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tv   Kudlow  FOX Business  September 29, 2023 4:00pm-5:00pm EDT

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it's not going to get back to 2% in the short term, it's going to take a little longer, it's sticky. we're expecting that to push its way through as we move into next year. liz: gus, good to have you. thank you very much. >> you too. liz: here we go, folks. we are seconds from the closing bell. the dow wrapping up its worst month since february. the s&p and nasdaq, their ugliest month of the year. okay. but can i just say, october's known as the second best month for the stock market, no matter what? we shall see what happens, and we'll kick it all off for you on monday. gotta be there. ♪ david: hello, everyone, ask welcome to the special edition of" kudlow." i'm david asman in for larry kudlow. speaker kevin mccarthy facing a major losses in his efforts to avoid a government shutdown. americans are bracing for impact
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from a now-likely partial shutdown which could affect everything from student loan repayment assistance to mortgage loan applications, to air travel. hillary vaughn is live from capitol hill with the details. everything's changing. what's the latest, hillary? >> reporter: hey, david. well, we're looking at the impact that a possible government shutdown might have on the stock market. historically, a short or long shutdown does not have a major impact on the stock market. research shows during the last 20 shutdowns dating back to the '70s, stocks have been up 50% of the time during the actual shutdown, and a year after the shutdown of ten days or more, other research shows the s&p 500 gain on average 18%. but a shutdown, long or short, certainly devastating to the individuals who are temporarily without pay and also the small businesses that a rely on people showing up to work in government buildings for tear customer bas. immediately, any federal worker that is deemed not essential will stay home, they do not get paid until the shutdown ends, so
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people missing a paycheck until congress figures this out, most staff on capitol hill will not get paid either, but members of congress will. some lawmakers i talked to today want to change that. they also a want to cancel summer recess that they blame puts them in this mess to begin with. >> no pay for members of congress or senators. i mean, it's absurd that the troops may not get paid and we get paid? absolutely, there should be no pay. >> i submitted paperwork that, if the government does shut down, i won't be taking a paycheck. >> i think that we should stay in washington instead of going home in august and september. we should stay here until we finish funding the government before we leave. >> reporter: the longer a potential shutdown lingers, people might start feeling it. medicare and social security recipients might see delays in customer service, people on food assistance programs might feel the pinch as funds dwindle, and passport and visa processing might be delayed if if they run
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out of money and staff staffing. it all depends on timing. airports should be operating like normal, but tsa agents and air traffic controllers, they have to show up to work, do not get paid until the government opens back up. and for everyone else outside the government, tourists, travelers hoping to visit government museums, national parks, they could see visitors' centers closed and campgrounds as well. david? david: by the way, i think speaker mccarthy has said he's not going to take a value -- salary during the shutdown, right? >> reporter: yes, that's what he said. david: i think there are a total of 12 separate bills for ago agriculture, for defense, i know he got three out of four, he lost one decision. but is there -- even if they pass all of those 12, chances are they're not going to get anything passed, they're not going to get it passed in the senate, right? >> reporter: right, exactly. the senate is not going to be onboard with the way that the house is going to pass those bills. of course, the timing on that
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also a big factor here. they don't have the time to get the senate onboard with 12 individual spending with bills as a well. and there's been a lot of criticism from republicans that i talked to today that have said, look, we should have been doing this over the month of august instead of going home to our districts, taking essentially a summer vacation for a month. they should have been working on this now, because they knew the deadline that they had to work with, but they went home instead, and now they're in this crunch time trying to figure out how to keep everything open. but all republicans are not on the same page of how to do that, which is why you saw that stopgap funding bill on the floor fail because several republicans decided to side with democrats and vote against it. david? david: and then, of course, you have the split between the senate republicans and the house republicans. >> reporter: yes. david: senate republicans seem to be working more closely with schumer than with the house republicans. hillary, thank you very much. i should mention, by the way, we have scott perry coming up, he is the chair of the house freedom caucus.
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he should be coming up in the next block. but immediately, we have this economic impact. as hillary said, it hasn't historically affected markets very much, but let's bring in e.j. antoni, an economist and research fellow at the heritage foundation, and jack bouroudjian, chairman of the global smart commodity group. jack, first to you, i was just looking the last time there was a big shutdown or partial government shutdown was 2019. the market during the shutdown actually ended up 10%. [laughter] so sometimes it's, may not be good or bad news, but sometimes it's actually good news. >> but remember, david, that was a period where we actually saw the fed actually with easing money policies. this is the first time we're actually seeing this type of shutdown being threatened when we're seeing the fed draining the system. that's a headwind in and of itself. so let's see how this all place out. i'll say that and, of course, the bottom line is this needs to
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be done, you know? look, the reality is that that is finish the debt is spiraling out of control, ask either congress does something or the bond market will do something. david: e.j., the size of government is not diminishishing one bit, and the cost of that debt keeps growing. i was just looking at the debt interest payments9 that the government makes, they're twice what they were just in 2019, well over $600 billion a year now. >> absolutely, david. in fact, if you just look at what's going on with interest rates right now, and you can go all the way down to the shortest maturity all the way up to the 30-year bond on u.s. treasuries, and you extrapolate out what that's going to do to do -- to the debt, we're looking at $1.5 trillion this interest payments, that's just in interest on the debt. i'm not talking about funding any kind of essential government services here, just in interest. it is going to bankrupt us and right quick. david: jack, today we had core
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inflation numbers, the pce numbers, and they were actually a little better than expected. it was down a tick from the expectations. "the wall street journal"'s nick mihm rose is reporting this -- tim rose is reporting this as good news. inflation is actually cooling, it could stop the fed from raising rates. what's your thought about this? >> the fed has told us they still have a long way to go. it is, it's going to be higher for longer. and i think the market's starting to come around to that. you know, the reality is that, you know, if the fed starts to ease over the course of these next few months, they're going to lose credibility, and that's going to really hurt the markets down the road. right now they're in a position where they have got their hands cuffed, right? and they really cannot do much, and they're at the mercy basically of what is happening to market conditions. david: e.j. is, then we have the problem of growth. i would say at very best we're kind of coasting along here. that's at best. and as george is gelder used to
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say, if you're coasting, you're going downhill. is that still applicable? >> i think so, david. if you look at a lot of alternative measures of economic growth like the philadelphia fed has their gdp plus, for example, that's at just 1.1% right now. not the 2.1% that we got in the latest revisions on gdp. so we have a lot of indications that the economy is absolutely coasting, but coasting to a stop. and by year's end, maybe the beginning of next, there's a good chance we're moving backwards. in other words, a recession. david: dis, jack, we have -- and, jack, we have oil prices going up, everything that uses oil keeps going up. so while the core which, of course, takes energy and food out of the equation may be doing a little bit better, the stuff that americans have to deal with is not. >> yeah. and diesel is another one that people don't talk much about, and that's really one of the core things. you know, and remember, this is happening with the dollar actually going higher, you know?
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imagine if the dollar were going lower. i think the impact would be even greater. so you're spot on. i think what we have to do is pay very, very close attention to what happens with oil. if we see it spiking over $100, 110, that in and of itself could stall the economy a lot harder and faster. david: and, e.j., we thought that the uaw thing, at the beginning of the the week, we thought it might be working its way out particularly with ford, but now they're expanding. what's happening with that? >> well, unfortunately, both the auto makers and the autoworkers are running up against the brick wall that is bidenomics which has made everyone poorer. as much as we talk about the headline inflation numbers and consumers spending 17% more on average for all the things they buy, prices for businesses have actually gone up even faster. that means these businesses have small orer margins with which -- smaller margins with which to grant wage with increases, and as a result of that, they can't afford the demands of the labor unions.
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and both sides now are at each other's throats when they should be pointing the finger here in washington, d.c. which is the cause of inflation and the cause of both of their problems. david: jack, real quick, are yoh of you, are you guys recommending we just kind of hold our ground and maybe get out of stocks a little bit, get into some of those 5% interest rates are from a 1-year or even a 6-month? >> funny you said that, i just did that today. if you listen to what david tepper said, and he's one of the smartest guys on the street, he just put money into a 6-month term, and he's getting 5%. so, you know, that's really what you want to do. david: e.j., you can't beat that, can you? >> it's safety. >> here's the thing, david, i think we have another interest rate hike before the end of the year from the if fed, and then we may have more to go after that. i think history should be your guide here. we are heading towards a period of both stagnant economic growth and inflation, stagflation. look back at the periods in time when we had that a in this
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country like the late '70s, early '80s, and choose the same sectors that did well back then. david: thank you very much, gentlemen. good to see you both. have a good weekend. coming up, the cost of gas is surging, so why is biden cutting oil and gas lease sales in the gulf of mexico to the lowest it's ever been before? we're going to be talking about it with former director of the bureau of land management, perry pendley is next. ♪ ♪
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♪ david: so as we just mentioned, the fed's key inflation gauge, the pce price index, rose in august, but it's a mixed bag excluding food and energy. the core rate was up just slightly, less than expected. but energy prices are surging. of course, that impacts everyday americans in everything we the do. so what does all this mean? let's turn to fox business' edward lawrence live9 from the white house. hi, edward. >> reporter: hey, david. you know about that favored pce inflation gauge. we saw it for the second now report in a row, overall inflation has now increased in that report, overall inflation up 3.5%. that's the first increase since may of this year -- or the last time, i should say, the last time it was higher was may of this year. core inflation fell for the first time since may. you know core inflation, as you
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mentioned, without food and energy prices. all americans feel those food and energy prices the most. and the price of a gallon of regular unleaded now hovering around $4 a gallon. a month if ago, about the same, and 5 cents a gallon more than a year ago when pce inflation was at 6%. now, yesterday i spoke exclusively with chicago fed president austin goolsbee, a voting member who sets monetary policy perform he hinted that that higher interest rates will be here to stay through most of next year. >> let's at least try, though we've got exterrible shocks coming, as you say -- external. oil prices, auto strike, if it extended for a long time, that would be a real one, you've got slowdown this china and other threats. but in the face of that, let's try to pull off this golden path landing. >> reporter: so then are you okay with around 3% inflation? you say for longer, through the presidential election then? >> no, i'm ott not okay with 3% inflation. that's not the target.
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inflation has to get to 2. >> reporter: and that's going to be the real pain, getting to 2% from 3%, especially when you have the white house with restrictive energy policies. in fact, just today the administration announced there will be just three spots in the all of gulf of mexico for leases for oil and natural gas. the american petroleum institute says that is a failed energy policy. back to you, david. david: certainly different than anything we've seen before. edward, appreciate it. speaking of energy, as we were just told, first it was alaska, now it is the gulf of mexico as biden shuts down new oil leases despite surging energy costs and needs. and today the biden administration's a 5-year plan for offshore oil and gas leasing will reportedly not include any sales, that's zero, in to 2024 and will feature only three in the final four years. the lowest number of auctions in the history of the program. joining us now is perry pendley, former director of the bureau of land management. perry, great to see you.
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thank you for being here. what do you make -- first of all, when i hear 5-year plan, i think of the old soviet union. it bothersers me that they use these -- bothers me that they use these. but zero new lease in the first year? what do you make of that? >> well, it's absolutely insane, but it's exactly what joe biden told the weather channel a month ago. he said i'm going to shut it all down. there's not going to be any oil and gas, not in the gulf. and he was dragged kicking and screaming by the senate democrats, i think, to come up with a plan. this is mandated by federal law. he's got to have a 5-year plan. president trump, we had a 5-year plan, '17-'22, we had 11 sales in the gulf of mexico, biden's got 3 in '25, '27, '29. you know, we get 18% of our oil and 4% of our natural gas from the outer continental shelf. it employs 300,000 americans and every state in the union benefits from it. not to mention driving the price
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of energy down further. we mentioned at the top here the inflation rate is the highest in seven months, and the driver of that is energy prices. david: sure. >> driving up the energy prices. we're approaching $100 a barrel for energy. and the gulf of mexico has huge, huge potential -- david: oh, it's amazing. >> yeah. 36 billion barrels of oil potential, 62 trillion cubic feet of natural gas potential, and that's just the low-end estimates. who knows what's out there when we start drilling. david: mckenzie and company, which is not a conservative organization at all, they came out -- actually, a lot of the greenies came out with a plan to increase drilling in the gulf of mexico by 2 million barrels a day. i think say it's possible. they say -- they say it's possible in a way of transitioning to green energy that we should do this. obviously, they're not listening to this, but is that -- i mean, would 2 million extra barrels a day just from the gulf alone, we
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could become energy independent again, right? >> well, we absolutely could, and we achieved that under president trump in 2019. we i hit energy independence for the first time in 62 years because of trump's aggressive offshore leasing program. in the last year, near the end of '22, in biden's first 19 months in office he had only leased 162,000 acres. you have to go back to harry truman, who did not have an ocs program, to get that low. reagan, we leased when i was with the reagan administration if 80 million acres. so biden's way behind. he talks about electric vehicles, but he's shut down a huge, world class mine up many minnesota. he talks about nuclear power, but he shut down america's best uranium deposit in arizona. david: right. >> he talks about oil and gas for american indian, but he shut down hundreds of thousands of acres in the san juan basin in new mexico over the objections
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of the navajo nation. david: they're contradicting themselves all the time. by the way, the media, the way they're reporting this about the almost shutdown of oil leases, basically they're saying it's not enough. that when he, when he was campaigning for president, he said he'd completely stop them entirely. i just was wondering if you had any thoughts on because, you know, they are sensitive, the white house, to pressure from the left. >> well, they certainly are. they're driven by the left whether it's obama running the place or somebody else, joe biden is reflexively doing whatever the worst progressives want him to do. all of the democratic candidates for president in 2020 said they wanted to leave it in the ground, and that's exactly what he's doing. this is a terrible thing to do. we have perhaps a terrible winter coming. the weather forecasts in
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wyoming, my home state, is that it's going to be a brutal winter again, low temperatures, and the american people -- especially american indian, out here in the west -- are going to have to choose between fuel and food or gas and groceries. david: yeah. >> because of biden. he says he's in favor of american indians. he must hate american indians because of what he's doing to them at the gas pump. david: well, it certainly doesn't make any sense. i want to talk about the organization you used to be head of, the blm. >> that's right. dave david the misnamed inflation reduction act because it's basically a green energy spending program, they have all these new rules for the blm which dramatically changes how and where federal land becomes available for leasing, and i, just picking one example, in new mexico they have the san juan basin in new mexico, they have the potential of 100 trillion cubic feet of natural gases there. >> yes. david: they are worried that these new rules in the inflation reduction act could actually limit if not exclude some of
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that natural gas from getting exploited. what do you know about that? >> well, it's not just the inflation reduction act, it's the blm's own rules where they have, where secretary -- for example, put off limits hundreds of thousands of acres including land owned by american indians, property rights they have. it's going to cost them $20 the million over a 20-year period. it's going to cost the treasury a billion dollars, and they're going the wrong direction. in my home state of wyoming, we have an area near rock springs, 36 million acres, that are run by the bureau of land management. i mean, 3.6 million acres run by the blm. and half of that is going to be off limits to what we call in the west multiple use which means oil and gas, mining or logging or ranching or even recreation. so they're closing down our property. at the same time, they're settling these crazy lawsuits with greens. just a weeking ago a federal
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judge said no to the attempt by the biden administration to reduce an ocs sale in the gulf of mexico that they did because they settled the lawsuit with the greens, you know? secretary burn hart issue an order, hey, when we settle these lawsuits, we're going to tell the public how much we paid the greens to settle the lawsuit and and the secretary doesn't have to disclose the hundreds of thousands of dollars she's paying off the green groups. and she can do what she wants to do. david: the administration, i think he's an american if indian herself -- >> oh, yeah. david: talking about the american indians and how much they care about them when, in fact, a lot of the tribes are dead set existence these policies. perry -- against these policies. perry, quick last point. go ahead. >> yeah, sure. well, absolutely. you have the three affiliated tribes up in north dakota in the bakken, you have the utes in utah and colorado, you have in my home state the aa rap hoe is
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and shoshone and then the navajo down in the san juan basin. and they're getting hurt dramatically. at the same time, the biden administration is spending billions and billions of dollars on green energy that will never, never benefit american indians. it's shameful. david: perry pendley, great to see you. we appreciate you being here. thanks very much. ing up, we have bombshell new evidence out on the biden impeachment hearing. fox news legal analyst gregg jarrett is here to weigh in. plus, joe biden yesterday attacking republicans as maga extremists, but a new poll reveals americans don't agree at all. jason chaffetz and deroy murdock will weigh in all when "kudlow" continues. ♪ ♪ on your goals, whatever they may be. all that planning has paid off. looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice? i can make this work. that seems to be universal. i can make this work.
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you don't have to worry about things like changing tax rates, exemption certificates or filing returns. avalarahhh ahhh ahhh ahhh ♪ >> hunter says my uncle will be here with his brother, many all a caps, who would like to say hello to the chairman. he goes on, jim's brother, if
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he's coming, wants to say hello. his uncle's brother. hmm, i wonder who that could be. i can't quite figure it out. brother of hunter, hunter's uncle jim, is joe biden. why was hunter so secretive about his father? if i'm going to tell you why, it's because joe biden didn't want the american people to know he and his family were getting paid millions and millions of dollars from a company closely tied to the chinese communist party. david: that was congresswoman nancy mace yesterday reading texts that allegedly link joe biden to his son's business deals. joining he thousand to react is gregg jarrett, fox news legal analyst and author of the great book, "trial of the century," about the scopes trial. begging, thank you for being here. i thought she did a great job yesterday. and, of course, a lot of americans, if they just happened to be watching fox and they hadn't been watching us before, they heard stuff that they never
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heard before. i mean, it looks a hell of a lot like evidence, the stuff that she was pointing to, despite what jamie raskin and others call a lack of evidence. >> oh, it is evidence. evidence is testimonial or documentary, it's direct and circumstantial. and here nancy mace and others were pointing to the wire ares, the suspicious activity reports from banks, david, that show $24 million funnel through 20 the shell companies controlled by hunter biden. some of that cash given to biden family members, and a large part of it came from china immediately after hunter flew with his dad to beijing where both of them met with his son's new partner. there are e-mails and text messages with -- where hunter is demanding payments by referencing his father sitting next to him, and and they're issuing threats. and, of course, days later $5 million was wired to hunter's company and, of course, the
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infamous deal in writing where the big guy is slated to get 10%. two of hunter's ex-partners have confirmed joe biden was the big guy. so this is arguably not just relevant evidence, it's incriminating evidence that joe biden was complicit in his son's corrupt influence-peddling schemes. david: and, you know, i -- there is literally so much evidence now making that link that i hadn't seen that particular text that nancy mace was talking about before where he said my uncle's brother, and then the brother was every little of that word was capitalized. if the person, his business partner if lost the hint of what he was talking about. i mean, is -- in a court of law, that would have significance as evidence, would it not? >> oh, absolutely. it's incriminating of the other people who are referenced in the e-mail other than hunter biden.
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and so, you know, david, i think the question the committee wants answered is this: did joe biden abuse the power of his office as vice president to enrich his family? even if he received no money himself, it is still bribery under the law which is also an impeachable offense. it's also a crime for a public official to sell access and promises of influence, indeed, the illusion of influence in exchange for money himself or his family. concealing it would be obstruction and conspiracy and, of course, using shell companies to disguise the source of the money is money laundering. so this warrantses, david, an investigation which is exactly what the house is doing. whether or not it leads to impeachment eventually. david: right. then you have, and this is more political than legal, but you have the spectacle of jamie
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raskin, the lead democrat on the opposite side of the aisle who started out yesterday in his speechifying talking, accusing republicans of using bad language are, bad references to the president which was spoken against protocol. [laughter] almost in the same breath, he then accused republicans, house republicans who were his partners on that committee, of being monkeys. literally, he used the word monkeys, of former president trump. i mean, it's just -- and not to mention the fact that this is the same guy who was supporting an impeachment trail against president trump based on evidence that turned out to be completely false. >> yeah. you know, look, democrats including jamie raskin were outraged that fact witnesses are not being called. well, they don't understand how an impeachment inquiry works. it's not uncommon, it's typical to begin by calling a law professor and other experts to explain the framework
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constitutionally of an impeachment inquiry. and jonathan thursday turley and two others agreed, there is more than sufficient evidence to open the inquiry. they confirmed serious evidence of potential influence peddling that could constitute bribery, as i say, conspiracy, obstruction, money laundering, fara violations, abuse of power. that evidence does implicate joe biden as facilitating this scheme, aiding and abetting his son's corrupt schemes. and professor turley repeated half a dozen times what i've long argued, the money doesn't have to go to joe himself for it to be a crime. david: yeah. gregg, finally, what is next for oversight? one thing that democrats say is, well, we don't have any physical evidence, any hard evidence in terms of bank statements and so forth linking joe and hunter together. is it conceivable that that's the kind of evidence that comes next that's subpoenaed by the
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committee? >> yeah, i think so. already last night hours after the end of the first hearing they subpoenaed the banking records of james biden, the president's brother, and hunter biden. they're also going to be doing the same thing with respect to hunter's former partners whether it be rob walker, eric schwerin or others. i think we will see some of these suspicious activity reports, it's thousand up to 170 of -- now up to 170 of them. these are red flags that the banks sent to the criminal division of the treasury department. that's evidence. it's evidence where all the hundred went. so it's follow the money, david. david: all right. as with we've seen so often before. gregg, good to see you. thank you so much for being here, gregg. moving on, president biden again yesterday doubling down and continuing his attacks on what he calls, quote with, maga republican extremists. watch. >> there's something dangerous happening in america now.
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there's an extremist movement that does the not share the basic beliefs in our democracy. the maga movement. there's no question today's republican party is driven and intimidated by maga republican extremists. their extreme agenda, if carried out, would fundamentally alter the institutions of american democracy as we know it. david: extremist movement again. well, americans seem to disagree. a new poll showing voters see the democrat party as a more, quote, ideologically extreme than the republican party by a whopping 9-point margin. so the tide has turned, mr. president. sorry to tell you. joining me now to weigh in, delaware roy murdoch -- delaware roy murdoch, fox news contributor jason chaffetz, former utah congressman and fox news contributor and author of the new book "the puppeteers." jason, deroy, thank you for being here. jason, first of all, it looks
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like what they're trying to do, what the democrats are trying to do and biden, of course, is taking a lead from whoever's writing his scripts, taking a page from 2022 where they thought they succeeded in painting are republicans as extremists. and even though they lost the house, they didn't lose it by as much as many people thought they would. they held on to the senate, etc. so so, but things have changed a lot since then, and that is reflected by this new poll, i think. >> yeah. don't believe you're lying eyes. when you see the immigration influx, don't look at a those pictures. when you see men competing in women's sports, oh, don't believe that. those are extremist maga republicans that are doing those types of things. oh, and when you go to the gas pump, that's donald trump's fault, never mind the fact that you were paying less than $2 in some cases for a gallon of gas and now you're spending over $100 to fill up. and the groceries at the grocery store, that was donald trump's fault. that was extremist maga
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republicans. republicans are out there talking about freedom, liberty, personal responsibility, the first amendment a, the second amendment. i mean, democrats are even going after a kennedy, for goodness sake. when did you ever think that was going to happen? [laughter] david: that's right. and these are, the republican policies are kind of moderate policies that very often democrats would go along with. remember, democrats were part of the whole reagan tax cut program back in the early '80s. part of that had to do with reagan's brilliance as a negotiator. but you look at crime, these extremist policies of letting so many violent, hardened criminals out on the street. the border, which is just crazy. i mean, and people see, people know that that is extreme, not necessarily what's being proposed by are republicans. >> the list of things we cover here, what ails us as a country. you mentioned inflation out of control, crime, rotten schools, the border being rippedded open, and my advice to the american people is stop voting democrat. you see democrat policies that
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deliberately have done things like open up the border. 12,000 people crossing the border in eagle pass, texas, just a couple days ago -- david: 80,000 in the past 9 days. >> we don't know who they are, they're not being vet ised. as far as crime, oh, you committed a crime? sorry to interrupt you, your crime spree, please continue. you saw what happened in philadelphia -- david: we're going to talk more about that, with but your point is well taken. americans know what extremism is, and the extremist policies are are all on the side of the democrats. but also, jason, you get this persona of biden, and remember in philadelphia about a year ago, i think we have -- can we show that picture of biden at that podium in philadelphia with the background? i mean,the that's not an eerie extremist picture, i don't know what is. and apparently, they're going to go back to some of this stuff. you can see it in that last -- >> well, the fundamental problem for the democrats is their chief executive officer, the president, the vice president,
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they're poor communicators. but their policies are what are killing americans in their pocketbooks and in their ability to lead their lives. that's why america believes that it's off track, and they're not one biden speech away from solving these types of things. they bought into these radical policies, and they can't just blame republicans and blame donald trump. it's been on their watch. they got to implement what they wanted to do, and the country is worse off. david: and we've had a chance in just this short two-and-a-half year period, to see how bad these policies are. deroy, i want to focus on something tim scott said. roll tape. >> here's the challenge though, black families survived slavery. we survived poll taxes and literacy tests. we survived discrimination being woven into the laws of our country. what was hard to survive was johnson's great society where they decided -- [applause] to put money, where they decided
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to take the black father out of the household to get a check in the mail, and you can now measure that in unemployment, in crime, in devastation. if you want to restore hope, you've got to restore the family, restore capitalism and put americans back at work together as one american family. david: decan roy, the hatred that you see for what he just said on media is disgusting. i mean, you see vile, hate-filled rea marks about what he just said, calling him all sorts of names and everything when, in fact, really good economists like tom sowell have spent years focusing on what happened after slavery was finished, after civil war, the steady gains that were made by blacks in the united states after that. and hen -- then after lbj's expansion of welfare, the steady decline of particularly the family which is to important in the lives of african-americans and everybody. and that decline was with
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specifically linked to lbj's so-called great society. >> a lot of these programs, unfortunately, lead to fatherlessness, and i'm fortunate enough to have a mother and a father. not every black kid's got that. 70% of black kids are born into single family homes, and it's no fault of the single moms or dads trying to raise the kids without the opposite parent there, but it makes the incline that much steeper. you look at under president trump, we had the lowest black unemployment ever, the lowest black poverty ever, and that's what happens when you cut taxes, deregulate and let the market expand. it lifts all boats as opposed to the other model which is basically pell wear -- welfare handouts and expansion of government which which leads to high prices and all sorts of difficulties. tim scott's right about -- david: by the way -- >> -- relying on markets and limited government as the way up rather than the opposite. david: the effect that these welfare programs had on individuals, it doesn't matter what race you are. it happened to poor whites in
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appalachia and poor blacks in harlem. the samefect. it was driving one member of the family out of the household, and usually that was the father. terrible. gentlemen, you're going to say stay with us. we'll see more of you coming up. elon musk going to the border, but where is the president in our panel's going to weigh in when "kudlow" continues. ♪ ♪ shingles doesn't care. i go to spin classes with my coworkers. good for you, shingles doesn't care. because no matter how healthy you feel, your risk of shingles sharply increases after age 50. but shingrix protects. proven over 90% effective, shingrix is a vaccine used to prevent shingles in adults 50 years and older. shingrix does not protect everyone and is not for those with severe allergic reactions to its ingredients or to a previous dose. an increased risk of guillain-barré syndrome was observed after getting shingrix. fainting can also happen.
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david: well, elon musk visited the southern border as president biden continues to avoid it. let's bring back deroy murdock and fox news center jason chaffetz. former utah congressman, fellow at the government accountability institute, fox news contributor, former chairman of the oversight committee. by the way with, how do you think comer's doing? >> a+. he's only been running the committee for eight months, and what he's been able to unearth and get out of this administration is, i'm telling you, he's my second favorite chairman of the oversight committee. david: some people say if he was allowed to do that without the inquiry hovering over him, he might be actually more successful. do you agree with that or notsome. >> no. i think the fundamental challenge that he has going forward is the enforcement of subpoenas that he's going to lay out there because unless the house gets some backbone, he has
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to go to the department of justice to enforce subpoenas on the department of justice. david: that's true. all right. let's talk about elon at the border. he had this cowboy hat, some people were complaining he had it on the wrong way. [laughter] the point is, he was such a -- he is furious, i think justifiably so, for the way the media, social media but with also the legacy media's been totally avoiding the crisis at the border. as we mentioned before, in nine days, 80,000 people come across illegally. he's trying to go around that legacy media blackout of the news story. will x, used to be twitter, will that be able to do that? will that expose most americans to the story they're not getting from legacy media? >> it'll get that story before a lot more american eyeballs. what's amazing is the need for him to do that. whether you're for or against this stuff, it is a news story. we had about 6 million people come across the border without
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passports, they're in new york, chicago, los angeles putting tremendous pressure on social services, on schools -- david: which, by the way, those cities could alleviate by getting rid are of their sanctuary city -- >> yeah. they said, oh, everyone's welcome, please come. guess what? they came, and now they're saying, turn around, go back. i have a problem with that. in either case, that is news. what the news media should do is tell us when there's news, and they're covering this up because they're trying to cover for joe biden and the democrats. david: he's a pretty good reporter. having been a reporter for about 12 years at the journal, i know what good reporting is. he's got some good tidbits that he just picked up on that one trip. i just want to play a sound bite there from it, roll that tape. >> it means they've murdered someone, and they are so proud of having murdered someone that theta too, like, one tear on their face for every person that they kill, is that correct? >> that's exactly right. >> and these just claimed asylum
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s and we let them in. >> we let them in. david: he noticed that one of these guys who was a murderer, every teardrop that's tata tood under their eye indicates one person that they murdered, he had several of those tata toos, and they let them through. that was a good observation. >> and he brings tens of millions of people that aren't necessarily exposed to it, they're not watching fox news or fox business on a daily basis. what's important here though is not only reaching a new audience, but he's talking to the border patrol. but kamala harris and joe biden, they won't meet and talk with the border patrol. that's what's stunning. don't take some republican's word for it. go down there and visit yourself. he was in border states the president -- two different border states he held fundraisers. he is still hasn't been to east palestine. he knows the camera are rahs will go there, but on this immigration issue, you know, you had congresswoman presley on another network saying that the border's secure just yesterday. that is such a fiction.
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and she is parroting what we hear from the white house and from the president and from secretary mayorkas. we're setting all-time record high numbers. the biggest influx of illegal immigration will come into this country month. david: i've got to tell you, you and i both have family from latin america who have come here legally -- >> legally. david: -- and are furious at what's going on because these people are jumping over the line, and they're talking now about giving them immediate work permits which which members of my family have been spending years trying to get. >> yeah. i know people from latin america, people from europe, people from elsewhere who came here legally, came in with passports and visas, they're waiting to get green cards, and in one case one person was kicked out. go back to the u.k., bye-bye. these other people break in, no permission, they get work permits and people who are murderers, they're not being checked. it's out of control. a.cred david: deroy, jason, have ato grea dt weekend. we'll be right back.
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david: thank you for watching this special petition of "asked kudlow." we were supposed to have scott perry, but he was tied up in one of these meetings about the government shutdown. have a wonderful weekend, folks. it is time to hand it over to listman donald. -- liz macdonald. elizabeth: good to have you back, david, i missed you. breaking news, the justice department just charged an irs contractor with leaking former president trump's private tax return information to the new york times. but did the doj seriously undercharge him?

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