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tv   Kudlow  FOX Business  November 16, 2023 4:00pm-5:00pm EST

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are higher quality in these small cap space, like a pacer cash cow, small cap cash cows, ticker calf, which i do own, or invesco's, the small cap momentum and value as well as the mid-caps momentum and value, and so basically with you're doing is looking for high- quality companies meaning those which increased cash as well as dividends over an extended period but are starting to see improvement in their overall momentum. liz: okay. >> so i would look for those higher quality companies within the small cap arena. [closing bell rings] liz: sam, always a pleasure, thank you so much. sam stovall. tomorrow shark ninja ceo will join us to talk sales leading into the holiday season. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow.
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we have got some breaking news on the joe biden-xi xinping meetings. president biden's polls continue to nosedive according to the fox polls. he just offer his job to governor gavin newsom? i'm not sure about that. why is he pursuing iranian appeasement? anyway joining me now to talk about all of it, the great bret baier, anchor of "special report," and author of ""to rescue the constitution," george washington and the fragile american experiment." bret, thank you for giving us some of your time, we appreciate it very much. >> thank you, larry. larry: i don't know, politically xi and biden, didn't look like much, i don't know you you tell me. what is the fallout of these meetings? >> we didn't get a lot out of these meetings. military to military connection, they can pick up the phone. things can happen in the south china sea, they are ugly if you
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can't get ahold of anybody picking up the phone. you have a deal around the edges of a fentanyl deal china will agree to something, how that will be enforced, what it looks like we don't have any details. other than that it was more of a meeting it seemed for the chinese president to meet with american ceos. china's economy is as you know been hurting as of late. it seems like the u.s. should be in a position to have the upper hand but i'm not sure the deliverables have been laid out. the one thing that we saw president biden said was asked whether he still thinks he is a dictator? he said yes, he still is and that got all kinds of pushback from the chinese. of course president biden is right, president xi is a dictator but in that environment you wonder the fallout of all of that. larry: i kind of like that dictator part i cannot tell a lie. one thing that puzzled me, the
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state department, the headline here, state department doubles down on climate cooperation with china as xi's economy goes on a coal bing. they will build 300 coal plants. i don't know, john kerry was at these meetings. no one seemed to say anything about that. i can't figure out what kind of climate cooperation they're talking about? >> it is really astonishing. what exactly is going to happen on climate. you had secretary kerry two seats down from the president in that table in the four-hour negotiations. last in 2022 china created, added two coal fire plants every week. larry: yes, sir. >> and that is a stack that is not going away. i'm not sure they got any deliverables this meeting to stop that. larry: all right, bret. i have a great piece of sound, i want you to hear. you know what's coming probably but here's joe biden on the california governor, take a listen, please.
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president biden: i want to talk about governor newsom. i want to thank him, he has been one hell of a governor. [cheers and applause] in fact he can do anything he want. he could have the job i'm looking for. [laughter]. larry: now, bret, you're the political expert, not me, i'm the business guy, did he just offer gavin newsom his job? what happened there? [laughter] >> he was joking about it but sometimes through the jokes you hear some truth. i'm sure he hears the footsteps of governor news some because newsom has been at the southern border taping something about the border crisis. he has been to china, one-on-one with president xi. he has been to israel to support the israelis. that is not your average california governor travel and i'm sure president biden hears the footsteps one way or another. larry: the fox polls come out, they're very unfavorable for mr. biden. most of the other polls are
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unfavorable for mr. biden s there anything in your judgment, there anything to the gavin newsom or other speculation? how do you read it, bret baier? >> i mean i hear it all over the place. i hear it in democratic circles. i hear the concern about the president's age. 7% of people polled say it is a real problem -- 77%. but i don't see, larry, how the shoe drops, how it logistically happens, that he gets out of the race, doesn't pass the baton to his vice president kamala harris and suddenly gavin newsom is appointed. i just don't see the logistics. so right now i think it is president biden and it looks like positioning for former president trump the way the polls are facing things. i think gavin newsom has aspirations but maybe not this time. larry: last one, from the fox poll again, 70% say that president biden is too a accommodating to iran, all right? that is a big issue.
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he tried to shy away from that. iran has been hitting our military assets as you know. i think they're up to almost 60 hits now. we haven't done much more than pinprick responses. where is this going to lead? how big of a problem is this going to be for mr. biden politically but also maybe more importantly for the united states and its security interests? >> it's a big deals. there are 56 attacks on u.s. troops in bases in the middle east. at the same time the administration signed a waiver to free up $10 billion from iraq to pay for electricity. now this was a waiver that actually started in 2018 in the trump administration but they have expanded it so they can use not iraqi dinars but transmitted to euros, meaning that money is fungible and iran gets this money one way or another. the administration says it is for humanitarian purposes but critics say once they get that money they can spend other money. they spend $100 million a year
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on hamas. they spend $700 million a year on hezbollah, all these other iranian proxies that are in turn going after u.s. troops at this moment. that poll you're starting to see americans wake up to some of that. larry: yeah, i think so. so we do like to sell books and you're awful nice to come on the show. the book is, "to rescue the constitution," george washington and the fragile american experiment. bret, where do you think george washington's influence was the most timely, was the absolute inflection point of driving the constitutional process? >> as head of the constitutional convention he brought all sides together on really big issues, larry, you know, states rights versus federalism, what the representation would be in big states and small states. most importantly once he gets it across the finish line, helps to ratify it he becomes the first
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president and nobody is telling him what to do, he is creating it and the biggest thing he did there is step down after two terms. if we didn't have george washington, larry, we wouldn't be hear talking like we are. larry: i hadn't read the total full book, i read parts of the book, i think you may be right, bret baier. honestly, what would we have done without george washington? it is almost unfathomable. anyway, bret, great book, i hope everyone goes out and buys it. one click on your favorite book seller. >> thank you, larry. larry: be sure to catch bret every night "special report" 6:00 p.m. eastern on fox news. all right, moving right along here on "kudlow" president joe biden speaking at the asian economic conference in san francisco. once again emphasizing meaningless cliches we talk about, derisks, diversifying, earlier de-escalating the relationship with china. here is a little patchwork of
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it. listen and weep. president biden: let me be clear, we are derisking and diversifying our economic relationship with the prc, not decoupling. we're going to continue our commitment to diplomacy, to avoid surprises, prevent misunderstanding. stable relationship between the world's two largest economies is not merely good for the two economies but for the world. larry: i don't think that is a foreign policy. i don't understand it. the elephant in the room, mr. biden will never confront it the fact that china's worldwide strategy is aimed squarely upending america's influence and america's commitment to democratic values. the night is a democracy, it is a free country. china is a communist country, not a democracy. it is totalitarian, it repressive and certainly not a free nation. joe biden pretends not to notice this. i think that is a big mistake.
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i think americans are noticing it pretty well and i think one reason why mr. biden's foreign policy approval ratings have fallen rock bottom that he avoids a realistic picture of the world scene especially china but we see the same biden instincts as he tries desperately to avoid conflict with iran, of course his cut and run in afghanistan and the failure toe deter russia in ukraine. the biden policies are about appeasement, not deterrence. ronald reagan's policies worked for when i was younger, reagan's policies were about deterrents, not appeasement. reagan said we win, you lose. reagan was never bashful about outlining the conflict with the old soviet union. to my way of thinking the biden-xi meetings were nothing more than kind of a phony photo-op. of course biden refuses to acknowledge that china's u.s. sanction-breaking oil imports from russia and iran, well,
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they're financing two major wars against america. that's the reality. a stable prepreventing misunderstanding to use biden's words would not include these outright attacks against america. china is financing these two wars. and it is so terribly ironic that china is using the very fossil fuels to fight america that joe biden and all his greenie minions detest so much. china has weaponized fossil fuels. biden has surrendered. you know if donald trump's drill, baby, drill policies had continued into a second term, the u.s. would be somewhere's around 15 or 16 million barrels per day right now, probably on the way to 18 million barrels per day in a couple of years. at that pace the world oil price would be something closer to $40 a barrel, not 80, or 100, or even 125 where it was a year-and-a-half ago and if that
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were the case, then we wouldn't really particularly care whether china was buying oil from iran or russia. it would be a drop in the bucket, okay? now this is so much a part of joe biden's sad tale as president. it is not just the middle class has to pay so much more for energy, food, other necessities or whether real wages keep falling and working folks have huge problems affording the biden economy, it is that biden's socialist green new deal has enormously empowered china and this, this is fundamentally unstable. so by the way is a 350 billion-dollar trade deficit due in large measures because of china's continued unfair trading practice and comes the largest irony of all at the photo-op in san francisco as i mentioned with bret baier, the state department announce as new era of climate cooperation with china. wait a minute don't the china
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greeneys know china is the biggest polluter in the world? wait another minute, in 2022 china permitted an average of two new coal-fired power plants a week? that is already 1100 a year. they're leading the world with coal-fired power plants and another 300 in the pipeline. personally i don't care. i'm for clean coal. i want to end the war on fossil fuels and i want to end the green new deal. the green new deal is dragging the u.s. down all over the world. i have am just sorry that china is the one that's doing it and i do blame joe biden for all of that. and that is my riff this evening. anyway, folks up next, we're going to talk about all of this with missouri senator eric schmitt. please stick around. you know, junk the green new deal. let's end the war against fossil fuels. let be america first for a change instead of second or
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we wanted to give y'all the necessary skills to compete with the future. kevin's now part of this next generation of young people who feel they can thrive. ♪ ♪ ♪. larry: so here's another dumb thing coming out of these chinese meetings. the biden administration is appeasing china's fossil fuels while the bidens declare war on america's fossil fuels. man, i don't get any of this stuff. maybe he can help me out. missouri senator eric schmitt, former attorney general of that great state. senator schmitt, this is just a weird story. the whole thing is a photo-op, i understand that. china is buying oil from russia and iran and thereby financing war against the united states but comes this other announcement, john kerry at the negotiating table, the state department says we'll have a new
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era of climate cooperation. then china says well we will build 300 new coal-fired power plants. i have knowing against coal-fired power plants, but isn't it ironic they're going this rout? if that isn't appeasing china, what is? >> that is exactly right, larry, and it is embarrassing and it is terrible for the united states of america to try to continue to chase china to refuse to do. they have not lived up to any sorts of these agreements before, even if you accept the premise human beings have outsized role controlling weather even if you accept that premise china has not done anything. they building coal-fired plants. they have emissions twice the united states. we're doing a couple things. declaring war on independent energy production. we should be exporting that to our friends and allies around the globe. that provides a lot of strength and independence. we're becoming overly dependent
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on china with supply chains including critical main rales you need for ev push that americans don't want to buy and you're punishing american workers. i grew up in a blue-collar town, larry, the middle class has been hallowed out for decades this is all to push the climate agenda. the biden administration is already doing this anyway. they're totally disengaging. we have a huge trade deficit with this country, china, our chief adversary. they're using money to build up the military. they're building up islands in the south of china sea. they're stealing our technology for just not cheap televisions by weapons. weapons of mass destruction. this is another embear asking move by president biden. larry: they are financing war against the united states, it is just that simple.
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this whole fossil fuel thing has been misplayed. i know it is one of your favorites, i want to play a clip a few months back from energy secretary jennifer granholm. here is what she says about the china story. >> i think china has done, has been very sensitive and has actually invested a lot in their solutions to achieve their goals. so we're hopeful that, you know we can all learn from what china is doing. larry: maybe, you know, senator schmitt, maybe you turned her. she says, maybe she said going to build coal plants just like china, the war on fossil fuels is over. the green new deal is finally over. by the way there is another article today, you may have seen it, give "the daily caller" credit, the idea of damages and monetary losses from climate change is completely bogus, completely phony. doesn't factor in population and wealth increases. it has been disproven. this is another one of these
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"bidenomics" green new deal things that is simply not the case. >> that's right and i had secretary granholm in the committee asking her these questions, like china, china is not doing any of this stuff you want them to do. we hope they will but they're not right? the people that sufficient remember americans. we pay higher prices for everything. we're overly reliant on china, there is no question about that they're just not interested in doing any of these things and we're in a real world competition. when they write the history books, larry of the 21st century, who prevails, china or the united states and it's a rival like we never had before. we had a military rival with the soviet union. they were a nuclear power. they weren't a economic rival. we have all of that with china. they come in and playing joe biden for a fool here, acting like they will do something on climate, whatever definitions you want to have for that meanwhile our government, right now, larry, in another hearing on the commerce committee asked the secretary there, we need to deploy broadband to rural communities. we need to be competitive.
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there is bunch of money to do that. the burdensome regulations you have to fill out the application to be able to lay that broadband of what you're going to do to address climate injustice. how about we just lay the broadband? let's lay the wire and figure this stuff out but again these are the hurdles, then this obsession they have with this agenda really hurts america. larry: by the way on that point, senator, you may not know, when i was in the trump administration, i had the, i had the accounts for high speed broadband and so forth. they are promulgating the fcc regulations on diversity, equity and inclusion are unbelievable. >> yep. larry: not only do they want to return to all these internet controls so you can't make a buck, providers, internet providers can't make any money, these incredible diversity, equity, inclusion regulations they're going to stomp out this
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whole industry, okay? 5g, 6-g, 7-g will never materialize in this country because of these onerous regulations? >> that is part of our national security. we have to have economic security. that is part of our national security. meanwhile the biden administration has recent ivy graduates who majored in gender studies writing regulations that v huge impacts for the economy. i filed a bill this week, larry to abolish all the dei positions. this is incredibly divisive. dividing workforce against each other. race essentialism divides people between oppressor and oppressed. that is when you're seeing playing out on the streets. all this stuff is connected. the biden administration is part of the movement. the radicals taken over the administration. they're rejects from the obama administration. here we are, we're dealing with this great powers competition with china. we're talking about dei administrators and you know,
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environmental justice grant applications. is hell bent on world domination and joe biden is fiddling here while it is burning. larry: he won't acknowledge it, you're dead right, sir. that is the point i made, he will not acknowledge it. it is the elephant in the living room. americans know though, they're very smart. that is what the his polls show. it is time for a change. let's spread 5g. get it done and stop all these regulatory obstacles. senator eric schmitt from the great state of missouri. thank you, sir. we appreciate it. >> great to be with you, larry. larry: you bet. folks coming up here on "kudlow," we'll check out the latest on the hostage deal, whether there's a cease-fire. i don't know, nothing is definitive yet. is there a deal? is there a cease-fire? is the onus on israel? do you believe amass? i'm not inclined to. i doubt you are either. we'll have former israeli counterterrorism operative aaron cohen to weigh in. plus here is the question, why
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aren't republicans really slamming president biden's foreign policy of politics of appeasement? usually it is domestic economics that decides elections. this year foreign policy is going to play a very big role. the question is, will the gop figure that out? we've got joe concha, we've got mark simone and we've got more "kudlow" when we come back. ♪. ♪ ♪ ♪ be ready for any market with a liquid etf. get in and out with dia.
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♪. larry: all right, welcome back, folks. let's update the israeli war story. we have jeff paul, our own jeff paul, live in southern israel with the latest. jeff, thank you for this as always. what can you tell us? >> reporter: yeah, larry, we are just learning that the israeli forces discovered the body of one of the people who was abducted by hamas back on october 7th. the idf confirming the 65-year-old was discovered in a
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structure near shiva hospital. that is of course where israeli forces right now have been searching the last couple days searching around that last hospital complex. israeli commandoes are searching the each of the hospital buildings floor to floor. we see images of guns and military equipment they say was found inside of the hospital. the idf say they found a tunnel near the hospital. israeli forces say that alone is evidence that hamas was operating within the hospital complex. hamas calls it a weak story that isn't true. the hospital staff says every minute the israeli forces quote, put the hospital under occupation, the chances of more patients dying only increases. israeli's defense minister gallant says they remain focused rooting out hamas from gaza in a precise manner. >> translator: the more we increase the pressure on hamas and erode the headquarters,
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eliminate more tunnels and eliminate imperatives and eliminate hides of the organization greatly enhance the return of our hodge tas. this enemy only understands power and we explain greatly well what power is. >> reporter: both telephone and internet services are currently down. there is lack of food, clean water and fuel. the u.n. says that is only deepening the current humanitarian crisis unfolding all throughout gaza. larry? larry: jeff paul, thank you so much as as always please be safe. for more let's bring in aaron cohen, former israeli counterterrorism operative. aaron, to start off on this, i don't know whether there's a cease-fire, i don't know whether there's a hostage swap, i don't know, if you know, please for heavens sakes tell us, but my thought, aaron, if there is one and if the hamas is going to
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give up hostages it is because, it is because the idf is really damaging them, putting the pressure on and intensifying the pressure? in other words it seems to be a sign of weakness from hamas but you tell me? >> i agree with you 100%, larry. so the tactic of this campaign which will be taught at military colleges around the world long after this operation is over with hamas and they have been eliminated this is what we call -- speaking hebrew. translated literally means pressure cooker. whether or not there is hostages released i don't believe that hamas negotiates in good faith you know. they have let a couple of hostages out towards the beginning of this campaign. they were feeling a little bit of pressure here but the fact is that hamas has zero credibility in terms of honesty. everything that the united nations and some media outlets put out, they don't even acknowledge that's hamas putting
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those statements out. so there is a lot of dishonesty with that misinformation. i believe that the pressure cooker has systematically forced hamas into a position where they need to do what's called an egress, an egress means getting their butts out of gaza and into algeria or whatever country will take them but the fact is that the idf is completely committed to destroying hamas to this point right now. 1300 plus dead, 1400 desisraelis, 239 hostages held right now, israeli is getting extremely close to finding out the exact whereabouts of these hostages, larry. and again they have a ton of experience and they're getting, got that entire tunnel system mapped out. i tell you who have been the angels of the tunnels. it is our elite k-9 unit. that k-9 unit, special operations great unit, larry.
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they have cameras, gps mounted on dogs. they race them in the tunnels, stop them the moment they smell hamas literally, the clothing cologne, the smell of oil on the can lash that could have rifles. they are trained to raisi high, high standards. i think you're exactly right. i think the pressure has forced hamas into the corner of gaza, we're talking kahn units. these guys are infiltrating down into the south. israel is back in the leaflet game, back in the 20,000 calls game and they have nowhere to go that is what we call shodv. larry: aaron, i'm trying to get sense what is happening on the ground. regarding the hospital is there any doubt there are tunnels and some kind of command-and-control center underneath the hospital? >> no there is no doubt. it is a shame they have to play that game.
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they found a 18 by 52 tent with can guns, cell phones, laptops, being get into the shin bet, our intelligence unit. the footage has been already put up by the id. if there is a tunnel entrance also right at that hospital, larry, which dives very deeply into the structure. israel has proved it. they don't need to sell it anymore at this point. larry: i got it. >> that hospital has been completely proven to be a terror network infrastructure command-and-control. larry: god bless, aaron cohundred, god bless, you're a prince for helping us as you always do. >> appreciate you, larry. larry: folks we'll move the ball around. we'll talk about joe biden's foreign policy failures. new sets of polls out, the fox polls very bad but lots of other polls, "new york times," sienna, cnn, all these polls, it is interesting disenchantment on the economy, yes, we've known that for quite some time.
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prices way up over the last three years, but now it is infiltrating on foreign policy as mr. biden is being held accountable for mistake after mistake. we'll bring in our great friend, joe concha, from the messenger, fox news contributor, and mark simone, wor radio host. gentlemen, thank you for this. most of these elections are economic driven elections, peace and prosperity, so forth but we have so many foreign policy issues here. joe, i'm looking at joe biden's numbers and they're just tanking. they're tanking on iran. they're tanking on russia and ukraine but people are getting a sense he doesn't stand up to anybody. that was one of the things that came out in the fox poll. he is too accommodative. so what does this mean, where is this going to lead? >> we saw that on display in san francisco. he was very accommodating to
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president xi. larry: yes. >> he took him at his word. larry: thank you for that. >> do you think he challenged him on covid? prime pretty sure we shouldn't take president xi's word on covid that killed a million people on a virus came from a lab in wuhan. wasn't challenged that in any way, shape or form. he seemed hell-bent getting a climate deal. you mentioned it before, bear repeating as china builds how many new coal plants? larry: three hundred. >> 300. are they going to do anything about it. larry: i don't have a problem with that if we want to do clean coal. it is a missed opportunity for us, that's all i'm saying. pleadings continue. >> judge a man on his actions, not on his words. i will give the floor to mr. simone. larry: i have been saying for the last 48 hours, this china meeting is just a photo-op, more it is, the more biden goes out there i don't want to rock the boat, i want stability. people scratch therapy head, huh? china is financing two wars against us by importing oil from
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russia and iran? china is 350-dollar trade deficit. et cetera, its, when the gop wake up start hammering on this, better than abortion my guess is? >> compare trump's meeting with xi to biden. first meeting did what he already said, spoke an hour. he asked him questions. he said excuse me for a minute. went out to launch a bombing raid. >> into syria. >> into syria. larry: over chocolate cake. >> biden, xi spoke two hours, mumbled something about climate change, the least impressive thing they brought up. i don't know what the for rin policy is. i can't attack it. i don't know what it is. larry: the thing is he keeps telling us that china is, someone whom we can manage competition, okay. like europe for example, maybe france or even canada for heavens sakes but that's not the case. in other words, i want a finer
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point on this, china is an adversary, okay? china is an enemy? china is running against all of american interests literally around the world, in cuba, in central america, in south america, in africa and of course the middle -- that's the part and i think the public knows that but i don't see the gop capitalizing on it? >> you manages with sanctions. you manage with tariffs. you manage if you have to what donald trump did and proved it work. larry: joe, that's an interesting point. you may not agree with this, robert lighthizer, bob lighthizer is a terrific trade advisor but his solution to this stalemate with china,, i mean the deficit still $350 billion. unfair trading practices, lighthizer said we should raise tariffs. you may not agree, i understand. i'm saying we should take an action, instead of smoothing it over and making believe china is not inimicable to american
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interests, biden should take actions, whatever the actions may be. he didn't do that in san francisco. >> if he doesn't do that intellectual property will continue to be stolen and russia will still be financed in their war against ukraine by china. all you're going to have is a stalemate there. we spent what, more than $100 billion there without any accountability where that money is going? until you force china to act in some way or to acquiesce in some way, say, in regards to their aggressive posture on taiwan, then they will just talk a good game like they did in san francisco, which is the cleanest city in the country by the way until tomorrow, then i guess everybody comes at. that is where we're at, as far as foreign policy one quick point. joe biden is getting hit by the left on foreign policy. he is polling only half of democrats approve what he is doing in terms of israel and hamas. that is a low number intra-party. when you see pro-palestinian rioters attack the democratic
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national committee that is an attack on the joe biden administration as a whole in terms of their posture here at this point. that is where he is getting hit by anything else. republicans sure, democrats to the far left, the ones he needs to win electionster giving him the biggest problem. larry: mark i would make an additional, by the way a great point. i would make an additional point on gop strategy or the lack thereof, i don't want the republicans to desert ukraine, i would like them to get off that center and go after iran. you have the situation, $14 billion for israel didn't go through and the state department wants to unfreeze $10 billion worth of assets, electricity and oil and gas assets to go to iran and china is bailing out iran and proxies in the war by buying all of their oil. in other words, give ukraine a rest. why don't they go after iran? and by the way iran, it is even different from israel.
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i know it's all linked but i think they should go head on iran and they're not doing it. >> it requires courage. you would have to sanction tariffs. you would have to say stop a ship. they have the largest terrorist training camp in iran. you would have to bomb that. this administration -- larry: by the way general keane has said that many times, bomb their training center. >> between biden and blinken you have not an ounce of courage to do anything like that. larry: where is, let's see, we know where trump is on this. where is the junior varsity on this? let me rephrase that, who is going to take the man tell of republican leadership on foreign policy apart from former president trump? who in the senate? who in the house? whose names crop up? >> well you hope it is comer and johnson, velvet on the surface steel underneath. he is a tough guy i bet he could do it. larry: what do you think? >> i they comer called somebody in the congress a smurf this week, that is pretty tough. i think he said he called him a
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smurf. i forget he who said that to. there appears to be fighting breaking out, the question are they fight be the right people? larry: are you asking for the republican leadership to get new leadership? >> she is nice woman, ronna mcdaniel. she has four losing seasons. giants at wonderful coaches. once you have losing seasons you have to go. larry: you know who the head of republican national committee in ronald reagan's big victory with where he carried the senate? >> haley barbour. larry: senator bill brock, from tennessee, grown up, businessman who steered before that years earlier haley barbour was very important. bill brock a real heavyweight. someone with hands on election experience. i agree with mark. ronna is a very nice person. i don't see the election experience. >> donald trump endorsed her. he may have to deendorse her.
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until he does she stays. that is the way it works. or in this case the queen maker. larry: that is the way it works. joe concha gets last word on that. mark simone i expect a full-fledged assault on iran coming up on your radio shows. folks, next we'll leave iran for a moment. we'll talk about the economic soft landing, front page of "the wall street journal" today, huge story. we'll have a soft landing which probably means we will not have a soft landing. we'll ask mr. wonderful, kevin o'leary, coming to us from soft landing in las vegas. stick with "kudlow". ♪. setting spanning over 280,000 acres. three forks ranch is the destination for luxury and adventure. enjoy private skiing with 23 runs for every level. kick back for intimate performances from the best in country music. enhance your wellness and longevity through our mayo clinic programs, or plan your meeting for a memorable corporate retreat.
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♪. larry: "wall street journal" today, economic soft landing, all right? i don't know, that could mean we won't have one or maybe we will. let's ask mr. wonderful, kevin o'leary, chairman of o'leary investors, "shark tank" investor, speaking of soft landings from las vegas i believe. kevin i believe you probably saw the article. sometimes those kind of articles spell the absolute opposite what they're saying. do you believe we'll have a soft landing meaning no recession? i think that is what they're suggesting. >> larry, the probability of that is the middle east 50, 50
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right now, the same as it was six months ago with a few cracks. i want to point something out when these articles come out particularly from "the wall street journal" which i'm sure we both have a lot of respect for, it is so heavily indexed to the s&p 500. people are feeling good the market has been hanging in there through all kinds of problem whether it be geopolitical or economic, i want people to think about why that's happening. there are two giant puts on the market right now. they're called the inflation reduction act and the chips and science act. two trillion dollars of free money not yet spent, all of it going to the s&p 500 and itself is supporting the market. the idea it's there gives great comfort to shareholders, however, you know, as i like to say on the other hand, here is what you should be worried about and i believe that on december 6th we'll have all this emergency small business hearings on the hill, if invited i intend to testify under oath
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on that and i will tell the good members this, regional banks, loan books, are shutting down quickly as rates have skyrocketed, still at 5 1/2%, number one. number two, that two trillion dollars and they wrote the book on that, not a dime is going to small business where 60% of jobs in america are created. so our problem right now is an imbalance on compensation if you want to call it that. we should care about 60% of the economy that is the american economy, businesses five to 500, family businesses all over this great country that are getting nothing and in addition to that at the hearings we'll be discussing an act you and i tacked about months ago employee retention credit which the irs put a moratorium on. no small cash for small business, only active program. it is not all wonderful, larry. i'm holding up the canary in the coal mine if this bird dies, if this bird dies we're all in
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trouble. larry: i want to add one point i don't recall is even in that article the other day, the dog that didn't bark, you have a very bad middle east war okay? israel versus hamas iranian terrorists and so forth, kevin, loon like prior wars, certainly unlike 50 years ago there has been no oil blowup and no oil embargo. we don't know, there's and opec plus meeting coming up. they may extend production cuts but the reality is, despite production cuts wholesale prices have come down for oil and retail gasoline prices have come down for oil and i think those two factors have held the economy up. i'm going to give you the last word as i always do. >> larry, next time i fly to the u.a.e. which is going to be next week i want you beside me. then we'll go to doha. we'll go to riyadh. larry: all right. >> i will tell you why there is no cut off in oil. larry: no. no. >> none of those countries want
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a war. larry: yes. i agree with that. 100%. we lost kevin o'leary.
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