tv Kennedy FOX Business June 12, 2021 12:00am-1:00am EDT
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stock is still down 12% but it is showing signs of life, fda approval, presented asko and biotech starting to act better it could be regeneron's time to make up the lost ground. jack: i like your loyalty, thank you for the great ideas, to read more check out this edition of barron's.com don't forget to follow us on twitter at ♪ ♪ ♪. larry: hello everyone welcome to "kudlow" i am larry kudlow. a few weeks ago during israel hamas is bull up bombing battles we talked about how the democratic party used to be israel's greatest offenders has turned against israel, even formally as supporters like chuck schumer were basically silent in the face of israeli criticism by the like so far left terrorist sympathizers,
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like ilhan omar in the so-called squad, alexandria causing a test, ayanna pressley, rashida tlaib, cori bush, these folks have pushed the democratic party out of israel's camp, completely out it is the gop that is israel's great defender this political ship was triggered by former president trump who kept his promise to move the american embassy to jerusalem and led the negotiations that led to the abraham accords bike goal state allies like the uae, cutter, meringue, bronco, the saudis were all favorable by formally joined if potus was reelected. but the key point those others became formal members of the abraham accord, that is point number one in the other key point the road to peace no longer ran through palestine and the corrupt terrorists mohammed abbas and part of this was a
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rewrite understanding by team trump that iran is the enemy and middle middle east. sponsoring terrorism and cheating their way toward nuclear proliferation. and financed by our great friends russia and china. of course john kerry is stupidly driving president biden towards a new deal with iran talking down sanctions, giving them cash accepting unenforceable promises, no one in their right mind believes this is a good idea and i mean nobody, in washington, experts carry stands alone, why president biden stands on is a mystery to me. i bet you secretary of state lincoln has big reservations about this. but i digress we will cover that another time. as democrats become the anti-israel pro-iranian party we have had another flareup in washington from the far left
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crazies this one ilhan omar equated the u.s. and israel to hamas and the taliban this in a recent house foreign relations committee hearing. she and her squad friends have said this left-wing durable before after the hearing omar even went further tweeting, get this, we must have the same level of accountability and justice for all victims of crimes against humanity. we have seen unthinkable atrocities committed by the u.s., hamas, israel, afghanistan and the taliban. there you go, think about that. by wednesday evening a group of 12 house democrats, many enjoying protest omar's bigoted statements they called her comments offensive misguided. later that night omar lashes out at the democrats again calling them shameful, the islamophobic tropes and their statements are
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offensive and the constant harassment and the silencing from this letter is unbearable. and then thursday morning the other members of the squad started attacking the 12 concern democrats representatives rashida tlaib accuses democrats and republicans alike demonizing omar and calls her critics sick for policing her. representative cori bush accuses democrats of joining republicans and attacking black women for standing up for human rights and enough with the anti-blackness and islamic phobia, aoc says the dems are engaging in constant vilification, intentional mischaracterization and public targeting of omar, even some in the so-called mainstream media jumped in, msnbc accuses democrats of reading fox news headlines and helping inside hate against omar. chris hayes retweeted a message calling the 12 democrats discussing for piling on to
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their only colleague wearing a hijab. democrats cowered under the squad attack, at least kevin mccarthy and republicans started slamming speaker pelosi for failing to say anything but rebut the crazy squad anti-semitic and terrorist sympathizing. then on thursday omar tries to backtrack saying she really did not mean to make a moral comparison between hamas and the taliban and the u.s. and israel. but for some reason she forgot to posterior clarification on her twitter which has 3 million followers, kind of forgot later thursday speaker pelosi released a statement from the house leadership team, they acknowledged that false equivalency between the u.s., israel terror groups and prejudice are harmful and welcoming omar's clarification, they avoided criticizing omar's actions in any way and later
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thursday, rashida tlaib keeps the back-and-forth going insane freedom of speech does not exist for muslim women in congress and says democratic leadership should be ashamed of its tone policing of congress woman of color. the progressive caucus defended rashida, omar and the rest of the squad, then friday house republicans started calling for nancy pelosi to throw omar off the worm relations committee and the other committees as well. politically the whole episode shows how far left today's democratic party has been pulled by extremists like the squad people who do not represent american values, they do not represent macon values frankly i believe they do not favor america itself. in their mind america is always wrong, israel is always wrong
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and of course donald trump is always wrong. and recently former president obama figured out a way of blaming trump for the outbreak of anti-semitism, a new low even for obama. in so many ways the growing influence of the squad is doing so much damage to the democratic party and could almost be in crocodile tears and joy to my eyes. but this is a business and economic cook as well, it does show the massive division in the party, it is not a small schism is a very large one in the so-called progressives along with the squad and the other crazies on the far left are pulling democrats way far left on taxes and spending and fossil fuels in the green new deal as well as social issues like critical race theory, cancel culture in indian history. for our purposes the leftist
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extremism will prevent any real compromise on the upcoming budget and infrastructure deals. republicans are acting in good faith for a responsible traditional infrastructure bill with no tax hikes. democrats won't go there because of these folks on the left. they want to punish, tax the rich, redistribute income, move towards a proverbial bulgarian economic model and of course those policies will record economy just like the soviet model wrecked eastern europe and the cuban model is wrecking venezuela today. am i blaming the squad for all of this, yes in large part because they have become the backbone of the far left.
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they are insufferable and in democratic party terms seemingly unstoppable. i think they are destroying the democratic party but we will not let the member destroy america. no matter what. joining us now for more on this democratic catastrophe "fox & friends" we can cohost my great pal pete hegseth. welcome back to the show as always. to me, this is a business story, foreign-policy story, it is a far leftism story but most of all, it's a very serious story, these people hate america, that's my personal view and they will do anything that they can to damage america, we will see more of it but the most recent flag on equating israel and the u.s. with the taliban and hamas, it is insufferable and we can't let this go, there is no polite way, i'm trying to stick to the issues but there is no polite way to let this go, it seems to
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me. >> you are exactly right, very well said you laid it out as it unfolded and it is revealing what she tweeted and what she says in the defense of the far left. what this carrier part, i think it's a reflection, we talk about business, we talk about foreign policy we talk about the abraham accord, the big stuff you're a part of very important in reflecting or stuff in the left but while we do all that the left has work in her classroom and her curriculum and campuses to create generations of ilhan omar in rashida tlaib's who truly believe that america is to blame for the problems in the world who see things like there is no free speech for muslim women in congress, go to afghanistan, pakistan go to somalia and try to exercise your free speech as a muslim woman, it won't happen there is no perspective because all boils down to america is the problem,
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america is evil in tweets like this, they are revealing the reflective of the base of the democrat party which is increasingly powerful and indoctrinated which is pushing out the old consensus that you talked about in the democrat party which was pro-israel and fought back against anti-semitism. look at things on college campuses bs movement against israel, that is all there they are echoing and get support for comment like this and their globalist which you know that we fight against that and the left. her explanation of how she compared americans she admitted american soldier should be submitted to the international criminal court as part of her equivocation it is dangerous to its core which is why you're exactly right gift to take a head-on for what it is that the entire american. it's in the middle of our halls of congress. larry: i cannot condone any of it when you look at the
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chronology and we did some great work, our producers did great work reproducing what happened monday, tuesday, wednesday, thursday and so forth, her slight retracement was a tiny retracement and she didn't even put that on her twitter account after 3 million followers essentially it was inside the beltway and virtually nobody solid, to be when i see that there was no apology, there was no pullback, moreover the democratic leadership lucian company they may have rattled some toys at her but they haven't taken any actions they will keep her on the formulations committee, do you see what i'm saying the leadership of the democratic party is protecting them and coddling them if you will and that's why have come to the point where the entire democratic party must be blamed, this is the new democratic party, it is far left, being driven not just by a handful of left-wing progressives but by the squad group which really at
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bottom does not like america. >> this is not a reckoning there was no dealing with it, she will not be kicked off her committee and receive any punishment she has not for any of these things, they are scared of her, the leadership of the democrat party, chuck schumer is scared of cortez because he doesn't want to get primary she knows he's more popular than she is which is a reflection of their base they had a two-party system for a reason but when your two parties get so far apart one is pushing marxism and socialism and cultural marxism and the other one instantly trying to say america is good and capitalism is good you cannot ultimately reconcile which is the scary part all you could do is teach the truth, stand up for the truth and be unafraid to say it, without due at the end of the day is a you cannot criticize me because i'm a woman or a muslim or i'm black that is
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not how our republic works, the best ideas are supposed to rain and we want the martin luther king mantra not the critical race and that's what they want so they shut you and i and anyone else regardless of your race, religion, skin color or background they want to be defined by that and we cannot let them do that. larry: just to in this thing, we appreciate your time i don't know why pete made to ride the pines all those years but that's a different segment completely, just to tie this up we are a business show and these attitudes, political attitudes and the change in the democratic party now pulled by the far left in the quad and so forth, this results in big increases in taxes and this results in spending and inflation and results in destroying our energy
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system and this results in giving g7 and full for multilateral groups taxing power over americans which they're doing now as he when i talked, i'm just saying is not a cultural problem in a foreign policy problem and becomes an economic and business problem. >> i like how you laid it out there is no room for compromise because they think will work to climate change something as simple as infrastructure bill cannot happen because they're obsessed with climate change with roads and bridges. larry: roads and bridges, thank you good luck this weekend. we will speak with congressman jim banks his first interview since holding a meeting between him and some of his gop members and former president drop in bedminster my jersey, the squad bedminster my jersey, the squad will not be in bedminster welcome to allstate. ♪ ♪
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larry: indiana house member and republican study committee chair jim banks, he a larry: the house member study republican jim banks he and his colleagues met with former president trump yesterday in bedminster and might take isre quite simple, what did president trump say, gotta hear this. jim banks welcome to the show it is a great pleasure and i'm going to make this really easy and straightforward what did president trump tell you
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yesterday. >> it was a great meeting and presidentatch up with trump i haven't seen him since he left office, most of us haven't since january 20 the president was very upbeat i took ten of the leaders of the republican study committee the largest conservative caucus on capitol hill to meet with president trump and talk about what we are doing to define the agenda for the future of theni republican party we believe the winning agenda for the republican party to win back the majority of the midterm election is fighting for the trump agenda and president trump was veryha pleased to hear that and very engaging on a lot of the issues and policies, legislation that were fighting for election integrity and election to secure the border and fix immigration mess and he told us, the biggest take away was president trump told us he feels a moral duty watching what's going on from inflation to the border and what is going on in israel and elsewhere to get back inhe the
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game and start holding rallies and engaging in helping nirepublicans do everything we n to save this country and went back the majority in 2022, we fully welcome that. larry: was he focused on the future? put the past behind us, let's look to the future and the kinds policies that biden is undertaking which have to be defeated, was he there and in that frame of mind? >> he was fully there we didn't talk about the past we talk about what he's going to do to come out and help republicans win back the majority we talked about policy and legislation that's where the study committee's policy minded conservative caucus on capitol hill he was very interested in the agenda that we written to move our country forward we believe strongly that president trump is made the republican party the working class for the first time since ronald reagan and we need president trump on the stump to help us he meant
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the relationship with blue-collar working-class voters who we need to come to the polls to help us win back the majority and save this country president trump was very intensely focused on that as well we spent over h two hours with him an immediate and had dinner with him afterwards and he was extremely engaging it was a delightful experience to be with him and his intensity about the future is something i walked away with them fully appreciate. larry: did it come up yesterday, because of donald trump the republican party is the party that defenses real in the freedom of israel and israel's democracy and our greatest ally, did that come up with ilhan omai we talked about in our first segment the most egregious disgusting thing she and her squad people are saying i tossed them off the foreign relations committee, did that subject, i think the democratic party is going to be broken by these
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crazy people in the far left in the israeli wedge may be part of breaking the democratic party. >> it did we talked about president trump being the first president of my lifetime who di exactly what you told us he was going to do on the campaign trail moving the embassy to jerusalem protecting and securing the fundamental and powerful relationship that the united states house with israel and how dramatically different in this in a short period of time going from president trump in office the president biden who is not afraid of his and why is backtracked on that ship and the greatest ally and not being israel. we did talk about that, there's a lot of other issues as well at the border as a direct line drawn fromm dinner 20 everything to secure the border, he
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probably didn't know what he was signing that's when a crisis began at the border we talked about inflation and the hidden tax on american families that is causing every time they go to the grocery store and fill up their gas at the gas pump and the effect it's having on working-class families enter president trump feels a moral duty to engage the american people and help us win back american enjoy under majority. larry: i appreciate your talking to the laffer group did you pledge allegiance in 2017 and he did he reply to the legions. >> we talk about what democrats wanted you tocr raise taxes and hurt families in their thought the study committee is doing to push back againstem the dangeros that the democrats are promising to push forward that would do to american farmers and small businesses and they would be
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dramatic. president trump is aware of and a lot of others of president trump will be helpful and wet look forward to being engaging. larry: a great report, sounds optimistic i hope it all stays, we will talk soon. charles schwab, he thinks yesterday's humongous cpi inflation report is old news, were going to talk to them about it, breaking news next up on "kudlow". please stay right here. ♪ jason, did you know geico could save you hundreds on car insurance and a whole lot more? cool. so what are you waiting for? mckayla maroney to get your frisbee off the roof? i'll get it. ♪ (upbeat music) ♪
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receding and china has been raining in the surge in commodity prices. joining is now old friend charles schwab global chief investment strategist jeffrey, fabulous to see you, think of her coming on it is been a while and i loved your article here is has friday 611, thursday cpi report may be old news inflation pressures have been receding for a month, consumer confidence number inflation expectation dropped quite a bit to ther, one-year hit, i am loving your report you because you're the only guy i can find that agrees with me that is always fun tell us more about inflation pressures we are seeing. >> it's great to see you, thank you for having me back in the battle between u.s. policy pushing inflation up in china pushing it down, china is winning commodity prices are not only free market, china policymakers over the past month
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have focused their messages and actions on the commodity prices, chinese authority of trading limits fees and margin on commodity markets and steelmakers rise to pull away the carbonates are producing again and tax rules were changing in a number of things are changing to emphasize crisis down a number is almost backward and started up thes year, copper and grain and corn we have come down, eventually we just need to see one more thing i would add were starting to see a list and poor congestion, a part of this increasing prices and they couldn't get to manufacturers but just watching the most congested for the los angeles w, have seen the number of shifts having our cargoes unloaded going from 40 a few months ago c to the end of april and 20 of
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the end of last month and i discounted yesterday around ten shifts, they are getting products to where they're needed and getting some of the supply shortages and taking the pressure off. larry: i think you're raising a lot of important point to have a been emphasized enough the crowd and the groupthink on wall street and so forth, anotherot month of the big cpi for treatment or maybe not and is it possible that the cpi bad news is seeking? >> it may be and in june and july we might already see the hype is beginning to add and going into the consumer, there is a little bit of a lag factor in its more rapid than it used to be. i would say by the jackson hole in august it should be clearo biden that prices are hiking.
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larry: i see the treasury close that 1.5%, that is not exactly a major inflation scale 1.45% on the ten year and as you well know the breakeven's have risen a bit but not very much in terms of inflation expectation in the bond market. and giving your view which i love, what kind of investment strategies are you proposing now? >> i think one of the challenges here is the pressure release with all of the stimulus coming in to the economy in the u.s. and in europe is maybe going -- it's an unfortunate side effect of the amount of borrowing in the budgets of where they are and i think that's going to push me looking into europe it's been a performance issue in the first time in 12 years with a better performance in terms of earnings and cyclical momentum and that's
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maybe where a person wants to look at cyclical oriented companies in europe and they get to experience the peak economic. larry: that is very interesting i never heard anyone tout european stocks, that's really cool maybe now's the time to buy europe, i don't know. in the g-7 meetings of the europeans are more intense on raising american taxes than their own taxes. so maybe the competitive advantage says invest in europe, that's a good point, i hope you will come back plenty of times you're always welcome here, great stuff thank you very much. the gop is showing americans in good faith they would prefer bipartisanship, democrats are not going to give it to them in this inflation business is coming up to bite mr. biden, we have mercedes schlapp and guy benson up next on "kudlow",
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larry: so, inflation is on the larry: inflation is on the rise and voters are blaming biden from the pole americans are getting very worried about inflation, for example 88% of americans are very or somewhat concerned about inflation that is 88% a big number, 67% believe the biden infrastructure investment plan will lead to higher inflation and 80% believe biden's 5 trillion-dollar infrastructure and family plan will lead to runaway inflation, who would've thunk it. there is an inflation against mr. biden after five months in office, here to comment on that and other matters, more she mers
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schlapp. guy benson of the guy benson radio show. that is great stuff, nobody would've predicted this, young this big bulging inflation i don't know for temporary or not there's a debate but biden is getting blamed for that mercedes, when you think of it. >> first of all i think you would've predicted it. based on the wasteful spending by joe biden and the democrats, that is their solution, it continues to throw money to the problem and what we've seen is that you've seen inflation going up, what happens buying power of the american people goes down and i have to say this is what impacts everything go kitchen
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table in america food prices going up by 2.2 percent, gas prices, 56% up, larry it shows that the biden economics is not working for america it is why under the trump administration we understood clearly you need to dig regulation, lower taxes and ensure more investment comes into the united states so more jobs can be created and growing our gdp. larry: it's an interesting point what mercedes is saying. whether this inflation is permanent, temporary or what it is killing kitchen table issues we got on the full-screen bacon, bananas, bread, coffee, gasoline prices gasoline are up 56%. whether fair or not the president gets blamed. how do you translate that, what does that mean politically, how
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do you assess that, really something the biden crowd was not ready for. >> what strikes me, two things the biden solution to this problem is to spend trillions more, is not there's the trillions that already spent ont a bipartisan, sorry totally partisan vote on covid relief. there is also two other hugels spending bill that he relayed that the state of the union address that they want to get past trillions more, that is .1, point to this goes to the politics as well you guys know better than anyone you and mercy both worked in the administration the economy in this country was absolutely roaring in 2019 before this pandemic was visited upon this escaping from china however, that happen in the global pandemic slowed everything down substantially we were cooking with gas in the economy is in a
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position to rebound robustly it is almost turnkey were a resilient country and resilient economy and it was very strong before the pandemic strode up.eb it takes a lot to screw that up, the rebound i assume was going to happen and happen in a strong wind biden can take credit for but some of his own policies whether on inflation or theta labor shortage for the job numbers not be what they ought to be they are somehow actively harming their own political cause or policy failure. at some point you wouldhr think that the economies would break them anyway because of the fundamentals are so strong but the holding back. larry: if it ain't broke they shouldn't fix it. i want to put those inflation pulled back on, i think i mentioned it, the next round the issue of infrastructure debate,
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take a look not that when the one interest me the most how people assess the second infrastructure bill which is really interesting is 67%, i think there was one that was 80% when it specifies what are you going to do, in effect he is going into talk about selling and stop infrastructure discussion with republicans and try to jam the reconciliation. but the public, 80% of the public is going to say wait a minute you get a raise inflation even more, that is going to trip them up. >> which is really interesting infrastructure is a popular topic that is when did the american people are saying yes let's invest in infrastructure we need to fix our roads and
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bridges something that holds very well across the board, to see this actual wholesale impact in their concern is inflation shows there's a bigger problem, why joe biden is not focused on the of the structure, he focused on social info structure, get back, social infrastructure which is eldercare, free community college let's tackle climate change in the process. what it is it's an expansive form of infrastructure which in essence everything that e we touched in the mind of joe biden ais infrastructure and that's t what the american people signed up for. larry: just on the way out it is so interesting they're pushing a big semi socialist or i call it bulgarian central planning of taxing and spending in the best
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they're going to say from their own estimates they produce an economic forecast of less than 2% were gonna go through this rigmarole social spending as mercy said, taxing and spending an infra- structure and ending fossil fuel and all we get is less than 2%. it is not very good management salesmanship and on top of that the public believes whatever they do more is going to causend inflation rates to go up so it won't grow in the home higher inflation and i don't see how the talk their way out of it i'll give you the last ten seconds. >> that's a rosy prediction from the white house, 2%, i think the bipartisan deal that they're working on the ten republican or ten total senators buy from eaci side and their going around asking on capitol hill is is getting way to work with the leadership except it i think is
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intriguing because of less than a trillion dollars in half a trillion of spending all paper no tax increases that might throw a wrench into what i agree it's a plan that the white house would like to see which is talk about bipartisanship in jama through this might make it a little bit harder because joe manchin and kyrsten sinema put their names on this and invested in this. larry: i think i republicans get good marks for good citizenship they're saying to the public that we are trying to be bipartisan, we are trying to be bipartisan. i think bipartisanship is overrated but i think the gop will get big get citizenship. mercedes schlapp, guy benson, thank you very much. the top channel force to clarify president biden's remarks about the threat climate change and proposes. our top general jack keane is going to join us after the breat to clarify what he actually meant. meant. stay with us we are called stay restless, with the icon that does the same.
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standpoint and from mr. clean military standpoint i am putting china and russia up there. larry: china and russia up there, imagine that. i want to say whoever set it in the joint chief said climate change was the greatest threate this is when biden was vice president this was ten years ago point number one and point number two before we bring in general king, let me putut up on the full-screen how china is ignoring all of the climate change stuff, china's carbon emissions are soaring look at the blue line on the far left of the cow is building in recentre years, aren't listening to any of the stuff just like they won't listen to the tax hike. bring in jack kaine former chief of the army fox business senior military strategist, welcome. russia and china are not going
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to play ball, russia we are giving away once again nordstrom to which i thought we would stop, russia is a gas and oil producer they will not sign on to the global warming in china never said that they would r either. i am kind of scratching a my hed at what president biden said ornaments. >> is solely confusing, to think that climate change would be our number one security threat to the united states i think is a gross and misguided characterization to be sure and certainly general miller is trying to set the record straight. it is pretty clear what the major issue is facing in the united states and i think there is a general consensus in our country, frankie. and even biden's nationalh security team would take issue with that being the number one threat, for our audience we know
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china is a rising superpower who wants to seek global and regional domination, russia is reemerging in conditions to have a spear of influence with fulfillment of soviet union countries in eastern and b southern europe and it's very same proxies the file rockets and missiles on israel and the kingdom of saudi arabia and u.s. troops in iraq and finally, i think the southern border is a 17 issue for the united states which makes it a national security issue because it's open sand not secure and as long as that persist we are going to have a threat which defines it as a national security that isn what were facing, climate change is something the military has
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been interested in since 2004 they understand it could create world instability due to coastal floods, droughts, water food shortages, significant population migration which can lead to conflicts, that's why the military has interest in it, they pay attention to what pandemics can cause an weapon i see biotechnology to spread a pandemic because it creates instability and potential conflict. yes the military is interested but it doesn't rise to the level of the major threats of the united states. larry: general kenai have to say global warming is an issue and i don't think it's an exponential threat issue, a lot of distinguished businesses don't think so t either. here is my thought, we'll talk more overtime. if we close down our fossil fuels which is what the green new deal reports to do if wewe closed on american fossil fields we are playing right into
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russia's hand and we are playing into china's hand, are we not? >> yes absolutely, the united states has finally become independent in terms of her energy resources. that gives us a huge flexibility in terms of the world stage, we were depend on the middle east for many, many years, we will still have interest in the middle east because the world economy and the stability of the economy of the middle east oil. u.s. energy independence is a u.s. energy independence is a placard we are thrilled we finally found our dream home in the mountains. the views are great, the air is fresh. (sfx: branches rustle) it is bear country though. hey boo-boo! we hit the jackpot! bear! bear! bear! look, corn on the cob! oohh chicken! don't mind if i do! they're hungry. t-bone! that's what i call a smorgasbord! at least geico makes bundling our home
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larry: we will not let the squad destroyororororororororor us, "e evening edit" starts right now. ♪ elizabeth: well, the news coming in, biden administration if now returning to the pentagon more than $2 billion that was meant for trump's border wall and again calling elizabeth: again calling on congress to cancel remaining spending republican governors are gearing up for atu major constitutional showed on the texas governor said his date build the own border wall, plus he joins arizona calling on the nation's governors to send law enforcement to secure the border. this is a big fight coming. joining us tonight, house homeland security
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