thomas jeffrey epstein and gejefferson, it is not their moral contradictions but the strength of their ideals that define the true american spirit and continue to offer hope. for all of us. >> larry: hello, folks. welcome to kudlow, i'm lar ry kudlow. prosecution and defense have roasted their cases alvin bragg trial and trump is no longer -- no former presidtrump is longer stronger than ever. we head to courthouse,

senator jd vance waiting in wings to talk about it but first jonathan turley, our favorite constitutional scholar and fax ne fox news contributor, what do you think closing arguments who being treated well who is not? give us a hint. >> defense continues to struggle with this judge. who is ruling largely with the prosecution that is continuing in this hearing dealing with the en vehicl vehicthe instructions in the case, which is important stage, how he instructs jury on law could well dictate outcome in this case, government is trying very hard to adopting lower

standards for the jury. including arguing that they don't have to prove a willful intent on all of the elements before the jury to establish a crime. that would make it much more likely they could convict, i was in the courtroom with former president trump he is taking an active role in this passing notes to his attorneys, and being very attentive as they debate what the standards should be in these jury invehic invehicinstructions. larry: jonathan, i was reading commentaries this fellow brad smith from federal the charges again trump would never have been withheld by the tomorrow election commission. he federal election commission, he did not commit a crime, they were not worried, they were

personal matters, they would in the let him testify. my question is costello me michael cohen former lawyer, testified and ripped him to pieces, is the judge trying to rule out what the people are saying in particular costello and even brad smith who said this is not a crime? reporter: well, he has effectively blocked smith from testifying by saying high couhe could only testify to issues that are not central to the allegations again trump. what smith said is what many of us have said, there was no federal election offense. department of justice looked at this did note bridge charges, and -- did not bring charges. and this judge, has allowed jury to hear repeatedly from michael cohen and david pecker and the prosecutors that there was election

violations. i am quote confident they believe that there were violations which is not true. and the -- what the judge is saying is that they will continue to be able to argue that from the government. and what smith wanted to tell the jury among other things, was that none of this makes sense. because under the federal election laws if you, once money of the paid to stormy daniels, they didn't have to report that even if it were a contribution until after the election. this could not have been an effort to rig the election. because even if it was treated as a campaign contribution it would not be revealed until after the election, so none of this holds water according to smith, from i can see he is right, the problem that jury has a very misleading understanding of what is happened here.

in my view, part is a set up by the prosecutors including southern district of new york they had michael cohen plead guilty to federal campaign contribution violation, most of us believe that michael cohen would not have been found guilty of that, but at the time high already agreed to plead guiltez. and so they added that. that is the reason they are now allowing the prosecutors to keep on referencing the violations. most of us do not believe that michael cohen would have been convicted on contribution issue. but most certainly, trump could not have been convicted steel would not be that was the conclusion of the department of justice. larry: just one other thing. did the defense make clear that the nondis closure agreements were not itin

illegal and did not a aim to a campaign -- amount to a campaign contribution, i am not a lawyer but that seems to be the nub of the case, nondisclose ire agreem nondisclosure agreements were not illegal. jonathan turley tell us on that. >> that is the problem. the jury has heard that nondisclose idisclosure agreements occur commonly, including agreement bics by pecker who would kill stories for celebrity the. but you have the sort of frankenstein case of alvin bragg, he has pieced together a dead misdemeanor, zapped it to life as a felony and been ambiguous about the crime that was

sucsupposedly concealed, that is likely getting lost here in the noise of this indictment. the defense is struggling to get the judge to bring greater clarity, so that the jury understands the points. the judge was largely rules with the prosecution. we still have a lot of issues that judge is taking on advisement. we will not have all of the answers today, judge will be issuing orders later. larry: all right, jonathan turley thank you very much. >> thank you. larry: switching gears. joe biden gave a disgraceful speech to the morehouse college graduates in atlanta, georgia last weekend, the subject of the riff. joe biden should be ashamed of himself forgives a racist, de defeatist and

condescends speech at the morehouse frad yea graduates, he is saying america is racist and they are sit to fail, this is -- set to fail. this is a sufl awful message, he talked about white is up prem see and systemic racism and george floyd and black men killed in the street, and republicans down want blacks to vote, the deep south state of georgia feature two black men as u.s. senate nominees, i have news for more biden this is 2024. it is not the old jim crow south. and contraries to joe biden pessimistic racial characterizations, reality is morehouse grads do very well in life, for example. average starts salary among all college graduates is

68516. but average starting salary for morehouse grads is 76, 543 dollars 12% higher than national average, and high paying starting jobs include a gilt edge list of employers that include deloitte, major league baseball, bmo harris bank, elemen lockheed-martin, amazon and at&t. pardon by french but i say that and i damn good list. but, instead of encouraging the grads, and urging them on, joe biden is telling them they will never make it. and that is wrong. i got other t statistics, unemployment rate for black men under donald trump was

4.9%, that is a 50 year low, in fairness to joe biden who is unfair, today, unin a unemployment rate for black men still fiv 5.2%. trump handed biden a high powers economy. driven by rock bottom inflation and low tax rates, and despite biden's best efforts to undermine the trump economy, blacks continue to do very well. but despite the low unemployment rate, th the biggest hurdle for black americans and same for whites, hispanics or asians, it is the affordability crisis overall during the biden presidency, prices have gone up higher than wages and as real wages decline for middle and lower income working families, borrowing costs for cars, homes and credit cards have shot up, inflation is the cruelisest tax.

let's say bidenflation is cruelest tax. that is why his polling numbers have gone so far south. mr. biden with a checkered pass with race relations, including -- in u.s. senate. biden is not improving his current standing with black voters by harkening back to a jim crow era of racism. and white surplus reme supremacy that no longer exists. that is why his speech to morehouse college was a disgrace, sh he should apologize to those young men who are future leaders, that is my riff, welcome to

jdvance. we have to talk about a bunch of things, first. let me hit the riff. i thought biden's speech was a disgrace, he is doing a disservice, more housee is -- moreho morehouse is a fabulous college, what do you make of this stuff. >> i think you are right. it is a disgrace, congratulation to the graduates, i feel terrible for them on there are graduation day they had to listen to joe biden. but what joe biden can't do is run on the idea that lowered inflation he brought down the cost of food, he can't tell the dprad yea graduate it is easer to start a small business because borrowing costs are down, and he can't tell them it is easier to buy's home, on those issues he failed from donald trump

succeeded. he is trying to distract them from the fact he has been a failure of the president by pointing to racism. telling them they should feel like victims rather than be mad at him for setting up policies that made america worse off. the most instructive part of victim mentality, taken over by democratic party, one of healthiest things to tell your young people, whether you were dealt a great hand or a crappy hand, you should feel gratitude. nobody made better by filin file -- feel like they are a victim and owed something, tell team to be thankful for what they have. i think that such an important lesson that all leaders should be teaching abided by -- joe biden is teaching opposite. larry: that is a good point, trying to make them into victims, they are not. morehouse record is fabulous. biden should bic are

encouraging them to live the american dream and succeed. your point is well taken. this will be a grocery store. kitchen table type election. biden has failed on the issues, he is resorting to the cheap racist charge. >> that is right. as you know engine of real job corrected is small business formation, it is so hard to start a small business right now, because the interest rates are through the roof, another main way that american families, the middle class generates wealth is owning a home, you have tons of young families across the state of ohio, pennsylvania, and michigan who can't get into that starter home because thanks to his inflation policies, interest rates you through the roof. i want to live in a nation where people can get

married, have children and actually put that family in a home they can afford, i want them to earn a wage that can support a family at a good job, every single dimension of the economy has degraded under joe biden, he can't fess up to it i almost wish, i would help h respect him more if he said we tried things out, we failed. we'll try to take the country in a different direction.. larry: it is a bill clinton resit. but that never came biden gets pulled by bernie sanders wing. far left wing. a word, i know you were at trump trial, jonathan turley was reporting. that judge seemed to be favoring prosecution over the defense. you have a quick thought on that senator? >> i think unfortunately turley is right about that, on every single ruling seems

that judge who is was a biden-harris campaign donor. has shown a bias against donald trump and i think it has come at expense not just donald trump but cost of justice, democrat or republican, we cannot accept that principle that president of united states and democrats get to try to jail their political opponents, this is not okay, if we allow it to continue we'll wake up in a third world banana republic, we need to fight back against it whatever our politics. >> speaking of third world, open borders, catastrophe. rumor is a bidennic o executive order, that would allow 4,000 illegals a day, that is 1.5 million a year. if you go to up to 5,000 he will shut the border down. i don't know if anyone believes that.

and then i read in papers this morning, senator schumer will take another look at this misbegotten immigration bill that failed before, senator vance do you have thoughts on this? is a million and a half illegals okay. does anyone believe there is a crisis down there. is anything going to happen. >> unfortunately, i don't think there is. we have to remember that joe biden ran on undoing everything single one of donald trump's border policies, he ran on ending remain in mexico, on ending a number of trump administration policies that brought sent of stability to southern border, he gets in and does what he promises and what we knew would happen, it happened. you have a terrible border crisis and millions of people flooding across, a number of people dying from fentanyl overdoses then all of a sudden joe biden cares

about the border security, he recognitionsed that polls is so bad. one last thing on that, chuck schumer is talking about a border security bill. that does nothing to second our the border. barack obama, last democrat president, paroled 5,000 illegal aliens and joe biden is paroling a million a year, this border bill buz does nothing about parole or remain in mexico, it gives the ability grant ase asylum claims to liberals within the administrative bureaucracy and it would make the border crisis worse, it gives democrats an opportunity to say we care about the border even though they are doing opposite work have to fight back against this in u.s. senate, all republicans to be all hands on deck this is a political opportunity for democrats that will actually make the border crisis worse, it say lose-lose. larry: and just one more, i don't hear any reference to

deporting criminals. back to where everybody they came from. -- back to wherever they came from that a big issue among american voters. >> it is a big issue, we have about 25 million illegal ale yen -- aliens here, if you are not willing to deport the worst of worst, that killed innocent americans, the message you sent to other criminals so long as you can get across joe biden's open border we'll never send you back, we have to enforces border that starts with willingness to deport the people who have broken our laws. if we don't do that we don't have a country and inviting a border invasion to to be. con. larry: senator vance, you are terrific. if the vice presidential nomination were offered to

you by mr. trump would you take it. >> it very important to take our country to a different direct, i'll be interested in helping however i can. larry: thank you so much jd vance appreciate it. >> take care. larry: coming up bidenomics 2.0, be afraid, very afraid. we have steve moore and douglas egan. anyway, will tell us why and how we can make it bette do you want to close out? should i? normally i'd hold. but... taking the gains is smart here, right? feel more confident with stock ratings from j.p. morgan analysts in the chase app. when you've got a decision to make... the answer is j.p. morgan wealth management.

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comcast business mobile. you could save up to 70% on your wireless bill. so you don't have to compromise. powering smarter savings. powering possibilities. larry: all right regulatory red tape out of biden administration is strangling business. and causes inflation, let's talk about it, we steve moore, and host of moore money and douglas holtz-eakin. former cpppo director. doug, i am looking at your latest report. it gets better and better or worse and worse you know what i mean. the final rule costs for mr. biden 1.6 trillion. for mr. trump minus 160 billion. trump's fell.

but biden up 1.6 trillion, then you have paperwork hours increasing i guess under mr. biden, 292 million. and mr. trump story million. -- 74 million is there any end to this, they keep piling it on? is that what is happening? >> well there appears to be no end, we have kept track since -- the day one of each administration. it was something i did not think could be done. a great accomplishments of trump administration. this administration, has imposed more regulatory costs in less than one full term than barack obama did in two. which is hard to wrap your head around, this is an onslaught of unprecedented proportioners this is hard on small businesses and every business that is trying to control costs.

they have to pass these costs along, this is a real achille's hil heel for bidenomics, this is a problem. larry: steve moore, i think you could argue this is blunting growth and causing higher inflation. you have regulatory inflation built into business activity bidens don't like business activity, they blame them for all that ales us, but -- aiwell aiwell,s there is no end to it. >> they don't like profits, they think that reason that we have inflation is because companies are making too much money, if they could get rid of profits we wouldn't have a inflation problem. we don't have any businesses or jobs without profits.

let's be specific, i love doug's report, last week, the biden administration says we're not allowing more coal development in some of the richest coal areas in states like wyoming and montana, come on. we have a third of our energy from coal. in the world he will not allow. and he wants to regulate the internet, he wants to basically require every single american car company to only make electric vehicles. even those most americans don't want them, i could go on, they are real costs to families and another quick point. i really applaud your opening statement about that just dreadful but unpatriotic speech by our president, and you know the statistics, under donald trump lower unemployment rate ever for black americans, lower poverty rate ever for black

americans and biggest income gains ever, how dare they say he is a racist. larry: not so much trump is a racist. that is implied. but tha racism runs the nation, this is a jim crow country. that is not true. blacks have done very well as attested by data that we have put in the riff and you are echoing. and you know douglas holtz-eakin, on this subject, we went through morehouse college grads first year of jobs 12% higher pay than national average with a guil gilt edge list of employers biden is being racist on this but also wrong factually, they are doing great. but you know it would be nice if we didn't regulate the small owner operated businesses out of business.

in the next 4 years, under second biden administration. i think -- i mean, i think that regulatory story doug is u this is where bidens have achieved unbelievable reregulation across the board. this is unfortunately one of their greatest achievements. >> well, they are trying to sing to -- cement it, they are pushing regulation out the door as fast as they can if donald trump is elected president, republicans control house and senate they cannot role the regulations back. if they are trying to make sure that 1.6 trillion plus stays on the books it would

be a permanent burd everyo burden on companies, we have tracked this since forum of the open there has never been anything like past couple of years on regulatory front, one footnote on something steve moore said, the notion of profits driving inflation has been debunked by san francisco fed, a they said there is nothing there. larry: profits are the mother's milk of stock and lifeblood of the economy. you are both great, steve moore and douglas holtz-eakin. >> on kudlow more on alvin bragg trial with professor alan dershowitz who is furious, next up on kudlow. (♪) car, this isn't the way home. that's right james, it isn't. car, where are we going? we're here.

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larry: in trump trial, judge does the judge keep favors protion trueithe pros cu

prosecution, with us now alan dershowitz, tell us more, how biased is this? >> it biased as i have ever seen a judge be, i was sitting in front row, i saw him about berserk when costello dared to raise his eyebrows after the judge made ruling after ruling after ruling that were unfair. i raised my eyebrows, i staired steared at the judge -- he said to key witness, i am doing to strike your testimony and not allow you to testify if you look at me again that way. now, donald trump didn't do anything wrong that would be deprives trump of his right to defense under the 6 amendment. this judge in one day, violated more constitutional rights and made more

unlawful rulings in the 8 hours i was in the courtroom that day, than i have seen in months and months and months of trials. i don't know whether the judge is influenced by his daughter for making money off of a trump conviction or just comes to case with an extreme biased but the way he treated that lawyer, costello, i have never seen a judge do that to a distinguished lawyer who used to be deputy head of criminal division of justice department, shame, shame, on that judge. and are he should be taken to the wood shed, by the bars soizatioborrows saying, how dare he threaten to not allow donald trump to put on a witness buzz he did not like the way he looked at the judge, it reminded me of hey, you looking at me, me is paranoid

schizophrenic. as if it is his courtroom rather than courtroom of the people of city of new york. larry: is it possible to gauge the jury's reaction to that. >> yeah. juries love judges, and he is a tyrant, he goes nuts, unfortunately for all wrong reason, i was not thrown out, i sat in the front row and i watched how angry he was and how biased he was, i wish the case was on television. this trial is being televised, i saw the television camera in the courtroom. only problem that only people that can see the television version are the people in the over flow room, who are media, american public should be

able to see how the judge is handling this trial. larry: is there anyway you think that mr. trump has upper hand or lower hand. >> i don't think he has upper hand, because there is a new york jury, if it were a jury in staten island, he would be out of there in 15 minutes of deliberations, there is no case, there is no credible evidence. that he himself, knew that the payments would be listed in a corporate form as legal expenses rather than as fors whatever paid. this just no evidence, only evidence of any kind, investing cred bit tie -- involves the cred bit credibility of michael cohen, i sat two inches from him, i saw him lie after lie, he said i would never accept a pardon from donald trump, told his lawyer, he would do anything, but he said in court nonsense, i

hope that jury sees it, this is an outrageous prosecution, whether you are a democrat or a republican. pro-trump or anti-trump, you should be outraged at way our legal system is being manipulated for partisan political purposes. >> thank you professor dershowitz we appreciate it. hope to see you soon. >> let's switch gears with monica crowley. and alec lace. voters -- wait, young voters are not as liberal as you think. interesting, and some of the numbers this is by trexiera some numbers are staggering, among youngest of young biden is plus 8. when you go company up he is plus 12, and 30 to 49

trumpa ahead by 2 percentage points, they are not as liberal as you think. monica crowley, you are young at heart. and age. >> still young. larry: what do you make. >> it is astonishing we have seen this political realign ament it has opinion dramatic when donald trump first came on scene, we're seeing a hemorrhages of support away from democrat party in their core constitue constituencies, the youngest voters. what is going on in middle east, i would say more show larry is the economic situation. joe biden has been an historic catastrophe, economically for all demographic groups, if you are a young person and you want to access the american dream, you see it slipping away because of inflation

and out of control government spending, your ability to buy a house, start a family or small business, and advance in your career that seems out of touch. larry: to the poll here. on immigration, alec, not at liberal as you think on crime as well. and on oil and gas and fossil fuel, not as liberal as you think and here is best part, the ranking, this is age 18 to 29, this is gen-z are you gen-z. >> no. larry: i'm in the either in case anyone was questioning. but, it was a joke. what is number one issue. inflation, 84%. what is 6 biggest concern, healthcare. 59%. and housing is 56%. how does climate change do? that 3/4 of biden's policy, this is 12th issue. how does student debt do? biden biggest lilt the

bottom issue. so, i would say they are concerned about the same as everyone. no wonder they are not so liberal. >> monica hit it out of the park, you and senator vance talked about the economy situation, young people starting their lives, they it entry level jobs with entry level pay and paying ceo-type salary rent. that don't agree with transgender ideology, they don't want men competing agents women in sports. also biden placates to both sides of israel hamas debates, he said there are good people on both sides, both sides they say fjb . he is hemorrhaging voters. larry: you know, on this poll, a gallup poll. the moderate group, they

ran, 18 to 29, biggest cohort is moderates 30 to 49. and then when you goat 50 and above it is more conservative. this is -- i think this is heartening that the kids are not whacked out left wing liberals that is how they are being described by a lot of media outlets. >> it is encouraging this is a fli split between younger men and women, the women are more radical and left wing, but men are conservative. now i don't know what that means for mating and reproducing. but if is true, you see this split, on president at race, a polled 30. swing among young voters, 25 points for joe biden in 2020, now trump leading by 5. >> biden is losing ground young people, blacks

hispanics, asians, he is just losing ground. alec. >> well, i would say too depends on who trump goes with for vp, someone like vivek ramaswamy connects well with the young generation, my son 18 years old will vote for first time he is voting for donald j. trump. larry: he will be a guest on the panel. monica crowley thank you and alec lace. >> terrific. >> coming up do rising commodity prices spell higher interest rates we'll ask davi (♪) (♪) (♪) (♪) ♪("baby" by summer walker)♪ ♪

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larry: do rising commodities mean higher interest rates. the world is expecting lower rates, joining us now david malpass, former president of the world bank group. we will start with what we start with crb is rising and gold is rising, there is the crb, a bunch of 6 months plus. price of gold rising. record highs. and we'll throw in price of copper. anyway. you are a federal reserve expert what do you make of

this. >> couple things, one it reflects inflation, meaning you have gotten behind if you are trying to mine things your costs have gone up and it causesse inflation from stain point of people -- stand point of people the affordability problem is that much worse, unless you make commodity not many people, not in u.s., there is no mining permits given, the u.s. has giant resources if you mined it the price would not be so he but rear not, china is buying it up and using it selling with profit back. that hurts workers, i think it is bad and one more indication of inflation. larry: consumers, commodity spread out. particularly energy commodities but all all like copper spreads out in the economy. so consumers of this pay for it will it bleed into inflation index? >> i think for sure it will, house prices go up, if you

build a new home, you feel copper price, also electricity prices have to go up, they will lag, surely they will wait until after the election, to really put up utility prices, but electricity prices have to go up we're not doing a good job in u.s. or really in many parts of world on the grid, there has to be a real -- >> shutting down the base load, that is natural gas. california shutting town. >> new england will with a shortage. think of power of if government said we'll allow nuclear power and find a way to have permits go through or on mining, either one, would be productive side of the economy it would make it better. larry: from a federal reserve stand point. we used to have bunch a people, who look add commodity price rule, commodity do up fed should tighten. commodity come down fed

should loosen, and they are rising a lot. what do you make of that. is the fed behind the curve? >> it really was behind the curve in 2010 to 2020. some part of this is catch up. but we should recognize there is a second thing going to china and japan doing competitive devaluations, the dollar on strong side against other currencies, but against commodity it is on the weak side. so, i think you have to look at production side of the economy say, we want to produce more commodities, you -- so that is the barrier side, you have to look at nuclear and think about that -- >> te you say fed should move. >> should not be cutting rates, in face of rising commodity price that is the mistake that jimmy carter made in 1970s, remember how dramatic it was. >> i do. >> it we just hold down interest rates, costs will

go down, they went straight through the roof. larry: you have to be fed chairman. if you are fed change, you would keep it steady. >> keep is stead snow and jawbone japan and china for devaluing their currency that's is unfair trading tras. >> it is and treasury, i -- was under secretary of treasury that was one of the issues we contended with, you have to say, you are i did finding t defending the dollar, the fed should say that andic thee economy has to from deurks not feproduce. it is. >> david malpass, thank you, buddy, be right back with the last word. do you want to close out? should i? normally i'd hold. but... taking the gains is smart here, right? feel more confident with stock ratings from j.p. morgan analysts in the chase app. when you've got a decision to make... the answer is j.p. morgan wealth management.

larry: that's it for kudlow, thanks for watching, folks. maria: good wednesday morning thank you for joining us is morning. i am maria bartiromo wednesday may 22 your top stories, 6:00 a.m. on the east coast, today all about nvidia futures