tv Kudlow FOX Business November 1, 2023 7:00pm-8:00pm EDT
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larry: hello folks welcome to kudlow i'm larry kudlow. two big stories, we're watching. israel and its fourth week of war against the barbaric hamas, hezbollah iranian terrorists and j. powell of federal reserve leaves interest rates unchanged. alex hogan and edward lawrence are standing by with details for both, alex is live in tel aviv, welcome. reporter: tonight the israeli government is raising death toll saying that 16 soldiers have been killed in the last day, idf continues to press forward in northern gaza, targeting specifically as many ammunition hubs and tunnels as possible.
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idf laying out some of the weapons and vehicles taken from hamas militants on october 7. >> the numbers were surprising. >> machine guns, and explosives they are weapons that idf said it expected to be used on soldiers never civilians. >> this was hard to see. it gives a look at what idf expects in gaza. >> we believe this is representative of the types that we will see. this one is homemade hamas rocket. the second one is iranian one. third one is north korean production. the last is classic rpg that came from russia. reporter: the idf continues to prepare for that type of weaponry. it is intensifying targetses on hamas as conditions for civilians who are there continues to be more dire, many of those civilians trying to get out especially
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foreign nationals, tonight we're learning more about the first group of foreign passport holders who have been able to get out, that includes a group of americans and british nationals, white house tonight saying that they will do everything possible to try to coordinate for these americans to leave, even giving them designated time slots to exit. larry: a quick question. as idf sweeps through northern gaza area. are they able to provide some humanitarian aid on the way to palestinians? reporter: yes, we have seen more of those humanitarian aid trucks from the u.s. come in through the rafah crossing today, there is an effort to get as many of those trucks further north as possible, idf is encouraging any civilians still there to leave and to head south. we have heard from international organizations as well as palestinian red crescent on the ground it
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has really been a slow struggle to get aid up theri. because of how dangerous it is, israeli military has warned people who are in the north, if they will continue -- they will continue to target that part, that is where they believe hamas operates and that is where most of the tunnels are and most of the militants are, it has been a struggle to get the aid in there, the reason they are urging people to go south. larry: alex hogan thank you. be safe. now come on home, to washington, d.c., home, yes, sort of the swamp. let's bring in fox business correspondent edward lawrence. on the fed. you are not swampy but you are covering the beat, what in plaini english if official. >> i live in the swamp, it gets hot in summer, fed chairman believes that inflation is moderated and
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better about chances that inflation will come down, but he does not see it in mid 2s as a percentage until the end of next year and not to fed's target until in 2025, it is important to hear the full exchange with fed chairman with why inflation remains elevated. >> with no rate increase today, how long would you be okay with a 3% plus overall inflation? >> you know, the progress is problem coming in lumps and be bumpy, we're making progress. reporter: you said in past, doing too little on interest rates could take years to fix, but cost of doing too much could be fixed. how robust was debate about this pause on the doing too little. >> that always the question we're asking ourselves, and we know that if we fail to restore price stability the
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risk that expectations of higher inflation gotten stretched in -- entrenched in the economy that is bad for people. reporter: president biden also speaking in this hour, the president will find nothing wrong with the economy even though inflation is up 17.7% since the month he took office, wiping out wage gains,. larry: great, edward lawrence you ask tough questions. >> thank you. larry: on the show, we'll talk with senator ted cruz. he has new sanctions for hamas ex and iran, then israeli appreciate ops officer aaron cohen and senator chuck grassily, on the breaking news of new biden scandal revelations including checks. i just want to comment on this economic story, we have not really had an economy riff in a while. wall street keeps telling us
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that fed will lower its policy rates soon. and market rates will follow that down. "wall street journal" has been wrong on this. and fed tightens more and pbond yields have gone up further then expected, my crystal ball is no better than anyone else's, i was interested when janet yellen's treasury department this week issued most recent financing details. and a big hat tip to my friend larry lindsey for writing this up. treasury now is expecting to borrow 1.6 trillion dollars in just the next 6 months. that is trillion dollars. 1.6. between october 1, 2023 and march 31, 2024. and that would come -- get this -- to roughly 11% of gdp, they are very big
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numbers, virtually unheard of, 11%. nothing like it in peacetime. now. today, as edward lawrence noted fed head j. powell remindings that you central bank will continue to reduce its holding of treasury bonds and mo mortgage-backed security, so far fed has taken about 1 trillion dollars out of high powers money supply over the past year, but if powell and company are to be believed they will take at least another trillion out of the money supply, which leads to the question, who is going to buy the 1.6 trillion in new bonds? so, uncle joe biden can keep spending his keister off if people do buy, and spend he will, like he has a pass for year, now foreign aid with a big dollop of emergency spending in areas with no
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emergency, a battle between guns and b butter. biden is choosing both. like lyndon johnson did, he bblew up the budget and inflation rate by spending hefy in vietnam and freights so -- great society, now biden is blowing up the budget with israel, which i favor, but also on ukraine it needs a mission statement, exit strategy and a long conversation, and mr. biden has peanuts for more baby sitting at the open border down south, 56 billion for various social spending that has nothing to do with anythingic except political election year handouts. coming back to borrowing, biden treasury just announced who will buy it fed said it won't, china has not been buying in quite and time, neither has japan.
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meanwhile the consumer saves rate has come way down, that may be gone. there are a lot of factors thdrive up or down on interest rates, but sometimes supply and demand do matter, investors may want a higher interest rate. meanwhile, over the last 32 mornings, worker wages have gone up 15.5%. but the level of consumer price index has gone up even more. 17.7%. so you got declining real wages and typical family incomes, some investment made a drop in medium family incomes to be 70 thousand, that is why bidenomics is so unpopular. folks we're working hard. but -- working hard but they can't afford the biden economy that true for lower
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income families. so, what is the economic outlook? well this is interesting. the biden treasury has said that fourth quarter will grow by less than 1%. and for all of next year, the treasury is actually predicting a minuscule 1%. for the whole year, that is not much. i would say, with topsy-turvy yield curve there is 65 percent probability of recession. my hunch should middle class folks are sniffing this out, that is why they are giving bidenomics, the lowist grades of any president in recent memory. okay? just saying. now. joining us now, mr. senator ted cruz from great say the of state the texas, let's
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have fun here, i don't know that it is fun. you have a proposal for new sanctions on hamas and iran. senator, i'm all for it i just want to cut right to the chase, because, my view is, hamas does not have any money iran has the money, iran is the puppeteer and financier. you say and this warms my heart, because people have to say this, you say first of all you want to prevent iran from accessing and raising revenues. no unfreezing of overseas accounts, including 6 billion dollars and 10 billion, then you say, this is where i want to go, sir, you got the bill imposes sanctions on iran's ghost fleet of oil tankers, which it used to raise 80 billion since president biden took
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office, they also target tankers owners and operators and requires biden administration to work toward deed certifying and deflagging the vessels. senator cruz, since this war started every night i made these points. i am very simple, i am not as smart as you, i am just a news guy. all i say it, stop a ship. stop a ship. interdict, impound and stop a ship carrying oil to china and you will send the mullahs an important message, the floor is yours senator cruz. >> you are right. look, i start from a principle that is not complicated. stop giving money to terrorists who want to murder us. you know we're looking at this war in the middle east that israel is facing, the worst attack they vendor -- have endured in over 50
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years and joe biden goes on television and said he stands unequivocally with israel, that is great, talk is cheap, action matters, if you want to help, there is nothing we do could that matters more than cutting off money that is funding death squads and rockets that are attacking israel, we do that by targeting iran. and number two, hamas itself. with iran, there are total of 3 pots of money, the 6 billion dollars in ransom that the biden administration wanted to pay for american hostages and number two, the 10 billion they wanted to transfer from iraq tech to iran -- as you rightly noted by far the biggest portion is the 80 billion things ran has made from selling oil. we have existing oil sanctions. they are draconian, when joe biden came into was, the ink rannian regime was -- when
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joe biden came into office, the iranian regime was on its knees the reasons is trump administration at my urging was enforcing the oil sanctions and caused iranian oil sales to plummet. when joe biden came in to office, his administration stopped enforcing those sanctions and right now the ayatollah is telling 2 million barrels a day of oil to primarily communist china, that bill, hamas sanctions act cuts offer one of those avenue the of revenue for the ayatollah, who is providing over 90% of funding to hamas, we need too cut off the money, so far the biden white house is not willing to do so. larry: i think, i, agree. ted every night, since october 7, i have talked about this. i have riffed on it, we talked about it with guests,
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joni ernst has been terrific on this. so many senators and both sides of the ale have gone to israel, i think -- somehow, i don't know how do you this. but in how, somebody or some group bipartisan hopefully but maybe m maybe -- not has to get this administration to understand iran's direct role in the hamas murders and to enforce the sanctions, they they are there we put them in in the trump administration, they were good, treasury, nec, state department. defense department. you know, stop a ship. i keep saying that, stop a ship. stop lobbying missiles into you know unmanned ammo basis in syria, stop an oil tanker, bound for china. you do, that and you get the mullah's attention. not as good as killing co soleimani but not a bad start, the bidens they
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appease. >> you are right. and i would say, i do not understand democrats like joe biden they hate oil and gas if it produced in america, creating american jobs, but they love it when it is produced by psychopathic maniacs who want to murder us, that makes no sense, i look you get in to deep substance, let's do a minutes of deep dive. during the string, you willr enn nuclear deal, and state department and defense department urged president trump doe not -- do not end that deal, i argued with president he should ended deal, he agreed and overruled his own secretary of state and secretary of defense, he pulled out of that deal, after we pulled out of that iran deal there was still in place oath waivers -- oil waivers that airallowed iran to sell
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oil, selling a million barrels a day of oil, we have a fight between department of state and department of secretary. mike pompeo was secretary of state, they argued down end oil waivers if you do global price of energy will skyrocket, energy -- >> it was tillerson. all -- you know, wait. >> on oil waivers it was pomp and cipomp. >> larry: you know who argue end to the waivers and said don't worry about world oil that guy kudlow running the nec . >> and department of energy, kudlow was right and energy was right because tru trump ended the wa waivers. larry: rick perry and i knew we were pumping out 13 million barrels a day, no one could touch us, that was good old days when fossil s spigots were open, i am running out of
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time, i are right -- you are right, and pompeo came around, i will give mnuchin, he was skeptical on oil argument but rick perry and i carried day, before i lose you, give me a minute. >> sure. larry: between you and producers may get shot, you can't have guns and butter, you can't have it. this deal that president biden seems to want with i don't know 105 billion worth of foreign aid and 55 billion of emergency spending has nothing to do with emergency, all about eel eaelection year, senator cruz you can't do this, this is the k k inflationary pending, they will sell 1.6 trillion dollars of bonds in next 6 months, 11% of gdp . who will buy this stuff?
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>> look, i think that president supplemental proposal is doa, there is no chance that republican house will pass it. the right thing to do is break the israel military funding off separately there say big bipartisan majority in both houses to provide military aid to israel. and to stand with them unequivocally. beyond that biden house trying to take israel age and hold it of h hostage, that is cynical and wrong, once we pass israel milestar military aid we should sit down, if there is a teal it deal --
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deal it should be for ukraine for real policy changes that stop the invasion, i don't know that democrats will squ swallow that, but that only path i see. larry: yes, sir. i'm with you. senator cruz, you are wonderful, thank you for your time, and your sanctions, and your good sense. and. >> thank you, layer snow and your history. >> how is that. >> all right. larry: after all this, on cukudlow we look at details of israel highly successful strike in northern as ifa we have our great pal aaron cohen. and then later on, congressman derrick van ord en, former navy seal, he said hamas b barbarism is isis times a thousand, this is kudlow, ted cruz is right. he is a good history man,
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terrorism operative. yoi don't think that people understand how important this was. and how they did it. we don't need a lot of stuff, but you have perspective on this this is a huge accomplishment from what i gather. >> yes, lets me make it clear. to those people watching, israel is operating in a fforward operating area, a war zone. this particular airstrike it a danger close operation. that means f-15s in this case, and a high probability there were israeli special ops individuals, note there is ary risk to idf commandos operating in con junction with the f-15s, they launched multiple specialize munitions for the purpose of
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being able to strike tunnels, a specific tunnel or bunker, israel has no interest in striking civilians, that is not there business. when actionable intel comes in those operations must be conducted very quickly, one, to be able to continue to eliminate the command and control of hamas this was a hamas terrorist leader with mulassociates of his in upper fringe to continue to push forward with hostage rescue operations like we saw with idf soldier we brought back two days ago, i helped break. operation is significant, also notice you look at b-roll, you don't see gaza being levels, you see one building hit that requires an incredible degree of
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selectivity, if israel wanted to flatten the entire neighborhood they would but they won't. i keep hearing people say how can israel reduce risk to gazan population, it is simple two parts, one, let us destroy hamas. the sooner they are destroyed, the sooner the forward operations and these military campaigns, the sooner it ends, it is time for al sisi and king of jordan, a good man, he has relations with israel, time to open the gates and arab world to step up, let the gazans who are held hostage by hamas, unable to move to the south to go into those country to get aid and reeducation they need. to get that poison out of their education system. larry: air i agree, those countries you mention,
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egypt and jordan, they are not rooting for hamas, they to not want hamas to be sur supreme and strong. i have to get out. but, you nailed this go jabalia, a big commander and the training center, that is huge thing, a great beginning, aaron cohen thank you. >> a little bit closer inch by inch. larry: inch by inch. >> moving along more on story on war story. bringing in wisconsin congressman derrick van orden. a former u.s. navy seal and a combat medic thank you. we appreciate it very much. derrick you said, you know, hamas terrorists, they are savages and they are beasts, you are opposed to humanitarian aid and you are saying what you saw ofs worst you have -- was the worst you have seen in your military career, you have been doing this for a long time.
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>> correct, i did counterterrorism and hostage rescue operation as navy seal for over two decades. i have m multiple combat tours, who i was exposed to in israel is the most horrific that i have ever been exposed to in the world, what these folks do did it the. >> yjewish people can only be described as horrific. larry: one thing, i agree with you from the reporting, you know, these protesters, they are pro-hamas some anti-semitic maybe all of them are anti-semitic worst that i have seen, they talk 'how israel is killing civilians. right at the start, on october 7, the hamas p barbarians killed civilians. note they didn't -- they didn't go after the israel military, they went after
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ordinary folks, sitting in a peace concert. and killed 1400 of them. they deliberately attack civilians. i don't want that point to be lost in the history and reporting of this war. reporter: >> correct, there is principle, fruit from poisonous tree, an action is taken all subsequent actions are based on, that october 7, when the savages from hamas, intentional targets thousands of israeli citizens, and butchered them and raped them. and burned them. there was an intentional act all things taking place in gaza right now, it is tragic. but all of things that are taking place in gaza right now are direct result of hamas' attack on israel. they are direct responsibility of hamas and indirect responsibility of iran and indirect
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responsibility of the biden administration by funding iran and hamas. >> yes, sir, last one. you are opposed to humanitarian aid. >> >> yes, and reason is, the israel is at war. at no time in 1943 did fdr call churchhill and say they must rush humanitarian aid to nazi, germany. that conversation never took place, by hunting ham -- fo. >> thank you so much congressman derrick van orden. >> thank you. larry: coming up senator chuck grassley, he is breaking news on more biden scandals. >> then i don't know, what doesn't mr. biden understand? he is underminings the supreme court, again. ontudent loan bailouts, we have congresswoman claudia
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larry: all right we have all kinds of breaking news on biden scandals welcome back iowa senator chuck grassley, 40 fbi agents in a official cover-up 40 thousand of laundered money to joe biden and china, senator grassley i don't know where to begin, let's talk about the china laundered money. jamie comer, said he has checks written out, he has followed the money trail, and come from china. what do you make of that? >> doesn't surprise me, you may remember that johnson and i gave speeches almost two years ago now, where we had signs on the checks displayed on the floor of the u.s. senate. but what the republican congress and house has been able to do that johnson and
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i didn't do, they can subpoena, and they are going way beyond what we exposed a couple years ago. i think that comb -- i thank comer for that, does not surprise me, we have initial evidence of that a couple years ago. larry: it looks like, sir, we have chang chairman ccomer on tomorrow night, money from china was washed through several biden family accounts and finally send a check to president biden. >> about a dozen llc 's, in various forms of laundering money to various people. in the biden family. and this is -- we're getting more evidence all of the time as some of this money went to joe biden. larry: and senator, you talked, you sent a tough letter, i think last week or week before, where you want
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information, somehow you have heard that 40 senior fbi informants, i guess filed 1023 reports, about possible criminal activities by biden, was all covered up by the fbi or covered up by washington office of fbi? >> yeah, these reports went from 40 different people, who were confidential human sources, chs, that went to various field offices of the fbi, and by the time it got to washington, d.c., there was a task force was that filtering this all. it looks to us like there is determinations that they just were not going to follow up on it. now so my letter, is an opportunity to find out what has the fbi done with this
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confidential information from 40 different sources that seem to imply wrong doing by various members of the biden family. and we need those answers, we want the fbi to show us their work. >> senator grassley, how did you find this out,? >> lewis elbowers. -- le through the whistleblowers, we have been working on people with department of justice and fbi that want the government to do what they government supposed to do, enforce the law. prosecute, have equal application of the law. and they don't see it happening. and they come to congress. , because they don't get any further within the bureaucracy, in the economy of branch. larry: your letter went to merrick garland the attorney general. >> and fbi. larry: when do you want them
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to respond. >> i think period that we put in letter is probably just about up to that point, yet. but you know, they really don't want to answer us. but we don't give up. we're going to keep pursuing this. as i have since august 2019. and that was ev even before the words laptop were in our vocabulary in regard to the bidens. and we just don't give up, but we're fortunate now that we have jordan and comer and smith and house of representatives, are pursuing this, with power of subpoena. they will carry it forward and they are working with us all of the time. >> senator grassley, for your entire distinguished career, you have never given up. never. i guess -- >> thank you, friend. larry: mig my pleasure to say it, thank you for coming on the show, we look
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forward to the next step, thank you. >> good-bye. larry: joining me now. great friend new york super congresswoman claudia tenney. member of house, ways and means committee. so, claudia, welcome back. >> thank you. larry: wall-to-wall coverage no. here they go. this crazy. they have new five categories of student loans to cancel. you are a lawyer. as well as a house member, you are on the ways and means committee, what is it they don't understand about the supreme court decision that said you can't cancel the student loans? >> they don't care about the supreme court or the law. this is all about abuse of power. and that is what democrats are about. this supreme court, they don't respect the supreme court, this is about money. and it is a form of money laundering if you want to look at it in a legal way, we decided to stop you know
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make college more affordable, we created a federal loan program, it is no unfordableon 313% of americans have -- only 13% of americans have federal student loans, but each is a money bomb to a university, they see a student, we can attach a federal lone and we can get paid and big administrative costs and we keep our cash flow going, that is what it is, cash flow, these are centers from joe biden has his donor base. the liberal universities, they are mini money bombs that donate to democrats and fund their machine, that is why he does not want to less student loan issue go away it would force university to be m efficient. there have been private colleges on their own reduced tuition, they are
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trying to help their constituents, they don't want anything do with this, they want federal loan program to continue. biden dud does not accept the rule. even nancy pelosi, the biggest abuser of power i have known in my political career said biden did not have the power to cancel student loans, you can't separate student loans from donor on this with the bidens after you just talked with great senator grassley about the other part of the biden corruption scheme. larry: i tell you what else, i guess a lot of people would like to know if any of these canceled student loans go to students who have marched in anti-semitic pro-hamas parades. in the recent last month. okay? i bet you a lot of americans would li like to know
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that as well. >> we would. how do we find out? i think -- i think this is a real the desperation from biden administration to save the universities through the federal student loan program is showing the crumbling of university systems in addition to this horrible situation on campuses where students are celebrating murders and terrorism against our most reliable and most important ally in the middle east, israel. i am not far, my district, i surround cornell university, my dad was a vla graduate, i wrote a letter last week, saying this prof professor who described killings in hamas by gaza as exhilarating and should be removed. so far he is on leave, last week we saw -- a couple days ago a student that was g charged by local authorities
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for his anti-semitic and actually, d death threats against innocent students in cornell. >> claudia tenney, thank you very much. >> thank you. larry: coming up. coming up, i got, let's see, 1.6 trillion dollars of new bonds that treasury wants to sell, 11% of gdp . and who is going to buy them? we'll talk about it with kevin hassett former chair of counsel of economic advisers in trump years, if anyone knows, he does, i'mbusi kudlow, we'll be right back. like a smart coffee grinder, that orders fresh beans for you. oh, genius! for more breakthroughs like that- i need a breakthrough card. like ours! with 2.5% cash back on purchases of $5,000 or more. plus unlimited 2% cash back on
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a kohler walk-in bath provides a secure, spa-like bathing experience in the comfort of your own home. a kohler walk-in bath has one of the lowest step-ins of any walk-in bath for easy entry and exit. it features textured surfaces, convenient handrails for more stability, and a wide door for easier mobility. kohler® walk-in baths include two hydrotherapies— whirlpool jets and our patented bubblemassage to help soothe sore muscles in your feet, legs, and back. a kohler-certified installer will install everything quickly and conveniently in as little as a day. they made us feel completely comfortable in our home. and, yes, it's affordable. i wish we would have looked into it sooner. think i might look into one myself. stay in the home and life you've built for years to come. call... to receive $1,500 off your kohler® walk-in bath. and take advantage of our low monthly payment financing.
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larry: question, dejour. who -- treasury will sell 1.6 trillion worth of bonds in the next 60 months, 11% of gdprchdp, who will buy them, joining us, is kevin hassett former chair of council of economy advisers during bridge, author of the drift. most important book. fed said it is not buying them, china is not buying
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them, japan is not, you have to wonder about the saving rate is down who will buy the bonds? >> right, what will happen, is as our friend art lapre taught us that market will clear, because interest rates will go up so high, someone will have to buy them. the gossip is there are enough people showing up los a. >> interest rates have to go up to clear the market. as bad as this is with 10 year around 5%, i'm expecting another percent on that, only way you will get demand for the bonds is interest rate goes up a lot. >> that say lot of money. one .6 trillion 1.6 trillion, that is 6 months, reading larry lindsey, 11%
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of gdp . those are as big a numbers as i can imagine. and now curve is inverted and the other thing, treasuries forecast, looking for less than 1% growth in forth quarter, and only 1% next year. what do you think of that? >> well, i think that we'll probably get that maybe more, but inflation is not much below 4% as we have discussed. bonds condition really go down, long -- can't really go down, even with slow growth, this is the stagflation that we've been talking about. as bad as it is right now, unless we get a new president and new policies cbo said we have 25 trillion in new bond issuance over next 10 years, if you buy one now there will be a big increase of supply in future, 10 years from now a 3 trillion dollar deficit. the price of thing you pay for now will have to go
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hi, my name is damion clark. and if you have both medicare and medicaid, i have some really encouraging news that you'll definitely want to hear. depending on the plans available in your area, you may be eligible to get extra benefits with a humana medicare advantage dual-eligible special needs plan. all of these
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plans include a healthy options allowance. a monthly allowance to help pay for eligible groceries, utilities, rent, and over-the-counter items like vitamins, pain relievers, first-aid supplies and more. the healthy options allowance is loaded onto a prepaid card each month. and whatever you don't spend, carries over from each month. other benefits on these plans include free rides to and from your medical appointments. you pay nothing for covered prescriptions, all year long. all plans have dental coverage which includes 2 free cleanings a year, fillings, and a yearly exam. they also have vision coverage including vision exams and a yearly allowance towards eyewear such as lenses or contacts. and hearing coverage, which includes routine hearing tests and coverage for hearing aids. you'll also have a $0 copay for the shingles and other routine vaccines at in-network retail pharmacies. plus, your
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doctor, hospital and pharmacy may already be part of our large humana networks. so, call the number on your screen now to speak with a licensed humana sales agent. wouldn't you love benefits like a monthly allowance to help pay for eligible groceries, utilities, rent and over-the-counter items? so, if you have medicare and medicaid, call the number on your screen now and speak with a licensed humana sales agent. if you're eligible, they can even help enroll you over the phone in a humana medicare advantage dual-eligible special needs plan. so, call now. humana. a more human way to healthcare. larry: that's it for kudlow, thanks for watching, folks.
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