we might see over6% for cds before the year is over. >> are you surprised the nasdaq is hard hit today, down 256 points? >> no, liz. nasdaq is up 38%. liz: true. >> where nasdaq will pretty easily coast into the end of the year. liz: okay. todd, good to see you on a very rock and roll day. thanks for sticking with us. tomorrow a fox business exclusive with one of the most important voices in private equity, bravo equity parter in, orlando bravo. stocks dripping in red as debate on the house floor concluded seconds ago ahead of a historic vote to house kevin mccarthy. "kudlow" is all over this next. don't move. ♪.

>> welcome to kudlow i'm larry kudsi loaf. charlie hurt is ready to join us when the historic vote occurs. they are talking about the last gasp maga republicans might want to look at the highly respected ibd tipp poll out yesterday. overall president biden's approval dropped five points from september's 41% to october's 36%. that is 36% approval. not much. meanwhile on the economy, get this, 56% disapprove of biden economic policies, aka mix mixer

and only 24% approve. wow. ibd index went up to 70.5. meanwhile only 16% say wages are keeping up with inflation. 61% say they're living paycheck to paycheck. and the new study shows that while both home prices and mother rates continue to rise the typical monthly cost of maintaining home reached $2053 in the third quarter. that is the first time ever that figure has gone above 2,000 bucks and the typical monthly payment now consumes 35% and the average national wage of 71,214 bucks. listen, common lending standards call for a 28% debt to income racial shoaf. so 35%, well, that puts home buying out of the reach of most middle class working folks. there is affordability crisis out there as prices rise faster

than wages, financial anxieties grow, the american dream of owning your own home seems out of reach and real wages after prices rise are falling. joe biden's radical green new deal would agendas powered cars probably up to a million folks would lose their jobs in the auto sector alone. i would suggest to mr. biden this is the last gasp of "bidenomics." that brings me to my pal mark levin, his great new book, "the democrat party hates america." democrats are the party of the state mr. levin argues and i would agree. at every turn they want to undermine the constitution and bill of rights. they are opposed to free enterprise capitalism, they are anti-business and detest the workings of free markets. mark levin talk about how democrats wants to transform

america. which is another way to say they don't like america. they are in favor of the all powerful central government and command-and-control economy. they see the quote, unbound possibilities of action and unhesitatingly employ the justice department, the fbi, the irs or other agencies to destroy their opponents. the permanent bureaucracy in washington, d.c., is a left-wing bureaucracy, an administrative state. mr. levin writes of a devil's bargain between joe biden and socialist bernie sanders on things like climate change, criminal justice, education, the economy, health care and open borders immigration. as a follow up to his magnificent book, quote "american marxism"." the democrat party hates america is a tooth telling book of the first order. right now in courtrooms across america joe biden employing every statist weapon possible to detroit donald trump and his

presidential prospects. trump is the archenemy to democratic party socialism, be it economic or cultural and at this moment a left-wing judge in new york and a state attorney general are trying to strip trump of all his business assets and his home, relying on incredibly fraudulent methodologies. trump is biden's worst enemy. so biden wants to throw him in jail for about 750 years. well we'll see about all of that. meanwhile as a free enterpriser myself, somebody who believes in individual rights i am reminded of the late william f. buckley, jr., who had a much better idea regarding joe biden and his. "bidenomics" and his socialist friends. as bill buckley said in the "national review" mission statement, let us stand to thwart history yelling stop at a

time when no one is inclined to do so. that is my riff. we'll get a report what is doing on the house floor in just a minute as matters unfold but first up joining me now, my old friend, mark levin, the great one, host of life, liberty and the pursuit of happiness, "life, liberty & levin." i like the pursuit of happiness too. on fox news, author of "the democrat party hates america," one of many best-selling books. mark levin, welcome back to the show. let me start with the book, it is so apocryphal what is happening today. one of the things i love in the book, your notion, your idea, that democrats quote want to be transformational, which is another way of saying they don't like america. if you don't like america you don't want to transform it, you might improve it, provide economic incentives, provide more opportunity but you dope want to transform the entire thing yet you hear this over and over again from joe biden, mark levin. what is up with that?

>> you know, larry, i have to say this, so why are 11 republicans helping the most diabolical party in the united states of america? larry: yeah, yeah. >> why are they joining with the progressive caucus and marxists in the house of representatives who hate this country to do what they're doing today? they are basically 11 demagogues who want you to believe all these things have been passed in the house have not taken effect. why aren't they focused on the republican leadership in the senate? that's the problem. that's number one. number two, they talk about a 33 trillion-dollar debt. i was talking about this all through the pandemic that nobody is talking about the debt including matt gaetz, who never talked about the debt. i don't remember five republicans going to the floor blasting the republican administration for the outrageous spending under

camouflage of the pandemic but today they get on the floor and they're going to save the country. jefferson talked about the tyranny of the minority. he also talked about the tyranny of the legislature. i have supported government shutdowns. you and i both worked for reagan. there were eight of them. there should have been government shutdowns and there should be more government shutdowns but this isn't pickets charge up the hill at gettysburg where the union was 60,000 soldiers is waiting over the other end. that was a dumb move. it was ordered by general lee, one of the great generals. picket's charge may make you feel good but when it actually has an adverse consequence that's outrageous. so we have here a tyranny of anarchists, not a tyranny of normal minority. i'm a conservative. newt gingrich is a conservative. chip roy is a conservative.

byron donalds is a conservative. the vast majority of the freedom caucus which is built on constitutional conservatism of free markets opposed what is taking place did. you want to know why, america? because of this. every democrat will vote with everyone of those 11 and they already have. why? because burn it down is the argument. no burn it down is not what a constitutional conservative believes in. that is not what a capitalists believes in. that is not what people who believe in individual liberty believe in. we have problems swirling around us. the democrat party is a marxist party. they are implementing their agenda as we speak. so impeachment hearings stop. investigations of the fbi stop. these guys got up like they know how to fix this 33 million-dollar debt and they have the answer. there is 11 of them. they have no answer, they have no chance. and they don't want to. what they want to do is draw

attention to themselves. one of them is up for a job at cnn. he keeps showing up at cnn. three want to run for the senate. they don't have a shot. they're trying to draw attention to themselves. matt gaetz, hates mccarthy for reasons i don't know anything about, i don't care about. you put your country first, you don't do this. if there is a reason to shut down the government, shut it the hell down. they were offered a 30% cut in domestic discretionary spending plus secure the border. that was a deal, that was negotiated by donalds and chip roy and the freedom caucus with the republican study committee, the most conservative members of senate, they wanted to use that to put pressure on mcconnell, because mcconnell is under no pressure whatsoever right now. they wanted to use it as a

tactic against the weak senate republicans. they wanted to come in with the biggest proposed cut in my lifetime and your lifetime. they wanted to secure the border. it is a damn 30-day bill. it was scuttled by five members. they say they represent the working class. they don't represent anybody. they say they represent the american people. they don't represent the american people. five congressional districts you claim to represent the american people? no. i don't put my conservism and my constitutional record of this country i if you're knuckleheads, bang your head against the wall, do your sort of thing, cost us any chance to elect more conservatives don't count me in, i'm not following that. i will tell you something else, this gyros send dale of montana, talking with a video camera with

his fund raisers he worked hard, he was glad that the republicans didn't have a sweeping victory during the midterm elections, because now, five, six, seven guys can control the floor. that's not constitutional republicanism. that's not representative government. they're throwing in with the marxists. that just tells you like the marxists, they're anarchists. larry: don't they know that? >> this guy biggs gets up gives a speech. wants the american people to know -- larry: how could they not know this? this is the part i don't understand. they are playing into the hands of the democratic party and joe biden. they're giving joe biden ammunition to fire away and distract from the collapse of biden's economy and you know, all of the various transgressions of biden influence peddling. they're giving him ammunition over there.

cart think as you say -- mccarthy was going to make this deal, including by the way, mark, mccarthy was willing to lower all funding levels for ukraine unless, until they have some kind of a mission statement, diplomatic initiative, that would have been written into the legislation too. he wants that too. he wants to choice the border. he wants to cut spending. he wants some accountability on this ukraine money going out the window every day. he is doing a lot of good things right. he is opposing democratic party's objectives and mission these guys are coming after. biden is the enemy. deeming contracts are the enemy. you know these guys. i don't get it. >> i don't know most of these guys. i will tell you this mccarthy is not boehner who trashed the tea party left and right. larry: right. >> i was forced to resign. mark meadows worked with me

behind that, scenes, i told him about the rule to vacate. i told him what the rule should say because he declared war on the conservative movement. paul ryan came across as a conservative, he is part of the establishment. why he ran with romney. that is who he is. that is what he was. mccarthy, i don't care about all these personalities -- they say there should have been 12 appropriations bill. one opponent to that but we knew the outcome. what do you mean by you knew the outcome, they would be defeated, everyone of them. why? because what these guys wanted in each appropriation bill, all the democrats would vote against it, and liberal republican cost vote begins it, so real conservatives say why do we go through the motion when we know we'll get our clocked clean? here is the bottom line for me and i think the american people, you want to cut spending, you don't vote against a 30% cut in domestic discretionary spending.

you vote for it. i don't give a damn how it got on the table. you want to follow roberts rules of orders while this party is taking out our country? no thanks. you want to secure the border, secure the border. they had the most conservative law enforcement plan ever to secure the border. drop that on the senate's lap, see what the republicans do. they undermined the entire process from a conservative perspective they gutted it. why you have mcclintock standing up there. why you have jim jordan standing up there and others know that those 11 are not conservatives. they're demagogues. they're anarchists. they don't have any plan for where they want to take this country. larry: mark, apart from this, talk about the transformational democratic party and where they want to take america because i think that word transformational is a dead giveaway, and you focused on it in your book.

if you want to transform this country that means you don't like this country. >> right. this book is probably the most brutal and honest unraveling of layer and layer of varnish been applied to the democrat party's history. so what i did, i decided, larry, we're upset about all these things going on, who is behind all these things? you need to go back and understand, the democrat party has never supported america. it has never supported the declaration or constitution, never sported principles. we went to civil war, because of democrat party. it was not anti-slavery, pro slavery, it was republicanner is sus democrat. republican party is fallen, weak, doesn't immediately run the demagogues, but that said the democrat party is only party that supported segregation, only

party that supported lynching. in 1940, fdr refused to sign an anti-lynching bill, he was running for election third time unprecedented wanted to win the south. i didn't sign an anti-lynching bill. he didn't bend a finger for the black community. this is tiny example where it is all rewritten. he didn't do anything for the black community. federal housing program, specifically excluded roosevelt administration black neighborhoods. you may not know that where we get red lining from. in washington they take a big red magic marker, circle the around the black communities. say this is our red line. no federal subsidies for mortgages in the black communities within the red line. that is where we get the phrase red lining from. the democrat party, you talk about jesse owens, great hero of the 1936 berlusconi lynn olympics. every olympian was invited to

the white house under fdr except him, he was asked, his biographer, were you snubbed by hitler. i never met hitler. he didn't snub me. franklin roosevelt snubbed my. he supported his each point. joe lewis rejected franklin roost vet because of refusal to sign the anti-lynching bill and sported wendell wilkie. you look at the history of these men, how many presidents funded projects to look at the quote, unquote mixtures of races, japanese and europeans? franklin roosevelt had a real problem with all of that. so he actually funded a study on this and you go back to his life, i mean this is again a tiny example of what's in this book, the history of this party and now of course they genuflect and they're a party, i mean it, marxism. larry: all right. command-and-control economy and all rest of it. anyway, i learned a lot reading

this book. thanks for coming own the show. catch "life, liberty & levin" weekends 8:00 p.m. eastern on fox news. coming up here on "kudlow," we'll have to deal with the whole house still voting whether to unseat speaker kevin mccarthy. you heard mark levin trash this, i don't understand republicans sometimes, i just don't understand republicans. i am a republican. been involved in republican politics for over 40 years and i still don't understand it but we'll have the latest with charlie hurt. he understands everything there is to understand. all that and more when "kudlow" returns. ♪. your best defense against erosion and cavities is strong enamel- nothing beats it. new pronamel active shield actively shields the enamel

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yes! [ cheers ] yeah! woho! running up and down that field looks tough. it's a pitch. get way more into what you're into when you stream on the xfinity 10g network. ♪. larry: the house is still voting whether to unseat speaker mccarthy or not. they're voting on the motion to vacate. looks like the motion to vacate will pass. so joining us now, with the impossible task of explaining what this means is the great charlie hurt, "washington times" opinion editor and fox news contributor. all right, charlie, fire away. mark levin just trashed the 11 republicans who i guess are voting against mccarthy. he called them anarchists. he said they are not constitutional conservatives,

they are anarchists and they are playing into the hands of the democratic party which will be regretted later on, what do you think? >> so it was really fascinating watching that whole debate where matt gaetz kept standing up, standing in front of inhahn omar, all the democrats who are not necessarily applauding for him. they are rooting for him, they love to watch when he is doing. at one point he talked about the failure theater of mccarthy speakership. my goodness, you want to talk about failure of theater, i don't know what the end game is here. and he doesn't know what the endgame here is is. he talking about having a better speaker. this is the same problem from the beginning of the year, we don't know what a better speaker is. there is very few things about congress, with absolute assure assurety, matt gaetz wouldn't be speaker. he wouldn't being speaker if just republicans had the vote. larry: he is unpopular guy. >> he is highly unpopular.

larry: he is just a guy, a quick aside, people are pushing this around the internet today, he was a strong backer of paul ryan, former speaker ryan, who is not the worst guy i ever met. paul ryan is a long-time friend of mine. he is a conservative but may not be a modern conservative. we can go through that another time gates gaetz dump ryan from speakership, give instability and democrats advantage. why couldn't you say the same thing with mccarthy. >> exact same thing. but the larger argument he is talking about, talking about single issue legislation and regular appropriation process, i agree with that. i think most republicans agree with that. i would love to see it. if the result of all of this, this gets more attention to those very important issues about how to run congress then i think that's a positive thing

but at the, again at the end of the day, you have to have an option. he is not even pretending to have an option. exempt he says we need a better speaker. who? ilhan omar? i don't think that will work out. that is not a better speaker. he is not able to answer that. you get into this thing, is this guy a charlatan, trying to raise money for himself, gain attention for himself, if that is what he is going, he is wasting our time. one last point if the utter result of this we talk about government shutdowns our business likes to talk about how dangerous and what a big deal that is, most americans don't really care. a congressional shutdown, i think people would care even less about because the truth is, they're not really getting that much done. larry: kevin mccarthy, let me just get this right, kevin mccarthy agreed to a deal, this is what mark levin mentioned and he's right, 30% reduction in spending, discretionary domestic

spending. they want to get through the regular order of the 12 appropriations bills. mccarthy is all for that pushing these guys around. mccarthy wants funding and laws to close the border. that's a conservative position. mccarthy also wants lower ukraine funding so long as there's an attachment of diplomatic initiatives and a mission statement. that's important thing. now those are all conservative principles. less spending, ukraine accountability, and a closing the border. now i don't understand, matt gaetz is running against that? does matt gaetz want more spending? does he wants to keep the border open like joe biden does? does matt gaetz want to spend another couple hundred billion dollars in ukraine? i don't think so. so i don't understand, what's behind -- usually someone makes a stand and gives great speeches on the floor of the house he has a mission, he has a purpose,

maybe a constitutional purpose, save america, you know, save america, kill the bill, what is this? save america kill mccarthy? for what? he wants a better parking spot? this is the part i just don't get. >> you have a short-term goal which is to elect somebody who will be better speaker. i don't know who that person is. we've been through this. and it didn't work the last time. they didn't have an option. larry: that's right. the motion to vacate passes, they go back into conference, we go back to january 2023, january of this year. >> pretty much exactly. larry: 15 ballots. >> again, we're going through the whole same process. larry: mccarthy will he run again? >> i reckon he will run again. larry: why not? >> at the end of day probably win again. if that is what is the entire process is about humiliate kevin mccarthy? larry: right. what a snore. >> american people are sitting back at home, american people are interested, saw this with

polling for the government shutdown, first time i ever remember most people were blaming democrats because usually in a government shutdown republicans always get blamed because the media is very good shifting that blame. so democrats are getting blamed, why is why i think they blinked, wanted to get it over with but -- larry: reopening the sores, this gives joe biden something to quell about. this gives democrats something to yell about. this detracts or distracts from the failure of what is called "bidenomics." >> i guess it does, but i don't think nearly as powerful argument. complaining about a dysfunctional congress, that is forever. what is the better fight, that fight or fighting about inflation, crime, invasion of the border. larry: i want to cut taxes across the board. supply-side tax cuts. one republican in that debate wanted to cut supply-side tax cuts. that is another subject.

charlie hurt. you are a business sy guy. this is a good start. basically this is for nothing, is that the bottom line here, this is for nothing? >> promote the concept much single issue legislation which would solve all of our problems? >> line matt gaetz' covers. charlie hurt, the best of the best. this week co-hosting the bottom line with dagen mcdowell, 6:00 p.m. on fox business. coming up here on "kudlow," you know what voters care about more than matt gaetz, home prices are more unaffordable than ever. we'll talk about it with art laffer. joe biden says maga republicans on the last gas. no they're not. handwriting is on for you, joe biden. look pat the lousy polls. the vici, the biblical thing handwriting is on the wall, you're going down joe biden. liz peek, art laffer, weigh in

with more when "kudlow" returns.

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♪. larry: so you can count on this, 2024 will be a kitchen table, pocketbook election and one big issue besides falling real wages, no home affordability. jobe joe biden-nomics crashing again. art laffer, medal of freedom recipient, author of "taxes have consequences." arthur, american dream may be out of reach. here are a couple of numbers. a report out today, if you include mortgage costs, homeownership, insurance, mortgage insurance and property taxes it is over 2,000 bucks for the first time in history on a monthly basis in q3. says 2053, first time ever over 2000 and the other one, art, is, you get a mortgage loan, get a home loan, you should have 27% of your income.

you're now at 35% of average income which is about 71 grand. why is this? mortgage rates going up, by the way bond rates are going up a lot? home prices are still going up even while home sales are going down. art laffer, what is going on here? >> you have to separate home prices from affordability, larry. increases in home prices is a return to the owner who owns that home. that is a return to it. that is not bad. that's wonderful. if you look at places where home prices are the leest in this world, they're in the worst places where no one wants to live, where depression is the commonplace phenomenon. so home prices are not the right thing. what you want to have is nice, heavily, rising home prices. that's great. it is property taxes, mortgage rates, these others are detractions but frankly home prices are not our problem. the problem is property tax rates and a bad, bad, bad economy. that is what really causes the problem. larry: is homeownership, i mean, this is the question of

affordability. it is also a question of the american dream. >> yes. larry: joe biden seems to be preshieding over an economy who has neither this is another affordability economy. >> yes that's true. larry: this is neither american dream economy. so why are we in this soup? >> because of biden's policies which are very bad, larry. tax increases all over the place, out of control spending, unhinged monetary policy, overregulation especially in the energy sector, trade problems as well. all of this is moving in the opposite direction the way it should. participation rates are extremely low. productivity increases are really, really low and the expected return on a real unit of capital has been shrinking for 20 some years. so biden is making things a hot worse. i want to make sure you realize, house prices should rise. that's a good return. like asset prices rising in the market. when you look at the markets today what we've seen, larry, we've seen stock prices, value of america's capital stock

falling sharply. that's a problem. that is not a benefit. larry: but i have a problem, i agree, in general agree with your return on equity argument for home prices but all things in moderation. you have a marked decline in existing and new home sales and you have a marked decline in home construction. so i'm a little bit baffled. i think that the rise in home prices is unhealthy because i think it has to do with regulatory bottlenecks, people can't build new homes. >> yes. larry: undesirability of living in a lot of places around the country, you know, like new york city. we have, whatever we have, 125,000 illegal migrants littered throughout the city. nobody wants them, not even the democratic party wants them. you see where i'm going on this? >> i do see it. i do see it. larry: we need some massive deregulation and some massive tax cutting to probably fix

these problems but it is not going to happen. biden doesn't believe in that stuff. >> you need deregulation in the construction industry clearly. larry: yes. >> you want to make the lags between when you decide to build a house, when it is finally built shouldn't be eight years. i was on the board of lion homes, we had to plan eight years away because of all regulatory problems. it took you eight years to get an average home built. those are way -- those are wonderful solutions to any type of shorting of housing. what you want to have, you don't want low price housing it means people don't want to be there. larry: i agree. >> low-priced housing when crime wave, low-priced taxes property taxes are over the moon that is the not answer. you want deregulation. with people moving the way they are, they sometimes don't want to own the own home. that is not the american dream, they would weighter rent for three years, move to different

place rent there you have a lot of the reits with house you can rent. those are much better buying a house doing all the transaction costs of buying, selling homes and renting moving to a single place. single focus on prices is a mistake. larry: i'm not single focusing. >> i didn't say you were. i think a lot of people are focused on price of houses not on deregulation. mortgage rates are really high. that's a problem. larry: mortgage rates have gone up 500 basis points. anyway, art laffer keeping the american dream alive, renting buying, one if by land, two if by, help me out on that? joining me -- >> one if by land, two if by sea, look at the house, it belongs to me. larry: by arthur, joining me on set, liz peek, syndicated columnist, fox news contributor, deroy murdoch, senior fellow at the london policy research. fox news contributor.

we got that out of the way, up next, can we go through, this is wonderful thing, hunter biden was arraigned today, and he has a certain amount of probation conditions and i thought we could weigh on this, weigh in on this. first of all up on the full screen, needs to get a job. i don't know if influence peddling for money is a good enough job. he needs to communicate, let them know if he will have foreign travel. cannot possess a firearm. no alcohol or drugs. got to go completely clean. all medications must be prescribed. he must get drug tested randomly. you need a job to get drug tested. you must participate in a substance abuse counseling program. i'm happy to sponsor him in alcoholics a anonymous. liz peek, can he meet these conditions? this is very harsh. >> he will have to meet the conditions. the question who will enforce them, track him around make sure he is applying for a job? i think that is a funniest one.

job doing what? larry: is he qualified? >> influence peddling we were talking he has plenty of references that should work in his favor i guess. i don't know. i think, look, this is actually ening normal rules and regulations someone who committed, accused of a crime is out is supposed to abide by. let's see if they hold him to it. i doubt very much they have will. larry: deroy, will they hold him to it? besides getting a jobe, what about the rest of the story? so he is being arraigned for the gun abuse, okay, call it gun abuse. gun abuse, alcohol abuse, all the abuses, but the really juicy stuff, and i don't know where this will go, judge noreika, and so forth, all the international transactions somehow tied up with his failure to register whatever it is called the foreign registration act. >> yeah. larry: that is where i want to go on this. i want him to go into court and

actually stand trial for that you stuff. will that happen or not? >> this is really serious stuff. was hunter biden basically involved in international bribery and was his father a beneficiary of this, this is the big question? instead get him on the gun charges none of which have any connection to joe biden. their hope people will focus on that that, forget about other stuff. maybe impeachment efforts on the hill will go nowhere. >> tax avoidance, purposeful tax avoidance, hiding income from all the activities, not i forgot to pay my taxes, he is funneling money through different llcs and so forth purposely to avoid taxes. >> that is serious. in 2014 and 2015 paid sear rove. these are the same people yell about rich people paying their fair share. he paid nothing while people making a few thousand dollars watching this show had to pay

taxes on it. larry: joe biden saying the last gasp of maga republicans i'm not sure i know what this means, i tend to think about that in terms of "bidenomics," my favorite failed socialist economic policy run by mr. biden. i was going to ask both of you, first of all i think the handwriting is on the wall, pools are up, idb tipp poll is catastrophe for biden on economy, overall that is the manned writing handwriting on the wall. the babylonian, biblical thing. the prophet daniel captured by the babylonian king the handwriting was on the wall the king would get killed, he got killed that night and daniel won. >> they're really getting lost here. >> went to sunday school. larry: the king was removed, i'm told the king was removed. i think the handwriting on the wall, the other one, vici, i came i saw i conquered which is

applicable to joe biden ending to maga republicans? >> he actually said that also in the context saying again the republicans are a threat to democracy. i have to say i sat down today, i went through seven things are clearly a threat to democracy that joe biden has perpetrated including by the way locking up his number of one his political opponent. i can't imagine a worse threat to democracy. this is ridiculous. larry: sending in judges that don't know anything about real estate valuations. >> absolutely. larry: this is the stupidest, silliest case i have ever seen. >> democrats always love to say gop is threat to democracy. who are the people destroying secret ballot? who are people mailing ballots out like crazy. election day is election quarter. liz, locking up the chief of the opposition potentially for 712 years. that sounds like attack on democracy than anything republicans are doing. larry: i will confuse biblical times with roam plan times. the handwriting is on the wall.

you figure that out you're better -- >> really. larry: bond yields are rising, stock prices are falling. you have a big selloff today. bonds 4.08 on the way to 5%, stock market down 450 points. we'll ask top treasury economist michael michael falkander. catch "kudlow" monday through friday on fox business at 4:00 p.m. if you can't catch us @four, ask your favorite favorite nine-year-old how to dvr the show. you may never mace any vici. i'm in over my head. ♪ explore endless design possibilities. to find your personal style.

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♪. larry: looks like high interest rates will be the new normal. joining us to talk about it mike falkander, former assistant treasury secretary for economic policy and now chief economist at the mechanic first policy institute and professor at maryland. you have the treasury department is selling a ton of paper to cover biden deficits. the yield has gone up to 4.80, probably on its way to 5%. the stock market is getting hurt and you know we were talking to art laffer earlier, home

affordability is way down, wages are falling in real terms as you well know and oil prices have calmed down for the moment but, as you have taught us they permeate the entire economy and they're up from$0, so where do you think things are going? how does mike falkander assess this story? >> larry the other one other thing i would add in there was somewhat confusing and caused a decline in bond prices today, sharp increase of yields, the jolts report came out this morning. we were not expecting there to be an additional job openings out in the report that came out. that really spooked the market because you have a federal reserve who you remember believes a strong job market means inflation an increases likelihood of future rate increases beyond what we were thinking about a week ago, so that is sending bond yields much higher anticipating that the fed will keep rates higher for

longer. that will destroy affordability even more because as you know the 30-year mortgage interest rate is sat off the 10-year bond yield so expectations of more interest rate increases by the fed are going to raise, are going to raise interest rates on mortgages and that's going to send affordability down to even worse levels than where they're already at. larry: mike falkander, on this further point, i don't see any respite to interest rates. 5%, why should rates decline? moreover inflation which looked like it was going to decline steadily for the last two months have gone back up. i'm sorry we run out of time but i think inflation is going to stay high as well as interest rates, last word to you? >> yeah that's right. i don't see what is going to bring them down because if the, if higher oil prices higher interest rates, recommencement of student loans are leading to hiring i don't see what will

curb inflation. larry: mike falkander, we appreciate it. i am it changes how you eat, back

you know, house gop has to get their act together. these dissidents against mccarthy, mark levin, mark levin called them out because they got to cut spending and taxes and close the border. get your act together. kevin mccarthy