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tv   Kudlow  FOX Business  October 3, 2023 5:00am-6:01am EDT

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t look tall. the people rediscovered the chrysler building. and so you saw skyscrapers in houston and in china that almost literally quoted this grand old dome of a building. william van allen got so caught up in defeating his rival that he forgot one important thing. he didn't get a signed contract. walter chrysler refused to pay van allen the customary 6% fee. it doesn't matter who you think you are. my friends get it in writing. larry: hello folks welcome to kudlow i'm larry kudlow. a crazy judge and socialist state attorney general trying to take donald
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trump's businesses away from him. this is an assault on private property, the u.s. constitution and donald trump. now, the latter is leading g.o.p. primary field and running ahead of joe biden for presidency by 5 to 10 point, the socialists who are terrified by a trump victory are working to put him in jail for 750 years and take his assets away. am i over simplifying? i don't think so, the state ag, letitia james ran against trump in her election, even though he was not on ballot, so did prosecutor alvin bragg, they were working on legal attacks even before they took office, no evidence needed. now they are the u the
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injustices against the former president in real time here is the former president today. downtown new york city. >> this is a continuation of the single greatest witch hunt most people get it. people are getting it. the voters are getting it, every time they give me a fake indictment. i go up in the polls, this is a disgrace. larry: well you know, i think he is on to something, radical democrats don't give one hoot about the laws or the u.s. constitution. if anyone looked at such things they would note that taking over mr. trump's businesses violates the 14 amendment. no state shall deprive any person of life, liberty or
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property without due process of law. now comes this whole, of valuing trump properties, with a particular emphasis on mar-a-lago. new york judge is using a ridiculous 18 million dollar valuation from palm beach county assessors office but trumps use 426 million to 612 million. well, even a chief property tax appraiser for palm beach says that clubs like mar-a-lago are assessed based on membership numbers, dues and the cost to run the facility, these are quote, these valuations are for tax purposes only, not for financing or a lending institution, hat tip to caroline mccoy of new york sun for printing that up. it is done for new york judge to use an assessment
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to measure lending value or financing value on a phony number. but i bet the judge knows what he is doing it shashed hard to believe it would hold up in court, you have residential property sales in palm beach exceed 18 million. real estate brokers in south florida suggests mar-a-lago value could between 500 million and a billion dollars, if this is the crime? who is the victim? there is no victim. this is a valuation dispute, it should be a serious dispute not a ridiculous one. on top of that bank lenders have been pay, most particularly deutsche bank and they are not complaining, how can anyone conclude anything else but this bunch of left wing democrats manipulating the judicial system, again for their own political gains,
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which is what the trump indictments are about. who knows, after today's court appearance, mr. trump's ratings may go up another 10 points, very possible. woof, woof, that is my riff. joining me now, great -- upstate new york great up -- just in general, the great congresswoman claudia tenney. do you think mar-a-lago is not worth more than 18 million. >> it doesn't matter. you are right. this is about valuation, everyone gets an appraisal when they want to sell their house or commercial property, and appraisers come out with a little higher value to lure a seller, it is not illegal, it is could be maybe puffing but not intentional fraud. then when you want to get your taxes lowered,
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sometimes the appraiser comes in a little lower, this is not about a transaction where he is stealing money, look at what another letitia james said, she said, i want to make sure he has no business in new york, how many thousands of jobs, millions of dollars in taxes and economic impacts does the trump organization in the state of new york and just about everywhere in united states, and why isn't deutsche bank or any of the massively huge banks objecting to this. this is about getting inside a commercial transa transaction and litigate it and find anything they can on trump, this shows how pathetic it is, civil fraud? there is no case -- no one is going to jail, it is letitia james, i have called for her to be disbarred and removed from office, h she is involved in malicious prosecution. they are dirty cops.
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larry: that's it, dirty cops. she ran imeang against trump, state attorney general ran against donald trump, they are trumped up charges, they were ready to do this during the campaign. so, i don't know. i don't see. there is no victim, they are violating the constitution, this is about market value versus tax assessor value. or market appraisal the county tack assessor, says that their 18 million dollar number had nothing to do with the market, you should not use it for lending purposes or financial valuation purposes and the judge used it and way. >> you are right. larry: trump's numbers will go up te -- 10 more points. they want to take are all of his business away. moving on, bigger fish. matt gaetz versus kevin
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mccarthy. how is that. speaker mccarthy yesterday, i think live sunday fox news show. >> matt has probably planned this from the day i ran for speaker, he never voted for it matt of the individual who voted against our most conservative bill that would have secured the border, i want to secured border, here wants to secure interviews that is okay. larry: give us your take. will speaker mccarthy remain speaker mccarthy, what is matt gaetz up to. what is republican conference think about this. >> people are fed up, i came into congress as a freshman with matt gaetz, he is smart and capable. i do think this is a personality conflict between kevin and matt gaetz, we have really important things to do, i like him, what happened to weekend, i want to vote for most
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conservative expense cutting measures that we can, focus on what we need to do second e doure our -- secure our border. we were in a bind, we have to face a government shut down, and i know your audience will understand as a former lawyer and someone involved in bankruptcies and commercial law you name it, i fel fell we were liking at a chapter 7, if we went to chapter 7 bankruptcy, only way out is administrative way and the democrats control that, had we not done the bill, but i voted because we need to stick together and keep the government open to preserve ours for another day, we're in chapter 11, we have to get appropriation bills done, unfortunately some people on the right, i am on the right as well are blocking the appropriators
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from getting the bills done and then matt goes over kevin mccarthy, and says that the bills are not done, if you would lit us get them done in regular order we could get to a floor vote, we're looking at chapter 11 right now, we have 45 days to phoenix this. no one -- to fix this no one wanted to vote for that bill, worse case would have been shutting the government, a chapter 7 sophie, yis over. you have no control, it would have been in hands of democrats in house, senate democrats and joe biden, that was not an option for any of us, that is why kevin kind of pulled a rabbit out of a hat and give us that vote to save the day and force senate to vote for something they didn't want and kept the government open and lived to fight another day. larry: i thought it was a stunning ploy to get it done at the last minute. but the thing that i don't understand. what good does a motion to
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hav vacate the spea speaker's chair. >> they control the white house. which by wait us what the most powerful arms of government, fbi, doj and bureaucratter agents with police power that are working against the us, they can control senate by a narrow margin, we have a 4 seat majority, that is it, we have to play a finesse game, yes, we want to control, but not with a 4 at&statseat majority, we need to stick together and stop thinking that if we don't get a hail mary pass, a touchdown and we don't get 10% wins or making first downs we'll never win, and democrats play the long game, they will take a 10% win and 10% win, and before you know it, they have taken over. larry: a quickie, not quick. jamal bowen pulling the fire
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alarm the house did a guess everyone walked out. this is the dumbest thing that i have seen, not true, maybe the top 5. in recent years. you know, with his phony excuses will he be add mon admonished or punished. we're showing the video this is fantastic. you cannot mistake this fire alarm. so anyway, claudia, what do you think? should he be punished or dropped or what? >> he has to -- this is a crime in dc. thin you can make the argument, i said on twitter 'people done come to washington, were charged with you know interfering with an official preceding, let me tell you what was
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happening. we were trying to get that bill passed that continuing resolution to keep the government open. and democrats were stall, they were sitting in the well of the chamber that allows them to stall and slow the on one -- vote one baby one, the timing was of the essence, he was trying to slow things down, i don't know that for sure, but i would not surprised. he pulled the alarm, caused a delay what the voted, so they can blame us for the shut down, we got -- there is a error on his part, it makes the democrats look bad, he las t has to be prosecuted for this. there is a misdemeanor in dc law, people are going to jail for this in the january six cases.
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larry: i hope he gets charge. last one. you have been great, always you are a super star, listen to great mark levin on "life, liberty and levin," last night, listen to what he says about impeachment. >> so a president is required to enforce specially a clear law whether he or she likes if or not, taken an oath to up hold the constitution up hold the law, if they fail do, that they violated their oath and violated the constitution. the impeachment clause kicks in. has joe biden unheld federal immigration law? no. has joe biden violated federal immigration law, yes. well what about his effort and more than effort, the fact of his circumventing a supreme court decision that says under separation of power, mr. biden as president you don't have the authority to forgive student
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loans, his family, had inr introductions to enemy states and some rallilies to front corporations from which his family benefited to tune of 30 million to 50 million. there is no question that it not only is worthy of an impeachment inquiry, in my view, it is worthy of an primimpeachment trial want it. larry: claudia. mark levin a smart guy says, impeachment potential regarding breaking of the immigration laws at the border. and the student lin student loans and supreme court said no, you didn'ta ha-- docket have t -- don't have that 40, and then the phony llcs might have taken in 30 to 50 million
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dollars. you are involved in over site for the ways and means committee, i'm concerned that you know a battle over the speaker's chair and this and that will take away the whole impeachment inquiry intensity. but do you agree with levin and will this campaign continue on the republican's part. >> yes, we need to continue that, and afghanistan i have said that is impeachable. and dialing with the border, violating the laws, the federal law, primary government is border security. he is abject. now with uncovered thanks to whistleblowers we have the information from the irs, you have obstruction of justice, dirty cop merrick garland. have been trying to prevent
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this information from coming forward, that was part of the key issue, and showing there was influence peddling and bribery from the biden administration where the testimony from shokin. fbi informant, corroborates this testimony, they are happening with biden, this is what we need to folk ours going after biden and making sure we up hold justice with a one system of justice equal justice under the law for inch an -- everyone and making sure our constitutional laws are carried out to presidency and his unique executive powers, mark levin is right, we should be doing this instead of focusing on personalities conflicts, this is all we have to save the country and come back to santesanity and com common sense, . i feel the oppression of government every day coming from new york state.
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that is the mod they will model that democrats are using on the national level. we have to focus on the issues and impeachment has to happen. and we have to focus on really up holding the credibility of the united states when dealing with what is joe biden has done turn mine the institutions to enrich himself. larry: influence peddling, claud claudia tenney thank you very much, a nice chunk for the show. >> thank you. larry: coming up, why consumers are mad even though inflation seems to be falling, we'll talk about that and interest rates. and the government selling too many bonds with kevin hassett, former chair of the counsel of economic advisers when kudlow returns.
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larry: question, why consumers are mad, even though inflation is falling, joining us kevin hassett. author of the best book of news century, the drift. stopping america's slide to socialism, good to see you. interesting they mentioned growsries, milk --
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groceries, milk and gasoline. the factory mains that grocery prices are still up 20%, a gallon of milk, 3.90, still up a dollar from where it was in august of 2019. 4 years ago. like are you better off now than 4 years ago? gasoline, 3.84. versus 2.63. so, you know this -- wait, one more kevin. cars, new cars. average over 45,000, the old 33,000. you know these price indexes can be misleading, the steph that people buy is still much higher than it was two or 4 years ago. >> absolutely, i have really two responses. the index being misleading
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is a technical thing. the way to think about it is that as you know you cover it a lot, we got real incomes for 2022, and relative to 2019 they are down $4,000 because of inflation prices went up but wages did not keep up in 2023 it is worse. if i told you, larry, i kit yocut our salary 4,000, i told you you should feel better because i'm not cutting this year, you are wait, i'm still down $4, that is what is happening, americans' a politician to says -- who says i recognize are down 4,000, here is what i'm going to do to give you the income growth you need, but up sti instead they are saying you are wrong, people are not responding well, declin in inflation is driven by a weird technical error in cpi, they count for
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cost of while insurance they look at profit of health insurance companies they made a fortune during covid. now their profits are down, so the cpi for health insurance is down 40% this year, which is having a huge affect like making it look like inflation is moderating. larry: i did not know that, that is super interesting. >> i'll send you an e-mail it is stunning. did your while insurance go down 40%. larry: it never goes down, not once, in the 50 years that i have been paying for that stuff. what would cpi be if you took that factor out? growing 5 or 6%? >> well, you took the last point to turns to a .7 i'm not kidding. >> so interesting, the other -- >> a real thing. larry: people besides the expenses, what people buy,
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that -- they mentioned it groceries, milk, gasoline. cars, that stuff. instead of takinge food and energy out, this is the core. but the other point since rates, when we're seeing is a big rise in long-term up interest rates our friend larry lindsey is writing about this and the government is like, borrowing half of the funds in united states crowding out housing about to crowd odd business. this is a difficult thing, the treasury is selling the paper. and they are the biggest borrower and all of a sudden you head to 5% in 10-year note, and well over 7% in mortgage rates, i don't think that people like that either. >> right, and on the interest rate, you said something that art laffer taught us, there is stuff you have to buy, and stuff
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you maybe will buy, i buy comic books but i won't buy them if i feel i don't have the money but via buy gas and milk the problem is the prices went up in the things that people have to buy. you look at mortgage rates headed to 9 or 10% before the fed is done hiking, you are seeing it in data, that loans have gone a down. and other thing. because there is a post vbv shot going on that people are pulling their money out of banks, the banks are not lending money and people are not leaving money in banks because interest rates and bonds are high enough. there is a lot of financial dispri distress. larry: you have a lot of unhappy campers. that is what you got. that is what the polls show, i know polls don't vote, but
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this is a small cap shot of a lot of -- snap shot of a lot of unhappy people, kevin hassett. >> thank you. larry: coming up vivek ramaswamy is pro growth, pro capitalism, he knows how to communicate it well. we'll hear from vivek. then, we have mollie hemingway and gregg jarrett, and legal stuff about the scandals, mark levin is right, don't let up on the primprime minister hears, and not get all tangled up in kev kif, kev kevin mccarthy. he is doing a fine job as speaker that is my (fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right?
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larry: great pleasure joining us vivek ramaswamy, 2024 presidential candidate. vivek, you are so far in all
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these debates, you are the best pro growth capitalism guy, you are the only one that kind of says it i keep waiting, you are all in ronald reagan library. so you got the reagan spirit. here is what you said wednesday night. it say reminder. >> we need to delef deliver economic growth, burn, drill, frack, burn cold, stabilize the u.s. dollar and rescind a majority of those unconstitutional federal regulations that are hampering our economy. >> i'll be honest with you, nobody says it better than you. >> thank you. larry: i keep waiting for the others, but they don't do it. i'm asking you a couple questions about regulations. where did you get that
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riff? are you a capitalism do you believe that republicans should be the stewards of prosperity? >> yes, i do. the reason is, i know the american dream exists, i have lived it. my parents came from this country from almost no money, in a single generation, i have gone on to found multiple multibillion dollar companies that helped thousands of americans. yes capitalism is the best system known to man to lift all of us up from poverty. we need to stop apologizing for it. that goes for both republicans and democrats. that is what american exceptionalism is founded oi believe that economic growth we don't have to give up on that, we used to grow at 4 plus percent gdp growth, i think we can again under my presidency, we'll be able to achieve that and more, by taking regulatory state out of the picture, unlocking american energy and putting people back to work,
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bringing tax rates down, it is unpopular to talk about but we can talk. larry: key to tax rates down. i was talking with grover norquist and others, there was not enough attention, we should be -- states are slashing tax rates. a lot of them going to flat taxes and a lot to zero tax rates. you know, i think it is up to you and whoever wants to join but we need a strong across the board tax cut message. g.o.p. has to take that position biden is a strong tax hike message, right? >> absolutely. where i'm at is 12% flat tax across the board. capital gain, ordinary income, corporate estate does not matter and eliminate crony capitalism deductions that are woven into the system, rebates out the door. tax compliance costs alone are 700 billion plus, per
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year. if you simplify that, that is dead weight regained for cemensystem. >> only reason that i have not highlighted it as much, that requires congress, and where i'm focused the promises that i'm making are promises that i can keep as u.s. president, shut down much of the federal government, 75% head countr country ducktion. and -- reduction. and rescind unconstitutional federal regulations. and that much i can do. that is why i focused on that message, is those are promises that i know that i can keep, once i have then it is realistic, to imminent a flat tax. larry: would you, in remaining time, you mentioned shut down government, you mean change personnel. but -- >> 75% reduction. larry: would you have been
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in favor of a government shut down in this funding debate that is going on in washington? >> so, my view is that would have been a sloppy fake shut down. the reality, government employees get their back pay. and government comes back bigger, forget the fake shut down debate and have a real shut down of the administrative state that fourth branch, that our founding fathers are rolling over in the grave, by end of my second term. they will be rifting rests in peace with three branches of government. larry: i commune with some of them on various weekends, the founding fathers, i know they are above us. >> i would like to join you. larry: last one, talking about regulatory state. you have the biden fccments to put back net neutrality and the biden ftc, now they want to close down amazon.
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and they are spending time chasing av elon musk. as someone that talks about stopping the regulatory state. what did you think about this net neutrality, close count amazon go after elon musk. >> it is nonsense, even if you take the net neutrality debate, this a classic deflection, a farce, they are talking about broadband providers like at&t and verizon. the senator s censorship is internet companies and social media companies like google and facebook and youtube, a classic bait-and-switch. where bigger companies cheer that apply to broadband providers, very people cheering for it with biden administration are those who are responsible for view point discrimination, i wish, they trick republicans, many republicans missed this in
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fall for the trick, that is why i'm in this race, i think i hope we'll be successful. is we have to pierce through the nonsense of the other time. larry: keep plugging vivek ramaswamy. thank you very much, we'll leave it there. wild switch gears, bringing in mollie hemingway. and gregg jarrett. mollie, you have to help me on this, i am not a lawyer. but, governor gavin newsom is apointing laphonza butler to replace dianne feinstein as senator from california. but mollie. she is a residence of maryland and a registered voter in maryland. we looked up the law for this senate, you have to live in the state, expru you h-- and you have to be a registered voter. >> it look like just yesterday the woman did
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register to vote in california. she is a residence of maryland, voting in maryland, but perhaps to comply with that law, she registered to vote, i think she holds property in california. one of the problems with california's voting laws they are so lax lacks, they sent out ballot to every address every person registered to vote, they have a real problem with election ib integrity there. >> does she change your residents or just voting registration. >> like i said, i think she has a property in california, you were when hillary clinton ran for senate for new york, a state she never lived in. senate is a place to make a lot of money, not necessarily represent your state's interests. larry: gregg jarrett, what are qualifications for president. who knows who can run.
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dpimcrats, they pull this stuff, time and again. i never hear republicans doing that. i never hear about that does this make gavin newsom look goofy. >> absolutely does. in her own bio, butler said she is a residence of maryland, og, that was just scrapped overnight. and just yesterday, she reregistered in the state of california, the problem is the qualifications set out in the constitution and says you have to be an inhabitant of the state from which you are choic chosen, but does not say how long what that means, she will probably skate bay. by. larry: if i pitched a tent on the beach in california and slept there for a couple days. >> everyone does. larry: would that qualify for senate?
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>> >> one of the -- >> go to venice beach, everyone lives in a tent. larry: sorry, mollie go ahead. >> gavin newsom said before this election he would pick someone based on their sex and race. and nobody seemed to have a super problem with how that does not seem like best cr criteria. the candidate is black, female and a lesbian, shows how democrat party really leans to politics, people are frustrated with democrat policies, what shaping on the border, with crime and the economy. and rather than respond to some of the criticisms by folks on substance. gavin newsom chose a political activist with no electoral track record, never had to stand before voters of california or any other state. larry: mol i, mollie, one of newsom's qualifications
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is whoever he appointed out not run for the permanent seat, that would be next november, they sticking to that. larry: i know they will let her live under a tent? how about the other qualification? >> people close to new senator said she was not told she could not run, but they note she has close ties to law firms associated with adam schiff, he is the man who made up lie he saws every that 2016 election of the stolen by tree treasonnist collusion is russia. he wants to fill that senate seat here, has close ties to new senator, we'll see if that means she understands she will only be there for a shore perishort period of time. larry: terrific stuff, i'm pitching a tent. actually no. mollie hemingway thank you, and gregg jarrett.
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>> coming up interest rating going up. and stocks are going down. is this "new normal." how bad? we'll have pete najarian and jim iuorio, i'
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larry: so i'm worried we have a new normal. in the stock market, interest rates going up and bonds and stock prices down. september just ended. was worst month of the year, here to tell us pete najarian, jim iuorio. welcome back, pete, i don't know how long the bonds will keep falling but interest rates may be headed for 5%, they were up 12 basis points today. this is not good for stocks. where are we going on this? >> it seem like we're going higher, until we see a reason we should not keep going higher, and you have to remember there is a lot of different things right now. rates themselves they are connected with the algorithms and walking in lockstep. particularly with sell side,
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you see it in front of us, whether or not you want to look at different parts of the market, utilities is great. look at where they were in august, and now. it is been a run. from the time we got that 10 year over 4%, at beginning of aus, it has been sticky, it stuck there now we continue to see that selling, including today, utilities getting hammered. larry: jim iuorio, interesting energy is getting hammered. fossil fuels. and i notice that rig count has come down, energy oil prices are high. whether they get to 100 or not we'll see. but what is your take on this? interest rates up stocks down? >> pete mentioned utilities, normally they're rate sensitive. when rates go up this fast, everything is rate sensitive. however, energy is only market in my opinion that is not completely tied to the rates like everything else. i think that move in oil, as
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we talked about a week ago, was overdone, it has backed down to 80, markets move like a pendulum to far in either direction, you have to ask, that shaping in 10 year -- that is also happening in 10 years too. you have to ask is market going to higher for longer i don't think so, could it just be hot money. i think we're perhaps beyond where we should be. that doesn't mean we're turning tomorrow. larry: pete najarian, do unwhat you know what could be higher for longer, inflation, kevin hassett said a lot of cpi decline comes from falling healthcare, insurance, people buying gasoline and milk and groceries, that is going up still.
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inflation could be higher for longer. >> i will agree, i think we're seeing actually oil in the triple digits again, i don't think it is that far, we have a bill pullback, we were at 94, now we're at 89, i look at this every day, and i follow what is happening with opec. and russians and is on, pe iiis -- opec really saying to us? they might cut again if they see it slip too much it is a matter of what they do with the barrels. i think we'll see something north of 100 if they are cut. larry: important to push back on jim iuorio as a generic matter. >> i feel the same way. >> i believe crude will go to 100, i just believe the short-term pullback, i think
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that saudis and russia the til tighten the crews on us. larry: did you see the piece in paper today, energy or someone in administration, won't let anyone go do a conference or a conference that has fossil fuel participants. like they will be contaminated by a fossil fuel participant. this is why it's hard to figure you are not going higher in oil prices, you are not allowed to produce anything, 15 seconds, jim iuorio buying or selling? >> i'm not buying yet. larry: pete najarian? >> i think he is right, start selling more. >> all right. sell more, you are terrific, i'm kudlow, that is najarian and jim iuorio. we'll be right back with my he hits his mark —center stage—and is crushed by a baby grand piano. you're replacing me? customize and save with liberty bibberty.
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