and with general dynamics they're the nuclear subs, they are the abram tanks, and stryker vehicles. that demand is much more for the sea and for the land in europe and ukraine. we see the demand going through the roof to be candid with you because this world is becoming unstable. liz: max, thank you, thank you very much. >> thank you. liz: good to see you. good to see you. liz: tomorrow, billionaire entrepreneur frank mccourt, jr., is talking to us in an exclusive interview on how he plans to transform the internet. don't miss that. of course we have got bank earnings tomorrow coming out, oh, boy, the market is going to move, we're pretty sure about that. although as am saying it meantime it is moving down as the closing bell rings. [closing bell rings] dow looks to lose 163 points, the s&p down 26, the nasdaq down 84, russell, that's a tough one down 39 points. we'll see you tomorrow.

"kudlow" is next. ♪. larry: hello, folks, and welcome to "kudlow," i'm larry kudlow. day six of the barbaric, hamas,-hezbollah massacre on israel. at least 2400 people now reportedly have been killed. at least 25 americans. we'll talk to general jack keane in just a few moments about netanyahu talking about the ground troop invasion. every hamas member is a dead man. first let's turn to our own mike tobin live in israel with the latest. mike, thanks very much. what you got for us? >> reporter: well the israeli cannons continue to thunder into the night. we've seen several rocket launches from the palestinian side. each of the rocket launches to the best of our observation, ability were all taken out by the iron dome system, the iron dome interceptors that are protecting these israeli border communities. meantime the israeli armor

amassing along the gaza strip. tanks, armored personnel carriers, armored canons and infantry to the 300,000, 260,000 service who have been called up with active duty, with the idf promising an invasion of gaza could begin at anytime. they say the next phase of the war is set to begin. meantime a u.s. citizen, emily ross 10 burger is stock in the gaza strip as well as her five kids all of them u.s. citizens. she was visiting her husband's family, dual palestinian, british citizenship. she is stuck there. she has minimal communication with the u.s. state department. only promise of israel that the crossings will not open desight any humanitarian arguments. >> it feels very terrifying and really, kind of forgotten. everything is on edge.

my car doors, anything passing, you think it is another bomb or, or whiz of a rocket. again you feel a bit lost when you don't hear anything more from your government. >> reporter: israel says their commandoes and airstrikes have gotten high-value targets including mow hahm shamla, who they describe as a naval commander for hamas. they raided his house. they got naval weaponry as well as equipment for operating underground in this vast network of tunnels that hamas has dug underneath the gaza strip. palestinian source inside of gaza tells me that the high value hamas targets, those remaining have gone into hiding. the lower level hamas operatives have slipped into civilian clothing but hamas still very much controls the gaza strip. larry? larry: thanks very, very much, mike tobin. be safe. folks a quick riff from me

before we get to general keane. yesterday treasury secretary janet yellen swore up and down the bidens have in no way relaxed economic sanctions on iranian oil to refresh your memory. please take a listen to this. >> we have not in any way relaxed our sanctions on iranian oil and we are, we have sanctions on hamas, on hezbollah. this is something we have been constantly looking at and using information that comes available to tighten sanctions. larry: so here's my problem with that statement. couple years ago iran was producing about 400,000-barrels of oil a day. today, they're producing about 3 1/2 million barrels per day and they're on their way to four million barrels a day according

industry observers. now where did that come from? you don't suppose sanctions were lifted so they could sell it, do you? wait a minute, some more numbers. iran has a favorite customer, china. in 2020 iran sold china roughly 6 1/2 billion dollars worth of oil, six 1/2 billion. in the next year biden's first year in 2021 that mysteriously jumped to $23 billion. then last year in 2022 that oil sale mysteriously leaped to $30 billion. where did all of that come from? if we didn't lift the sanctions how come they're producing and selling all that oil? odd story, isn't it? now what's this worth to iran? any way at least, at least another $60 billion worth of revenue, $60 billion. okay, the six billion dollar controversy for the hostage exchange, small beer. the oil sales is everything.

now, as the middle east greatest state sponsor of terrorism $60 billion may be financing hamas, hezbollah. there all aiming to destroy israel. that is a likely guess, don't you think? u.s. intelligence is actually telling us iran didn't fund or plan or mastermind this hideous hamas massacre of gaza, really? while alli baraca a hamas big shot telling russian tvs, our quote, our allies are those that support us with weapons and money. first and foremost it is iran giving us money and weapons, end quote. where did the iranian money come from? energy sales. how are all the energy sales possible? a relaxation of sanctions, that's how. one more factoid, iranian foreign exchange reserves they were about four billion dollars three years ago.

today miraculously their foreign exchange position is estimated to be about $70 billion worth. where did they get all of that money? you guessed it, relaxation of sanctions. here is a quote from my long-thyme pal foreign policy expert elliot abrams writing in "the national review," i will quote, hamas depends heavily on iranian funding. iran was broke when donald trump left office but it is now pretty flush in cash. that's not just because of the recent deal for u.s. hostages but because the biden administration has not been enforcing u.s. oil sanctions, end quote. now i'm going to get a little technical just for a second, folks. hang on, it is not going to be painful i promise. first, the congress on numerous occasions has mandated economic sanctions on iran, venz friends, venezuela, russia, hezbollah.

that is the law. second, there are two kinds of sanctions, stay with me on this. one are primary sanctions prohibit citizens, country, contributing to any u.s., russia, post-crimea, post-ukraine. that is direct. second there is something called secondary sanctions. that stops third parties from banking or engaging in commerce with the sanctioned country. recent u.s. sanctions against iran illustrate this example. u.s. secondary sanction gave banks around the world a choice, either stop dealing with iranian banks or you lose access to the entire u.s. dollar financial system which is over 90% of the world's transactions. that's tough stuff. the secondary sanctions is not just the swift system which is the messaging system about transactions, it means that for

example, this is just an example, if france bought oil from iran, france would be cut off from the entire u.s. dollar system. france would be cut off from something called the fed wire, that is the federal reserve wire, or in the privatebanking system, france would be cut off from something called the clearinghouse. the execution of these sanctions is all monitored by the treasury department's office of foreign asset control or ofa. if the biden administration were implementing primary and secondary sanctions on iran the iranian outlaws would not be producing four million barrels a day, wouldn't be selling 30 billion worth of exports to china, wouldn't be accumulating some 70 billion worth of foreign exchange reserves, trust me on this. so janet yellen telling us a big fib when she denies that

sanctions haven't been relaxed. they have been. kind of similar to her earlier fib that there is no inflation, remember that one? the reality, congress has mandated the tools to keep iran in poverty and thus deny hamas at any financing to cut off babies heads or murder grannies in bed. the trouble is the bidens won't execute the congressional law. we will talk about this later in the show with senator kevin cramer and senator marco rubio as well. this is such an important issue. it's time to starve iran. now, first up, however, great pleasure, joining us now, to discuss the coming ground game in israel, the great general jack keane, retired four-star general, fox news senior strategic analyst, chairman after the institute for study of

war and presidential medal of freedom recipient. i was privileged to be there when he received that award. general keane, welcome back to the show. prime minister netanyahu says every hamas member is a dead man. i understand from others, general keane, some special-ops, israeli special-ops are already on the ground. they're helping the precision bombers going after high-value targets as mike tobin reported. now the big ground game starts. perhaps you can tell us, walk us through, when, where, how and why? >> yeah, you can see we're in the development stages of it. what's taken place obviously you saw the 360,000 reserve call-up. they have got to get, they have got to get to their weapons. they have got to get their organization. they have to get to their vehicles. plans are being developed, coordination is taking place and then they begin to stage those

forces. they have begun that process already as reported by our fox journalists on the scene but this will take some more time to do that. meanwhile the, what the israelis are doing, they do have people assisting with reconnaissance on the ground inside of the gaza strip accurately reported. they are using pre-assault fires delivered primary by artillery but they also have some fighters in support of that against targets they're very much aware of in intelligence circles that belong to the hamas regime and also they're still working rockets and missiles to suppress those fires because hamas still wants to engage israel, using those rockets and missiles but what the israelis have in front of them is very different, larry, from anything they have done before. when they were in there nine years ago, they went in hard, tough combat power, lots of it and fast.

get there week, two weeks, three weeks at the outset, get to the coast, destroy all the rocket and missile factories. they're as far away from the border as possible and kill as many leaders, as many fighters, anything of military value and get out, get out before the international community puts an exorbitant pressure on the israelis as a result of some of the civilian casualties that take place in an operation like this. so this time the mission is, destroy hamas, destroy its military and terrorist network, its entire infrastructure and end it as a political entity which means they will replace hamas, forcibly with another political entity, likely somewhere from the west bank, fattah organization, that will do that. probably working diplomacy side of that now but the main focus obviously is this military

operation. very different, larry, there's many more tunnels there than nine years ago. our generals are saying close to 300 miles of tunnels. that is where likely they're securing our hostages but also where they protect themselves and all the stores they have value too. we have to take that entire infrastructure down and also those hamas fighters that will engage will obviously will be in a fight there. we have to go into just about every neighborhood to do this, very different than the other operation nine years ago and i think most of those hamas fighters will fight. typical of terrorists also, some of them will not, they will hide. remember terrorists conduct offensive operations and then hide when people come after them. many of these guys will fight because, larry, we're stunned by their offensive operation, the scale of it and some of the imagination they used in being

able to penetrate into the border they have just had the same amount of time here to work on defensive operations knowing full well that the israelis would retaliate and retaliate in force. larry: it seems, general, more, i am seems more like an army, less than like a band of terrorists we've seen in the past and i wondered how many hamas members are we talking about, what is the size of that terrorist army, whatever and how well-armed are they? >> i think, a little north of 5000 hardcore fighters here. they have got the basic weapons. you know, assault weapons, rpgs, rocket-propelled grenade. they have anti-tank missiles which are shoulder-fired. then they have all sorts of booby-traps and mines and explosive devices that they will put in place to impede them.

they're not like the hezbollah which truly operates as a terrorist force but also has a conventional military capability, with armored vehicles, artillery, mortars, missiles, et cetera, but nonetheless the hamas fighters belong to the same ideology. they are the same barbaric fanatics we've dealt with with isis. and larry, we have to be up front what needs to be done here, we need to kill them. that is the only thing that stops these guys. larry: yes, sir. they are absolutely committed to this barbarism. larry: yes, sir. >> we have to got to go in and kill them. just like we did with isis and like we did with the al qaeda. we won't get everyone of them, the destruction mission you decapitate the command-and-control. you take away their military capability to attack and fundamentally break the organization down to where it doesn't have the means of doing anything consequential.

that is what destruction means. that's the mission that the prime minister has talked publicly about in assigning to his military force and they are, have the capability to do that and we should help them with anything they want from us, we should give them. larry: yeah, one thing we should do is irand will be a funding organization. hamas has nothing except from what iran. that is separate part of my riff. we'll talk about that later in the show. these are hard questions, strategic questions, general keane, how long might this question take place and it overlaps with the whole complicating issue with hostages, israeli hostages, american hostages and of course hamas taking hostages hiding behind them and so forth. this could take quite sometime, could it not, sir? >> yeah. as i mentioned before the other operations were a couple of

weeks, three weeks, was the most for one of them. this is likely months, many weeks for sure. larry: yeah. >> because they have to be very systemic about doing this. the hostages clearly complicate it. i'm a little disappointed in the administration. there is no doubt that the administration is giving huge support to israel. their leaders have said as much. that is function of private conversation as well as public declarations but when it comes to the hostages, these are american hostages as well as israeli hostages. i think the president should have spoke up about that and said in some words, and be talking to iran as well as hamas. larry: right. >> if any hostages are harmed then we're going to take direct action against you. larry: right. >> if he didn't want to same that in public i hope they're saying it in private to the iranian leadership. i sense that they are not but they appear to be distancing

themselves as much as possible assigning accountability to iran when it is so blatantly obvious iran is behind this, supporting this and certainly cheering on hamas as much as they possibly can in this endeavor and we're walking away from that accountability and -- larry: thank you, thank you. >> it is shameful. shameful. larry: jack, thank you for saying that, thank you, thank tk you. that has been my riff, monday, tuesday, wednesday and today. thank you for saying that because you're an expert in this, i'm not but that was my read. general i got to go. producers are yelling at me. i hate to lose you, can you give me 30 seconds? what is the chance of a full-scale operation from hezbollah from the north on to israel? >> yeah, well right now they're firing limited amount of miss, some artillery, some mortars, forcing, forcing the israelis to move more forces up there that maybe they would use in the attack into gaza. i'm not sure that's true but i

think that's what they have on their mind. larry: all right. >> we don't know for sure but it is more likely than not, if that happens, once again here, larry, we should be taking to the iranians here. this is their number one proxy hezbollah, number one. larry: yes. >> if they get involved in this fight they wouldn't be in it without iran's orders. larry: yes, sir. >> we should be telling iran, if they enter the fight we're coming for you, not just to hezbollah. larry: yes, sir. i'm 100%, sir. thank heavens for general jack keane, thank you, sir. i don't want to lose you. go with the rest of the show about but i got to move on. thank you for your time. i hope you see your way coming on the radio. come on the radio saturday. i can do a full half hour with you please. coming up here, switching gears, just for a second, although it is not unrelated, now steve scalise, the question is can he get the 217 votes he needs to be the next house

speaker? getting a iffy. the reports are note good. information is hard to get. congressman john james will join us. we will return to issue of iran, relaxing sanctions on iran. why are they selling so much oil? why has the the admin not dealt with iran head on? those are key points. we take some time for domestic politics. we need a republican speaker of the house for more spending for israel. i'm kudlow

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people don't care about that. people care about the wide open border with threats, two million got aways right now in the homeland. what people care about with the fact that the biden-flation caused by this administration everyone is struggling to make ends meet. people want congress to pull their heads out of their back side, figure out how to get a republican speaker, right now, not tomorrow, right now. i'm solidly moving an to make sure we get a republican speaker as quickly as possible. larry: how did steve scalise do, jon. >> i think he acquitted himself nicely. i served in the military. i have served in combat. kevin mccarthy is one of the greatest leaders i served with. 212 democrats, eight rowing republicans representing 4% of our party we have no speaker. i supported skief stall lease because i believe he is the absolute best to make sure we have continuity and conservative will to move our nation forward to, get the most conservative

bills passed through the house, to the senate, signed by the president possible. anyone bringing up negatives, i keep hearing about his health, i frankly believe that suffering actually makes us better leaders and through steve's suffering and continuing to be resilient, getting things through and continuing to rise in spite of the odds will help him to understand our suffering more when so many americans are hurting. i think that should be a qualifier for a speaker. he is more healthy than we originally thought. he is the leader who we need. i'm excited to vote for steve but i swore an allegiance to the united states of america and everybody understands that our priority is not with any man but our priority is for our country. making sure we get a conservative speaker to move our nation forward. larry: look, they shot at him and he recovered. >> that's right. larry: his top staff are telling me he is way ahead of his cancer cure. i have don't know, i'm not a doctor but that's what they say but the question is, "politico" wrote a tough story, john james

and i don't, "politico" i don't want to use them as be all, you know, one of these, it was one of these thumb sucker stories about how it is falling apart for scalise and i just wanted to hear from you that it is not. or if it is falling apart maybe you will be honest and tell us? >> i will tell you right now i don't get entrenched in the soap opera going on right now. the majority of the conference wants to continue to unify to make sure we're working on things. larry: like securing our border now. like lowering the cost of inflation now. getting energy independence now. to make sure that we go against hamas and protect israel now. and the majority of the delegation, the majority of the conference is there. they don't care about feelings. they want to work with practicing maism and they want to work to get back to work right now and there is a very strong movement right now to stay here until we get this done. i agree. larry: i thought that's what might happen. congressman i don't mean to put you on the spot or be

disrespectful on a scale of one to 10, how about that, steve scalise, 10, five, zero, how would you rank it? i'm pressed for time? >> if i could wave my magic wand, riding in on my white house fix this town we would have done a lot more to rein in the federal government and all the spending. i'm one vote. my support right now is for steve scalise. ultimately getting right back on track, getting a conservative speaker, getting back to work. larry: that is important. you said you would vote for scalise. i want to hear that. that is important. we appreciate it very much, we appreciate the fact you're coming on our show. we hope see you soon, congressman john james. coming up here on "kudlow," folks, we'll talk to senators kevin cramer, and later marco rubio, biden administration appeasement, lack of accountability regarding iran one way or another. it is not a good story. they're coming on separately.

kevin cramer and mr. rubio. we're delighted to have both of them. i was happy to hear general keane say the problem with biden they're not dealing with iran. i said it four nights in a row. i will keep saying it. i'm kudlow. i will shut up.at we'll take a g quick break. r wos and retirement savings. stick around voya. well planned. well invested. well protected. your best defense against erosion and cavities is strong enamel- nothing beats it. new pronamel active shield actively shields the enamel to defend against erosion and cavities. i think that this product is a gamechanger for my patients- it really works.

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♪. larry: all right, very welcome surprise, joining us now is the distinguished florida senator, mr. marco rubio. senator rubio, thank you for coming on. senator, we discuss had jack keane on, general jack keane on and you know one of the things he said, i have been saying this for four nights now, joe biden's speech let iran off the hook and there's no iranian accountability and this is in the context of hostages but i think it's in the context of the entire war and i wondered, you know, you're influential foreign policy member of the senate, how can we let iran off the hook? how can we -- they're the

financeer, and they're the mastermind, senator rubio. you tell me? >> well i think unfortunately it is a product of how both iran and in general, both groups like hamas have been fooling the west, particularly the united states and all of our so-called experts for 20 or 30 years. start with iran and continue to hamas. these groups openly say they want destruction of jewish state. if you ask iranians they have the same foal of hamas, drive every jew out of reason set up a fundamentalist islamic state from the mediterranean to the jordan river. people on here say that is what they say, not what they really want, we can cut a deal with these guys and they play us. continue to play us. we know there is no hamas, there is no hamas without iran. whether iran knew they would go last saturday, whether they would use paragliders that is irrelevant. what is true the all the things

they use to carry out the butchery, would not be possible, would not have had it without support from iran. we need to wake up, we can continue to project all the western attributes on hamas and iran all we want but these guys are idealogical psychopaths and they're savages they would if they could, not just kill every jew they can get their hands on, would kill americans in the process as well. they openly call for that. we should start believing these people what they say. larry: senator, as this thing goes on, jack keane was just saying this will not be a week, this will be months and months and months to try to clean hamas out of the gaza strip, is the administration going to get cold feet? i'm sure the liberal media, they already got cold feet. the question will the biden administration get cold feet? i don't think, here, step back a second, senator rubio, do you think the administration is talking to iran right now and do you think they're still trying

to cut a deal with iran right now on this nuclear business? >> there is know doubt they are. they have got people that do that. it is a separate office, organization, including afy -- guy running it increasing signs was asset for iran and giving information to them. that will unfold in the investigation. i hope they tell iran any americans attacked in the region been by iran or one of your pox sys, that is an attack begins the united states we will retaliate. i hope that is the message they're putting out there. what is the fundamental question they always use. they attack israel. kill a bunch israelis, retreat, go into hiding system of tunnels behind human shields in gaza. israel responds. they to to the cameras. go to "the new york times," go to the global press, western elites, look what what israels

doing, put pressure for israel to stop. they did that in 2021. this has no precedent. it was single deadliest day for jews in the world since the holocaust ended. we continue, as the administration warned today, we'll have even more imagery and more stories of the savagery, it will trouble all of us. these people have to be put out of business. if they are not put out of business they will emerge stronger. they don't care how many civilians die or how many buildings collapse. they will emerge from this stronger. they will be viewed as heroes. they will do this again but they will kill many more people, many more people if they are a allowed to survive this. this will not be easy. it will be painful. going on the ground. facing insurgency. all things they do it will be tough. i don't know what other option israel has. in my view there are only two sides, you're own hamas's side or israel's side. i know what side america needs to be on until the job is done.

>> amen to that, senator, amen to that. how fast can we get defense supplemental appropriations to israel? >> there is good news on that front, and that is that israel's defense situation with the united states is in statute. we passed it. it was my law. bipartisan swap law in 2021. they're guaranteed every year 3 point something bill dollars every year between now and 2028. we're not starting from zero here. what will happen at some point as this unfolds israel may have specific munition needs they need resupply. i think they will have ample support in the congress to do it. what is important to understand, the administration, what they said earlier in the week they have exists, codified authorities in our law to transfer things, the biggest thing we could do for israel right now, the equipment they have already paid for and stuff they're waiting for, try to expedite it, try to get contractors to deliver it now instead of next march or whatever. i think that, but there is a lot of that. that doesn't mean they won't need more in the future that means as of right now we know

that they have got things in the pipeline. we're not starting from zero the way we did in, for example, with ukraine. larry: your bill, you had a bill on that? >> yeah. it is part of the defense act that passed. it codified that arrangement. larry: right. >> the purpose was so if we found ourselves, israel found themselves in a conflict they wouldn't have to come to congress begging for $3 billion. it is already built in every year. larry: just for this emergency. anyway, senator marco rubio thank you for coming back on the show we appreciate you very much. >> thank you for having me. larry: we'll move right ahead, senator kevin cramer from north dakota is coming up. there he is, senator cramer. senator cramer, i saved the juicy evident juiciest for you, senator rubio said you have appropriations for emergencies, may need more for israel but that's already been passed but here is the other thing, the congress as you know, the congress mandated for years tough primary and secondary and economic energy sanctions on a number of countries.

>> right. larry: russia, venezuela, north korea, and guess what, iran. i keep making the point, treasury secretary janet yellen says they haven't relaxed, they haven't relaxed the sanctions. well if they haven't relaxed sanctions where did they get 3 1/2 million barrels per day? where did they get all the money to china? where did they get $70 worth of foreign exchange reserves? they had nothing at the end of the trump administration in 2020. somebody is fibbing about this, and the question when will congress come down hard and restore all the sanctions on iran? >> as soon as we get back, larry, we have to do exactly that. that is why i joined senator scott's letter to encourage and really insist that that six billion dollars in the bank in qatar is, you know, is kept there, is not released. the six billion joe biden

generously gave to iran, with regard to oil. remember this is not, this is not a tough one. he not only relieved iran of some of the sanctions on oil, he encouraged it them to produce more he asked help from venezuela. he hates american energy so much he would rather have our adversary from selling theirs than our own domestic production. it is shameful. this is the result of those policies, much like everything jack keane said, everything marco rubio said. this is one more sign of the weakness of this president who has inspired vladmir putin with a botched deal in afghanistan, has inspired hamas and iran with the way he handled, he handled ukraine. know xi xinping and kim jong-un are licking their chops. -- history of the world. we've got to stand up because it is not just the words that we say. these are not new ounced messages anymore, larry. some things demand nuance but

these geopolitical issues do not. it is volume he said it as edgar said in poem he wrote, i would rather see a sermon than hear one any day. time to back up the words with volume and action. larry: listen, senator cramer, the six billion, it is an interesting argument and maybe the qataris have locked it up for now but the biggest stuff is the energy. they're selling energy like there is no tomorrow. >> right. larry: they're selling energy to china. they're producing, they're going from 400,000 barrels a day to nearly four million barrels a day in 2 1/2, three years. trump had them stymied because of the secondary, the secondary sanctions. we got, here, you, congress, senate, house, congress have mandated it. secondary sanctions. take them oaf the fed wire. take them out of the u.s. dollar system. no more banking, no more business, no more clearinghouse privileges, no more fed wire

privileges. the office of financial assets in the treasury will monitor this they're probably not doing it now under yellen but they should. you have the authority. biden is essentially breaking the congressional mandates that you have laid down. you got to go after that because the six billion is nothing. they have got 60 billion or more in oil revenues and as much as 70 billion in foreign exchange reserves. so the six billion is interesting. but it is a bicker picture. touch come down, secondary sanctions, take them out of u.s. dollar system all together. >> so in addition to being on the armed services committee i'm also on the banking committee that has jurisdiction over sanctions and you're absolutely right. this is why the g7 is so important. while the six billion is a small amount it is a huge symbol because this is why we're asking biden to get the g7 together and accumulate our economic power and leverage that because i

agree with marco, i would say we need, we need an additional supplemental for a lot of national defense dollars because we need to send a stronger message that as leader roosevelt said we're carrying a big stick but we have the peaceful tools of economic prowess of economic, i mean we're 20% frankly of just us, united states, 20% of the world's economy but collectively, and with all of the energy that we have, that, that -- larry: i got to jump out. >> peaceful tools of energy development, we need it all. larry: i have to jump out. you have the authority to do this. you need to come on the radio this saturday. we can talk more about this i'm booking you on the air like i always do, senator kevin camer. >> i always say yes. larry: seriously, we have to take them out of the dollar system. trump did it and they let them back in, yellen and them let them back in. now they have all this darn money which is going into sponsoring hamas, killing children and grandmothers and lord knows what, senator kevin

kramer, thank you very much. coming up next we'll switch gears, inflation i said this yesterday with kevin warsh, inflation is hotter than people thought. wholesale prices were too high. today consumer prices were too high. john carney of "breitbart" will give us the lowdown. it is kind of a lowdown. i'm kudlow. we'll be right back, folks, my brother max recommended you. so my best friend sophie says you've been a huge help. ♪ncia.

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♪. larry: all right, wrapping things up today, joining us john carney, the great john karnry, "breitbart economics and finance" editor. author of the cult following "breitbart business digest." john carney, i know nothing. this is nye first rodeo. here is what i know. yesterday's wholesale inflation report, loose three months, 7.7% at an annual rate. today's cpi report last three months, 4.9% annual rate. so let's round it up. five for the cpi and eight for the wholesale prices. now i know core this and services that and housing and rents, all i know is what these numbers show. what is your opinion? i don't think inflation has left us. >> absolutely inflation hasn't left us. i've been saying for sometime if you look at the measures of

underlying inflation it shows that inflation isn't going down at all. it is actually remaining very steady. you did have a lot of people out on twitter today, liberals saying you know it, if you take away this or that, that there is no inflation. they're proving the point if you take away anything that goes up in price, then there is no inflation at all. larry: heck yeah. take it all out. >> when art this burns tried to do that back in the 1970s he kept saying well we can exclude this, we can exclude that and if you do that there is not real inflation problem. the problem is you ignore the actual inflation that's happening and it gets out of control. larry: you know, i will play one game here because jay powell looks at it, i'm told, joan, services ex energy. i don't even like that, but he looks at this all right? services ex energy in today's cpi last three months, 5.4% at an annual rate. i thought the fed's target was

two? all these things the last three months are running way above their 2% target and the year on year is running ahead too. >> that's right. it looks like the low inflation we got in the beginning of the summer was an outlyer. that low inflation is starting to go back up. when you look at things like the median inflation that the cleveland fed puts out it showed basically inflation wasn't going down at all. it ticked down for one month t was relatively flat and now is climbing back up. this is troubling. when the fed gets around to see what is happening in inflation next year they're going to have to raise again and that's going to shock markets. larry: you know, it is funny, you can take ex this, ex that, core rate and 1000 phds at the federal reserve board but it is food and energy are the basic essentials of life especially for middle class people and you can't just ignore that stuff. anyway, john, i'm sorry we're a

little short. we had to muscle through this. thanks very much. we'll talk on the radio this weekend. john carney of "breitbart," folks, nobody does it better. i'm kudlow. i will be back with my last.p word. . a digital money coach in the chase mobile® app. ♪. and see how changes you make today... could help put them within reach. from your first big move to retiring poolside - and the other goals along the way. wealth plan can help get you there. ♪ j.p. morgan wealth management.

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the biden's will not do it, congress must enforce tough sanctions, banking, commerce and energy sanctions and hold them