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tv   Kudlow  FOX Business  March 21, 2024 5:00am-6:00am EDT

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a sickly, 70-year-old man who spends most of his life maintaining loyalty to britain. though he doesn't lead troops into battle like george washington, franklin gives the revolution his greatest invention, the american dream. he proves that with hard work, most can improve their standing in life. the hardest work of george washington's life will be turning his army into a force that will defeat the british. once he does, he and his fellow patriots will form a new nation where most everyone has an equal opportunity to achieve their own american dream. (dramatic music) larry: hello, folks. welcome to kudlow, i'm lar ry kudlow. so j. powell's fed performance hottest show. sticking with noninflation
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script. s great state of texas is determined to stop the invasion of illegal immigrants. >> and donald trump should use excessive fines clause of 8th amendment to halt joe biden's lawfare, we hear about this from vivek ramaswamy. general jack keane with his take on why democrats are turning against israel, kellyanne conway on safety and security driving women and minority voters to trump. and byorn lundberg on why following climate science will cost 60 trillion by 2100. for no good reason, to our own edward lawrence live from federal reserve, how was the broadway show today? reporter: it was great, opening act, closing act, no entno inmermission, the
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fed pausing for a fifth straight time, they sets interest rates, federal reserve chairman did not see data to make a first rate cut. we know that inflation is accelerating, both pce and cpi inflation reports, we have seen that fed chairman says he sees it as a pump bumpy road. >> i take the two of them together. and i think they have not really changed the overall story. which is that of inflation moving downgradia -- gradually on sometimes bumpy road. reporter: fed chairman received two letters from congressional democratic lawmaker, calling for rate cut, be one because they say higher rates hurts green energy push and they say interest rates are squeezing
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families. >> how do the letters affect who do you policy wise. >> we receive the letters with respect, we write careful responses and address concerns, we have to make our judgments and stick to our knitting, this is maximum, employment. friework on payment system. reporter: and fed chairman saying he sees rate cuts this year, but not later this year, that leaving door open for june, he also says they are reducing talking about reducing balance sheet and how it should look. larry: all right, thank you edward lawrence. now let's see, a recap of market, a big day, it was up 400, kelly o'grady giving us details, hello, kelly. reporter: investors like the sound of when not if when it
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comes to rate cuts, the news by powell sent markets flying, s&p 500 and dow hit all-time highs,. the nazdaq also finishing up. but not a record the, this is s&p's 19i 19th record close in 2024, second straight record close, and bond yields fell on news of pending rate cuts. and magnificent 7 tech stocks powered market rally, today was no different, met agoogle, and even tesla finishing in the green, investors bet they have most to gain from interest rate cuts. a growth sector. the financial stocks were also up today, you have bank stocks and credit card companies seeing nice bumps, american express in particular. jumped close to 4%, rate cuts could mean more spending from consumers, less defaults, and chipotle, very tasty dish on wall
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street, announcing a 50 to 1 stock split, it gained 3 fi 5%, tomorrow, the big one to watch reddit, going to ipo. >> very taste dish, thank you kelly o'grady,. larry: couple more words about the fed story, it is most purpose one man show on broadway. it opens and then reopens 6 or 7 times a year, and the star of show fed chair j. powell plays himself. great thing about the power performances, is they are like warshaw test, you can read anything you want, wall street spending all told sums. investors are baffled by this commentary, after today's performance. stocks up 400 points. someone is happy.
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now, are they happy because the fed leaned against the wind and suggested no ease you'easier money. and mr. powell will hold the line? or fed will not start slashing rating to juice the economy. to reelect joe biden? i don't know what the reasons. is others might say that fedex economy practicejection shows three interest cuts this year, economic projections are always nearly wrong, best thing that powell said, he will keep his 2% inflation target, and not raise it to 3%. and the fed is not there yet. here is some price level indicators that we all should keep an eye on. the gold price since october up 20%. key commodity index since november up 12%. brent crude oil 86 bucks, now up 19%. since mid december . gasoline at pump in the
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u.s., that is climbed 12% back to 3.52. antreasury market most interest rates have gone up since last fed meeting in january, inflation respects in last 3 months have shope higshown higher inflation trends, i think that mr. powell is right to str to -- stay cautious. by the way, interesting point. in a report, former treasury secretary larry summers has recontrucked old cpi from '70s and 80s that included personal borrowing costsic. for some reason, these costs were removed from the consumer price index at some point during the mid and late 1990s. but one reason why joe biden has a rock bottom economic
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approval rating and consumer sensent am i is -- sentiment is low, car loans are 10%. credit card loans are up 24%, and mortgage rates above 7%. this is all causing great consumer unhappiness, even though the experts took these personal interest rate costs from the inflation indexes, summers recon vehicrestructed the cpi and came up with 18% inflation peak. and a 7% inflation rate in november 2023. the story is worse. the official cpi, 3.2% for the year ending in february. since the beginning, of joe biden's term the price level has gone up over 18%.
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groceries -- 21%, energy 30% with this jpol j. powell is right. but remember, on broadway, in is no such thing as a one act, play, we'll talk about this, bringing in our experts, steve moore committee t to unleash prosperity, and art laffer, former reagan economist. and art, i think that powell got it right today, it is a rorschach test, you read into it what you want. broadway shows have many actions not just one. but the fact is all of these price levels indicators goring up and i think that the fed is right, at least for the moment. why should they cut rates? what do you think? >> i don't think they should cut rates.
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and excuse me, i have a cold. you know what bothirded bothered me about his report he promises three cuts in future this year, this is inappropriate, these numbers are not good for inflation, looking at dollar versus bitcoin and gold it has been falling, and there is no real boom in this economy. that is where i am. larry: good, steve moore, i don't think that they should cut rates this year. inflation has not come down to 2%. and this is san election -- this is an open earlier, as we know. one can never tell here. but the factor fact, remains if fed slashes interest rates and slamps down, everyone will accuse them of playing politics, which they would be, this is not healthy for the fed's health. >> i head from headlines
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after powell made his statement, a lot were, you know fed won't cut rates now, but they will cut themmer two or three times later in the year that is a reason for this euphoria on wall street. i am lookingal same numbers and you arthur ar are looking at, i don't see the process. niece numbers are troub-- these numbers are troubling to me, bitcoin is up doubled. that is a hedge against the dollar. and why are those up? the other thing is that the -- i did look at that larry summers study it answers the question, i have been wondering, when you look at mortgage payments on average 30-year mortgage. those mortgage -- payments are almost 80% higher than twwhen trump of the
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president. and the study says though numbers are not are computed into the actual cpi number. inflation is probably worse than the official numbers indicate. larry: much worse, they took the mortgage costs out, they took the car loan costs out. i don't think they had the credit card stuff in there but we'll put it on the full screen. summers based on what he thinks would be pre1983, the peak in inflation was not 9 percent, it was 18%. and yes, it has come down but according to his chart, through last november it is still 7%, this is interesting because the borrowing costs are high. it strangling consumers,
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arthur, even with lower inflation, joe biden's approval rating on the economy is rock bottom. you can see consumer sentiment index, they are running like 95, in middle of trump term they were 140, part is, cumulatively level of prices has done up 18 or 20%, but borrowing costs are killing people. >> yes, i have to say, how happy i am to be on with you and steve, how much fun to get us together. just wonderful, the 3 musketeers. i agree with ud, i don with, i don't think that economy is strong as powell thinks, i look at economy. employment to population is a very low number. and as steve pointed out gold prices are really high, they are highest they have been in long time over 2200 an ounce.
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and not only that, but bitcoin, skyrocketing,s they are alternative moneys in the marketplace, people are voting agents the u.s. dollar that is a -- voting against the u.s. dollar, that is a bad sign for the fed, they don't need to be lowering rates. larry: switching gears, stay with the economy. steve moore's good friend senator elizabeth warren was out, she is promoting the ultra millionaire tax act. we have a full screen. i get to read it? put it up there i'll read it. okay. i can't really see. i'll read this: >> all my pill i bill
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asking what you make it bigger than 50 million on next dollar you pitch in two cents, so everyone else could c a chance. steve moore, there they go again. now warren, no surprise. she once told me on a different network she was really a capitalist, i didn't buy it then and not now. all these democrats, including joe biden. you had in hot line, joe biden wants to raise every tax there is. income, corporate tax, small business tax, capital gains tack, dividend tax, unrealized capital gains tax. elizabeth warren is just piling owhat would happen if you had this? >> first, wealth tax is a tactax on savings, we want people po save. now let me give you an example. laffer and i did analysis of the states you have announce of states with wealth taxes,
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they are a disaster, people are leaving the states and going to places with more sensible taxes. let's assume, i think that eli elizabeth warren proposing 2 or 3% wealth tax, you pay it year after year, after 10 years, you took away 30% of someone's wealth. that is nuts, nobody will save here oif they do, they will move to pe pe bermuda. larry: what happened to free market capitalism and supply side incentives? the laffer curb, what is wrong with these people it is time to retire all of them. arthur i do. and take a couple tylenol, every 4 hours, and take some flonase this will help, steve moore thank you for your tax heights, art laffer get well.
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>> on cu kudlow, on great state of texas determined to stand the invasion of illegal immigrants, and i still think that eighth amendment is donald trump's best option against joe biden's lawfare, we will talk about this with vivek ramaswamy. it will be a real treat. vivek ramaswamy who himself believes in free market capitalism, as i do, i am kudlow, eel on -- we'll be (♪)
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we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for.
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larry: so texas determined to stop the invasion of illegal immigrants no matter what various courts say, fox news nate foy is down there in eagle pass with the latest. nate, what can you tell us now? reporter: the back and forth battle see seemly continues with a special hearing that wrapped up this afternoon with federal appeals court, where techs fox and bi texas and biden administration laid out their cases, texas wants to implement in interim be before the court lo rules, if sb4 goes to effect it would allow texas to charge
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and deport migrants who enter the country illegally. at least some aspect should be enforce able and litigation plays out. >> texas has a right to defend itself. under and plausible reading of that right, at least some applications of sb 4 are constitutional. reporter: but biden administration said that law oversteps its federal authority over our borders and argue that block should remain in place. here in eagle pass, texas dps charged these 17 migrants with criminal trespassing, but they could only do, that they arrested them on a private ranch, sb4 would broaden it to enforce the charges and over 150 migrants cross border illegally today. many are expecting if sb4 goes to affect numbers out
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west of illegal crossings will further skyrocket, right now, we are waiting on that decision from the three judge panel, and then we'll have in two weeks, more broad arguments over whether or not this law is actually unconstitutional. >> nate, correct me if i'm wrong, razor wire is still up, and still a good barrier against the illegals? reporter: well, razor wire is up. and if a migrant were to cross the rio grande and breach that razor wire, texas dps would be able to change them, they can charge migrants who trespass to do private ranches if the ranch owner agrees toe press charges, but with sb4, they would be able to arrest and deport a migrant without referring them to border
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patrol. >> nate foy thank you for that update. >> joining he now, is vivek ramaswamy. former 2024 presidential candidate. cofounder of strive asset management. vivek welcome back. a word on this, texas will stop the invasion, no matter what the courts say, and they should. >> i agree. i think that texas has called bluff of the federal government. either one hand, as texas has argued their policy is consistent with federal government's to say you can't be here illegally. or, it says that federal government argues they are not, if it does that proved and federal government has abandoned enforcing the rule of law as it pertains to our borders. biden says on one side of
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his mouth we have a sout southern bored e eall texas is paying is saying the same thing. >> -- texas is saying the same thing, it spells same conclusion, we need a new president in charge of enforcing the rule of law in this country. that is the best border policy of all. larry: in biden would do his job, instead of an open border, if we had a border policy, texas wouldn't have do this, greg abbott han has to do it, i am for it. down there, they are trying from peck themselves. -- protect themselves, vivek. we love having you. i like talking issues with you. there is one i don't know what you think. there is a judge in illinois who says that illegals can carry guns, can own guns and
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carry. i am in favor of the second amendment lord knows, if you are an illegal, you are already breaking the law how can you carry a gun? most of these illegals or all of them, they have never been vetted. we don't know where they come from or if they have a criminal record. i was curious. should we allow illegals to carry guns? >> the second amendment applies to citizens of united states, the irony here is, as you see certain states, the irony in illinois, in chicago infringing on second amendment rights regularly, now suddenly expanding its consideration. you can't talk out of both sides of your mouth. we're inadequately protecting second amendment rights for the citizens of united states, and inventing rights to bear arms which does not exist for anyone that has a right to be here in the first place.
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and people have continued to how bill of rights works -- people have continued to how bill of rights, every american has certain birth rights attached to being an american. -- that is basic principle to understand. we have a constitution that guarantees rights to american citizens but not everyone has the right to be an american citizen, this is a sad state what is obvious, today it would seem foreign, i am stating obvious constitutional principles. larry: you need to keep saying them. we're counting on you. i have another one. we know that president trump is in a pickle in new york because of the crazy lawfare. and the unbelievable fines and so forth. so, on this show, last night and night before we were talking about eighth amendment, saying excessive bail shall not be required
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or excessive fines imposed or cruel and unusual punishment inflicted. a couple of years ago rather rariruth bader ginsburg upheld this, and the it should kick in. i'm suggesting that mr. trump get his people to go around this -- the city of new york and state, go directly to federal court to the supreme court, and have all of these crazy fines and building seizures and whatnot, having it nullifies, because of the 8th amendment, this is an excessive fines clause. >> i spot on agree. it is dead on it was created for cases like this, mention back-to-back, mentioned for a case like this, designed for an aggressive prosecutor, which is weaponizing the law to advance a political promise
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that she made while running for office, there is no better case than this. and that proves what is at stake, this is sad and disgusting what they are doing to president trump, it is honorable he la as one man is standing up, but this is about every american, if they could do this to 45 president of united states then they could do it to anyone in united states, that eighth amendment of the righwritten for a reason. the reality, most of that eighth amendment relates to cases involving excessive bails and excessive finds. the 465 ruling here. by politicized letitia james in a case where not a single victim was harmed, and people who were not just ordinary consumers but sophisticated financial institutions, for that to be the bail here, is ridiculous. it offensive to our founding fathers and they would agree
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as scowrts wou supreme court would today, ruth bader ginsburg would agree this is the case for eighth amendment. larry: jonathan turley called it mob law, you are the lawyer, the 14 amendment, passed after the civil war, but it says that federal law can supercede statlaw, in those days the issue of the slavery, ruth bader ginsburg and scalia and others used that, a couple years ago to enforce the eighth amendment. and i just think that is the way out for mr. trump. just go past the crazy people in new york. >> there is about protects individual rights and donald trump's rights includes that protects every american, i agree, i'm hoping we see a victory on that front. larry: vivek ramaswamy thank you, sir, we appreciate it.
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talk soon. >> coming up on kudlow, general jack keane with his take on why the democrats seem to be turning against israel, then my pal kell kellyanne co conway. safety and security driving women and minority voters to trump. we'll be right back.
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clinically proven nutrient formula to help reduce the risk of moderate to advanced amd progression. thanks to preservision, i feel better that i'm doing something about it like millions of others. preservision. larry: if i may, why democrats turning against israel. it sounds like it to me, joining me now general jack keane. fox news senior strategic analyst. and general jack keane welcome back. i don't want to put words in your mouth, we have schumer calling for new elections in israel. and netanyahu was briefing the senate today remote, and
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he went ballistic over that, calling it inappropriate. he called it outrageous. there another article, u.s. to pitch israel on securing egypt-gaza border as an alternative to smashing into rafah. i thought -- i thought that idea was united states backs israel, israel has to crush and annihilate hamas, this is the idea, seems that everything out of this white house is against it you tell me. what do you think? >> no, we're in a very infortunate place with one of our closest allies, we have the president of the united states in public testimony criticizing the conduct of israel's military operations. and we have the senate majority leader, also publicly interfering with
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the political possess by calling for the prime minister to go to elections to be removed. this is really quite unprecedented. this is not an adversary, this is a very close ally, who believes they are under an existential threat to destroy the state of israel by making the security situation in israel so untenable that people will not want to live there any more. and as we know, there is a small jewish population in israel, 8 million people. so, what is doing on, is -- going on is shameful to find an appropriate word. as to the military operations itself, if that is try, what you just said, that israel conduct of operation should be make sure that border is secure. who has experience like that to make such a lame
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recommend doing, our audience understands most of the fighting battalions that hamas has have been destroyed. close to 2/3. so this 4 to 6 of these battalions that are left. one is operating around gaza and another around and 4 in rafah, to destroy hamas is the object implement -- if israel walks away and leaders many of whom are still alive. what will happen? hamas will declare victory, they al already are, declaring a victory on international world stage because there is so much condemnation of israel, they will rearm, and reposition, and reorganize, and at some point, reactor tack.
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then we have another existential threat dealing with, this is what on the table, it makes no sense, people in israel are not supporting that they are supporting this administration's objective to destroy hamas' effectiveness so they cannot of conduck a reactor tack. --r reactor tack. retack. that is prime minister motivation, make certain that october 7 does not happen begin. and let him have thely way in how to deal with civilian population, which a concern, but you cannot let that concern overwhelm your thought process that hamas is not going be to be defeated and you just give up, civil -- because
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civilians may be hurt, put in place to protect civilians best we can. larry: which is idf trying to do. they have a chance to clean house, we should lit them do it. they are not doing a pad job, general jack keane, always tough on time, thank you, sir, we appreciate your point of view. >> all right glad to help. larry: to the presidential election. and there is a great story, safety and security driving women, and minority voters to trump. joining me now great kellyanne conway. just cool, first welcome back. >> thank you. larry: trump did an interview with breitbart. but not only place, safety and security driving women and minority voters to me, and to g.o.p. and you know poll polls
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show, that jason riley in today's "wall street journal" who does not lini like trump but he said trump is winning the minority votes. safety and security. >> no question. i say there is a safe ac acronym. the security piece is most important. it is economic security, border security now national and public safety. democrats made a grievous error 4 years ago saying defund police and no cash bail nonsense to criminals. and now it is coming back to bite them, there was an article about austin, city council took over 400 million away from police to put it in public safety, they have record number of police resignations, early retirement, crime is on the
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rise, there was a mother of two charge children, ages 5 and 7, the kids were bleeding, she called 911, she had to call lyft to get them to the hospital. bullies prey on victims, you have putin and iran, and the mexican foreign minister saying don't you dare send the mexicans back to us, we won't take them state of texas, bullies know they can get away with that when they smell weakness. larry: president trump would double their tariff. >> and china, he did, we talked about that. >> he is a great negotiator, the other thing, interesting about this, particularly with minority groups, kellyanne, there is a cultural point, they are
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tired of the democrats woke and cancel culture and no american history, that story has backfired. these are working folks. latinos, and they are african-american, they are saying the same thing. >> the minority voters in large part particularly hispanic and african-american males are leaving democratic party, they believe that democratic party has left them. did has so much to do with public safety and cultural issues, their kids were home and they heard what they are ought taught thout the -- the -- taught in the school, democrats most of them and party, openly hostile to religion, you don't believe them ask 30 plus of them who could not condemn hamas. could not.
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play-offerrinerring their thoughts now, they don't say prayer, i offer you my thoughts, hispanics, no, we're catholic, walk to any catholic church in suburb in our nation, sunday who is in. >> multigenerations. i have seen if. that masses, they are in all languages. that is who is propping up the churches, the whites are jogging and having brunch. >> you have two up-fronts, a cultural front, and the security up front, and economic. they are paying a fortune borrowing costs for mort dpamortgager, and cars. >> for every day necessities. and democrats made a grievous error thinking that hispanics would back them up on attacking trumping on border. hispanics say, i spend 20
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years coming here legally, i played by the rules, and now you are letting people pour in, they have rights that my kids don't, you are plucking my kid out of the classroom in the bronx to put a migrant in and. >> kellyanne conway, terrific stuff. >> thank you. >> i'll take a quick break, and bjon will tell us why climate science will cost us 60 trillion dollars by the end of the century. i'm kudlow, safety, security, you heard kellyanne, we'll be right back. boom. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to...
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a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for.
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larry: bjorn lomborg write following climate science could lead to financial ruin, he is joining us now. author of best things first. i am looking at this, you know, i used to be a numbers guy. i still am. the total cost will average 27 trillion dollars each year across the century reaching up to 60 trillion a
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year in 2100. so why are we doing this? >> because of panic. you are right. this is incredibly expensive to do the way that most politicians in the world are saying, let's go netzero that will not work. -- would work, climate change is a problem. but what will work is to invest more in innovation, so we will actually get green technology. so cheap that everyone will want it let's not make these arguments because people say, we should follow the science, science said there is a problem but economics tells how to deal with it smartly. larry: we have already spent a fortune, i have seen this number. basically, 4/5 of world energy comes from fossil
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fuel. and other thing to note, you say, is over the past two centuries global life quality has improved to a large extent because of an increase in energy, mostly from harnessing of fossil fuels, okay. ly make renewables better and more efficient and cheaper yes 100%. that is what you say, agree, but this spending spree and you know tying our hands on what we're allowed to do and not do. so anti- democratic it is nuts. >> and also, i think this is important to recognize, you might be able to convince well meaning americans and in meaning europeans, but china, india and africa will not give over their opportunity to lift their population out of poverty, in some sense this is built
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on insane idea we'll be able to convince everyone to be poor and less comfortable. only way is through innovation. larry: last one, few seconds, the media picks up on studies, they are not correct. they are not peer reviewed there is a lot of over simplification that drives me crazy. >> it drives everyone crazy. some are true but no context, family, the problem is not the end of the work, there is a big -- not the end of the world. if it is end of world people will spend everything but if it one of many problems you need to ask, how much are we getting for each dollar we're spending and queer no -- and we're not getting a good value. >> ache sor we'll talk soon, appreciate it, i'll be right back with my last if your business needs a new application then developers will have to write code.
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and we get to create that space, it's really fun. i am here because i have seen women do it. if you can see her, you can be her.
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larry: that's it for kudlow, thanks for watching, folks. ♪ ♪. maria: good thursday morning. thank you so much for joinin

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