thank you for the update. all the editorial thoughts are my own. here are a couple issues. donald trump is not able to guarranty bond for the insane 464 million-dollar judgment. the inis a trial judge, engoron, without putting up the requisite

crash trump has not the ability to appeal the grossly disgraceful against him. this is part of joe biden's weaponnized lawfare against mr. trump to stop him from becoming president again. the biden white houseorg straight ad massive lawfare campaign to put trump away in jail for 700 years to take away his cash and his businesses. let me say his iconic businesses. in new york, florida, scotland and elsewhere. trump remade the skyline of new york city. he rebuilt the would. emen skating rink to help thousands of families on and on. here is the crazy new york attorney general letitia james running a scam that respected constitutional law professor jonathan turley calls, selective prosecution and quote, mob justice. take a listen to this james woman running against trump in her 2018 election.

>> no one is above the law including this illegitimate president. [applause] so i look forward, i look forward to going into the office of attorney general every day, suing him, defending your rights and going home. larry: that is selective judgment. that is mob justice, if there ever was. however, fox news legal expert gregg jarrett will be here in a minute. he says mr. trump could file a petition in federal court regarding the eighth amendment. the federal court would have to act quirky to issue a stay but it may be mr. trump's best strategy. the eighth amendment says and i will quote, excessive bail shall not be required or nor excessive fines imposed nor crucial and unusual punishments inflicted. quote. that is the eighth amendment.

the 464 million-dollar penalty is supposed to bear some relation to harm done but there was never any harm done because there were no victims and all the lenders to the trump business empire made tons of profits. so i believe as an non-lawyer that alan dershowitz an gregg jarrett are both correct in advising mr. trump to go for an eighth amendment constitutional appeal. that would be a fitting end to this soviet-style new york sham lawfare battle against mr. trump who by the way, by the way, is leading in all the swing state polls on the way to potential victory in november despite what the democratic crazies are trying to do to him. all right? that is my riff, my opinions, my editorial comment. all right let's talk about this, we'll bring in gregg jarrett, fox news legal analyst. i booked him just a few moments ago. i didn't even know i booked him.

dialed him up on the my cell phone. terrific stuff. author of his latest book, constitution of the united states and other patriotic documents, if that were not enough, mr. wonderful, kevin o'leary, "shark tank" investor, author of cold hard truth on business, money and life. kevin, i want to start with you, i don't know if you've ever been in a pickle like this with this mob justice as jonathan turley calls it, but if you were mr. trump, what would you do, how would you proceed right now what are you thinking? >> well i think this case is not about trump anymore although he is in a pickle as you suggest but i think, this is an assault the american brand when you think about it. the reason we're the number one economy on earth we're able to attract capital from all around the world that knows we have a system, a court system, that protecters property rights and there's an appeal system in

place. and so, sew when you get into a situation like this everyone makes the assumption there will be an appeal here, but it seems because the size of this penalty against infraction, they don't match up, it doesn't make sense, that he can't get an appeal. i think what everybody is asking for in the financial services industry, not just domestically, when are the adults coming into this situation? larry: right. >> when is there going to be someone who says okay, this is not good for the american brand, this is not good for the brand of new york, this case goes well past trump's presidency, if he is elected or this attorney gentleman date. we're making case law that is, is, i don't have a better word other than to say it is un-american. larry: mob justice. jonathan turley called it mob justice. >> don't you think -- larry: here in new york it is a democratic mob. >> i understand it is partisan, that's what you're saying that

democratic mob is wrecking the american brand. it's wrecking the new york brand. who the heck will come in here to do business anymore? what bank, what business, what entrepreneur? would a kevin leery come into new york? >> no, i wouldn't bring capital here right now, i'm waiting like everyone else waiting for the adults to settle this issue. i want you to understand as a global investor. this is not a partisan issue. this is bipartisan issue this an assault on what america means around the world and they're watching. we should care what party you're from what is going on here. this is unprecedented. it needs an adult to get in the room with the kids that have gone crazy. we have to let this process go through appeal, whatever the fine will be. larry: they won't let him. >> that is not american. larry: i know. >> so that is what bothers me. larry: let me go to gregg jarrett about that. gregg as we were talking on the

sell phone just a few moments ago literally, i asked but the eighth amendment. mr. trump, this crazy judge engoron you can't appeal unless you pony up the 460 million some odd dollars, okay. can he make, can he make an end around, gregg jarrett and appeal to the federal level because the eighth amendment violation is essentially a federal constitutional violation? can that be done, gregg jarrett? >> oh, it absolutely can be done, i think it should be done, because the judgment against trump, larry is obscene. it is a violation of eighth amendment as prohibition on excessive fines imposed by the government. here the draconian fine bears no reasonable relation to the nature of the offense or the harm, which is what the law requires! in fact at trial there was no

harm shown, not a single dollar was lost by anybody, indeed the banks that loaned trump money made enormous profits off of this. the judge ruled also well, trump you committed fraud. he ignored the fact that all the bank executives took the witness stan and said, we were never defrauded. so what's happening here is, this is the government engoron and letitia james, the attorney general, taking someone's business and property and then saying but you can litigate your appeal later on. my goodness, that's like have the hanging now and we'll have the trial later. larry: let me just read once again, the eighth amendment, excessive bail shall not be required nor, excessive fines nor cruel and, cruel and unfair

punishment can be accomplished. there it is up on the full screen. my eyes are not reading good reading off my own paper. kevin o'leary, i think this is where it is going to go. i was wondering if he can't get to the supreme court will you loan him the 460 million, in order to protect america's name, think of it that way? >> to get the bond, he was able to get the 90 plus million from chubb. i don't know of a bond more than 90 million. i don't recall one. larry: you can't get it. >> you need cash to back up the bond insurance. now we're talking about, the terminology of seizing assets, that actually, that's foreign language to an american investor. larry: right. >> they want due process. they want the appeal. that sounds like venezuela. it sounds like cuba. it is a really bad look for new york but i think it has gone beyond new york now. bipartisan participants and

financial services managers are not okay with this. larry: right. >> and, getting very uncomfortable, and i think whether it is the supreme court that provides the adult supervision, whether it is somebody else, we are desperately need for this kid's party for the adults to get home. larry: yeah. >> we need them to come home now. larry: some appellate court, new york has a higher court, appellate court, should step up, a judge should step up say stop. they had ruled finance this in the first place and the statute of limitations ran out on this in the first place. this whole trial is like a mulligan. it is like a redo brought upon by this radical left democratic letitia james. i mean i'm waiting for you say, an adult would be in new york from the court of appeals. gregg, isn't that right? a judge from the appeals court which is a higher court, which has a very good reputation, they're not political party clubhouse hacks. we're waiting for somebody, as

kevin said to step in to act like an adult, basically save new york from itself? >> yeah. most judges including appellate judges in new york are liberals. so while it's possible that one of them will come to therapy senses and issue a stay here, i wouldn't count on it which is why i would make the move to go to federal court. larry: yeah. >> you know, more than 250 years ago this is what the british were doing colonists, they were imposing exorbitant fines, putting people out of business, which is why when the framers crafted the bill of rights made sure the eighth amendment prohibition against excessive fines was in there, and so donald trump, the moment a fine was imposed, it is so outrageous, his eighth amendment was being violated. when corrupt government officials and biased judges misuse and abuse the law in violation of the eighth

amendment, their victimized targets, larry, can sue by filing a civil rights case against the government and here they can move immediately for an expedited review based on a bill of rights agent amendment violation by this judge and the attorney general. larry: absolutely. bill of rights, magna carta, 1215 ad. kevin o'leary i can't to ask you one more thing before you go. you will buy tiktok. >> yeah. larry: my friend steve mnuchin want to value tiktok. i seen numbers, 100 mr. dollars. how much is it worth are you working on a syndicate to buy tiktok. >> i am and others. this is competition not worth 100 billion. china niece will not sell you the algorithm. you have the brand tiktok, great brand. you have 170 million eyeballs. five million businesses those

are my "shark tank" guys in their 20s, 30s, 40s. 85% of people on tiktok know who i am. i think you need a steward to tell them a simple message. i will guarranty you if i buy this asset the day switch over i will turn tiktok china, into tiktok usa i will bring in an american team. i will shut down the chinese backdoors. i have tiktok on a burner phone. larry: shutting down the backdoor is an algorithm issue. will bytedance sell it and can you take over the algorithm. >> they will sell it just the names and database on oracle servers, maybe in texas, we have to find out where the servers are, the brand. they will not sell the algorithms. what is that worth? start the bidding at 30 billion. it is a fire-sale if you don't get the algorithms. larry: will they sell the algorithms? >> i don't think so. i would like them to do that. i will do a different tack. i will bring a great team to

rewrite the algorithms but i need it reflected in value. twitter started at 44 billion-dollar debt equity deal. it is now 16. when you mess with the algorithms you can lose a lot of growth, lose a lot of people that happened in the case of twitter. it stopped growing. i can't have that happen on my watch. i will bring a great team. it not about being a great banker. i'm not saying steve is not a good guy, it is the competition. who is the best steward, who can bring the best team, who has an answer. i think this deal will require cooperation with the white house who is ever in it. so i have taken a little initiative and i started calling. i don't know who is going to win. i'm very fortunate. i talked to trump yesterday. just about tiktok. i asked him, i want support on this deal. larry: he is in favor of the sale, isn't he? >> not, listen he doesn't know what the senate will do. nobody knows -- larry: he would like bytedance

to celtic tock. >> he would. not from me. larry: he already said it. >> i will do the same thing with biden's team. i need both of these white houses -- i'm bipartisan on this. i don't know who is going to win, 50, 50. larry: i get it. >> i just want to know if will you work with me if i bring the capital and i bring the management and i guaranty you the national security issue is gone? i will guaranty you that. i will make that part of the deal. you will need the white house on board, larry, whoever is in it. might as well start talking to both of them. larry: i agree. i will provide you all the assistance i can. >> i appreciate, larry. you should get on board. larry: by the way i would say biden endorsed the house bill, right, which includes the sale in 60 days. i support biden for supporting the house bill. >> no, i get it. larry: the senate bill may change it. >> all buying groups, there are multiple ones can't go anything until you get to the senate. as you know schumer is not of moving it forward. maybe they don't want to do it

before the election. larry: maybe senator kennedy will -- you will not spot trump 460 million? >> that is not going to happen. larry: just for the record. >> i am completely -- larry: i got to get out of here. >> i don't think this issue is partisan at all. this is bothering every american taxpayer. everyone. larry: which the -- >> trump, assault on trump? >> everybody knows tiktok is leaking date at that. i have a burner phone request tiktok on it. i use it but -- larry: assault on trump is completely partisan. tiktok is a different story. >> american people are concerned about the situation in new york. i guarranty you. larry: i think they're also concerned about this lawfare. this is unfair. what president trump said to my and others, it could happen to you. could be your businesses, kevin o'leary. it could be your asthe is and -- >> larry, that is not lost on me or anybody else. larry: i'm just saying, that is the important part here. >> new york is a great state. i want them to live in a wonderful city that doesn't have

this madness going on. larry: i agree with that. gregg jarrett, i'm sorry we lost you on the tiktok thing. i assume you're not going to bid for tiktok. if you are, kevin o'leary is very open-minded guy. gregg, your great to help us on the eighth amendment. that will be very important. trump is posting the eighth amendment stuff on his website right now. kevin o'leary, best of the best, we appreciate it. folks, moving right ahead here, texas razor wire wins, that according to the supreme court. we'll talk about that and some other things with senator john kennedy. all of that when "kudlow" continues. he hits his mark —center stage—and is crushed by a baby grand piano. you're replacing me? customize and save with liberty bibberty. he doesn't even have a mustache. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪

♪ ♪ next. next. stop. we got it? no. keep going. aga... [ sigh ] next. next. if you don't pick one... oh, you have time. am i keeping you from your job. next. i don't even know where i am anymore. stop. do we finally have it? let's go back to the beginning. are you... your electric future. customized. the fully-electric audi q4 e-tron. ♪ ♪

everybody wants super straight, super white teeth. they want that hollywood white smile. new sensodyne clinical white provides 2 shades whiter teeth and 24/7 sensitivity protection. i think it's a great product. it's going to help a lot of patients.

- [speaker] at first, just leaving the house was hard. - [speaker] but wounded warrior project helps you realize it's possible to get out there - [speaker] to feel sense of camaraderie again. - [speaker] to find the tools to live life better. - [narrator] through generous community support, we've connected warriors and their families with no cost physical and mental health services, legislative advocacy, career assistance, and life skill training for 20 years, and we are just getting started.

the future is here. we've been creating it for more than 100 years, putting the most advanced technology into people's hands. generation after generation. tool after tool. again and again. bringing you the most reliable network of authorized sales and service dealers. always moving forward. we lead. others follow.

♪. larry: all right, so the question is, is jay powell and the fed going to juice the economy to give biden an election year boost and also the supreme court decision today that gives texas the authority to arrest immigrants and i think the razor wire is going to stay. joining me now louisiana senator mr. john kennedy. senator kennedy, we appreciate you coming on. i want to start, sir, you have the laken riley act, which is very important and related to that the supremes today as you probably know, at least for the short run are letting the texas authorities continue to arrest illegal migrants and leave up

the barrier, the barbed wire or whatever the wire is called and seems to me that is a step in the right direction. what do you think? >> yes, it is a step in the right direction. i think it's clear to most americans, larry, that if we're going to secure the border we're going to have to work around president biden and the white house. sometimes when people act like when they don't care, it's not an act and it's clear to me that president biden just doesn't care about the border problem. the only reason he's talked about the border problem is it has become an issue in his campaign. otherwise he is perfectly content to see the border be an open, bleeding wound. he believes in open borders. it is chaos by design. so the states will have to fill the vacuum. larry: it is so interesting to me, sir, with respect to texas and the supreme court and so

forth, the barbed wire and the barriers actually are working which harkens back to what trump tried to do with the wall and of course "remain in mexico," but the numbers are down in texas. the problem shifted into arizona and of course san diego, tijuana and southern california. i mean barriers work as it turns out, even though the bidens don't understand that. >> well, i suppose this is self-evident but razor wire won't hurt you millions you try to go over it or through it and, that's hot astro physics. that is pretty basic and i never understood politically why president biden wants to oppose the barriers other than the fact that he really believes in open borders. now he won't say that because it's, it's killing him politically. the three things hurting the

president politically, are inflation, the border, and his age. many americans think they can, this is one of my favorite columnists they think they can roast a thanksgiving turkey in the time it takes the president to walk across the stage. now that may not be fair but that's what they think. larry: yes, sir, i hear you. let's touch on your laken riley act. i mean that is just an unbelievable, unspeakable tragedy. as i understand it this act which would be in addition to the house bill on immigration but you'd have the authority to make arrests if these illegals commit crimes in the u.s. you can arrest them. now will that override the sanctuary cities which you know, that's the heart of the problem

domestically? >> this will tell the sanctuary cities they have to do the job, they have to follow the federal statute, if they don't we can withhold their money. all our bill, all the riley act does look, in miss riley's case this illegal immigrant was caught shoplifting, endangering a child, they let him go, local authorities let him go when he killed miss riley and our bill would say no. if you're mere in the country illegally and and you shoplift, commit theft or something like this illegal immigrant did you have to be arrested and turned over to i.c.e. and i.c.e. deports you. larry: yep. >> you don't have rights if you're, same rights as an american if you're here illegally although some of my

democratic colleagues call folks who are here illegally undocumented americans. they are not undocumented americans. they are foreign nationals and they're in the country illegally. larry: they're illegals, they're illegals. we used to call them illegal aliens for heaven's sakes, without going soft. last minute, you and i talked about federal reserve monetary policy from time to time. do you think the fed would dare start slashing interest rates and juice the economy to reelect joe biden? what do you think on that, sir? >> well in 30 seconds i would never bet my house on what the fed is going to do or not do but if i were betting your house, larry, i would bet jay powell will not cut interest rates. why? because i don't believe that chairman powell's mother raised a fool and if she did it was one of his brothers. jay powell understands that if he cuts interest rates it will stimulate the economy and it

will create more inflation and i don't think chairman powell wants to go down in history as the federal reserve chairman who couldn't get control of inflation. larry: you know, senator kennedy, i think i'm going to keep my house, because, hold your breath, i agree with you on this point, [laughter]. i'm going to hang on to my house. >> good. larry: i think you're right too. i don't think jay powell is dumb enough to do that kind of thing. >> i bet you have a nice house, larry, nicer than mine i'm sure. larry: i don't know. we'll compare sometime, senator. you can be a house guest at our place anytime you want in rural connecticut. >> i heard your house is bigger than a costco, man. larry: [laughter]. senator john kennedy, we love having you on the show, senator, thanks so much. coming up here on "kudlow," why do democrats hate israel? we'll talk about it with mississippi senator roger wicker. and then why is inflation actually much worse than you think? a new study by larry summers.

we've got steve forbes and mike falkander. i'm kudlow. i'm keeping on my house. i am going to hold on to my house if you have wet amd, you never want to lose sight of the things you love. some things should stand the test of time. long lasting eylea hd could significantly improve your vision and can help you go up to 4 months between treatments. if you have an eye infection, eye pain or redness,

or allergies to eylea hd, don't use. eye injections like eyla hd may cause eye infection, separation of the retina, or rare but severe swelling of blood vessels in the eye. an increase in eye pressure has been seen. there's an uncommon risk of heart attack or stroke associated with blood clots. the most common side effects were blurred vision, cataract, corneal injury, and eye floaters. and there's still so much to see. if you are on eylea or a similar type of treatment, ask your retina specialist about eylea hd today, for the potential for fewer injections. it's odd how in an instant things can transform. slipping out of balance into freefall. i'm glad i found stability amidst it all. gold. standing the test of time.

♪ looking good, guys! haha! thanks! ♪ oh! hey pickle! hi dad! i brought mom's glasses from the hotel. oh, great! she's in the ballroom. the big one. i'm coming up! vacations are better with the credit gods are on your side. rewards once available to the few are now accessible to the many. earn points for travel with credit one bank, and live large.

♪. larry: so next up why do democrats hate israel? fox news white house correspondent peter doocy at the white house with some of the latest stuff on this. peter, what are you hearing? >> reporter: larry, we're hearing that president biden has not officially or unofficially threatened to stop sending arms to israel at the moment for any reason but we know that there is at least one relatively moderate senator, the democrat, chris van hollen, over in the senate, he has talked about suspending arms transfers to israel if they go forward with an invasion of rafah to get hamas guys which would basically apply to everything we're sending over except iron dome replenishments. today on air force one the emphasis remained on humanitarian aid over offensive

operations targeting hamas. >> we're going to continue to push forward, to do everything that we can to get that hostage released so we can get more humanitarian aid and obviously get hostages home. we're up as you know we're increasing our humanitarian efforts into gaza with the pier, with the airdrops. >> reporter: we're just down in the white house booth in the basement of the press area listeninging to the president's campaign event in nevada, the first one he had today, his israel policy, the way he has been handling the israel hamas war isott he emphasizes. he talks about basically everything else, however, something interesting, "axios" is reporting today that despite schumer's call for new elections in israel to get rid of netanyahu, that president biden told him yesterday on the phone that is not something that he wants. we asked around here, nobody will confirm that detail to us, larry. larry: peter doocy, thank you

very, very much. all right, for more on this whole story, let's bring in senator roger wicker who is the ranking member of the armed services committee. mr. wicker as always good to see you. >> hi, larry. larry: i don't know specifically, maybe you know but there are threats out there to, from schumer, some people say biden, some people not, some of your senate colleagues on the other side, deny israel weapons, deny them ammunition, make them stop this invasion of southern, southern gaza and rafah. what do you make of all of this? why do democrats turning against, against israel? >> well i tell you, i think you have asked the right question and first of all, we have no business, whether from the congress or from the president of the united states to tell a, an ally of ours how to conduct their politics. the very idea of them, democratic leader, the leader

united states senate suggesting a new election in israel is absolutely outrageous. israel is our friend. israel is under attack from iranian proxies and their very existence is threatened by these folks. they have every right to defend themselves from, from a hamas group which uses hostages as, as a means of war. there is a reason they took the hostages. that's so that people in israel, people in the, on our side of freedom and democracy and the rule of law, will, will go easy, we'll let up a bit in hopes that the hostage situation will prevent us from, from helping an ally defend itself. so i'm, i'm absolutely outraged that the majority leader in the senate would make this request

of an ally. larry: you know, senator wicker, it is always in politics like everything elsewhere there's smoke there is fire. you hear all of this talk, a lot of news reports, that the biden administration will deny israel ammunition and weapons, unless israel provides some kind of a foolproof invasion, the last part going down to rafah in southern gaza, so that they will never hit a casualty again. they will never hit a civil want civilian casualty again even though the israelis have been foolproof but you can never be, they denied ukraine ammunition at the start of the ukraine problem and that put ukraine behind the eight ball, why would they do this? israel is supposed to be our ally. why are democrats turning against israel? >> it is absolutely the wrong thing to do, and yes, we were

slow and wrong from the administration standpoint in helping our allies in ukraine and absolutely we need to be backing our israeli allies and, and that's been our policy for years and years and it's wrong and it is bad foreign policy, it is bad defense policy for us americans to send a signal that our allies that we've been with for years and years we made promises to time and time again may not be able to depend on us. it would be absolutely a mistake against our interests if we kept our israeli friends from, from trying to wind this existential war. larry: you don't think biden would really withhold weapons, do you think, senator wicker, last question? >> i do not believe he will. "stranger things" have happened but i would call on our

commander-in-chief to stay with our allies, work with them. certainly we can make suggestions about reducing civilian casualties but you cannot conduct a war when the other side tries to use civilian hostages as a technique of battle. larry: right. >> you just can't do it. larry: thank you, senator wicker. we appreciate your wisdom, sir. >> you bet. glad to do it. larry: you betcha. all right, folks, switch gears a little bit, let's talk about the economy. very interesting, former treasury secretary larry summers who really called it right several years ago saying there was a big inflation problem on the way, he has recalculated inflation suggests it is much worse than the government thinks. the cost of money and interest rates are not included in these measures to. break it down let's talk to michael faulkender, former assistant treasury secretary, chief economist at afpi and teaches school on the side at the university of maryland. i love that.

steve forbes, forbes media chairman, editor-in-chief and author of, inflation. larry summers, smart guy, okay, smart guy, so he has recalculated the old cpi had mortgage rates and car loan rates in it and we have a chart that we can put up on the full screen. that old cpi would have registered 18% inflation rate last year. now it would have come down as that chart shows but only to about 7% now and if you put in credit card costs it is going to be even worse. this is why a, people can't stand "bidenomics" and b, consumer confidence is so low. >> it shows what happens when you live in a bubble and you don't see reality. it is amazing summers pointed out pre-1983 mortgage payments were included, car payments were included in the 1980s. credit cards, didn't exist back in the 80s, you put that in, that's what people see.

you combine food which people see couple times a week. those prices are still high. you do payments which you have to write each month or you will fall further behind. you put that together, people feel they're on a treadmill and the treadmill is winning and amazing the white house is oblivious to this kind of thing, what is happening in the real world and what is going to happen too, if we don't get our house in order, you know it, we know it, interest costs will go up which will put the economy in an even further behind. larry: i think that's right. falkander, the white house always, they don't understand, they think things are so good, they don't know why biden's economic polls are bad or consumer sentiment is so bad but i give summers credit, he is putting in personal borrowing costs. car loans, 8%. credit or 10 to 12%. mortgage rates above 7%, michael. that stuff which used to be included in the cpi has been

taken out but people know it. they have their own cpis. >> that's right, larry. because, we don't think about buying houses or buying cars with cash. we think about buying them on credit. and so we really need to incorporate how costly it is to purchase those things. if you have a 250,000-dollar mortgage back when joe biden took office, the payment was about a thousand dollars a month. today that same payment on that same loan would be about $1600 a month. that is 60% inflation on your monthly mortgage payment that is not incorporated in today's measure of cpi but if you're a homeowner or if you're looking to buy a new home because you want to be a homeowner, you better believe you incorporate that in your view of what your budget looks like. larry: you would think, steve forbes, to wrap this up, you would think the federal reserve understands this or maybe not? >> well it is amazing the federal reserve ignores money supply numbers. the signals coming from that they ignore. so it is no surprise they would ignore something like that

because no one brought it to their attention before. how many of those hundreds ever economists working for the federal reserve new that in the 1980s the cpi was calculated in a very different way? i would say zero. larry: it was a dumb thing. you think, so the fed announcement tomorrow, i will give you 30 seconds, will, you know -- i will put it the way senator kennedy put it, you don't think jay powell will try to goose the economy for election year thing for joe biden, do you? >> oh, heaven forbid. larry: [laughter]. i bet my house on it he wouldn't. probably big mistake. >> it is not in writing so you're all right. larry: just a verbal thing. falkander, thank you ever so much. somebody, michael falkander, here for afpi take a look at the summers thing, see if you recalculate the cpi because it is a very interesting idea. anyway, coming up matthew con net at this and byron york, on

busting trump will backfire on the bidens. that cpi is worse than you think. we'll be right back. in a rocky mountain setting spanning over 280,000 acres. three forks ranch is the destination for luxury and adventure. enjoy fly fishing and america's finest trout stream. kick back for intimate performances from the best in country music.

enhance your wellness and longevity through our mayo clinic programs, or plan your meeting for a memorable corporate retreat. discover the west kept secret. go to three forks ranch.com to book your luxury experience. when enamel is gone, you cannot get it back. but you can repair it with pronamel repair. it penetrates deep into the tooth to actively repair acid weakened enamel. i recommend pronamel repair. with new pronamel repair mouthwash you can enhance that repair beyond brushing. they work great together. you founded your kayak company because you love the ocean- not spreadsheets. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire (inspirational music) - [narrator] wounded warrior project helps post-9/11 veterans realize what's possible. with generous community support. - aaron, how you doing buddy? - [narrator] we bring warriors together and empower them to become stronger inside and out.

- it's possible to begin healing - to get the help you need. - to find peace. - [narrator] and as each warrior's needs evolve, so do we. because these last 20 years are just the beginning.

at st. jude, the mission is just something that everyone can truly get behind. look at our little st. jude pin there on the fridge! we're just regular people donating. yeah. and i think it's cool to be able to make a difference in someone's lives in a way that is meaningful. the future is here. we've been creating it for more than 100 years, putting the most advanced technology into people's hands. generation after generation. tool after tool. again and again. bringing you the most reliable network of authorized sales and service dealers. always moving forward. we lead. others follow.

♪. larry: all right, let's talk about why busting trump is going to backfire. joining me to talk about,

matthew continetti american enterprise institute, byron york. fox news contributor. matthew, you're writing a new coalition of working folks, working folks of color, not just whites browns, latinos, so forth. i think you're right, matthew. what do you think somebody working hard, playing by the rules, typical middle class, salt of the earth, i don't care what color or race, they see trump being man handled by these crazy people here in new york. what do you think their reaction to them is about this? >> i think the reaction, larry, they feel trump is being treated unfairly. the lawfare has backfired in two-ways. first it rallied republicans around trump and helped him springboard the front-runner status to get him to the nomination, newcomers to the republican coalition like voters you're talking about, many

independent voters are seeing law fair, they see example of two tear system of justice. they think the whole system is rigged. they will focus on issues like prices, a broken board border, world spinning out of control, whatever the democrats are accusing trump of doing this week. larry: byron york, you have guys like jonathan turley calling it mob justice. jonathan turley is not some far right guy but he is tired of it. trump can't even appeal unless he gets the 460 million. it is so completely, patently unfair, and everybody sees it. i think this will crater against democrats and joe biden. >> i would say that the lawfare has actually worked for democrats in one way since part of its design was to financially destroy trump. they made some real progress on that with the new york lawsuit.

we'll actually see how that works out. the other thing is, if you listen to the advocates of this lawfare, they originally thought indicting trump multiple times would knock him out of the race. well that didn't happen. the opposite happened. but now they're saying, if he is convicted that will do it. there are some polls that say people who would vote for trump now say they would not vote for him if he were convicted felon. now you're seeing a race, a dash to get trump convicted of something, anything, before election day so democrats can call him a convicted felon. larry: yeah, a convicted. matthew, give you the last word, we're short of time, only got 10 seconds. do you think it will hurt trump? >> i don't think it will hurt trump, larry, what you're talking about the previous segment, rise in prices that will matter more than any other issue in the election. larry: i think you're right. thanks, gentlemen, matthew, i byron, t my last word in just a you

this bad boy can fix anything. yep, tough day at work, moment. ♪ i'm lowering my a1c! ♪ jardiance works twenty-four seven in your body to flush out some sugar. and for adults with type 2 diabetes and known heart disease, jardiance can lower the risk of cardiovascular death, too. serious side effects may include ketoacidosis that may be fatal, dehydration that can lead to sudden worsening of kidney function,

and genital yeast or urinary tract infections. a rare, life-threatening bacterial infection in the skin of the perineum could occur. stop jardiance and call your doctor right away if you have symptoms of this infection ketoacidosis, or an allergic reaction. you may have an increased risk for lower limb loss. call your doctor right away if you have symptoms of infection in your legs or feet. taking jardiance with a sulfonylurea or insulin may cause low blood sugar. ♪ jardiance is really swell ♪ ♪ the little pill ♪ ♪ with a big story to tell! ♪ (♪) i've got to go. ok. bye. mom! (♪) -thanks mom. -yeah. (♪) (♪) you were made to dream about it for years. we were made to help you book it in minutes. investment opportunities

are everywhere you turn. do you charge forward? cks? lyrics ) i got injured, um, my back got injured very bad. i was off work for about a year. did physical therapy, did... you name it i did it. i heard about relief factor from my wife. she basically made me take it. relief factor is a daily supplement, developed by doctors, to help your body fight pain naturally. it doesn't just mask pain, it helps reduce or even eliminate it. i took it every day, three times a day, for three weeks. woke up, laying in bed, roll over and look at her

and i said, "the pain is gone." and she said, i'm glad it helped. i said, "no, you don't understand. it's gone." see how relief factor can help you feel better every day. call or go online to try it for yourself and get our 3-week quickstart for just $19.95. my wife making me take relief factor literally changed my life. i was only 23 when i was first diagnosed with non-melanoma skin cancer. 40 years later, i've had almost 20 mohs surgeries. i had just accepted that the pain and the scars were going to be part of my life. but when i was diagnosed with two basal cells on my face, i became determined to find an alternative to surgery. if you, like millions of others, are affected by skin cancer... it's important to know that surgery isn't the only option. there's another choice. gentlecure.

it sounded like everything i had been looking for. gentlecure uses low energy x-rays to kill skin cancer cells with a 99% cure rate. plus, there's no cutting, no surgical scarring and no downtime. i'm so glad i did it. it was successful in every way. to learn more, call today or go to gentlecure.com larry: yeah, mob justice. new york and saturday on the trump case but you know what, i think the eighth amendment is mr. trump's best way out, excessive fines and excessive everything else i think he can go and get the supreme court involved on that. we're going to all get david asman involved in the conversation. david: thank you, larry. good stuff. i'm david asman in for elizabeth macdonald. "the evening edit" starts right now.