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tv   Kudlow  FOX Business  September 6, 2024 4:00pm-5:00pm EDT

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central bank here, will that be positive for their markets? >> well, the u.s. cuts by themselves are positive because we are in a dollar-denominated world economy. they really use the u.s. as their main currency -- liz: absolutely. >> and borrowing in u.s. dollars and have to pay back in u.s. dollars, so they effectively import the u.s. monetary policy, but you do get diversity case from their local central banks taking different actions. liz: rich, taking a jump overseas. it's great to have you. thank you so much for joining us. >> thanks for having me. liz: that is going to do it for us. dow losing 412 points. we'll see you monday. >> hello folks welcome to kudlow i'm kudlow a big day for president trump and bad jobs report for kamala. we've got vivek ramaswamy so trump advisor john paulson is going to visit. steve forbes going to hang out with us scott and cast of other
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characters meanwhile our first hillary vaughn busy with some of the big stories. hillary wonderful to see you. what's cooking? >> great to be here larry former president trump supposed to be sentenced for his criminal trial this month in new york city. but that was postponed until after election day judge rescheduled sentencing for november 26th. in the meantime former president trump is laying out his plans he gets back in office he says he wants to audit government so that trillions of our taxpayer dollars are not going to waste. >> i will create a government with conducting complete financial audit of the entire federal government. his commission will develop an action plan to totally eliminate fraud and imrommer payments within six months. this will save trillions of dollars, trillions -- reporter: trump says elon musk will head up this commission, and it is a big job when you
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look at the numbers fraud and overpayments are a trillion dollar problem for the government over the last two decades according to the government accountability office payment errors of taxpayer cash totaled 2.7 trillion just the last fiscal year alone. 236 billion dollars in improper payments were made. the government programs that were worst offenders medicare, medicaid earned income tax credit and pandemic assistance programs. the bigger the government the more opportunities for fraud waste and abuse, and the government under president biden vice president harris is getting bigger. just this past year, biden's added almost half a million new jobs in government alone. accounting for about 20.of all new jobs created under biden this past year so, our jobs booming under biden or is he simply just making the government bigger? larry. larry: good question very good question. i don't know. not jobs going on hilary vaughn
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thanks for hanging without us we appreciate it as always. all right lesson today jobs report is let a president trump finish his job that's the subject of the riff. ♪ ♪ today's jobs report weaker than expected soggy, soft, once again -- past months revised down why are all of these jobs evaporating bls in latest bench mark revision and actually today's number for nonform payrolls isn't really 142,000 which was lighter than expected. it's $142 thousand minus 86 thousand downward revision that means $86 thousand new payroll jobs wait a second look at private payrolls which is more important. the reported numbers 118,000. weak, soft, but june and july
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will revise lower by 62,000. which means actually private payroll is in august were a measly 56,000 barely positive. and then, health care and socialist assistance both of which are essentially government sponsored jobs. and government jobs themselves well that came to 68,000. which is 80% of the so-called jobs increase. it is all government. i would say it is pretty poor wouldn't you? it is not a recession exactly but sure looks like front end of rescission why the stock market is badly in the red today. this one of those days where bad news is, in fact, bad news. we've had quite a few of these recently haven't wesome bad news on manufacturing, bad news on housing. now, i've got a much better idea. take a listen to this. >> a combination of fair trade tax cuts, regulatory cuts and energy abundance will allow us
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to produce more goods, better and cheaper right here in the usa than we've ever done before. and for nations will respect us again. larry: that, of course, mr. donald trump speaking at the economic club of new york yesterday. and optimistic speech about american renewal unleashing prosperity a growthier speech, kamala democrats never talk growth. biden democrats never talk growth. but when republicans talk growth, they win. a recent kudlow tip poll asked how important is economic growth to help individuals climb the ladder of success? answer, get this, 60%. very important. 30% somewhat important. that is 90% progrowth. and i want to say, my friends at tip poll have the most accurate poll according to the data. 90% progrowth. so if mr. trump keeps hammering
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away on the growth theme, he's going to be a winner. now, here's mr. trump yesterday again -- hammering the growth message home. take a listen. >> we're going to have tremendous growth. this is what i'm talking about is all about growth we're going to make our money back on growth also we're going to grow like nobody has ever grown before. larry: just keep it up you can't say enough about growth. you know what -- growth means four or 500,000 new private sector jobs for a month not 56,000. growth means 3.4% or 5%. not 2% or less. growth means, america wins the global race for capital. remember, the jfk tax cuts for nearly 6% growth. without inflation -- the reagan tax cuts produced about 5.5% growth with diminishing inflation. mr. trump had a head start on it
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during his first term. but now he's going back to the battle to finish the job. tell you what, if he stays growthier he's going to be a winner that's thes riff tonight. all right. there you have it joining me now vivek ramaswamy, businessman, author of truth, the future of america first, our great friend and man of wisdom. i've got couple of things for you vivek first of all welcome back. your quick thoughts on mr. trump what i call american renewal speech optimistic. you know, aspirational, and most of all growthier your dwhaiblghts on what he said yesterday in new york. >> i think this is exactly where not only the republican party but the future american political elite need to be focused. the first step is to take aim at that administrative state. the regulatory state, that is the single greatest wet blanket on accomplish growth in this country larry and i know tax cuts are important i know a lot of other policies are important. but number one is that people
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who we never elected to run the government those bureaucrats in three agencies are writing off regulations with the stroke of a pen. that are dampening american economic growth so the idea of a government efficiency commission i would call it just the beginnings of a plan to delayer that federal bureaucracy and drain the swamp that's how we grow this economy. it is how we're going revive our economy i thought it was most promising part excellent speech yesterday. larry: mr. trump was talking about elon musk. i don't know whether he can run the commission or be on the commission or advise a commission whatever but i was going ask you that you took words out of my mouth. hilary vaughn mention a couple of numbers. i mean what -- trump calls corrupt spend, probably 3 trillion of that in the last 20 years you can take out -- you could take out you want to do americans favor? resend the entire ill-named inflation reduction act. just resending whole thing or at least resend the obligated but
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unspent portion of it. vivek, i think you and i have talked down the years of federal assets building zone get rid of all of that stuff you know elon musk you think he's up to the task? this is a really good idea to balance the budget and most of all get rid of this old washington swamp, bureaucratic structure. >> so the reality is elon and i have great conversations he's been passionate about this i've been passionate about this it was a core focus of my presidential campaign over the last year as well. the truth is there's two phases of this. the first is yes, identifying those areas of waste, fraud, abuse, recapturing that money. but the second step larry is going to be implementing this as effective to repeal reflags act and it will allow senate to act but a lot of this can be done through the executive branch those are quick wins that can be in a early second trump term and
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executive actions through the regulatory state should be rolled back by executive action from the top. that i think is the lowest hanging fruit in biggest opportunity sitting in front of us. and i think we've got to go far further than conservatives have been willing to go even in past administrations. mass firings not just incremental reform 75% of bureaucrats don't need to be in their positions you think about federal agency miss of them are redun tangt and have no reason to exist. and this isn't just about saving money. yes it will have the effect of saving money but also about unlocking ingenuity in the private sector most overregulated also about restoring self-governance where people who are making most of the rules today were never elected to their position so it goes deeper than just money savings but that is a good place to start. for a broader revival -- larry: i love all of that stuff you know i was talking to newt gingrich as you say a sense -- you guys are on the same page i
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hope to join that page it is too pronged number one, you know, tear down that wall get rid of the existing structure as you're saying. number two, open the doors to a brand new structure entrepreneurial, private sector, technology advance structure. which you and elon musk and others will be uniquely qualified to do you know what i'm saying newt is saying get rid of the bureaucratic big government socialist model get rid of it and usher in a new free enterprise technological capitalist model this is replace the whole blood by story. what do you think of that? >> i love it. start with the blank slate and rebuild on the right scaffold this is what it was built on pursuit of excellent without limitation and our other side is remember those principles and be unrestrained like we don't want the government overinvolved as left wing government has done we don't want to replace with a right wing nanny state but go in there and dismantle that nanny
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state i think if we preserve that level of clarity we don't want to use right wing regulations to replace left wing regulations but dismantle the regulatory state as long as we keep that as our north star i do think if i'm being fair we have to remember that at times as a republican party. but if we do i think we're going to actually have our best days ahead very soon. larry: rodger that. another one, mr. trump loves crypto loves bit coin all that i roll tape on this. trump and crypto. >> instead of attacking industries of the future, we will embrace them including making america the world capitol for crypto and bitcoin so we'll be leader in a.i. and every other form of technology. larry: i had a chance to buy bitcoin around $500 vivek i didn't do it so don't ask me for any investment advice but you're a supporter of the crypto revolution too are you not? >> i am. because i'm a supporter of the united states of america.
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and the beauty is we want greater competition. anybody who is trying to stifle the competition is usually afraid of their own value proposition i like the idea of an opt out holding fed feet to the fire i think we need greater dollar stability in the united states. but part of the way we're going to actually enforce that is through competitive opt out the philosophical level that's why i've been a fan and i'm against paradigm of regulation by enforcement and crypto industry has suffered from there but they're not alone getting back tots same problem of regulators three letter agencies vaguely enforcing regulations that never went through congress. crypto industry is perhaps most recent example of how that stifles innovation and causes infringement on liberty in the united states. but one of the things i give president trump a lot of credit for is a year ago this wasn't an issue he was focused on but he's intellectually curious even on this topic since i left the presidential race and seen a dimension of him that public may not get to see which is that
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he's somebody who is open to learning. open to -- tackling new frontiers as new issues come up from a.i. to crypto currency i think that's what we want in leaders in this country rather than just the state of politicians that like to recite their consultant rehearsed talking points i think that's one of the things i respect about donald trump and as i'm biased on this i think we need more outsiders like that in politics. larry: vivek just on this point, generically i only got 30, 40 seconds but it came up yesterday in our discussions. mr. trump has an immense grasp of detail. policy detail, programmatic detail with a very wide knowledge base. i think you would agree. you know when i served at the nac, in the cab knelt we had meetings, i mean, he would cross examine you and merciless he knows stuff. i just think in the debate next week, and on the campaign trail and trump is not afraid to talk
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to the media. people want to see a ceo of this country or any big company for that matter who understands what the country is doing. or what the company is doing and some details. they want that vivek it is almost a lost art i'm going give you last word on the lost art of detail. >> well you know what let's actually bring details back to running the country. we want details not leaders who are reciting standard political garbage you want people who are going to ask the tough questions and this is why i think the republican party larry i think will and should become the party that especially for the role of u.s. president for governor, executive positions put in outsiders put in somebody who has run a business and sign the front of a paycheck not just the back of one cashing it into their own bank account from the public. that's what we need more of and i don't think question should shy away from that. i think donald trump is paved a way where the republican party i predict will and should become the party who has business
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leaders in the private sector something that tim walz and kamala harris would never think of. that's what i want in the future. larry: you have to have the big theme and picture and you have to know something about the machinery and how it works, and where it's vulnerable i think trump is doing that. he's accustom to doing that as a businessman vivek ramaswamy rodger that thank you for your wisdom as always appreciate your talk. are we at the front end of a recession? well we'll ask steve forbes and ask scott bessen they'll be up here kudlow monday through friday here on fabulous fox business if you can't get us at 4 for heaven's sakes text your favorite nine-year-old and she will show you how to dvr the show. you'll never miss a tax cut, you'll never miss a bitcoin or crip to currency and never miss a decent jobs day i'm kudlow.
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psoriasis all over. i couldn't get my hair done. then psoriatic arthritis. cosentyx works on both for me. people with psoriasis on the scalp have a 4 times higher risk for psoriatic arthritis. serious allergic reactions, severe skin reactions that look like eczema, and an increased risk of infections, some fatal, have occurred. tell your doctor if you have an infection
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or symptoms, had a vaccine or plan to, or if ibd symptoms develop or worsen. still workin' for me. ♪see me.♪ with so much entertainment out there wouldn't it be great... still workin' for me. ...if you could find what you want, all in one place? show me paris. xfinity internet customers can enjoy the ultimate entertainment experience and save on some of the biggest names in streaming, all for just $15 a month. get the fastest connection to paris with xfinity. larry: as i said at the top soft, soggy unimpressive jobs report today question is are we at the front end of a recession? not in it but the front end it have joining us now steve forbes "forbes" media chairman editor
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in chief, wait -- book inflation -- inflation what it is, why it's bad an how to fix it. >> don't lose that. don't ever want to lose that and scott bessent and guess in charleston, south carolina, going to try to keep the electricity on this time. gentlemen welcome back to the show. that was a joke scott it is okay. start with you -- you're the -- [inaudible conversations] what say go ahead. what did you say? >> too many people moving here all fleeing the northeast. larry: i know that's okay drill, baby drill. scott, soft and soggy jobs number. and actually if you take out the revisions, and you just look at private sector you only had about 50 thousand some odd jobs may not be a recession but it looks close to one how do you read that story? >> larry i've been saying that i think that nongovernment
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adjacent private sector and the bottom 50% of american consumers have been in a recession for two years. you know qhb you see -- spending 7% of the gdp getting measly 250,000 private sector jobs in a year, that's a recession. we've got 7% deficit to gdp government is creating all of the jobs. you know 7% deficit to gdp i can make zimbabwe great again. larry: it would be a challenge but you could do it it would be very hard. steve forbes we won't talk a lot about zimbabwe but what's your quick take on that re?etion >> it is a walking pneumonia and i don't think what the theologians call it half a country feel we're in a recession and you first brought this up if you have a interest cost in the cost of living people are really suffering. larry: you know what just on that, i want to digress for a
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minute such an important point and we've kicked it around. michael and very smart guy, a republican economist and so forth headed up the boston commission to redo the price indexes including this cpi he took a lot of borrowing cost out now some people say he did that so the social security funds wouldn't have to keep paying up because cpi would have been several points higher. think about that, i mean, some -- some conspiracies are actually true. >> used to say in the soviet union there are no coincidences as comrad that's why former secretary clinton pointed out if you put in borrowing cost height of inflation couple of years ago wasn't 9% it was 18%. and the rate today is about 6 or 7%. twice what the reported numbers are. larry: you know scott bessent
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cumulative 20% increase in the level of prices since 2020, and, of course, individual prices up much more than that. but mr. trump's point is inflation is still here. i say it has a long tail. now, scott, you were, you know, you were sitting right in front of me right next him giving the speech yesterday. he argued that his program we're going to have some quotes on the dollar in a minute. that his program of tax cuts and deregulations and so-called smart tariffs and energy reform would be progrowth without inflation, scott bessent were you convinced do you think he convinced that wall street audience? >> i think he did. i thought that he was remarkably conversing and showed his knowledge of economics, the economy, and finance, he showed that, you know, he's a private
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sector person. neither vice president harris nor governor walz has had a job in the private sector in their adult lives. president trump was supposed to speak for 30 minutes. he spoke for an hour and 15. he took questions from two republicans, two democrats unscripted. i don't think if the president of the economic club of new york said that vice president harris has been invited. i don't think she's economically literate enough to be able to give a performance like this much less risk answering questions from the other side of the aisle. i thought he did a magnificent job with his 8 points of laying out his vision. and you know, larry, it reminded me of back to his and nobody would know it better than you back to the 2016 style of identifying the problem, but then coming out with an optimistic solution that to provide -- larry: it was really
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aspirational you're xeangt exactly right but aspirational and optimistic now i have a special treat for my dear friend steve forbes let's roll tape. donald trump talking about the dollar. >> we have to continue to have that be the world currency. >> if we lost the dollar as the world currency, i think that would be equivalent of losing war that would make us a third world country we can't let it happen. i'll say to them you don't honor the dollar as your world currency, is that right you're not going to do it? no we're not i said that's okay i'm going to put tariffs all over the product and sir we would love to honor the dollar as the currency. >>s that right out of your play book and may have written that for him. >> there are no patents in politics. but really -- larry: he's a very strong position on growth in the speech and really strong position on the dollar. >> only one i think that gets that the federal reserve is making a mistake but i think --
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rid of inflation by trashing the economy you do it by having a stable value for the dollar something that's trustworthy today and tomorrow in the future and we want that status and a dollar trusted again stable which the federal reserve never mentions value of the dollar or currencies. larry: and any of their notes, forecast you're completely right like it doesn't exist. >> when we had a stable dollar in the 50us and 60s guess what we have the greatest period of growth prosperity in the 20th century. larry: scott bessent you're running out of electricity down there in charleston but i want to echo steve forbes's thought -- indeed i wrote a book on the subject jfk's tax cuts were accompanied by a dollar as good as gold. he insisted on that as treasury man doug was doing, offered tax cuts kept the dollars good as gold. and we had 6% growth nearly, and no inflation scott, give you the
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last word because you know what, sometimes -- like yesterday mr. trump sounds like jfk. the best part of it. and ronald reagan, rolled up into one. >> yep. in a conversation with our -- i once asked him why do you think the dollar was so strong in the 1980s? and he said it is simple. we were -- we increase after tax return for private enterprise of the u.s. and the economy took off, and everybody in the world wanted a part of that. and if donald trump delivers on what he talked about yesterday, everybody in the world will want a part of that. you can't get it in europe and in china certainly can't get it anywhere else. larry: we will win the global race for capital and growth usa will win that. >> and save the free whorled america gets it right, the rest of the world will get it right. we did in the 80s. >> free world needs good saving you're 100% right.
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scott bessent and steve forbes thank you both to you. wall street made a top trump advisor jeff paulson asks an interesting question and mr. trump gave him a very interesting answer. and jean paul son is coming on set to have a look at all of that. i'm kudlow. be right back. ldren. (fisher investments) i understand. that's why at fisher investments we start by getting to know each other. so i can learn about your family, lifestyle, lowing us to tailor your portfolio. (wife) what about commission-based products? (fisher investments) we don't sell those. we're a fiduciary, obligated to act in your best interest. (husband) so how do your management fees work? (fisher investments) we have a transparent fee, structured so we do better when you do better. at fisher investments, we're clearly different.
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>> all right joining me now great blessing one of wall street salviest investors top trump advisor mr. john paulson powngdzer of paulson and company john thank you so much for coming on. appreciate it. it is great to have you enjoyed seeing you yesterday at the economic club event. you're so prom innocent you asked a very good question and mr. trump gave a very interesting answer and we're going to roll some tape on that and talk about it. here it comes. >> overall what do you estimate will be the impact of the fiscal
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deficit from your policies? >> well we just hit record highs at numbers nobody ever thought possible other 2 trillion and 2 trillion i view it as profit and many people say trade deficits don't matter i think they matter a lot. we're going to have tremendous growth. this is what i'm talking about is all about growth. the taxes relatively minor compared to the growth we're going make our money back on growth and we're going to also we're going to grow like nobody has ever grown before. larry: i thought that was fascinating, of course -- it is sent a tingle down my spine because you have growth, growth, growth, now, and so far is your question is concerned, do you think growth alone solves the fiscal problem and/or the trade deficit problem? >> well, the president did outline a very strong policy for growth which is going to benefit all americans. we have a problem, though, with the deficit under the biden administration.
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last year, $2 trillion deficit. and that's a primarily cause of inflation when you spend more than you take in in revenues. so the question is, will trump's policies reduce the deficit? one way is clearly growth. the more you grow, the greater the tax revenues produced. but he's got other ways to reduce the deficit one is to reduce spending and outlined a very good program to eliminate spending on the green new deal which is kind of wasting money funding uneconomic. >> but i thought it was strongest statement i've heard from him about spending restraint. really going back to 2015 for heaven's sakes. >> exactly. economists estimate the spending for the green new deal is a about a trillion so eliminating that immediately reducing the deficit. the other source of spending of revenue increase besides growth is the tariffs.
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and we need tariffs to protect strategic industries, to protect domestic manufactures that is subject to unfair trade competition. so you get a double bipght. you get the tariffs, that foreigners pay that you use to reduce the deficit and then you provide, you ensure greater domestic manufacturing which increases real wages and growth. larry: indeed i thought it was really interesting i'll get your take. i kind of like the idea if you produce goods and services here, in the good old u.s. of a we'll give you a 15% corporate tax cut i think that's very clever if you don't then we're not going to kill you. but you'll have to pay the 21% now going 28% as democrats want is insane because we won't be competitive in the world economy as you well know. but i thought that was clever and i thought to get your take on it. >> i think it is excellent point
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that some people misinterpreted the 21% was across the board. it is only for domestic producers manufacturers to encourage them to produce in america. so when you add the tariffs that will protect american manufactures, reduction in regulation and the now tax incentives it really should result if we implement president trump's policies in the resurgence in american manufacturing. >> you don't have to get to a balanced budget next year what we would like to see is the ratio is spending to gdp, the economy come down or deficits to gdp as you mentioned earlier. you know it shouldn't be at 7% so aim for 3%. just but show it is downward so there will be some confidence in it and the same with the debt. i don't know that i have to retire the debt i don't know if i want to retire the debt but i would like to have the debt to gdp ratio come down. that would be common sense.
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>> you're absolutely right and two ways to do that number one by growing the economy. and number two by reducing the deficit. so any reduction is going to help in that respect. larry: with the current situation, where as you said you've got deficits to gdp abou 7% we're almost not far from full unemployment and may be moving into recession but still, 7% of tbrks dp is insane. spending 25, 25% of gdp is insane. okay. i want to ask you because i know you're great investor. the gold price stocks are falling but the gold price is up over 2500 dollars, that's a big number for gold. does that have something to do with a lack of confidence in government or in low inflation. or just the fact that we may not be able to pay our bills unless we make a change here? >> i think it does. we came through a inflationary period under biden. we had years and 9% inflation.
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cumulatively it is averaged more than 5% a year. so jrnl more inflation, the higher the price of gold is gold is a protection against inflationary times. the other issue is that -- fiscal deficit at 2 trillion. so the skepticism if the democrats remain in power will they be able to control the deficit? and to control inflation. larry: interesting expense is almost a trillion dollars it is bigger than our entire defense budget i don't know. you know more about gold than i do. i'm saying i look at gold yes inflation hedge, at some point the dollar world reserve currency we better pay our bills. i think there's -- unless there's a change in the administration. i think people are thinking you know what we may not be able to pay our bills. last word. >> that's a good point. i think the plan that president trump articulated will lead to
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more growth, higher wages, low inflation, will be real win for the u.s. economy. larry: yeah can't happen soon enough. pass the bill save america that's what i say. john paulson wonderful to see you old friend appreciate it very much. good luck. all right folks going to play at the politics. byron fox news contributor and alex marlo editor in chief breitbart news and digest gentlemen, welcome alex marlo. yesterday's economics club of new york speech. we had your man john kearney on set commenting on it. politically, alex did he get the job done? and does he take those important policy points that mr. paulson just referred to and roll into the debate with kamala harris next week? does he do that alex marlo? >> yeah he was incredibly sharp credit to you i know you deserve
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a lot of credit for this it was an amazing event he was at his absolute best and i know you covered growthiness of the speech there were top stones in the populism making immigration an economic issue taking a victory lap on trade. where tariffs and we were told forever these were going create inflation that didn't create inflation but regulating our energy sector dote and american recovery plan and build back better all of that stuff. that's what created inflation not trumponomics he was so sharp on all of the issues about bringing manufacturing those manufacturing numbers today were appalling. and he's right focused on this and he's ready to lead, i think. >> you know, byron, really the wall street crowd which once upon a time when i was a youngster, on wall street was a republican crowd is no longer a republican crowd. okay -- and i thought it was interesting. i was sitting up there at the desk looking as mr. trump spoke you could have heard a pen drop you could have heard a pen drop
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and he did get some applause lines afterall a bunch of wall street stiffs but they gave him good applause line when is he cracked jokes so byron i'll ask you the same question did he get it done and does this bridge right into the debate? this is like a warmup for the debate with kamala harris. what do you think, byron? >> well, it was indeed and certainly focuses trump's mind on numpleg number of policies but i want to say something here. what you've just been doing on this program is the most serious and extensive discussion of what trump said that i've heard. if you look at other media outlets, all they're talking about is an answer that trump gave about child care. which they said which they think was crazy trump was talking about money that would be saved by, through tariffs. helping to pay for child care. and they all said it was crazy and some commentators said that it proved that trump was senile
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that is the level of seriousness that news organizations are giving this entire speech. this long speech and discussion that he made i'll say one more thing it is one of the news organizations that is conducting the debate on tuesday night. so trump needs to be prepared for whatever questions come. larry: i'm sure he is. by the way trump's tax plan doubled the child credit. doubled it from one thousand to two thousand nobody wants to say that. last one, real quick fellas alex marlo, polling -- everyone, you know, we live and die with poland they're not votes but snapshots but a point byron has been making trump always underpolls and trump's numbers today now in this campaign are better than his number when is he won in 2016 or lost in 2020. i mean, he's got better numbers including swing states, alex marlo last point. >> the electoral map is
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devastating to democrats all trump has got to do is pick up georgia and pennsylvania and he's done. and that still doesn't even count that he's going to contend in new mexico, nevada, looking really good for trump right now larry but that, of course, could change. larry: it could change byron, you know my pal david mccormick is looking real good in pennsylvania in that senate race last point. >> well, trump is pennsylvania i believe in most poll averages is absolutely tied between trump and harris. and what you were suggesting is, a lot of time qhs you see a poll that is tied that means trump is ahead. well, it certainly turned out to be true in 2016 and in 2020. but still you've got to be careful we don't know exactly right now. larry: polls are in both byron alex marlo should steel buy u.s. deal? we're going ask the former
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larry: big question should nip on steele and japan buy u.s. deal all against it kamala is against it trump is against it i don't know. joining us now is mike pompeo former distinguished secretary of state fox news contributor
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mike you're for it. i don't see what's wrong with it trying to figure this out andrew carnegie could turn over his grave if it doesn't buy os deal i may be leaving clips but they'll mow headquarters, anyway, go ahead. you're on, mike pompeo secretary of state. >> larry it is great to be with you. look this transaction with nippon steel is fantastic and promentsed to pit a billion that are in the plant to continue to grow it put advance furnishing to make a steel in america something we desperately need as an economic matter and larry you know this too it is important for national security matter that we keep making steel here in america. and that's what nippon steel wants to do they already have plans in america they will grow this one as well. and you know if this deal falls through, bad for american national security as well. more chinese steel, will have to be imported more chinese steel will be something that united states will be more dependent
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on. that's bad for us. we've got an ally, nation of japan that is always been a great partner for us for them for nippon to invest in pennsylvania to grow, jobs in pennsylvania is a great thing for our nation. larry: you're the diplomat not me but the last remember japan is a very good american ally so i'm not going to fret about that. and i also -- look you know who agrees with you, wilbur, ross, he came on this show a while back -- and looked you know he looked at the financials went through some numbers and stuff. and he said it is a good fit, and you're right. nippon steel will save it they'll keep the plants open they might even allow expansions. united states only has 5% of the world steel production, china is over 50.. so that's another one. >> it is. larry you know it is great to have a former secretary ross you and i both served with coming out in support of this. he's done the math. this he's a steel guy right he
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knows manufacturing in america. one of the things president trump has talked about consistently is he wants foreign direct investment not from china but from our allies and friends to come into america to build stuff here not to build it in mexico or in china, or in vietnam he wants it built here this is precisely what nippon steel plans to do and it will be a great outcome and and i fear politics have gotten upside down if it transaction isn't completed, the workers in pennsylvania that work for u.s. steel today will be at risk of having their jobs moved. the headquarters closed, those aren't good things if america for our economy or for national security. let's build it here and have the japanese come, bring foreign capital to u.s. shores to pay taxes here. all good things for us larry. there's not a single downside for this for workers, shareholders or company or national security. larry: you remember the u.n. with late abe do you remember he
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pulled out this -- the book who were the biggest american car producers? honda toyota another japanese has done it before. and they'll do it again. that's -- i have to -- disagree with our old boss. i disagree with kamala i disagree with a lot of people on this i know you're advising nippon but we're running out of time but you make a good case. >> let's get this right. let's get it right for america let's put politics aside and deliver economic outcomes for these workers and build a great steel company here in the united states. larry: i think so well done terrific stuff thank you for coming back on the show. folks i'll be right back with my last word. ♪ ♪ jacks, baby backs,
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that story, growth reduces debt. growth reduces deficits and growth curbs spending. growth wins elections. how about that? i am to know because elizabeth macdonald is growthier. liz: i sure am. i got growthier during the pandemic shutdowns. larry, thank you so much. [ larra terrific -- [ laughter ]. liz: welcome to the evening edit. i'm elizabeth macdonald. former president trump is hammering kamala harris on weak
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