is going, that is an easy do. liz: oh, kenny, these fed days are dramatic, aren't they. >> they are dramatic. that is what makes it interesting. that is what makes it fun. liz: we let our viewers know opening your mind, jeremy siegel's mine, kyle bass, bob doll, to let you know what is exactly happening. we're ending at session lows. tomorrow this could all change. also tomorrow i need you to tune in as we said palantir ceo alex carp joins me live from washington, d.c. to discuss the impact of a.i. on the military and how it is helping ukraine win the war. [closing bell rings] that will do it for us. "kudlow" is next. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. oil prices are heading to $100 a barrel, gasoline moving back to $4 a gallon, top line inflation has been going up, not down in

recent months because of the oil shock. the federal reserve has a history of accommodating or monetizing oil shocks especially in the 1970s but also including the early 2000s. so now the latest shock is a fed challenge. however, today at his press conference fed head jay powell never mentioned the oil shock, except when our great reporter edward lawrence asked a question about it. now take a listen, please, to one of the goofiest answers you're ever going to happy on this subject. >> we're seeing oil prices as you mentioned move up and that is pushing the price of gas, so how does that factor into your decision to raise rates or not because the last two inflation reports pce, and cpi we've seen the overall inflation has actually risen? >> right. so be you know energy prices are very important for the consumer. this can affect consumer spending. it certainly can affect consumer

sentiment. gas prices are one of the big things that affects consume he sentiment. it comes down how persistent, how sustained these energy prices are. the reason why we look at core inflation which excludes food and energy is that energy goes up and down like that, don't tell you much where inflation is really going, however, we're well aware though that you know, if energy prices are increase and stay high that will have an effect on spending and it may have an effect on consumer expectations of inflation, things like that. that is just things we have to monitor. neil: wow, that is your fed. key line here doesn't tell you much where inflation is really going. really? no kidding. larry: can we review a second past 31 months, three years. world oil prices have basically doubled in round numbers from

$50 a barrel to nearly $100 a barrel. it hit $125 at their peak last year. along the way gasoline has increased 52% and then various energy derivatives have exploded for example, motor fuel up 52%, electricity up 25%. let's not forget groceries plus 20% because oh, oil prices hit fertilizer, fertilizer hits food. then i'm not going to bore you again tonight with all of our list of approximately 200 items, really many more throughout every nook and cranny of the economy derived from various refined petroleum products but we'll give you some golden oldie highlights. here for example, we had fun last night. judiciary committee chairman jim jordan, last night's show was going to talk about ag merrick garland, and we'll get to that later in the show and all of garland's shenanigans, but mr. jordan loved my riff so

much he got off on this tangent. take a listen. >> larry, i'm still laughing at the riff you you had, democrats want to get rid of soap and pacifiers for our kids, is that what you just said? larry: yeah. >> not just gas stoves, but everything else i guess? holy cow. larry: all jokes aside, all jokes aside, oil prices affect diapers, plastic toys, soap, shampoo, baby clothes, life-saving products like pacemakers, mri machines, surgical instruments it is all tied to energy and jay powell doesn't think it is an important inflation factor. right-o. here is another quick point, the fed publishes these five-year projections of the economy, just like the old soviet five year plans and the fed is about as accurate as the soviet union was. so let's go back to the middle

of 2021. the fed was predicting 2% inflation basically as far as the eye can see. you remember all of that in 21 there, was no inflation. then it was transitory. then oops they jacked up their target rate by 550 basis points from zero. the actual inflation rate in 2021 was around 5% which is not zero and the next year in 2022 it was nearly 6%. by the way the cpi hit a peak of 9.1%. that is also not zero. now they're telling us they expect to raise their target rate some more. that is what powell said today, but, they're growing to keep pausing. now i would suggest if you're going to raise the rates then raise them now. just get it out of the way. i would also suggest when oil prices spiked higher causing great middle class and lower income suffering, the federal

reserve should tighten policy to make sure the energy spike is not embedded into inflation forever, okay? it's the middle class that suffers the most. it is the low income people that suffer the most. this is why real wages keep falling the past nearly three years, burying joe biden's popularity ratings. i would also suggest, instead of targeting the economy, or the unemployment rate, the fed ought to use a broadcom index, including gold in order to preserve a stable commodity value of money. look at that chart. see, brent crude goes up, i don't know if we have the crb chart or not but we'll show that too. so, alas, i will just conclude, none of these reforms are going to happen under joe biden or, look at the crb commodity index

chart. look at that thing popped up a lot. it is not just oil but oil and gasoline is a big part of it. i'm just saying you want a stable value of money that gives you price stability, not destroying the economy or jacking up the unemployment rate or inducing a recession. just keep the dollar stable and i like to use a broadcom index including gold, including energy. not going to happen under joe biden. not going to happen under jay powell. i don't think they even understand it even remotely understand it. and that's what's so disappointing. it is like we had immaculate disinflation in 2021. then immaculate inflation in 21 and 22 and now, and now i don't know what we have. well, we have jay powell. actually much better than jay powell. here is what we have, john carney, "breitbart economics and finance" editor and coauthor of the "breitbart" business die gist which digest which is a

must-read. we'll put in steve forbes here in a minute. john, go ahead, tell me how great jay powell was today. he didn't mention -- i don't want to be like friends of mine and ask the question and give you the answer, but the fact he never mentioned the oil spike which is an oil shock, except when our reporter edward lawrence a very smart chap, clever chap, asked him about it, gave the stupidest, goofiest answer i ever heard. >> i am glad he was asked about it. this does not only affect of oil and money people spend for it but other things note made for oil. if you pay for gasoline you don't have money to spend for a concert or movie ticket. it is a tax on americans. joe biden loves that he wants there to be a tax on americans in the form of higher gas prices because they have a religious fanaticism about hating the production of fossil fuels.

larry: can i play this, let me ask my producers, we're rearranging the deck chairs a little bit, bear with me. can we play the jay powell answer just one more time. i want to make sure my pal steve forbes hears it and i want it to be embedded into john carney's mind. here it comes, here comes jay powell, goofy that it is. >> we're seeing oil prices as you mentioned move up and that's pushing the price of gas so how does that factor into your decision to raise rates or not because the last two inflation reports pce, cpi because we've seen overall inflation actually has risen. >> right. so energy prices are very important for the consumer. this can affect consumer spending. it certainly can affect consumer sentiment. gas prices are one of the big things that affect consumer sentiment. it really comes down how persistent, how sustained these energy prices are. the reason why we look at core inflation which excludes food and energy is that energy goes

up and down like that. don't tell you much where inflation is really going. however, we're well aware though that you know, if energy prices increase and stay high that will have an affect on spending and may have an an effect on consumer expectations of inflation, things like that. that are just things we have to monitor. larry: all right, steve forbes, founder. larry: editor-in-chief of forbes media, my dear friend for some decades, oil prices, energy doesn't affect where inflation is going. >> this reminds me of the early 1970s when weigh had a terrible -- larry: 100%. sorry don't mean to interrupt. yes. >> we had terrible inflation, stein head of council of economic advisors had a bad report. what he went out and said with a straight face if you exclude copper, you exclude food, exclude housing this and that and seven other things, it looks pretty good. it took a while for reporters to that he was pulling their leg.

powell was not pulling their leg. >> inflation if you exclude everything that went up in prices you have no inflation at all. larry: here arrest the thing, the inflation rate is averaging now for the three-year period something around 5%. i will toss that number out there, more or less than 5%. three percentage point above where it ought to be which is two. some say five percentage points where it ought to be which is zero. you know, one of the constant here is high energy and gasoline. >> and the biden administration already spent all of the literal capital that they had to deal with this problem by releasing all of the strategic petroleum reserves. there is not a ready source of oil now that can be tapped to bring down prices. so when jay is saying oh, it can be volatile, it went down because we manipulated the market flooding it in front of the midterm elections that was very intentional, political by joe biden. they can't do that at this time. they don't have the reserves to do it. he will end up filling reserves

with 100-dollar a barrel oil. larry: $125 a barrel. we would fill it when it was 70 but forgot. >> it was actually a huge betrayal, the saudis said, fair enough you don't want it at 125 but you need to put a floor on this. fill it up when it gets to 70. they didn't do that. the price kept going down. we have no friends who produce oil around the world. in the u.s. people are afraid to invest. larry: no friends who produce oil. that is such a key point. opec plus, full of our enemies or our adversaries, whatever you want to call it. steve forbes, i don't want to belabor the point but you were getting -- i don't know whether this is exactly like the '70s, but it is certainly around the edges. >> it rhymes. larry: it rhymes, very good, thank you. one of the things we learned which volcker taught us later, when you get these commodity spikes, in this casenergy spikes, the fed should fed should tighten. energy falls should ease.

you don't want it embedded in inflation rate, you don't want to print money that embeds it into the economy forever. this brings me to a broader point, this is a see forbes point, the commodity value of the dollar, the gold value of the dollar, i use the crb which includes gold and silver is falling. we have have the chart, if we can run that crb chart again, last five months, four or five or six months, we've seen a big rally in commodity prices, crb commodity index gone way up. some that is oil, a lot of it is not oil. between that and the energy problem, look, i don't want to see high interest rates either, but they screwed up so much in recent years they're kind of stuck with this, talking about pausing, get it done, get it done as fast as you can. you will have to raise rate, get it done and get out of the way. >> if powell had a back bean wanted to i am mow late himself,

higher oil prices, produce more oil. we can't get more oil by raising interest rates. which can suppress demand you about can't produce more oil. that is beyond our competence. get your policies right, some of these things will take care of themselves. we already saw a few years ago oil prices went down, natural gas prices went down, huge market in europe for natural gas. do those things. don't depend on the fed, we can only do so much. the thing the fed is playing a little game. they are reducing so-called reverse repos which were once 2 1/2 trillion dollars, they borrow short term from banks and money market funds that is down to 1 1/2 trillion. larry: why is that steve? >> they're reducing the balance sheet without raising interest rates. that is what they're doing. larry: that might not be a bad thing. >> powell should lay it out. larry: that is the real money supply. that is the basis for the money supply. so they're doing the right thing. he just doesn't talk about it, is that fair? >> i think that's right.

the money supply has come down. they should talk about that more. so uncool for central bankers to talk about monetary aggregates now, they don't like to do it. they want to talk about their expectations and their target rates and all that. they should talk about the monetary aggregates. that is actually the money in the system that is getting spent and that is pushing inflation higher. i think powell tried to say that a base case is not, sorry his base case is not soft landing. if you look at what those projections say though, they think growth is going to be up a lot more than -- remember back in june they said we were growing 1% this year. that's the wrongest forecast i have ever seen from the federal reserve. they now say we're going to grow 2%. back in march they said we would grow 0.4% this year. they thought economy, thought their interest rate hikes were going to bring down the economy and inflation a lot more than they did and it didn't happen. larry: you know what? never over till it as over.

i'm still looking at an inverted yield curve and index of leading indicators. >> i think the fed might well find itself in a position it needs to hike rates next year which it is desperately trying to do. that is why they will hike in november. they don't -- larry: why didn't they hike today? >> they should have done it. larry: oil prices heading to 100, may go to 125. i don't know i'm not smarr enough to know. get it done. get it done. steve forbes, last word. >> stable dollar, takes care of the problem increase the capacity of the economy to produce. reduce taxes, reduce spending. by golly miracles will happen. they will look like geniuses. why don't they get it? they have only 4,000 years of experience at this. larry: limit spending, you're right, lower taxes, lower regulations. sound like donald trump. >> or ronald reagan. remember him? larry: ronald reagan. that is what reagan did as well. thank you, gentlemen, we appreciate that. thank you for hustling on set. we appreciate that. steve forbes, john carney.

doesn't get any pet better than this. coming up on the show we'll talk about the biden war on fossil fuels, the border crisis, ukraine. we have our good friend senator ted cruz from the great state of texas up next on "kudlow." and please don't forget very exciting, fox business will be hosting the second republican primary debate at the ronald reagan presidential library in simi valley, california. it's a fabulous place. that's wednesday, september 27th, 9:00 p.m. eastern. and yours truly and our team we will be broadcasting live out of simi valley for our regular show at 4:00 p.m. eastern, 1:00 p.m. pacific. we're also be hosting the predebate coverage at 8:00 p.m. eastern, 5:00 p.m. specific. busy, busy. you don't want to miss any of it. we'll be back with senator ted cruz. stick around, folks. ♪. ♪

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comcast business, powering possibilities. ♪. larry: i'm having so much fun talking about oil and the federal reserve and the absolute goofiness of jay powell, let's bring in texas senator ted cruz, a great friend, get him -- texas is an oil-producing state the last i heard, so you might be interested in this senator.

basically, jay powell does whatever he is doing, mid-year review, fall review, some kind of review and he gives this press conference. they are not going to raise rates, they're going to quote, pause, i don't know why. putting that aside he never mentioned the latest oil spike where as you know world oil prices are now marching back to 100 bucks, maybe higher, who knows. our great reporter edward lawrence asked him finally and basically, that is the only time it came up in the entire news conference with jay powell at the fed. finally powell basically said you know what, oil doesn't affect inflation, doesn't affect inflation. that is why they look at core prices which exclude food and energy which is as you know what people use. which as you know is damaging the middle class and damaging lower income folks, why "bidenomics" has failed. i want to get your take on this. you know about the fed, you know about hard money, you know about

oil. how the heck does the fed chairman say oil prices don't affect inflation? >> it is crazy, it is ludicrous. he knows what he is saying is false. jay powell is a smart guy. you and i both know jay very well. he is also some one who doesn't want to tick off the biden white house. when trump was president, jay said things sounded a little more conservative. now that biden is president he says things that are more liberal. he wants to stay where he is. he knows he doesn't want to rock the political boats of the white house but on the merits the statement is absurd. i would ask any consumer at home. it is the fact whether you fill up your car or truck that you're paying 50% more at the gas pump, is that affecting your costs? is the fact that farmers, fertilizer, the price of fertilizer has skyrocketed, has that affected their cost? the fact diesel, factor, farm equipment, that price has skyrocketed does that affect their cost? does the fact that every good

you buy in the store travels either by train or truck and fuel costs have skyrocketed. does that affect your cost? does the fact that if you're flying somewhere for business and pleasure and you get on an airplane, jet airplane fuel skyrocketed, does that affect your cost? the cost of everything, energy is baked into. we've seen for 2 1/2 years the biden administration wage a relentless war against u.s. oil and gas production. joe biden promised on the campaign trail if you elected him he would shut off new drilling on federal lands, onshore and offshore. he has implemented over 20 different regulatory steps designed to do exactly that i will tell you the most pernicious he has gone after capital. he has appointed banking regulators who are trying to cut off debt for new oil and gas exploration. he has appointed sec commissioners who are trying to cut off equity for new oil and gas exploration. i ask you, larry, you're an esteemed economist.

if a business can't get debt, cannot get equity how the heck does it get capital to engage in new exploration and drilling? the simple answer, it doesn't. larry: i don't blame powell for the oil spike because i agree with you, you turn off the spigots and this is what you get. >> yep, john carney of "breitbart" said it very well, he said right now oil production is in the hands of our enemies. that is what opec plus is all about, russia, saudi arabia, also iran and venezuela. but jay powell will have to do something about it from a monetary standpoint. he didn't want to deal with it today. i think that was a huge mistake. i want to send you my riff which i know you were voting and that's a good thing, i like it when you vote but what you just said is the answer i said in my opening riff. i will send it to you. >> good. great minds thing alike and so do ours. larry: it will put you to sleep at night. anyway. let me go to a different

subject. this is unfortunately, this is u.n. week here in new york and speeds besides the fact the traffic is all tied up. joe biden speaks to the general assembly yesterday, made a big pitch on more money and help for ukraine. he never mentioned what is the big crisis in new york city and the rest of the country which is open borders and all these hundreds of thousands of illegal migrants, hundreds of thousands and new york city and all these other cities, sanctuary cities can't pay for it. let me ask you two things, senator cruz, number one. on the question of ukraine, do we know, does anybody know, do you know, if the bidens or anybody is trying to negotiate some kind of a diplomatic initiatives that might generate a peace plan instead of having hundreds of thousands of people killed and hundreds of billions of dollars of american aid? is anybody doing that kind of

diplomacy you're aware ever, sir? >> if they are i have no indication of it. we're certainly not hearing from the president or the biden administration to suggest they are and listen, my criticism of the biden administration on ukraine has been number one, joe biden caused this war because of his weakness specifically when he waived sanctions own russia and putin and nord stream 2 pipeline. those are sanctions i authored, passed into law, donald trump signed into law and those sanctions shut the nord stream 2 pipeline down and prevented a russian invasion of ukraine until joe biden became president. one of the first things he did gave russia and putin a multibillion-dollar gift. allowed putin to complete the pipeline. weeks later tanks rolled into iranian ukraine. he caused the war. when it comes to the war, the biden administration is utterly incoherent.

vladmir putin is a bad man. we want him to lose this war but we want russia to lose this war. biden is funding both sides of the war simultaneously. he went to the down wants $24 billion for ukraine aid and simultaneously in last couple weeks biden announced $16 billion he is allowing to flow into iran. that $16 billion will be used to fun terrorism, to kill americans but also be used to manufacture drones that the russian army will in turn use to fight the ukrainian army. iran is russia's number one weapons supplier. biden administration is putting billions on both sides of the war and they're surprised the war drags on and on. it is utterly incoherent what they're doing. larry: by the way, senator you could add, biden's war against fossil fuel driving up the price of oil is financing russia.

>> yeah. larry: financing russia and to a lesser extent also financing iran. senator, one last point, it is very interesting editorial on "breitbart" which is a great news site. the editor, marlow, is saying with respect to joe biden we should switch gears. we shouldn't be so obsessed with his age or his infirmity, okay, or even his gaffs. what we should be focusing on is the biden corruption and the biden policy mistakes. we have another republican debate coming up. i know former president trump won't be there but a lot of strong, smart conservatives are going to be in that debate. i don't think, and i think marlow is right, it is not age. it is a, the failure of "bidenomics" and the rest of his policies and b, the corruption. that is where the gop should aim

its fire. >> listen i don't think it is either or. there is no doubt that biden had enough mental deterioration he is not up to the job. that our enemies are emboldened by a weak and infirmed president. but you're absolutely right the corruption in the biden white house is massive. the evidence is growing. i do a podcast every week, verdict with ted cruz. we walk through in great detail, the evidence, direct everyday of joe biden corruption, solicit being millions of dollars of bribes to foreign oligarchs. on the policy front, every policy from the biden administration has hurt the american people. we need to focus on how the policies are failing working men and women. larry: got it. senator ted cruz thank you, sir, we appreciate it very much. >> thank you. larry: all right, folks, we'll be right back. ♪.

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♪. larry: all right, so what did ag merrick garland have to say for himself about his and

joe biden's two-tiered standard of justice these days? we have judiciary committee meeting today. let's go to new jersey congressman jeff van drew, texas congressman troy nels. you two were there. thanks for helping it. jeff van drew, you're from new jersey. i grew up in new jersey. tell us, what did garland have to say? i mean, i know you pounded him. what did he say? >> he didn't have anything to say. i asked him simple questions, you know, what really bothers people that i talk to literally they were putting undercover agents into churches, into traditional roman catholic churches. they have the emails. they have the proof. it wasn't only one field office. they weren't forthright in coming with the information. we had to really press them hard this is wrong. this is the united states of america. we have freedom of religion and freedom of speech. i was disgusted by that i asked him a simple question, did he believe that roman catholics were domestic terrorists. it took him forever to finally

begrudgingly say no. i don't understand. if you're telling the truth, you ask me that question, larry, i say no right oaf the bat. what he is doing to school boards, literally having agent this when parents expressed concern about what their children are being taught, that affects everyday average people. they're really concerned about about it. what they did by looking up, again, average folks, regular people, misusing something that allowed them to get too peoples personal lives, allowed them to get into all the details of everything they do in their home life, that is wrong. he is in charge. he is responsible. he showed own up to it. larry: troy nels, did you discuss, for example, donald trump's, this trying to push him 750 years in jail, four indictments. in my opinion, you may disagree, it is phony as a three dollar bill. it is just free speech. they're punishing trump for his

views, but you got this other thing going, special counsel, his name is hur, supposed to investigate joe biden's documents, classified documents and we haven't heard a single peep out of this special prosecutor. did anybody raise that point? what happened to this guy, hur? did they throw him under the bus? is he gone? is he in a spaceflight? is he working for elon musk? what happened to this guy? >> well, i don't know a whole lot about that but what i do know is in my questioning with garland he is not serious about anything that took place with burisma and hunter biden being on that board. everybody knows that burisma is the energy company, the very corrupt one in ukraine and we know there is a lot of corruption over there. when i asked him about the special prosecutor i said, do you know who viktor shokin is? now viktor shokin was the prosecutor in ukraine. he's the one that is trying to uncover all of the corruption in

ukraine. you know what he said to me, i don't know who that is. what that says to me, he is done with burisma. he doesn't care about burisma. we showed the video, joe biden on the video screen for everybody to see where he said if you don't get rid of this prosecutor who really is looking into burisma, i.e., my son, you're not going to get this billion dollar loan guarranty. that is quid pro quo, larry. that is bribery in my humble opinion, it is impeachment and i don't think he cares. i just don't think he cares. it is a two-tiered justice system and garland needs to be impeached himself. >> congressman nels said that, what you're speaking about two-tiered system of justice, somebody conservative, republican, different point of view they do they will go after him hard, but anything to do with biden family or anybody else they will not go after

them. they were doing a unique plea deal, everybody knows this, nobody in history of american law ever got. they would exxoner rate his son what he had done but exonerate for him anything found in the future this. is wrong. he is the man in charge. he is responsible. he can act holier than now but he is the man where the buck stops. larry: gentlemen, terrific stuff. i'm sorry we don't have more time. we'll discuss this, these hearings will go on for a while. jim jordan was fabulous own our show last night walking through it. you're doing a great job. thank you for your service. jeff van drew, troy nels, terrific stuff. folks we'll switch gears, our great pal, charlie hurt, "washington times" opinion editor, fox news contributor, and katie pavlich, townhall dot-com editor, fox news contributor. good to see both of you. >> good to see you. larry: katie, i can't help myself, i know there is a little bit of a cheap shot, but there

is no dress code left in the senate. i'm not shilling for brooks brothers or anything like that but we have, we have some pictures of your favorite senator, katie, we'll put him up on the full screen, senator fetterman. has that got the cargo shorts? yeah, think they do. the boy has some mean looking legs. anyway, my question, look, if you're going to allow this kind of you know, terrible dressing, what does that say about the institution of the senate, its responsibilities, its place in history, its seriousness? come on, chuck schumer trying to help this guy fetterman, katie it doesn't make any sense to me. >> fetterman is dressed in a way reflective of how the american people feel about the senate and about the house and about washington, d.c. in general but larry i was thinking a lot about this, how we got to this point. i'm pretty sure that when they

started counting hunter biden's spit through a straw as arts on a canvas, that we discussed here right on your show, you brought your wife's beautiful art, which is the real deal, this was going to be inevitable in our nation's capitol. it is a disgrace. if he doesn't respect himself to get up and get dressed for the american people, he certainly doesn't respect his constituents. today he was in the flat overseeing everything, sitting up on on on the dais in a t-shirt. we'll see how crazy it gets people show up whatever they want on senate floor. larry: katie, you're very kind. my saintly wife is a heck of a good painter. it is serious painting, not finger painting. but, charlie, this is like alldown hill, in a sense i really like what katie was saying. this is a cultural thing. this is a cultural statement. a guy like schumer, all right, his colleague, they don't care.

culture has gone to hell. education has gone to hell. the southern border has gone to hell. you know, come on, nothing seems to be working. this is why americans are so unhappy. fetterman become as symbol. i don't know how in the world pennsylvania ever elected this guy but they did okay, so the voters speak. but still, we have to do it this way, charlie hurt, really? >> yeah. and i think katie is exactly right about this. i think, you know, john fetterman is a message to washington. this is the contempt we have for washington so we're going to send a slovenly, unmade bed, a guy who looks like he just escaped from a psych ward. you can smell him over television. he has no respect for himself. honestly if you had a friend who was walking around like this you would reach out to him try to get him back to a clinic

somewhere because obviously you suffer profound depression if you can't even, if you can't make up your bed, if you can't put on something other than your pajamas but of course my bigger concern, you know i'm sorry for him and i'm sorry that he is so miserable and leads such a miserable life that he can't put two minutes of effort into walking out of the house, but for the rest of us i don't want to have to look at his legs. he has disgusting legs. he has -- i don't want to see anymore of his skin than what i see when you're wearing a coat and tie and it is just basic respect. that is why you wear a coat and tie when you go to church. it is not because you're trying to be fancy. it is because you're trying to be respectful of other people who don't want to see your nasty, disgusting legs. and so just out of common decency they ought to require at least long pants. larry: you know, katie on this point, i don't want to belabor it, but, but, but all these

polls, these long run polls and so forth, from gallup and elsewhere, americans have lost trust in all of the institutions, okay? unfortunately that includes the fbi, the justice department, the electoral system, et cetera, et cetera and they sure don't think much of congress and so this just plays right into that. it's like, you know, i know chuck schumer. he is -- schumer and i disagree on politics. he is not a bad person. it is not but he knows better than to allow the, you know, decline of standards in the senate. the public doesn't trust anything and this makes it worse. i will give you the last word. >> it's pathetic, it's weak, it's lazy. chuck schumer is allowing the lowest common denominator to dictate what the dress code will be in the senate. it is disrespectful to the institution and to people they

are there to represent. at a time they feel betrayed, certainly sending a slob to the floor to oversee the proceedings for the day certainly doesn't send a message that they're confident they can turn things around for you. larry: the two of you are great friends. i'm sorry we're short of time. honest, honest. thank you for coming on and talking. >> no more shorts. larry: thank you. you got it. i'm going to wear long pants. i have my long pants on, i promise. folks any way thanks to both of you. you're terrific. coming up, folks, biden's special prosecutor jack smith, he wants to gag former president trump, no free speech for donald trump. it is complete outrage. former florida attorney general pam bondi is here on set to talk about it with me. i'm kudlow. we'll be right back. the one thing we can never get more of is time. or...can we?

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when you stream on the xfinity 10g network. larry: no free speech for donald trump, that according to so-called special counsel jack smith. it is a gag order. all right, bring in dear friend pam bondi, former attorney general, american america first policy institute law and justice center co-chair. got that out. smith is trying to gag trump,

take away his free speech. >> larry, more than that it is a censorship order. they want to completely censor president trump after jack smith goes out there and talks about the case. he suggests that president trump had something to do with the violence on january 6th. they don't want him to be able to defend himself. april 22, "new york times" quotes president biden he is threat to our democracy and he needs to be prosecuted. yet they want to censor president trump. not only that, they want to censor his lawyers. they want to censor his campaign staff. it is not only president biden. a candidate like chris christie can say anything he want about donald trump, he cannot say anything to defend himself in presidential election. this is upside down. i have not seen anything in my career. the rights go to the defendant,

his liberty, his true liberty is at stake. larry: am i right, some liberals are defending trump on this, "washington post" is defending trump on this? >> they should. larry: i don't know about the "new york times." smith is going way, way, way too far. who decides this? appeals court judge? is this woman in washington, such an unfair judge going to decide? >> that is exactly it. it is difficult to appeal it. i'm sure they will try if she rules against him given all these rulings. given something else, larry, all the rights belong to the defendant, but they're setting all these trials before a presidential election. they're silencing a political opponent. they're forcing someone facing prison to go to trial. i never seen anything like that in my life. the rights should go to the defendant. here they are not. every criminal defense attorney in this country should be outraged by what they're doing. larry: on this point what happens, so, all right everybody knows blatantly unfair, the

control country knows it is unfair. can it be pushed back? will it be pushed back whether it is appeals or discovery or whatever? to me, pam bondi, the actual jury is the election in november 2024. nothing should happen before then. >> that's what it is about. what happened they charge him in mar-a-lago in the documents case. what happens they get a their h fair judge. then they charge him in d.c., new york being of course. georgia. they're hitting him from all angles and getting liberal judges who will do everything in their power to go after joe biden's political opponent. larry: all it is. 750 years in jail. it is incredible. pam bondi, the best of the business, folks. thanks for having, thanks for coming on. i appreciate it. i got a last word. i'm kudlow. we'll be right back. that's the nature of being the economy. observing investors choose assets

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larry: jay powell should understand that hot oil prices cause inflation. and you know what? u.s. senators should wear long pants. and you know what else? we should all watch liz macdonald. elizabeth: larry, you're the best. thank you for that. [laughter] yeah, put on your big boy pants, senator fetterman. larry: i got long pants on. elizabeth: he's got gym shorts on. thank you so much, larry. the hot stories of the day, fiery clashes at tone general merrick garland's hearing today. we've got hi