throughout the entire economy. but as a i like to tell my friends even though my best pick right now is a foreign company, at the end of the day, the u.s. economy is very iffy, but guess what? we're better than all the a other economies in the world. liz: yeah, yeah. ed, thank you so much. we're looking at the dow 30. the dow had been down 19 at the lows of the session. it is now higher by 554 points in these final seconds of trade. session high, 5711 a few minutes ago -- 5 5171. unh, mcdonald's, boeing, intel. now just two names in the red, caterpillar and amazon. s&p up 422. look, the nasdaq just turned positive. had been down more than 200 points. thanks so much for joining us. [laughter] we'll see you monday.

hello, welcome to a special edition of kudlow, i am david asman and for larry kudlow. donald trump vowing to fight back against the historic ruling in the new york criminal trial where a jury found him guilty of falsifying business records with still unclear crime which raised the outdated misdemeanor charge to 34 felonies. the former president took aim at judge merchan today denouncing him as highly conflicted. we will hear a lot from the president in just a moment from the former president. trump is set to be sentenced to life 11th. that's only four days before the republican national convention kicks off in milwaukee. it is not a coincidence? we will hear from alan dershowitz on that and a lot more moments but first, lydia hu live outside trump tower with the latest. >> that's right, the former president donald trump spoke earlier today here at trump tower for a little more than 30 minutes and addressed his recent

conviction coming down less than 24 hours from now as well as campaign to retake the white house. as far as the trial, he called it very unfair and pledged to make that appeal. trump explained why he never testified during the trial. we started off with the trial about a month and a half ago, he said he wanted to and plans to but we never heard from him. today he explains why he did not. >> you can go into every single thing i ever did. was he a bad boy there, about four here? what you need to go through? are you want to do is testify on this case because i would have loved to have testified. to this day i would love to testify. >> it appears the product is energizing his supporters, donation to flooding and according to the trump campaign. they raised $35 million and

online donations alone in just the first six hours after the verdict was announced yesterday. 30% of those donations come from new donors and as you mentioned, trump wasn't the only person talking about yesterday's historic criminal conviction of u.s. president. biden also addressed trump conviction this afternoon saying it was quote request for trump to say the system is rigged. listen to this. >> our justice system and toward to 50 years. it literally is the cornerstone of america our justice system. just should be respected and we should never allow anyone to tear down. simple as that. that is america. that's who we are and who we will always be, god willing. >> has trump said they are planning to appeal the

conviction so his legal team is tracking deadlines to lodge the appeal. they have roughly a month to file notice to appeal. the process for pursuing the appeal reaching to a conclusion expected to take longer than that, lingering even beyond the election. >> we will talk to the professor about that but wonderful work all week for this historic week, a wonderful job. thanks so much. appreciate it. for more, let's bring in alan dershowitz, professor at harvard law school and author of get trump, a threat to civil liberties due process and constitutional rule of law, all of which are packaged and what we have seen this week. thank you for being here. there's a picture of your book. before we get into legal details, i just want to take a quote, a very non- lawyerly quote what we saw over this past weekend get your reaction. he wrote, the charges were rigged, the prosecution presentation of the case was

rigged, we heard the president talking about the word rigged. the judges management of the case was rigged. the gag order was rigged and instructions to the jury were rigged. is that fair? >> one 100%. i want to say right now with president trump assessment of the judicial system more than president biden's assessment, i voted for biden. biden is dead wrong, we should not respect the legal system rigged. in my book, i predicted months before the case came to trial but it was a foregone conc conclusion. highest judge, biased jury bias prosecutor, the man who ran for office on the theory of let's find a crime to prosecute trump in the couldn't find crime so they made it up. we are now a day after the verdict. i've known criminal law have been involved the years, i still

don't know what the crime is. was he guilty of intending to violate tax laws, violate federal election laws, to defraud the voters? i still don't know and we are a day after this. this is the most outrageous c case. everybody knows the quote from the head of the kgb -- >> show me the man and i'll show you the crime. >> find you the crime. >> yes. >> he couldn't so he made up the crime, took a step further. this case will go down in history as one of the most abusive prosecutions since the trial of aaron burr back in 18 whatever. this is a stain on our criminal justice. >> and you are not the only liberal democrat saying that. we have this interesting piece

in new york magazine of all places by a cnn analyst, otto if you saw it this morning, he says the charges against trump our obscure and nearly entirely unprecedented. as you say, made up. no state prosecutor in new york or wyoming or anywhere has ever charged federal election laws as a direct or predicate state crime against anyone for anything. none ever so you're not the only liberal democrat who believes that, i just wonder how many other folks out there used to be against trump are now in his favor. >> i can tell you, i get whispered calls from liberal democrat friends of mind saying you are one 100% right but i won't say it publicly because i'm so thrilled trump got convicted even though the conviction was outrageous. liberals believe that this is an

unjustified conviction. we are willing to say it but they are not willing to say it and dancing on the streets and our people, i get e-mails, they are so thrilled we violated the constitution. i have people telling me getting trump elected is worse than undoing the constitution. that's how extreme some of these people are and it's not only this case, it's three other cases, i go over each of them in my book and every single one of them is based on conceptions that are in violation of the rule of law. this was the weakest case, worst case but a jurisdiction -- >> even professor dershowitz, did you imagine in your book or a few weeks ago that the judge himself would bring so much about prejudice, people are

allowed to have their opinions is allowed to be inconsistent with the judge is supposed to keep prejudice out of the courtroom and his instructions to the jury, i've never seen anything like it. somebody called it a roadmap to conviction which is essentially what it was, the judge is supposed to be neutral if anything on the side of the defense because it's the prosecution has to prove something is done illegally but in this case he was providing the jury with the road to conviction, was he not? mimic yes, in fact the day before the conviction, i wrote a column saying this was a direct verdict by the judge, the judge was directing the jury to convict. he didn't have to. the jury would have convicted anyway. once the jury was selected from new york voters, 85% of whom want to see trump as the president.

the die was cast, it should have been tried in a different county and staten island or rockland county where you get some chance of getting a fair jury. this was an unfair jury from the beginning so the judge didn't have to go as far as he went but he did and essentially ruled in a way that made it impossible to the jury to acquit or even tank. there would be a hung jury but once i heard instructions, i said no way, 12 jurors, i was surprised it took ten hours. i think maybe they filibustered a little bit and checked off some boxes. i think they would convict the sky as soon as the jury box even before. >> former president trump by the way still under this gag order and we talked about that but he talked about, he went pretty far testing out the limits of the gag order where he was allowed to go talking clearly about couple of people he's not allowed to mention by name but

one of whom was michael cohen in the really of noxious thing that happened, i think certainly grounds for appeal was the prosecution saying that because michael cohen had a plea deal that involved election interference, that meant trump was guilty of election interference. the judge originally said he wouldn't allow that suggestion to be made but the prosecution made and when the defense of objective to it, that objection was overruled by the judge even though he said he would prevent it from happening. here is donald trump talking about this morning. >> the three things he planned on having to do with the election and having to do with essentially a little bit with me, they were crimes. they were crimes. nor is paying money under their da. >> again, convicted of things that were crimes.

>> of course he was. not only that but the federal government manipulated to include trump precisely in order to get this kind of argument that could be made but it's pure hearsay. he thinks trump is guilty and pleaded guilty to a crime involving trump, that's not relevant so this case should easily be reversed based on the new york court of appeals decision in harvey weinstein case but because this guys name is trump, it's even worse than harvey weinstein in the view of judges so i'm not confident that it will be reversed. >> there's also the timing because we are running out of time i want to play one soundbite from mark levin because some people are saying there's no way it could get to the supreme court before the election. he saying we got to push it in that direction. can you roll that tape, please? >> do we allow this to go by

without trying to bring the matter to the steps of the supreme court whether the supreme court takes it or not, i'm not, maybe there's a 10% chance of the country is worth it. >> so i think back to 2000 during the election between bush and court when the supreme court realized this was critical to an election. this is critical to an election as well, is it possible to persuade them to take the case before the election happens? >> yes. mark once called me know dershowitz. the court granted review, they would reverse and i think there is a way of expediting, skipping going right to the court of appeals and ask for expedited appeal within a month and take it to the supreme court. the supreme court should reversed the conviction and let the voters decide who should be

president without illegal prosecution on the scales of the election. >> professor dershowitz, you said it all. thank you so much, appreciate you being here. have a wonderful weekend. coming up, republicans are united around trump more than ever after last nights but it but will that party unity continue as a welfare attacks from the biden administration continue? kansas senator roger marshall when kudlow continues. ♪

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republicans are unifying around donald trump but can at last through november? kansas senator roger marshall. great to see you, thank you for being here. donald trump, it's not all that

if you are a trump supporters. donald trump this morning talked about good news that, as a result of the conviction going to play that get your reaction. will tape. >> the good news is, last night which is got a report this morning in the history of politics i believe, maybe i'm wrong, somebody will find them wrong maybe but i don't think so. they raise more money donors, a record $39 million. >> you got this money boost or the trump campaign did but beyond the money, i'm wondering in the eyes of the voters, some people are sitting on the fence about donald trump and didn't like his personality, maybe didn't vote for him in 2020 seems to be convinced this law firm against political enemies totally out of control they are going toward trump. have you seen more about?

>> i think the folks back home, i've never been more fired up. the democrats gave donald trump the best shot. woke up this morning and donald trump is a touchdown, a six-point he raised $34 million overnight, that's a million dollars for every false charge and the folks back home realize november 5 is the day that matters. november 5 is the day of the verdict in late that night low the final whistle right now in the half time adjustments, donald trump is doing his part taking it, we are going to do our part. we got to help presidential raise the money, donald j trump.com and i would suggest getting $34, a dollar for every one of those false charges he's got going on. >> it is interesting the biden administration breaking they get a lot of money from small donors and in terms of dollars, more small donors been big dollars

but going on the internet you see thousands of references to people that may never have contributed before giving $12, $34 here, there does seem to be a movement in that direction. >> i think the republican party has become the party of hard-working americans, people who carried lunch pails to work and people who have all businesses and those people are upset to see our justice department weapon i sent they are excited and will get out the vote. americans love an underdog, a fighter. they love somebody who gets off the mat after they've been knocked down and americans love american football and white americans loved donald trump, the comeback kid. he got kicked pretty hard but he's back up today fighting and we are seeing that across the country everywhere i go. >> the thing about l'affaire, you do have conservatives talking about in order to get

back, the democrats turned the l'affaire on because they are not going to stop, they smell blood in the water from a they've got a conviction under their belt and they will go whole hog and continued not just for donald trump, maybe members of the senate elsewhere, we have to learn to get in the game and fight it the same way they are. what would you say to that? >> absolutely. that's what we need to be doing, we need republican leadership to speaking, i need to be speaking out there but we need folks back home as well. once a person puts up that yard sign, they were get out and vote and remember you can vote in most states to three weeks before november 5 and we need to get out and vote legally and show ids and go and vote. we got to recruit people to v vote. >> i'm going beyond that in terms of what these people are saying. they say you actually have to play dirty the way they are with l'affaire because they are going

to continue to do that. that doesn't sound like what you're talking about. >> no. i think we need to honor the judicial system. the son of the chief of police, we will honor the system and we need a president though it starts at the top, a person who believes in law and order and starts with securing the border stopping all the cashless bail, wallace culture biden has to be stopped and that's one more reason donald trump is going to win. >> having said all that, we should mention you put out this letter, this message joined by seven of your colleagues including j.d. vance, senator rick scott, marco rubio usually doesn't go in for this language but your heart, you say the white house made a mockery of the rule of law and fundamentally altered our politics in an un-american way and you go down to say to that end, we will not allow one, any increase in nonsecurity related funding for this administration.

two, any vote to confirm this administration's political and judicial appointees. three, allow expedited consideration and passage of democrat legislation so you're playing hardball in aid of you suggesting to do that. any chance you can get more republican colleagues to follow? >> they better. takes 60 votes in the senate to do anything so all we need is three more and grinding halt to everything. joe biden costs aligned with this weaponization of judicial system, we will stand up and grind this government down to a halt as best we can try to slow down the biden agenda every place we can. >> senator roger marshall from the great state of kansas, thank you for being here, senator. appreciate it. coming up, president biden says extending trump tax cuts will create an inflation problem. really? even the tax revenues have increased 47% but the trump tax

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so the white house now says extending the trump tax cuts would lead to an inflation bomb. edward lawrence has more from the white house. how do they figure this? that comes from a memo obtained by foxbusiness. it was from the senior deputy press secretary and/or bates is has quote a president biden believes the last thing our economy needs is inflation bomb. instead, he's fighting to make the biggest corporations and billionaires pay their fair share to reduce the deficit and cut the taxes for the middle class families. president biden makes it clear he wants to let the trump tax cuts expire now saying they are inflationary which means taxes on about all americans will

increase for example a family to making $85000 a year will pay an additional $1700 a year in texas so you put together with persistent inflation which the latest inflation report shows moving sideways not coming down and some economists say americans lose. >> consumers are tapped out, we see a lot of stress with consumer credit. right now people falling behind on their bills able to make ends meet having to get second and third jobs and etc. the consumer is another tremendous amount of stress right now. >> in the statement about that inflation report the topic says today's pc report shows continued progress bring down inflation and will inflation at its lowest since budget 2021 double inflation down 60% from its peak that might be true before congress go to the store and shop are saying americans don't see it that way. >> i think problem is when people go to the grocery store they see prices demonstrably

higher than the were to years ago or six months ago, they cannot come down and that is what is important. your grocery bill is the number you pay attention to. >> this be an election issue no doubt voters will think about this when they go to the polls. >> grocery bills and billing of your gas tank. those are the two things people look at. edward, thank you very much. for more, kevin hasek former chair of the council of economic advisories. we put together a little full-screen, how much more tax revenue has coming since the tax cuts were put in place. we had an increase of 47.7% in extra tax revenue since 2017 fiscal year which is when the trump tax cuts kicked in. how can they say that's inflationary wanted to bring in more revenue? >> the fact is the qatar applied

tax cuts and supply-side tax cuts increase supply if you increase supply, puts downward pressure, elementary economics so i don't know where biden is getting this idea. >> today we got pc numbers coming in is expected in the market was kind of happy about that and not going to say who but we have a guest on yesterday who suggested trump was convicted, we might have a drop of 2% in the dow. clearly the dow was up 500 points. why do you think that is? >> i was surprised by how little the market moved and i think basically what the market is saying is markets judgment about this take a deep breath, it's a political sideshow. in the end it's not going to amount to much at all.

i have a friend who is a legendary investor and i was saying i think the market is going to go down a lot if convicted in my friend said no, the market will go up because the odds of him being president going to go up. >> your friend was right. both counts. >> that's why he's a billionaire and i'm not. [laughter] >> let's talk about nasty things still happening in the economy. inflation is still there but we still to come down from 20% we have accumulated since biden has been in office and we have a chart by your friend seymour, i think we can the showing commodity index is up in its highest in 13 years. let us alarming, isn't it? >> year-over-year numbers look like they are improving but you look at the most recent few months that extrapolates right now between four and 5% annually will above the start and that's

going to be more and more obvious the next few months and if you look at first quarter gdp barely above zero, one reason it was close to zero is the gdp went up so much so prices were really hi in the latest report. >> let's talk about the overall gdp report because we have this continuing slide in gdp. look at that, third quarter of 20234.9%, a big jump and then 3.4%. a downward move. no first quarter revised down to 1.3%. are we heading toward stagflation? this really is looking more and more like stagflation, isn't it? >> this is what it is because what's going on is the government is printing a lot of money giving it to people to buy stuff but they are attacking supply at the same time so why is flat going down, demand is

going up there is inflation but no real gdp because of inflation before you get the number so the adjustment for inflation is wiping out gdp and i think i will continue the rest of the year. i would guess around one, between zero and one. >> the risk of too many, don't use too many. i wonder what one from your perspective because the debt, i think this is -- no, it's from ej, he found that is growing twice as fast as our economy. i think you still have a. that is really something unsustainable, is it not? >> it is and something different larry kudlow and i have talked about on the show going back to the fall, the last couple of years increase in gdp has been smaller than the increase in debt and maybe that's what

charges you are showing right now -- can't see it from my ankle but that is not sustainable, something will end and shows again what's going on as people think the economy is good, it's inflated by spending and debt which is going to have to reverse itself soon. >> i want after the show, i what the name and number of your investor friend who got it right on today's market, that was a pretty good guess i must say. kevin hasek, thank you for being here. appreciate it. turning back to donald trump historic conviction and the show trial joining me now, the right murdock. informed of the white house press secretary, good to see you both. i understand you were in the courtroom this week. you are also given am not mistaken, at the libertarian gathering where he was booed by a lot of the audience. i'm wondering, you've seen him

under tough circumstances, have you ever seen any political figure who can stand up as well against abuse donald trump? >> i was not at the libertarian, he was nice enough -- they read a big chunk of the article. >> i think the may listen to what he had to say but i went to the courtroom -- >> to the question, the stamina to stand up against abuse. >> i was behind the scenes with him and his family and friends and supporters and he was cheerful. we enjoyed mcdonald's during the break and all that and for a man under fire from so many directions from of the fact that he is stoic and upbeat and positive as he is, the only impressive on a human basis but also a political basis which is why you see the increase in donations in support. >> this morning he came out with a change in his style i think at least in terms of talking about

himself, that is the main thing. i just want to play that and get your reaction. roll that tape. >> i don't mind being out there because i'm doing something for this country and i'm doing something for our constitution. it's very important far beyond me. this can be allowed to happen to the president, should never be allowed to happen in the future but this is far beyond me, bigger than trump, bigger than me, bigger than my presidency. >> bigger than trump. you don't hear that because there aren't many things but being at home the people's lives because is not just something happening in the courtroom and new york, the abuse of judicial system is something eventually could affect all of us and he brought that home. >> used to say they come after me, they will come after you. >> they are after him and they are clearly coming up to the american people. curriculum got show up in virginia and ask why your

daughter was raped in the bathroom by transgender person, go to jail. 67% of the people in this country believe there politically motivated and polls show 59% believe biden has something to do it. i don't think the trial is going to impact this at all, this political landscape because what matters to people is can i afford gas, groceries? is the southern border closed? or drugs pouring into my communities killing my friends and family? are there wars breaking out all over the world? is a reason donald trump is ahead in these goals and swing states on the important issues because as of the american people care about and while democrats say want to focus on issues, they say is about green energy, abortion, day six, goes on the issues american people care about donald trump stays focused on that, i guarantee. >> newt gingrich used to talk about school boards and the real ballot races that are so important, up until the new book

generation of the past five or six years or so, it didn't essentially get in but it's got into our lives now and it is an issue i think donald trump thinks he can run on. >> at the overall unfairness of all of this. judge merchan mershon turned it into a crime scene. we saw violate the constitution, this business from a menu of three crimes including attacks, we didn't hear about that into the judge's instructions. >> how do you defend yourself from charge when you don't know what the charges? >> in the business of our county da and state judge saying we are going to make decisions on violations of federal tax law and federal election campaign, those are federal cases in federal court get this judge saying trump is guilty of violating federal law, it's not -- >> then you have the link

between biden white house and cases or in this case with calendula, prosecutor number three takes a step down clearly because the white house wants control. that's my personal opinion and you look at nationwide, another case in georgia where the friend of the prosecutor founder had meetings with the white house, what was going on there? the white house claims that have nothing to do with this and it's not right, they are hands off, i don't buy it for a second. >> new york democrats have never met a felony, they didn't want to downgrade to a misdemeanor but is donald trump which he didn't even come in the first place so that is ridiculous but to pretend politics doesn't play a huge role is lunacy on the left when you know the judge is

only conflicted because he's a democrat donors from of the daughter sent out an e-mail from her pr firm raising money for adam schiff on the trial her dad is running, we know this is right, we know it's a joke. the american people see it. will they be angry enough to come out and say wait a minute, this has to stop somewhere, this locker is not going to stand in this country, we have to change course in the only way is to get them out of office because they are utilizing levers of power and influence from the federal government to attack american citizens in an unfair way regardless of what you feel about the trial people in the middle and the right and the left in this country want fairness and they do not view this trial as being fair. >> there was insult to injury when we heard the news the judge is going to be sentencing trump

and god knows what, he's indicated it wouldn't be jail but could be based on how he's behaving but four days before the convention, a lot of people suggesting maybe gop should get together and move the convention three days before the sentencing so it can be celebratory event and will be overshadowed by the news of the something, is that possible? >> people change their hotel reservations and it makes sense and the judge could say you got to stay and trump tower fiscal six months and is he going to give his speech be a zoom or something? >> wait until he gets sentenced. >> could the gop do that? >> that's obviously very difficult because of the peo

people -- but who knows. the left will not stop. i used to think it was a joke, i think they will write medical journals about it. their hatred for him covers everything they do from the constitution or democracy, they want to go after this man's like nothing obscene. >> i'm so glad donald trump today with talking about the constitution because there is a head-on attack, that is the goal of critical theory people implanted in various areas where they can change the constitution to we've got to leave it at t that. we could talk for hours. coming up, republicans are set on taking the senate majority as they are doing it, they are standing behind president trump. slamming the you new york fe felony, varney marino joined just coming next.

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you got the full endorsement of donald trump. it's quite a catch to get the endorsement but is the endorsement worse more or less after the conviction or doesn't matter? >> the most powerful endorsement and political history, a got his endorsement in december, 18-point margin in one every single county in ohio. 51% of the boat so endorsements, something that's never happened in america before and probably won't happen afterwards, the most powerful endorsement and political history. >> but specifically because of the conviction, a lot of people mainstream media forcing this going to -- everybody for to step back because he's convicted now, what say you? might it actually be more helpful because we saw the fundraising you did in the past 24 hours, might it be more helpful for his run now and his

endorsement? >> a sad day for america, they played that out pretty well but in terms of mobilizing the border, it will mobilize. we got to get these people out and maintain political power, the idea that conviction hurts him politically is something only true in a dinner party. other than that, the rest of real america is not positive. >> the last poll i showed but behind about 5%, you may have a recent poll but you are gaining, this is the last will and 39 to 34 and jared brown has been there for a while, what is hitting court most of the voters in your area, your state? >> a guy who ran for office the first time when nixon was in the white house and to be a 39% is

pretty bad but immigration is an issue in inflation is an issue and now weaponization of the justice system is a huge issue and we will solve all that. >> you are a business person it may give you time to quiet the dog but i will play a soundbite from donald trump talking about business and particularly ev mandates and i believe you are a car dealer so i will get your reaction after this. >> our country is in bad shape and they are very much against me saying these things, they want to raise your taxes by four times. they want to stop you from having cars with ridiculous mandates that make it impossible for you to get a car or afford a car but make it possible for china to build all of our cars. >> are those ev mandates green energy biden administration something voters react to

particularly in a state like yours where cars are made? >> absolutely and we make internal combustion engines and the people here realize week continue on this path mandating electric vehicles, we will hand the auto industry over to china and decimate places like ohio and michigan so it resonates 30% of agriculture so this is -- we have less than 1% of our cars electric here in ohio. >> finally, very quickly you are an immigrant, from columbia, you came here and a unique perspective on the whole open border thing. very quickly, does that perspective help you in this election? >> absolutely because people came legally are sick and tired of people breaking our loss and second tired of it and we want to go back to legal immigration where america getting.'s

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