art laffer great to see you, happy new year. >> great to see you david.: you and i both love it when the markets are up. politics aside it is better for everyone. but at the same time, by the way, the s&p put a fine point is up 24% year to date that is a huge rise year-to-year for the stock market. but voters by a big majority think that the economy stinks. anaeven 61% of democrats feel that economy is doing badly. 61%. 93% -- i think, yes 93% of republicans believe it is bad and independents 85%, that has to worry the white house, but 61% of democrats, when will those two truths converge if they will? that the economy is feels good, and that the investors think it feels good, will they converge in 2024? >> do remember, david, a lot of this rally in stock market is recent, market telling us what will be not has been, we have a forward looking indicator and people making comments about what they think economy is how they feel right now, t the disconnect comes people care about jobs not unemployment rates, total jobs is way down with a low employment rate,

art laffer great to see you, happy new year. >> great to see you david.id: you and i both love it when the markets are up. politics aside it is better for everyone. but at the same time, by the way, the s&p put a fine point is up 24% year to date that is a huge rise year-to-year for the stock market. but voters by a big majority think that the economy stinks. andaneven 61% of democrats feel that economy is doing badly. 61%. 93% -- i think, yes 93% of republicans believe it is bad and independents 85%, that has to worry the white house, but 61% of democrats, when will those two truths converge if they will? that the economy is feels good, and that the investors think it feels good, will they converge in 2024? >> do remember, david, a lot of this rally in stock market is recent, market telling us what will be not has been, we have a forward looking indicator and people making comments about what they think economy is how they feel right now, th the disconnect comes people care about jobs not unemployment rates, total jobs is way down with a low employment r

art laffer, great to see you, my friend.ew year, close to happy new year. >> great to see you, david. you too. david: you both love it with markets are up. it is better for everybody. >> yes. david: the s&p to put a fine point on it is up 24% year-to-date. that is a huge rise year to year for the stock market but voters by a big majority think the economy stinks and even 61% of democrats feel that the economy is not doing well, that it is doing badly. 61%. i think it is 93%, yeah, 93% of republicans think it is bad and independents 85%. that has to worry the white house bad enough but when they see 61% of democrats think it is bad, when will those two truths converge if they will at all? that the economy, feels good and that the investors think it feels good? will they converge at all in 2024? >> do remember, david, the a lot of this rally in the stock market has been very recent and the market is telling us what will be, not what has been. so you've got this forward-looking indicator and then you have people making comments

i want to bring in laffer associates founder and chairman, art laffer. art, i know you're a milton friedman fan, but the age of monetarism, it only lasted from 1979 to 1982, right? central banks around the world including ours started focusing on doing inflation targeting. do you think powell and company may start to go back to this milton friedman approach? >> i doubt it very much, charles. i don't think he is a student of that. i don't think he would do that i think he is playing it by ear to be honest with you. day by day, so far this year they have done pretty well dropping inflation rates. i don't think they have control of the fed and i don't think they have control of inflation. charles: we know that yellen has been in the media. i was just talking to rebecca about this, sort of hard selling a soft landing if you will. listen i think the message is twofold. maybe there is some influence going on there, open influencing. it sounds better when you go to the public and say, hey, the economy is falling apart and call it a soft landing rather than the

we'll ask the great art laffer when kudlow returns.nvestments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher investments. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different. you want to be able to provide your child with the tools or resources they need. with reliable internet at home, through the internet essentials program, the world opened up. fellas, fellas. that's how my son was able to find the hidden genius project. we wanted to give y'all the necessary skills to compete with the future. ke

we'll ask the great art laffer when kudlow returns.ive. 'cause if you feel different, you drive different. it's illegal to drive high everywhere anyway. you want to be able to provide your child with the tools or resources they need. with reliable internet at home, through the internet essentials program, the world opened up. fellas, fellas. that's how my son was able to find the hidden genius project. we wanted to give y'all the necessary skills to compete with the future. kevin's now part of this next generation of young people who feel they can thrive. ♪ ♪ (car engine revs) (engine accelerating) (texting clicks) (tires squeal) (glass shattering) (loose gravel clanking) larry: all right, speaking of banning bidenomics, that was a joke. are we heading for an election year recession? that's the question before the house and we're asking art laffer, former reagan economist and presidential medal of freedom recipient and i'm glad i can spit that out and art, are we headed for a recession, a lot of nasty signs and index leading indicators

. >> coming up art laffer will weigh in on why mr.7 point lead over joe biden when it comes to handling the economy, because, art. s that mr. biden has not done anything right. and kudlow is avail a able as a podcast, every weekday after the show on spotify, apple and fox business podcast. whoopie i'm a podcast, i love it. thank you very much. >> see you soon. fresh, warm hot dogs! when i'm not selling hot dogs, i invest in a fund that advances innovations like robotics. fresh, warm hot dogs, straight out of my torso! one for you, one for you. oh, you're a messy one. cool, right? so cool. anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. hot dogs! fresh, warm hot dogs! before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. larry: all right, another major poll says we're witnessing death of bidenomics, joining us art laffer, former reagan economist. and all other of the new book, taxes have

steel, bringing in former reagan economist, the great art laffer. up on the full screen there. right. and turns out not only u.s. steel did not survive but nippon steel probably a better company, sometimes taif itariffs are a bad idea. >> they are, they have always been a good idea, we went through color television example in this article, tariffs allow your domestic industry to become lazy and fat, and fall behind the rest of the world, that happened to our color television and our steel industry, and tariffs are a bad idea,i except in case for material for war, i would never have a free market in nuclear weapons with kim jong-un, but other than that free trade across the board making your industries competitive and great. larry: we'll disagree on next sentence, i support chinese tariffs, they steal our intellectual property, they force our technology transfers, they are -- japan is one of our dearest friends, china is one of our enemy, i support china tariffs on this one, i thought you know, this steel tariffs in a they were a lousy idea. art, i know that stock market was off

steel, bringing in former reagan economist, the great art laffer. up on the full screen there.tter company, sometimes taif ires atariffs are a bad idea. >> they are, they have always been a good idea, we went through color television example in this article, tariffs allow your domestic industry to become lazy and fat, and fall behind the rest of the world, that happened to our color television and our steel industry, and tariffs are a bad idea,i except in case for material for war, i would never have a free market in nuclear weapons with kim jong-un, but other than that free trade across the board making your industries competitive and great. larry: we'll disagree on next sentence, i support chinese tariffs, they steal our intellectual property, they force our technology transfers, they are -- japan is one of our dearest friends, china is one of our enemy, i support china tariffs on this one, i thought you know, this steel tariffs in a they were a lousy idea. art, i know that stock market was off but it had a huge rally, last few seconds, interest rates are lower. stay in the m

. >> coming up art laffer will weigh in on why mr.n when it comes to handling the economy, because, art. s that mr. biden has not done anything right. and kudlow is avail able as a podcast, every weekday after the show on spotify, apple and fox business podcast. whoopie i'm a podcast, i love it. thank you very much. >> see you soon. meet the jennifers. jen x. jen y. and jen z. each planning their future through the chase mobile app. jen x is planning a summer in portugal with some help from j.p. morgan wealth plan. let's go whiskers. jen y is working with a banker to budget for her birthday. you only turn 30 once. and jen z? her credit's golden. hello new apartment. three jens getting ahead with chase. solutions that grow with you. one bank for now. for later. for life. chase. make more of what's yours. shingles. some describe it as an intense burning sensation, or an unbearable itch. this painful, blistering rash can disrupt your life for weeks and could make it hard to be there for your loved ones. shingles could also lead to seriou

laffer and i, steve moore were opposed to steel tariffs.e 25% steel tariffs, 10% on aluminum if now our biggest steel company got taken over? by the way those tariffs were suspended anyway. what was it for? what did we gain out of this? >> well, first of all on the deal itself i don't think people should object to it. nippon steel is a very high-tech steel company. if anything they may have better technology than u.s. steel. they pledged to honor the labor contracts, which go through 2026. and they have pledged zero carbon by 2050. they're very, very responsible company and reminds me back some decades ago when i was at rothschild we represented the rockefeller 34 trust when they sold rock center to the japanese, and everybody said, oh, my god, the sky is falling and american icon owned by the japanese. you know what the consequences were? nothing. no consequences. and i don't think there will be any consequences of this. larry: but that's what we argued. look going back into late 2017, early 20178 a number of us argued you didn't need thos

my great pal art laffer is going to come. i wrote an op-ed piece saying steel tariffs were a lousy idea. i know the stock market sold off today. it was a correction but rally has been huge. i want to ask art, why are stock markets rallying. i'm kudlow. someone has to defend america, dammit. that's the whole point, defend this country! ♪. -hey there. -hey. -hi. hey there. how are you? i'm with disabled american veterans. i was wondering if you had a quick minute to thank america's veterans for their service and sacrifices -of course, why not? -oh, sure. -absolutely. -sure. all right. well, come on in here. i'm just going to hit record on this. i would like to thank you from the bottom of my heart. i can't even think of the words to say of how grateful i am. i want to tell you guys how much, how much we appreciate. but most importantly, i want to thank you for your courage and bravery. wow. thank you. someone here who'd like to say something to you? oh god, you guys are awesome! someone has something they want to say to you. oh

art laffer, best of the best, my dearest friend. look how much time you had. whole message. >> my god, amazing. larry: i will be back with the rest of art's message [laughter]. ♪ i have type 2 diabetes, but i manage it well. ♪ ♪ jardiance ♪ ♪ it's a little pill with a big story to tell. ♪ ♪ i take once-daily jardiance, ♪ ♪ at each day's staaart. ♪ ♪ as time went on it was easy to seee. ♪ ♪ i'm lowering my a1c. ♪ jardiance works 24/7 in your body to flush out some sugar! and for adults with type 2 diabetes and known heart disease, jardiance can lower the risk of cardiovascular death, too. jardiance may cause serious side effects including ketoacidosis that may be fatal, dehydration, that can lead to sudden worsening of kidney function, and genital yeast or urinary tract infections. a rare, life-threatening bacterial infection in the skin of the perineum could occur. stop taking jardiance and call your doctor right away if you have symptoms of this infection, ketoacidosis, or an allergic reaction, and don't take it if you're on dialysis. taking jardiance with a

folks coming up art laffer will weigh in why mr.int lead over joe biden when it comes to handling the economy. even bigger lead on inflation. all that from the new "wall street journal" poll. why? because art thinks mr. biden just hasn't done anything right. remember, folks, "kudlow" is available as a podcast. episodes are available every weekday right after our show on spotify, apple, foxbusiness.com podcast. i will see you real soon. arted g walking business. oh. [dog barks] no it's just a bunny! only pay for what you need. ♪liberty. liberty. liberty. liberty.♪ teeth sensitivity is so common. it immediately feels like somebody's poking directly on the nerve. i recommend sensodyne. sensodyne toothpaste goes inside the tooth and calms the nerve down. and my patients say you know doc, it really works. the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you

. >> markets final trading week two more days of 2023 jobless claims in a few minutes, laffer tengler tangler, you are watching "mornings with maria" live on fox business. . ♪ . . they're waiting for you. hey, do you have a second? they're all expecting more. more efficiency. more benefits. more growth. when you realize you can give your people everything, and more. thank you very much. [applause] ask, "now what?" here's what. you go with prudential to protect, empower and grow. with everything you need to deliver, you guessed it... more. one more thing... who's your rock? learn more at prudential.com only sleep number smart beds let you each choose your individual firmness and comfort. your sleep number setting. and actively cools and warms up to 13 degrees on either side. the queen sleep number® c2 smart bed is now only $990. plus, no interest until january 2027. ends monday. only at sleep number. the power goes out, and we still have wifi to do our homework. and that's a good thing? great in my book. who are you? no power? no problem. introducing storm-ready wifi. now you can stay

. >> sandra: art laffer and muhammad, will join us in moments. and how polling could affect his re-election chances. >> john: jacqui heinrich live from the north lawn. >> jacqui: bad polls have been getting to the president at least a month. the "washington post" reports around thanksgiving on nantucket, biden gave a group of his close aides a stern warning the numbers are unalow, and his overall job performance is up three points from low of 40% last month, helped by men and voters over 65 and handling of national security but still well underwater on the issue, including border security, israel-hamas war, china and ukraine and inflation, only 28% approving. 46% say the policies have hurt them and voters don't see the economy any better. twice as likely to see it getting worse next year. white house credited biden fob initiatives and economic recovery but acknowledged the president understands there is more work to do to lower costs for hard working american, why he passed legislation to lower prescription drug and energy costs, hidden junk fees

david: great art laffer, joining me now michael faulkender. have a little bit of time, does art have it right? is that the disconnect. >> very much so, american people care about how much their job provides for them in what they can purchase, the american people have jobs, they have not been getting wage increases that will sustain their life style given the bidenflation. >> we have to grow the economy with si incentives. >> yextent pro growth tax reform, get spending under control. david: mike, my new year's resolution to have you back give you more time, thank you, we'll be right back. these days. hey, chevy gets it. that's why they're keeping prices down to earth. like on the most affordable ev in america. ♪ a super strong and capable chevy truck. ♪ and a high-tech chevy suv. ♪ why is chevy making affordable vehicles, connected by onstar? so together we can do more. larry: that's it for kudlow, thanks for watching, folks. viewer discretion is advised. [theme - inner circle, "bad boys reply"] get on the ground, dude! ow!

let's bring in former reagan economist art laffer. where is the recession?> don't know about where the recession is but biden is incorrect in describing that it is the press's problem. bidenomics isn't working because inflation is down, that is true but prices aren't down. they are up 20%. people purchase things that prices, not at inflation. they are 20% worse off than they were when he took office, gdp growth is less than 5% but people don't look at gdp growth. you can have rapid growth on 0 gdp, what you want to look at is the level of gdp which is down from the trendline it was under trump, and interest rates and participation, they are down. employment rates are even lower. employment rates, not unemployment rate so everything the president was saying about the economy and how it has been good is just plain wrong. if he is as bad on his forecasts, hang on to your seatbelt. >> the president would like, back to the recession talk, could it be that all the government spending which is starting to be spent has pushed off the inevitable recession? >> governm

art laffer. why the disconnect? >> the voters know. they know it's just silly economics that biden is putting in there. whoever hurt of taxing an economy into prosperity? it makes no sense whatsoever. whoever heard of a poor poor spending himself in to wealth. that's crazy. no matter how much they tout it, it doesn't work. it's bad economics. there's no lesson learned from the second kick of a mule as they say in kentucky, ed. >> edward: so we're so far down this road though, art, of economic misery of people feeling their money doesn't buy as much. the president believes this is all a perception that needs to be messaged out of it is. there no messaging that can change what people feel? there just isn't. >> i don't think so. they'd have to mesmerize the population and tell them what is wrong and what is right is wrong. these people are trying to sell something that isn't true. they're raising taxes all the time. the capital gains tax has come up. a depreciation has come down. spending more and more. taking from one group and giving to

i'm not opposed to impeachment discussions if the evidence is there, but like laffer said on set lasth model. to we have one? >> under this administration, no. the problem that we've got is you've not the private sector economy which looks like it's heading into recession if it's not already been there, but then you got the government side that's borrowing money and spend anding hike there's no tomorrow. if you look at the jobs report over the last number of months, the growth has almost entirely been in sectors related to the economy. and i think that's why there's this divide amongst economists and amongst practitioners looking at the economy. you've got is is the government side going to overcome it, but, of course, the problem we've got is the one you mentioned, government-driven economy is not sustainable growth. you need private sector inknow if vegas, productivity improvements that are going to lead to real wages for that inflation, and that's not going to come from massive government spending and regulation. >> by the way, the jolts report really tanked today, very interesting

joining us now, laffer tengler cio, nancy tengler.private sector and a wall street pro. when you see stuff like this going on in dc, what's your reaction? >> liz, this one actually makes me really angry. i was a beneficiary of title nine when it was passed in 1972. suddenly we had sports for women. we were treated with respect and equality. this sets women back as far back as i can think of. my son went to the naval academy, the female midshipmen, they had different requirements physically because they're made differently. my daughter played baseball as a young girl, not softball, baseball. she made the boy's all star team and one of the people on the team was a tight end in the nfl. they developed very differently biologically and there's no way she could hit a fat pitch from him today. so i think this is outrageous and it is the very purpose of the law to provide equality for women and men in sports and education. elizabeth: what's really interesting, nancy, this new development and u.s. companies and corporations and businesses are

i'm not opposed to impeachment discussions if the evidence is there, but like laffer said on set lastth model. to we have one? >> under this administration, no. the problem that we've got is you've not the private sector economy which looks like it's heading into recession if it's not already been there, but then you got the government side that's borrowing money and spend anding hike there's no tomorrow. if you look at the jobs report over the last number of months, the growth has almost entirely been in sectors related to the economy. and i think that's why there's this divide amongst economists and amongst practitioners looking at the economy. you've got is is the government side going to overcome it, but, of course, the problem we've got is the one you mentioned, government-driven economy is not sustainable growth. you need private sector inknow if vegas, productivity improvements that are going to lead to real wages for that inflation, and that's not going to come from massive government spending and regulation. >> by the way, the jolts report really tanked today, very interestin

you could be right about that but, a good deflation as kudlow and art laffer taught us a long, long timethe reagan administration when you get a lot more supply. because you have a supply side tax cut. all of sudden there is all this supply and prices go down. there is not a supply boom right now. there is nothing like that at all f we're getting inflation, it is all demand side which means we're heading into recession. larry: right. >> the market thinks we'll cruise control it but i'm not so sure and one of the main reasons you talk a lot about, government spending is still out of control. the deficit is still completely out of control. larry: yep. >> with that fiscal stimulus how the heck do you get inflation to go down? larry: the recession will get worse in the recession. joe biden will try to spend his tuckus off in the election year. you wait and see. it is predictable. he will invent new climate changes. buy e-investments, seven passenger ev station wagons. will get everybody but you and me will not get checks because we worked in the wrong administration. the rest of the country

david: the great art laffer, joining me now is michael falkander, former assistant treasury secretarychael, we have a little bit of time, but does art have it right? is that what is behind the disconnect between wall street and main street? >> very much so. the american people care about how much their job provides for them, than what they can go purchase with it. even though the american people have jobs right now they have not been getting the wage increases that will sustain their lifestyle given the biden inflation that we've seen. we have to get wage growth back at the core of the economic policy in this country. david: the way to do that is by growing the economy with incentives, right? >> that is absolutely. extend pro-growth tax reform, spending under control, deregulation, unleash energy. america first economic policy will unleash this economy once again. david: mike, my new year's resolution to have you back, give you more time.wh thanks so much forkingen here. we'll be right back. then into our living rooms. that's why i use spotlight reports from 1792 exchange. here, i can

i would like to see 81-year-old biden debate the economy with 83 year old art laffer. so would i. gosh. art would run rings around the president. art is as sharp as a tack. i can't believe he's in his 80s, and we love him. he knows what he's talking about. stuart: yeah. he's a great grandfather, and he's the guy who suggested supply-side economics to ronald reagan. good old days. this is from joe. hey, guys, love this show. if for some reason i can't watch it in the morning, i dvr it and watch it at night. if you could have dinner with three people dead or alive, who would you pick? let me start this one. i say jesus -- margaret thatcher and roger banister. do you remember roger banister? he's the 4-minute mile, the englishment, last true amateur -- englishman. how about you, ash in. ashley: neil armstrong, did you really land on the moon? i'm kidding. or am i? frank sinatra, and mark twain. i always -- or maybe robin williams. mark train, because he'd be very witty. queen victoria, marilyn monroe, the list goes on. stuart: common rights, everyone knows men act like babies when th

joining me laffer tengler ceo. cio nancy tengler.o, who is all thinking alike? >> i think a lot of the market is thinking alike. you hear the story technology the trade is over again. i think this is the third time i heard it in the last couple of years. you're also hearing you know we're going to get a soft landing. you need to be wary when everyone agrees. what we're trying to do always is think about what we're missing what we think the market is missing. >> you know to that point it was a year ago, over the weekend i saw two things. there was one survey in late 2022 where 85% of economists said there would be a recession. a little bit before that, october of 2022, 100% of economists polled by bloomberg said without a doubt in 2023 there would be a recession. i don't doubt these aren't brilliant folks. you have to wonder how did they all get it so wrong? >> well, charles, my advice to your viewers is listen to people that have a track record. you know economists don't get held to the same standard you and i do. we get measured eve

i'm not opposed to impeachment discussions if the evidence is there but like laugher -- laffer said ont we need a growth model. do we have one? >> under this administration? larry, we do not. we have two different economieses. private sector is headed into recession if it is not been there already a little while but the government side borrowing a lot of money and spending like there is no tomorrow. if you look at the jobs reports over last couple months the growth has been in sectors related to the economy. i think there is this divide amongst economists and amongst practitioners looking at an economy because is the government side going to overcome it but of course the problem we've got is the one you mentioned. government driven economy is not sustainable growth. you need private sector innovation, productivity improvements that will lead to real wages without inflation and that's not going to come from massive government spending and regulation. larry: by the way the jolts report really tanked today. it is very interesting. you know, steve, i was talking about look, we need less sp

though, think about it, larry, and you could be right about that, but a good deflation as kudlow and art lafferong, long time ago in the reagan administration is when you get a lot more supply because you have supply-side tax cut and all of a sudden there's all the supply and then prices go down. but there's not a supply boom right now. there's nothing like that at all. and, therefore, if we are getting inflation, it's all demand if side which means we're headed into a recession. so i think the market thinks we're going to kind of cruise control it, but i'm not so sure. and one of the main reasons is something that you talk a lot about, government spending is still out of control, the deficit is still completely out of control. and with that much sort of fiscal stimulus, how the heck do you get inflation to go down? larry: it's going to get worse in the recession, and then joe biden's going to try to spend in the election year. he's going to try it. i mean it. you wait and see. i i mean, it's very predictable. he already, you know, he'll invent new climate changes or god knows what he'll do. bu

you and art laffer are writing a book about this blue state exodus and what is going on in the statesrom these states. i think it will be out in about six months or somewhere around there. what is this phenomenon about and how much is it related to the economy? because to me money is pretty much driving everything on something like this. >> sean, i only correct one thing that you said earlier when you said the last two or three years people have been leaving states like california and new york and illinois. that's true but it's not just the last two or three years. this has been going on for 30 years where you've seen states with low taxes, less regulation, right to work laws that are substantially out competing these big old blue states. i'm from illinois. i hate as he was happening in my state. california, new york. there's a major study that just came out about a month ago that showed for the first time in history of the economic epicenter of the country is no longer the northeast. it's not new york and boston and those areas. now it's the southeast, sean. it's florida. it's north

. ♪ ♪ elizabeth: look who's back, laffer-technologiler investments' ceo nancy tengler.ks on what d.c.'s doing. the reality check clearly has bounced in d.c. you know how president biden keeps saying you've got to pay your fair share? senator rand paul put out his annual report and found a shocking $900 billion in taxpayer waste. what's your reaction to that big $900 billion figure? that's a lot of money. >> yeah. it's so good to be with you, liz. listen, if i ran my business like the federal government, i'd be in jail. my personal favorite was the $2.7 million for russian cats walking on a tread mill. but there was a shocking $236 billion that was just labeled improper payments. this is what the american people are paying attention to. they don't have -- they have less money, and the government continues not only to spend, but to waste. historic amounts of money. elizabeth: you know, rand paul also found thieves, robbers used photos of actual barbie dolls as id to steal covid relief funds. the government didn't catch that. 6 million went towards tourism in egypt. why? i

let's get the read from my next guest, laffer-tengler cio, ceo, nancy tengler., this money, 1.4 trillion is looking very enticing. a month ago everyone was saying cash is king and now they are saying get rid of cash. >> i love it. that is not how you make money in the market. touch anticipate and move in front of things. corporate, institutional investors have never been so pessimistic. what is driving the market is the retail investor and stock buybacks. i think that is important to note because at some point that is going to shift and institutional investors as they are will have to chase some of these stocks and that will be the next leg up. charles: you can see it coming. bank of america had that in their note. something we tack about all the time. sort of ironic the dumb money was in position for all of this. now it zeros back to the federal reserve, this jay powell move. i didn't get a chance, i will bring up a chart lance actually had and i want to talk to you about this. jay powell kind of gave us a hint in early november that the market was doing the he

but you and art laffer are writing a book about this blue state are exodus and what is going on in these states and what are chasing people away from these states. i think it'll be out in about six months, he said. or somewhere around there, you know, what is this phenomenon about and how much is it related to the economy? the me, it's, you know, money pretty much drives everything. and on something like this. >> well, sean, i justier wh only correct one thing you said earlier on the show when you said that in the lasenyou a two or three years people have been leaving states like california, new york and illinoiscaliforn a. bee and that's true. but it's not just the last two or three years. sean, thisn has been going on for 30 years where you've seen the state0s with taxes, less regulation, right to work laws that are substantially out competing. these these big oloud blue states. i'm from illinois. i hate to see what's happening to my state. californian rnia, ne, new york.r stud you know, there's a major study that just came out about ay month ago that showed for the first time in histo