- we must take action now. (cannons firing) - men, hold your fire until they come within 50 yards. and when you charge, yell like furies! (cannon blasts) (soldiers shouting) (soldiers yelling) (guns firing) - colonel sherman, press that hill! - yes, sir! charge them now! (guns firing) stand firm, men! (intense music) larry: hello, folks. welcome to kudlow, i'm l arry kudlow. all right biden inflation inferno continues with 7.7 billion in student loan forgiveness, house members byron donalds and anna paulina luna with that.

and all right, there may be no hope to tame inflation. that is the subject of the riff. stock market bulls continue to taught federal reserve interest rate cuts but latest fed minutes out today throw cold water on that. the stocks don't need extra juice from the fed. consumer prices increases around 4. 5% annual rate over first third of the year. 20% over course of joe biden's presidency. prices risen faster than wages during mr. biden's term. you could add-on personal borrowing costs. like car loans, home

mortgages, credit cards. all those are not counted in the cpi but they weigh heavily on families. then there is never ending biden spending machine. and soaring deficits and debt that go with it. you are looking at two trillion dollar deficits as far as the eye can see. the root cause of those, is over spending. which is running nearly a quarter of gdp, that is a peacetime record, cbo estimates that budget deficits will run close to 3 trillion dollars by 2034. spending continues unabated from biden policies. deficits estimated to rise to 6% of gdp, that is an unheard of level in an economy with unemployment less than 4% and a troublesome high inflation rate. debt held by public totals 27 trillion. and to rise from current 99%

of gdp to 116% of gdp . total federal debt itself now 34.5 trillion. net interest expense running over 800 billion a year, that is near unbelievable number. that is actually just as costly as our kno entire national defense budget. and joe biden treasury making a huge mistake, by financing the debt at shortened of the curve through monday prez bills -- treasury bills, 5 and a quarter%, they are higher than 10 year bonds. treasuries should be selling much longer duration bonds to avoid high interest expense. and to properly fund out the debt burden over a long period of time. maybe 50 to 100 year bonds,

would make more sense for future generations than 3 montre3 month, treasury bills, the fed pushed down on the brake biden's spending policies keep the accelerator on the floor, that is an inflation problem for longer term that is unless someone else comes along to completely change the policies. that is my riff. all right. joining us now, florida congressman byron donalds and congresswoman anna paulina luna. byron, we're spending away fed is pushing the brake down. the biden spending is pushing accelerator. inflation remains a stick -- sticky problem. and they are pushing out how much 7 or si sit billio bill or 8 billion of more

student loan. you know byron this is a crazy government if you ask me. >> larry, i would tell you this is a rogue government. a radical government. you are right about student loan debt, supreme court has told joe biden, no. congress has not voted on anything like this for student loans but he does it anyway, that say violation of separation powers, which is impeachable offense, you have his massive over spending, a lot of our clegg colleagues on capitol hill voted for to continue, but no one is asking, what is happening in the auctions. we have to be responsible here on capitol hill. it is a recipe of disaster, led by master of disaster joe biden, we have to get rid of him, we need donald trump back.

larry: you know, anna, thanks for comes back on. washington has to stop spending your take on this we'll -- you know byron is a financial expert, i can hardly keep up with him. he knows about yield curves and treasury bonds. but generically this country spends too much money, there are too many deficits, it now shopping up the poll, bankers like jamie dimon who say democrat saying, hang on deficits and debt will key inflation as far as eye can see, how do you break this cycle anna. >> it is up to the voters this november. byron stated, a lot of people realize under president trump's economy that is was more affordable. when see this administration pushing something like student loan forgiveness, i look at it like they are trying to buy votes, and for

people like myself who joined military and pay our way through college, this is a slap in the face for those of us who did it responsibly, a lot of people now realize regardless of what administration says they can't trust them that is why you see a massive influx of voters and hispanic and black demographic. >> interesting. you can't trust the issue of trust, there is a new harris poll, big majority of people say we are in a recession, saying we're in a recession. we're not technically. but you know. anna paulina luna, there is a matter of broken confidence in biden. which he cannot somehow marshall back. i think that is what they are saying. i have no confidence in the future, things are not fabulous now, it is too expensive to live in his

economy, i have now confidence he will fix it, is that possible, a confidence perception and break down? >> most certainly, you saw i am sure you may have heard of cardi b., she said he would not reendorse president biden, she was disappointed in his performance, and others, in celebrity hollywood say they are supporting president trump because of, that i could not agree more, i am sure my colleague byron has something to say about that. larry: in cardi would speak to me, i could speech her about supply side economics, byron. >> let me tell you cardi knows about supply side. you will have a good conversation on economics. there are so many people like anna said, amber rose supporting president trump. and you have a lot of people in hip-hop supporting trump. they understand that if it does not make dollars it does not make cents people might make money under joe

biden but they are spending far more, it does not work, that is before you get to other problem with this administration. this is why you see so many out of entertainment world lining up behind donald trump because at this point in american history the economy worked, things made sense, media never made sense we're working on them. larry: if she calls me i'll talk with her. we could have a sit down with charts and graphs. a couple more things. you are terrific. anna to this, our own bill melugin great reporter, reporting massive migration along san diego border, here is the rub, people coming across, iranians, chinese, turks that is a new ball game, we're getting so many foreigners not from south america. not from central america.

not from mexico. they are coming from all over the world. now the middle east. i think first, that is going to be a big issue. there are terrorists in that group. and also criminals in that group. what do you think anna? >> i think that it is the number one topic for the election season. this is a creation of the biden and harris administration doing, it interesting media is trying to portray people coming here as hispanic, when they are not, there are people who have been noted on terrorist watch list that have been coming across. if you are elected official,y need to say we secure our border, until we can get it under control, you could put a temporary pause to allow immigration courts to catch up. larry: one other thing on this byron, the state of oklahoma is being sued by justice department garland -- merrick garland justice

department because oklahoma is criminalizing illegal immigrants, but, imagine that, in the pokey for a couple years. governor is very much a part of this and garland justice department is opposed to it somewhat like in texas they had to bring in their own guards and rangers, and put up chicken wire. the bidens will not do anything about it. >> what states are doing is correct. they have a responsibility to retek their -- protect their citizens if federal government is not doing their job, founds of this nation, states would have never ratified constitution if federal government could ignore the lay, that is happening in united states today, joe biden ignores the law, merrick garland does nothing to keep joe biden accountable to the law. and what is happening is

they are criminalizing other states that want to inforce the law, and -- enforce the lay and criminalizes chief political rival in donald trump, they must be defeated, garland has to go, the job of the administration is to execute federal law. not go around it. not ignore it. and not create new law that never existed in the first place. that is why america is crumbling before our eyes. larry: anna, you want to bus merrick garland. >> yes, we'll vote i think return from break on contempt of congress, i don't have faith in justice system, i did file inherent contempt of congress resolution against merrick garland that will allow congress to use sergeant of arms at direction of speaker of the house and hold attorney general accountable, that would happen to any other american, i don't think there should be a two-tiered justice system,

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larry: welcome back, breaking news, news corps and open a.i. have signed a landmark multiyear global partnership to bring newscorp's news contend to open a.i. open a.i. will receive access to current and

archived content from news corp's major news and information publications that is "wall street journal," "new york post," times of london, daily telegraph, fox corporation shares ownership with newscorp. it tell us more. sam altman, ceo of open a.i. and robert thomson, ceo of news corps joining us later in the show. >> now, back to the mundane, i don't know something. we'll talk about the case. 0100 year bonds. the case. joining me now taylor riggings co-host of the big money show and very old friend of mine todd buchholz. who is an economist and author ofs price of prosperity, todd, you stimulated this segment by your note to me in our op-ed

piece. i'll tell you, when i this was office i talked to don about thdonald trump about this many times, every time i said 1 hupp ye 100 year bonds he loved it. he said yes, i said japan is doing it and mexico, yes. there was not a lot of total enthusiasm in the others in the oval office meetings, but you have trump on your side, that is not nothing. >> that is not nothing. this has been one of the biggest blunders in american economic history. think about it, we could have locked in our borrowing aat 1 b ip 1. 5% for a hundred years. >> more during the meltdown or -- >> basically from 2000, i wrote a piece in "wall street journal" in 2012, since the financial crash of

2008 until 2 years ago we had an opportunity to lock in rates but we now spend more on interest on the debt than defense. it didn't have to be. larry: yellen is selling -- treasury secretary yellen i'll be respec respectful, selling the bulk of debt at shortest end of the the curve. i don't know why but in the inverted yield curve, let's see 10 year about i will call 4. 5%. she is selling paper at 5 and a quarter. >> two years that 4.88 is creeping up today, you pay more on shortened than long end because that inverted yield curve. i like idea of century bonds, we had unlimited qe more offer, for my

generation, and my future generation, we could have been saving so much money that you talked about. but we're issuing rates now and paying that debt expense on yields that are triple what they were a few year ago. we're just wasting that money and burdening the future. larry: you are right. selling the short and rolling over everything 3 months is not funding the debt properly, not bonding the debt out the way a company would bond it out. and your piece you said, a bunch of companies sold 50 to 100 year bonds. >> imagine disney sold bonds they call them sleeping beauty bonds. and norfolk railroad sold 100 year bonds, they told them. -- sold them, but treasury just decides to blunder, i don't know, you know, every night there are 120 productions in world of mu of the musical hamilton,

every night hamilton should come forward and weep at disaster. alexander hamilton in case cardi b. calls me s this her name. >> you are so young and hip. larry: i will turn her who a supply side. >> i want too see you bust a dance move. larry: i have done this before. taylor riggs. before we go further into this. >> liquidy issue, i wonder if they are going to front end of curve it might be more liquid than maybe's century bond, i think there is appetite for u.s. debt, argue now is the time. >> our average duration of debt is 5 years, britain is 15, could we at least catch up on the way to 100. larry: who -- mexico has long. >> mexico, austria,

ireland. belgium. larry: my favorite 12 1/2 % on corporate tax rate, china? long bonds? japan. >> well, japan has. yeah. >> they have a lot of debt. >> janet yellen was asked about it when interests were 1. 5%, she said we looked at it. we're not i doing it. larry: i tell you, forecast, if mr. trump wins, he will restart all of the oil and gas drilling. that will put more supplies on the market from that production that will lower energy costs. and will spillover hang with me to a lower inflation rate and much lower interest rates. at that point, it is time to go to 50 or 100 bonds if he getting a second changes, i believe that is what he will do. taylor in last minute. fed minutes came out today. >> huge. larry: no interest rate cuts

in high lifetime. >> no, wire obsessed with the fed meeting minutes making then fun again, they are not boring. larry: we're the only ones in the building. >> but they are fun. they are admitting that maybe hikes i don't think that they will happen. but they are understanding that cuts likely are not, you could get one in december, but i think they came out, from the minute of meeting saying, we could look at maybe hikes but we're not cutting -- cutting any time soon, higher for longer. larry: christopher waller, center of gravity on the board, appointed during trump administration. he said for a while, the evidence on inflation is not good enough to cut rates, i think people should listen to him you know why, because other fed governors and presidents listen to him. >> a list of treatment tranner to -- team

transitory. joe biden, janet yellen insured us that inflation was a passing thing. larry: larry summers, and credit. >> they -- >> summers called this spending bill in 2021 of march, he calls it original sin of inflation. >> larry and

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larry: an interesting topic former president trump campaign is betting big on crypto. they are taking contributions in form of crypcrypto currency we bring in vivek ramaswamy. all good things in life, welcome back. start with you on crypto story it is modern, current and cool that mr. trump who

by the way i have known for some time has always been favoring the crypto. better than fed and treasury run every darn thing in the world. what do you make. crypto for trump. >> it is positive. i am biased my presidential campaign also accepted crypto currency donations, this a good move. it is also what is symbolizing, an alternative, an opt out from a system which sadly has been corrupted by federal reserve running a printing machine on hyper drive, that opt out holds the existing currencies, including fiat currency and u.s. dollar holds their feet to the fire, this is an accountability we should want. i think that prob president trump has been ahead of the curve, i respected his

decision. i think that something that libertarians, even not traditional republicans, and freedom minded independents continue to respect about him. his ability to adapt as issues move he keeps up with them thank is true about trump in a way not about joe biden. larry: for sure, you want -- you know central bank digital currency, but let's break it down, a federal reserve digital currently, and an attempt by the federal reserve and treasury to control our money. that is what it is. so better off break through help the crypto currency out, you know most of th the echanges are good -- exchanges are good, i know there are bad apples, but bitcoin for example. bitcoin had a great year. you know price of bitcoin, i don't know what it today, it got back to choice to 70thousan.

>> central bank digital currency point on po -- spot on, an argument for doing it that china is doing it, keep up the with jones or the xi jinpings if you ask me. if you do something that government disapproves off, they could wipe it out, that is un-american. keeping up with issues as they arise. a repora -- i respect his ability to do that, not just joe biden's age but his inability to adapt as issues arise. >> important point vivek. one more for you. i riffed on this yesterday

senator jd vance. the business of joe biden going to morehouse college, whose kids, are doing fabulously in the real world. getting jobs at 12% higher pay and way biden calling them victims and all racism and jim crow, it was insulting and disgraceful. sound from senator jd vance on this. >> what he is trying to do, insulting to graduates is to distract them from fact he has been a failure of a president by pointing to racism and telling them, they should feel like victims. larry: you know, pointing to racism. calling them victims talking about jim crow, all suggesting that donald trump and all republicans are racist. i just thought that was a disgrace and insult, have young future leaders coming out of that more morehouse

college graduating class and whole college it tremendous success without joe biden telling them you are going to fail because it is a racist world, what do you think of that vivek. >> this is a classic move from classic lif left wing play book, blow woke smoke to deflect accountability for their own failure, victim hood is a currency, they are doling it out, the most disastrous thing to tell a young person is you can't achieve something because of your scoi skin ocolor, the good news is a lot of people are not buying it any more. it is condescending, black voters want what all voters want, honesty and respect not condescending. there is a tidalwave in other direct, we have become a nation of victims. that wallows in victimhood.

instead of a nation of under dogs that phase is now passing, i see across the country right now, including among college graduates is young people is a hunger to go in other direct, we have been fed the narratives but we'll revive the scrappy ideals we were founded on, i don't know they are buying what joe biden is selling. >> to breaking news. newscorp and open a.i., have signed a landmark multiyear global partnership to bring news corp news content to open a.i. open a.i. will receive access to current and archived contend from news corp major news and information publication that is "wall street journal," "new york post," and times of london, and daily telegraph. and a lot of other media outlets. joining me now with all of details we welcome mr. sam altman, ceo of open a.i.

and mr. robert thomson, ceo of news corp. thank you for coming on. you honor our show, first time for you both. to my friend robert thomson, what gave you the idea what was the genesis of this and perhaps why do you want to complete the deal? >> well, really sam and his team deserve credit, it began as a conversation, and ended with an agreement. we can't do to details but it say quite profound and consequences for journalism, not ownly journalism now but in future. we're proud to partner with sam and his team and just clear to they appreciate the preciousness of prominence. larry: are in sam altman. hello i am larry kudlow, we have never met. >> nice to meet. >> thank you for comin come

on, you have done similar dials with red is cou reddit, axios, "financial times" and lemond, did you approach newscorp the "wall street journal" or did you approach my friend robert thomson? >> i talked about it cause wally for a while -- casualty for a while, as people use cha chat gpt we want to bring more high quality data information to our users, news corp has great content and strong journalism is important. let's figure out something that makes sense. larry: sam walk us through, a lot of people may not know, now your company operates. >> we do a few things, we well-known for running chat gpt. that lets you ask questions or talk to this a.i. system. and now you will be able to get relevant daily information from news corp when you ask questions that need it.

larry: we heard just one more before we go to mr. thomson, sam, we heard crazy stories of inaccuracies with respect to a.i., and related social media. do you think having access to such a highly reputable group of publications, news corp is top flight. you think that will help to shall we say clean up the a.i. chat gpt people talk about safeguards? i myself down want government in run the whole bloody thing. i prefer private sector, will it make it cleaner in your judgment. >> first, when robert and i started talking i said to him then, still true "wall street journal" is my favorite news outlet. my go to. i think it is super high quality information. i thanked him for that and we want to find a way to get

it in service, i think high quality from. coulfrom trusted brands. on the question of inaccuracy and a.i. we continue to make rapid research progress to improve, that if luke at where we have -- look at where we have come over last few years that is important in general thing in service we' to build, and technological progress has been great and this papewi partnership will make it greater. larry: robert thomson, am of a believer in gail -- the breakthroughs, they may be bumpy but it is better to be in private sector, i am a fan of joseph. the a.i. revolution, new

replacing old. you will be a part of that now, are you not? main part of that. and you have decided to give access to your content, that is a golden jewel, are you comfortable with that. >> very -- look very comfortable. and very extremely comfortable with partnership with sam, apart from artificial intelligence which will affect everyone. every company every 57 person, you need actual intelligence and emotional intelligence that is why these partnerships are so opportunity. life has to be understand book wards but only forwards, we're towing with open a.i. is embodying spirit of kicking -- it is important for society and for journalism, historically

has been a huge shift of value and power and leverage from creators to distributors, the a.i. age is another iteration of distribution, that is why being a partner with sam and his team is important. we get the plan balance right, and when we're distributing has essence of prominence. larry: robert, the much -- "wall street journal" reports that deal is 250 million over 5 years, pay you 250 million. they are reporting that news corp stock on the news of this is up 5%. is that 250 million act -- accurate. >> i'm not commenting on that, it is after the market closed, you get bumps and. look, sam and i joked won't in past that -- once in the

past that what we're not doing is channeling my eloquent fallo australians acdc it was not dirty deals done dirt cheap. larry: i'm not following up to, that thank you, mr. altman. not my world but, scarlett johansson is suing you, you can tell us about that? is that so. solved? >> i am sorry for miscommunecasion, it was not her voice, never to be her voice. larry: the suit without merit. has it been withdrawn. >> i don't know if we have been sued. >> yes, has it happened it has been a language day. larry: there is a suit. >> by way. >> larry.

>> listen it is a more version of my voice. larry: we could make a new character off your voice. >> you were talking about times of london. what did you say 1795, i was there. >> 85. >> i was actually there. i remember the whole thing it was exciting, like this partnership you are talking about. anyway, i think, my producers are telling me to leave it there. you don't want to talk about financial numbers and scarlett johansson that is okay this is an interesting deal thank you for coming on the show wish you the best. >> thank you. >> thank you. >> you bet. larry: switch gears, go to politics charlie hurt, washington times opinion editor, fox news contributor and joe concha. joe concha would you have made this deal? >> absolutely. >> be careful.

>> i don't vic have to follow sam and robert. larry: a great act. >> like -- >> i want to play acdc . >> no, you are not, we're not going there. >> future. larry: it is. so hot. >> we don't know what financials are that all coming out wall street analysts want to know. >> did you can see nvidia stock. >> i heard they beat earnings just now, maybe someone can whisper in my ear. how stock done after hours, but nvidia doing great, and jim cramer named his dog i iin iin vinvidia. >> idea of adding truthful honest news and information to a.i. is a spectacular achievement. and then, the other problem

which -- i think that our company, we're blessed our company has been on front edge of this. understanding the need to figure out how to pay creators how to -- how to protect the value of the information you dig up and create. and it is a real problem and we're seeing newspapers, you know, fall to pieces left and right because people have not figured it out. and if this is a way of figuring it out, that is will -- not to over dramatize but will save the republic, cannot have a republic without a informed and educated electorate. larry: i dare say, i never liked joe with respect to the a.i. revolution. chat gpt and so on. and there are glitches and there will be. i don't know government with opres oppressive regulations to run the whole thing, you look at biden proposal it is blanket

regulation. beyond idea of safeguards away. >> too much money to be made in a capito crist capitalistic society. >> if you believe government is only answer to the problem, you request not have a fr spree country, it -- free country it will collapse, that is why private partnerships figuring out how to protect free speech and make it vallavaluable is how we survive. larry: this is a private investment no government money. >> and printing presses. larry: the most entrepreneurial and creative possible. >> only reason we have a country is because of printing presses, reason they worked and made country

is what it is, they were in private hands allowing a lot of view points, and people you know, and that is how you get at the truth. and people are smart enough to figure that out. larry: joe. speaking of private markets betting markets have trump at 55 and biden 43. >> it is more now. moved to 17. lead for trump. >> really. >> largest lead across 3 campaigns. joe biden was leading by 2 when alvin bragg trial began. now trump is up 17. larry: a great point. >> trump has barely campaigned not like a great policy idea came out it driven by lawfare. larry: in the bronx today. >> amazing. larry: bodega last week, and fire department. >> great thing about is it you have a felony trial, and

with the presidential nominee in court, and you have all these republicans coming up from washington, to get on camera in the courtroom, it is joe biden who is run away from the trial, that how bad it has backfired. >> trump is center of gravity, taking country by storm. >> by the way, 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: not my choice. but i will ask next guest what happens if mr. trump were convicted in new york city, there is a new york city jury, on s set jonathan turley. walk us through, you know not my favorite scenario. if he is convicted by new york jury, what might happen? >> well, they first have to go through sentencing, after a conviction there is recommendations on sentencing put forward and arguments on that, that could take as much as 90 days, depends on where the cour court is, then to gets sports once sentenced many judges will commit you at that point. this is not your normal case. merchan said he does not want to make special

adjustments for this case, but that would be crazy, he is -- has one of the most novel and baseless cases, this case is nuts, evidence stands in contradiction to what bragg is doing there is a very good collapse on appeal that this could be overturned. larry: appeal takes a long time. >> it does but are you really sending former president, a presidential candidate to jail. if he goes to jail, secret service will go with him. and then you have the issue, if he is election president, they cannot keep him from acting as president. and so, you could be president and be

dear santa, my mom says i'm a good helper. but you didn't come last year. i just really hope this year when i wake up... i'm gonna see... that you came to my house too. donate today. larry: that's it for kudlow, thanks for watching, folks. ♪ ♪. maria: good thursday morning everyone, thank you for joining us this morning. i am array or under maria bartiromo thursday may 23. today a.i. dragon market