set it aside because it's just the absorption of the breaking news that people have been waiting for? >> i think that's spot-on, liz. we had a pretty good front-running of this 50 basis points cut over the last couple of days so not surprising taking a little bit of the chips of the tail so to speak but longer term listen, i think the labor market is the sort of the concern here for jay powell and i would say powell puts back in play and that's something to consider going forward which i think sets up pretty well for risk seattle as we go into the end of the year. liz: folks thank you. >> [closing bell ringing] liz: michael and jack we appreciate it. there is the closing bell the dow swings 532 points in a wild trading day. down 110 at the moment red on the screen we're going to see you tomorrow. liz: hello folks and welcome to kudlow.

so did jay powell's fed just go political? we'll ask john carney and wall street star scott besson, but first up our own edward lawrence is live at the federal reserve. edward explain this one to me. reporter: you know, larry, yeah, this is the first time the federal reserve made a move in eight consecutive meetings and this 50 basis point will shock some in the markets but this was not a unanimous vote. in fact board of governor michelle bowman voted against this saying there should have been a 25, smaller 25 basis point cut. now, here is why the federal reserve chairman says they needed to make the deeper cut. >> it's a process of recalibrating our policy stance, away from where we had a year ago when inflation was high and unemployment low and that process will take place over time. there's nothing in the sep that suggests the committee is in a

rush. reporter: so the dot plot of that hadssep talks about shows a forecast of two more rate cuts this year if they were to move 25 basis points, then four rate cuts next year and two in 2026. now these votes from fed members are very close. in fact one vote away from only one more cut this year and one vote away from three cuts next year. the fed chairman said every member voted for some type of cut during this meeting. he also answered if there were political motivations. >> yeah, so you know, this is my fourth presidential election at the fed, and, you know, it's always the same. we're always going into this meeting in particular, and asking what's the right thing to do for the people we serve, and we do that and we make a decision as a group, and then we announce it, and that's always what it is. it's never about anything else. nothing else is discussed. reporter: so, the next federal reserve meeting is after the election, in fact there are two more one in november and one

in december. again, after the election. larry? larry: michelle bowman descented, that's the first in how many years? reporter: its been a very long time. the last one i can remember is the st. louis federal reserve the former st. louis federal reserve president when they were going up. larry: jim bullard probably. they will takeaway all of her staff and expense money and put her in tourist instead of first class for her next plane flight. edward lawrence, thank you ever so much. so the fed's 50 basis points gift to kamala that's the subject of this. yeah, 48 days before the election, looks like fed chair jay powell just gave kamala harris a 50 basis point gift by slashing their target rate by one-half of one percentage point. this may put them smack in the middle of presidential politics something they pledged

not to do. now, in light of the modest decline in commodity prices, and longer term interest rates, and in softening in the labor market, a 25 basis point cut would seem to be justified in economic terms, with no political over-tones whatsoever, but 50 basis points super-cut, well, that sounds kind of like the ultra-liberal democratic senators elizabeth warren, sheldon white house and john hick en looper all jaw boning the fed to lower interest rates by 75 basis points. now, in truth the economy is growing above the fed's 2% growth target while year-to-year inflation had softened to 2.5% though it remains above the fed's 2% inflation target. the problems always more of an affordability crisis, where consumer prices throughout the biden-harris term have increased faster than wages. the cost of living index up about 20%. weekly wages up only about 16%,

so typical working families have lost about 4% in declining real wages. now, during the trump years, real wages rose by over 9%. contrast that again with a 4% drop during the biden-harris years. in dollar terms, real wages rose roughly 6,000 bucks for a typical family during the trump years, nearly five times the roughly $1,300 increase under biden-harris. many prices, groceries, gasoline, and electricity, homes, insurance rates, autos, all that is increased significantly more than the 20%. that's what the fed was doing serve value years when they started monetizing all the biden-harris federal spending excess and the central bank has continued to pump inflation until late 2022 when finally, their argument that price hikes were temporary or transitory proved to be

dead-wrong. now, the affordability crisis always been an achilles heel of discredited bidenomics or whatever the case. by the way, that includes high borrowing costs for home mortgages, car loans, especially credit cards. these are reasons why kamala harris' unable to answer the simple question. are you better off now than you were four years ago? she couldn't answer during the debate or her one and only interview one on one interview with a local philadelphia tv station, or in her recent appearance before the national association of black journalists. can't answer it. now, perhaps the fed has information that the entire economies about to collapse and that's why they are lunging for a 50 basis point super-cut but that scenario just kind of seems unlikely. more to the point is that while biden-harris government spending continues to roar, the fed is risking higher future inflation

by pushing more money into the economy, or even worse. if kamala ha kamala harris wered president with her roughly $5 trillion across-the-board tax hike that would suppress economic growth and the fed would continue a super-cycle of monetary easing while you'd have the classic super-inflation definition of too much money chasing too few goods. seems to me, mr. trump, has a better idea. cutting taxes. deregulating. spending restraint, and drill, baby drill, lower oil prices along with a stable dollar. now, that would promote rapid growth without inflation and end the biden-harris affordability crisis, and that's the rif. all right joining me now, john carney, breitbart economic and finance editor, co-author of the breitbart business, scott bessent, gentlemen, welcome on set and a very

interesting day. scott bessent, i begin with you. what do you make of it? you tell me. >> larry it's sharply divided fed we have first dissented by a governor since 2005 and it looks to me like jay powell pushed this through pretty hard. he managed the market pricing, so that he could walk into the meeting, tell the other governors, well this is what the markets expecting. we shouldn't disappoint the market, and i agree with you. i think they should have started with a 25 and gone from there, and unless jay powell has a view on the economy that's not evident in the current data, this was too large. this is the first rate cut, this close to an election, in 75 years. if you're trying to give the appearance of not being political, this was just the wrong thing to do. larry: you know it makes me think, john cairney, the fact is

why couldn't they have waited until the day after the election in november? why do they have to do 50, 48 days before the election? it's not going to matter. it's not going to impact the economy next month. they could have waited and therefore have been totally non-political. now i think they are going to be subject to some, you know, fair amount of criticism. i don't know what mr. trump is going to say. i have a feeling he's not going to be happy with this. >> larry, they absolutely should have waited until november. there's no economic theory that tells you cutting in september will change the economic path of the country rather than waiting until the day after the election in november when they have their next meeting. the other danger of this 50 basis point cut is what happens if donald trump is elected and they decide they want to do 25 in november? guess what? it'll look like they pumped the economy for kamala and decided to stop being as unrestrictive when donald trump got elected so they are locking themselves into a series

of 50 basis points cuts and they don't realize it. powell said this is no set path. don't think this is the new way forward. it is the new way forward, especially if donald trump wins in november, because they will not be able to say, oh, we thought big cuts were good under kamala but now we have to dial that back under trump? that'll be politically explosive. larry: i mean, i was reading the community unleashed prosperity hotline, and they highlighted commodity index prices have come down about 15%, long-term interest rates and the treasury market have come down, although i think they went up slightly. by the way the stock market last, it didn't do that much it was up slightly, not huge today, but i understand that. i understand the unemployment rate has been creeping higher, so we'd all keep an eye on that. again that sounds like 25 basis points to me. on the other hand the atlanta fed's gdp now is i think 3% for the third quarter. the fed's own target is 2% for growth, so in other words,

just this is something about this that doesn't tie together. maybe that's being reflective. you said there's disagreements among the fomc members and maybe because it doesn't tie together, and because jay powell may have jammed it through. >> i think he did jam it through. if you look at the dot plot, it's pretty clear for the rest of the year. two of the members do not want any other cuts. seven want one more cut, so they would have obviously preferred 25 and 25 and moved at a measured pace, and look, larry. i've studied a lot of financial history and this is how we got the recursive inflation in the 70s. it was spending kept going which we likely see under harris as you just mentioned, and these regulations that they keep putting on top, when big government demand shock meets big regulation you get big inflation so i don't think the fed should be declaring

victory here. larry: so much of the gdp is government-related. now, government per se is a fair piece but a lot of consumer spending is government benefits flowing through to the economy. a lot of it going right into checking accounts. now, again, the mistake the fed made three and a half years ago, basically, and made it for two solid years until they wised up is that they are monetizing all of the federal spending and the federal borrowing. they are monetizing it okay? now i'm not saying they're doing that again altogether. it has the same feel though. you have to worry about the late 60s and the 70s as scott bessent just said. i don't know, john, it doesn't hang together in my mind. i don't want to criticize the fed just for the sake of criticizing him but they could have gotten the same outcome with 25 basis points and people would not have accused him. this will politicize the fed. i guarantee you. i mean, i'm going to ask, we

have a couple senators coming up on the show, newt gingrich, i want to find out what they all think about this. >> there was also a very warning that nobody has looked at yet in those fed projections. they have been raising the long-term fed funds rate every other meeting all year around. it was 2.5% for four years, from 2019 through 2023. it just went up to 2.9%. it was at 2.8% back in march. they keep raising it up. it's going, what does that tell you? that's telling you we have a bigger underlying inflation problem. that comes from the government over-spending, so they are looking at this and they are saying, we do have a spending problem. i think they think kamala is going to win as part of the issue here, and they think that therefore, the long-term rate to get inflation down to 2% has to be higher than they ever thought for the last four years. larry: scott bessent, do you think the typical middle class

family, maybe lower income family but working folks, do you think they would agree with the fed that they've conquered the fed has conquered inflation? >> larry if you look at the numbers the university of michigan consumer spending, the expectation for the lowest quartile, inflation expectations are twice as high as for the median, so the median inflation expectation is around 3-3.5. because of the lowest quartile, as you mentioned earlier, food, groceries, mortgage, insurance, their inflation experience has been very different, so they are anticipating six or 7% inflation, because they have necessities. the other thing i would say. i think this cut, i've been saying for a while that i think we are in the us in an emerging markets style equilibrium. it's a bifurcated economy and the fed has goosed asset prices in the stock market, in housing, the top 10 or 20% are spending

from the wets effect and the bottom 50% for the past two years is getting crushed through inflation, through high interest rates, and through mass immigration. larry: well that raises another point, john carney in that the lower-end doesn't see any real inflation, or a price relief. the lower-end, i think the lower-end basically is very pessimistic and i don't think that markets, as scott said, look. 130 million people are in the market one way or another. the middle class is in the market but in much smaller amounts. the lower income people, not in the market very much, if at all. now, if conditions were so tight, financial conditions were so tight, why are these, you know, dow jones rising, s&p rising, the mag7 rising. i've been in and out of

this for a long time. tight money is to the bond market. >> i don't see any evidence that monetary policy is overly restricted. we've got the industrial production numbers, the retail sales numbers. none of them showed restrictive at all. the one thing i will say that does seem restrictive is and this goes to what you guys are talking about here. people are very depressed about their economic prospects, and so today, ugov economist poll came out. among democrats when asked will you be better off a year from now 20% of democrats say they are better off. just 20%. among independents and republicans it's much lower than that, so one of the thins that t has happened and is somewhat restrictive economically is that biden and harris crushed the economic hopes of americans and when asked will you be better off even her own supporters say no, not really we aren't going to be better off. larry: she can't answer it going backwards and they can't answer it going forwards and you've got a political problem. scott, what happens if kamala

wins which she could. she has a plan to raise taxes by about $5 trillion and meanwhile the fed is in a super cycle perhaps to ease money. what happens? high taxes and loose money, what does that mean going out? >> yeah, my biggest position is gold. gold has been going up since kamala harris replaced joe biden. i think we'll keep its dollar devaluation with gold. john paulson said this morning on an interview he would go to cash but you have to think like what cash do you want? do you want gold or other currencies because the us dollar hasn't liked this harris candidacy. larry: we'll have to leave it there john carney and scott bessent. thank you, gentlemen coming up on kudlow is mr. trump going to win virginia and is jay powell getting too political for virginia governor glenn youngkin? mr. youngkin is coming on and he wants to do fed watching and who am i to say no. remember folks right here you can catch kudlow monday through friday at 4:00 p.m. on fabulous

fox business and if for some reason you can't catch us at 4:00 please text your favorite 9-year-old and she will show you how to dvr the show and you will never miss a fed something or other, it's a mystery on kudlow, no mystery here. we'll be right back. (♪) (♪) (♪) (♪) voltaren... for long lasting arthritis pain relief. (♪) (luke) homes-dot-com is a new, elevated home-shopping experience. beautiful design, tremendously rich content, and, my favorite touch, it's the only site that always connects you to the listing agent.

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larry: so for more on the fed and the economy joining us now we welcome virginia governor glenn youngkin. thank you, sir, we appreciate it very very much. if my memory serves me, you were a banker at one point before you game governor, so you know, some about the economy and the fed. do you think the fed had to act today, 48 days before the election? they couldn't have waited until the day after the election? >> well, larry, i first don't know about the timing of today's movement but i know the significance of 50 basis points and its only been done three times in the last 25 years when we've had real challenges. in covid, the great financial crisis and of course after 9/11 and i do think what is implied by a 50 basis point rate cut is the fact that the biden-harris

administration has done more damage to this economy than anyone fully understands. they unleashed inflation at an unprecedented level to the point where today, two-thirds of americans are living paycheck-to-paycheck, and americans in virginia feels it every time they go into the grocery store and see 20 or 25% increases in food prices, and they see doubling of gas prices, and they see their heating bill and electricity bills go through the roof and they can't buy a house. they know its been unprecedented inflation, and therefore, the fed had to take action that slammed the brakes on the economy and i believe the job market is a lot softer than anyone is letting on and in fact, when you have 800,000 jobs corrected out of previous jobs announcements that's three or four months of jobs growth. i think the moved to represents the fact that the harris biden administration has so damaged this economy that they had to take extraordinary action only seen in states of real emergency in order to try to get it fixed.

larry: well i just wonder, governor, what good would it do? you mentioned a year and a half or so ago the fed had to slam the brakes on, you're right. that's because they missed in 2021 and most of 2022 that the inflation was about government spending and they shouldn't have monetized it but now, okay, now so you wipe the slate clean. now, what good is it if they slam the accelerator down? i mean, doesn't that risk higher inflation? i mean, you've got a lot of families, middle income families, lower income families. they would tell you inflation is still around. they're suffering from higher prices, as you suggested a few moments ago, as our panelists did. that's the point. i mean, it sort of stop and go, you know, hit the brakes, hit the accelerator. which is it? >> yeah, well that is the key point, which is that once again, i believe because of the misguided and unprecedented spending that came out of

the biden-harris administration, the fed has literally been chasing to try to bring down unprecedented inflation, and they did it to such an extent that all of a sudden, the shocking job numbers that were in the last jobs report suggested that this economy is not just easing off but that the jobs part of this economy is really hit a major major bump, if not a ditch, and therefore, this aggressive movement which again, is unprecedented. i mean literally, during normal times you don't see 50 basis point moves, suggest to me that we've got bigger problems than people might have been letting on and particularly, kamala harris who has been standing around this nation saying the economy is great and that she can't even answer the question whether americans are better off today than they were four years ago, because she knows they're not, and that's the big message to me today is we've got to wake up and recognize the economy under the biden-harris administration has literally dealt a gut punch to the american people and it's time for us to recognize that

what donald trump built back in his presidency was a strong economy that had high growth, low inflation and we didn't have any of this massive shifting in federal reserve policy because we knew we would have high-growth and low inflation. larry: i just can't figure, governor, why they couldn't have waited until the day after the election which would have depoliticized the whole fed story because even if the economy is a lot worse than they we or than they think more importantly, it's not going to matter. 48 days, not going to matter. they could have waited. what they are going to run into now is a political buzz saw if you ask me. governor, how's it look in virginia? there was talk earlier that virginia be a toss-up state. it's not going to go blue as it has recently. you have deep roots into it. you're a very popular governor. how's the trump story in

virginia, sir? >> well, first of all, just to remind everybody that joe biden won virginia by 10 points back in 2020 and we were fortunate enough to win by a little less than two in my election and i think what virginians have recognized is that one, the economy is the biggest issue, and second of all, that what the biden-harris administration has done has delivered an economy that has taken money out of their paychecks. its made it harder to feed their kids and made it harder to buy shoes for school and certainly made it impossible to buy a house so virginia is competitive. listen, it's a tough state and so there's real work to be done but it's competitive and i will tell you, we're do everything we can here in the next roughly 50 days in order to deliver a win. the bottom line is the economy is the top issue by far. no questions asked and when we see the kinds of dramatic

movement that were taken today by the federal reserve in order to right the broken ship that the biden-harris administration actually created i think it only speaks further into the real damage that all americans in particular virginians are feeling as a result of the economy that they have had imposed on them by joe biden and kamala harris. larry: all right governor glenn youngkin thank you, sir always a pleasure to see you. good luck on the campaign trail. folk, coming up next on kudlow, israel with another massive hit on hezbollah. today, man, this stuffs straight out of james bond. i mean, there's more. they have out-boxed them and taken the toll and we're going to get the latest from the ground and then we're going to talk to senator marsha blackburn. we're going to talk to former speaker newt gingrich. this is real story, you know, don't mess with the israelis. idf, they are tough and remember folks kudlow available as a podcast, episodes available every weekday right after the show.

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larry: all right israel, another explosive attack on hezbollah today, we have fox news live, from tel aviv. this incredible story continues. reporter: yeah, it does. it happened again today, larry. according to new numbers from lebanon's health ministry 14 people at least have been killed, 450 others injured, after walkie talkies carried by hezbollah fighters exploded after their pagers exploded. israel hasn't commented on this publicly or specifically, but prime minister benjamin netanyahu does say this about the northern border earlier. >> we will return the residents

securely to their homes. reporter: so hezbollah reportedly received the walkie talkies that blew up today, around the same time they received the pagers that blew up yesterday. take a look at this new video from beirut. you see several detonations across the skyline, this impacted several different areas including a funeral for three hezbollah terrorists killed in yesterday's explosions take a look. so the explosion happened just off camera, but you see , a large crowd gathering at that funeral. another device detonated at a cell phone shop, south of beirut. hamas' reacting today with support for hezbollah writing, "we strongly condemn the renewed and ongoing aggression against the brotherly lebanese people. hezbollah is vowing revenge with its leader set to speak at 10 a.m. eastern time tomorrow so we'll see what he says. sending it back to you, larry. larry: thank you ever so much. for more on this let's bring in tennessee senator marsha

blackburn. senator blackburn as always, ma'am, welcome. what do you make of this incredible story? first the pagers blow up. then the walkie talkies blow up. israel is definitely behind it. i mean, i don't know. don't mess with israel but what are you thinking on this story? >> well i think we should wait and find out for sure if the idf is going to take responsibility for this , but what we do know is we're coming up on the anniversary of octobet israel has the right to defend themselves, and their people. we know that iran is behind this funding of hamas and hezbollah, and that they continue to pour money into this , so i do also know, talking to those israeli officials that we periodically will hear from that they desperately want to get people back to their onlies in

the north, and bringing all of this attacks on israel to an end is going to be an imperative, so we need to make certain they have what they need to defend themselves. it be a good thing to rid the face of the earth of hezbollah and hamas. larry: they are terrorists. it's funny i may have missed it. i don't hear joe biden saying that. i don't actually hear vice president kamala harris saying that. what do you think? >> i think that many times, our current vice president has to read the teleprompter to figure out what she believes, and that is so unfortunate, because our policy as a nation, our foreign policy has been that we stand with israel. they are our greatest allie in the middle east and they have stood with us, and we should continue that policy. larry: you know, i know you've

been one of the leading spokespeople dealing with the secret service problems, i'll call it, and the second assassination attempt. let me play you some tape from former dhs secretary chad wolf, friend of ours. here is what he said yesterday in an interview on our show. take a listen, please, ma'am. >> you don't need a president to do this. you need the second of dhs. all the secret service director -- >> mayorkas could do it. >> we need to reallocate agents and resources to president trump's detail and that could be done within the department. larry: senator blackburn, i didn't known according to chad wolf, the dhs secretary could fix this and give president trump full presidential protection, that is if you can find mr. mayorkas. what did he think about this and when can pressure be put on mayorkas? >> well pressure should be put

on him. i sent a letter to director rowe monday calling for president trump to have full presidential protection. he deserves that. he needs that and we know from the sheriff at the press conference there at the golf course that the security provided president trump right now is not what he had when he was president. now, the way the budget works with these departments, the secret service, yes, is currently under dhs. i think we need to move it back to treasury but in the meantime, and to make certain that president trump, president biden, vice president harris have full protection, what they need to do is reallocate the resources. they need to allow secret service to have more drones, more dogs, and more personnel. they need to improve their planning processes, and allocate

people so that they are planning for any eventual that could possibly occur and right now, larry, they are not doing that. for director rowe to say well we didn't have golf on the schedule. anybody that knows contract knows that if it is a pretty sunday, and he is at mar-a-lago, he is going to be on the golf course as he should be, and that is an opportunity that he has, and they should be out there defending that. they know there's a highway there. they know there is a chain link fence there. they know that there is shrubbery that is there, and they also know that they have a no-fail mission. the secret service has 33 people they are responsible for protecting, and they know it is a no-fail mission, so they

need to get their act together. they need to prioritize this protection. they need to reallocate their assets and they need to make certain that donald trump can continue to be a presidential candidate and then after he wins this election, that he has the protection he needs as president of the united states. larry: all right we'll leave it there thank you, senator marsha blackburn. >> you've got it. larry: folks let's continue joining us is newt gingrich former speaker of the house, fox news contributor. newt, let me just, before we'll get to the economy in a second, sir. trump, you know, two unsuccessful assassination attempts later, he's back on the campaign trail, okay? yesterday and today and newt, still, neither biden nor mayorkas has decided and

executed an order that the secret service will give him full presidential protection and i would say the same thing about kamala harris. give her full presidential protection but i think it's an outrage, newt. time passes, the clock ticks away, trump is back on the campaign trail and they haven't fixed this. they haven't fixed this yet. >> well, i don't think they want to fix it. i warned on hannity back in july after the first effort to kill the president that that was the natural outcome of their law fair campaign failing. i don't think you can underestimate how deeply the establishment is terrified that donald trump is going to win and is going to genuinely change things, and genuinely take out the corruption, and so, you know, i think this foot dragging isn't an accident. it is a deliberate, it's the same reason they wouldn't provide any support to robert f.

kennedy jr.. they were setting him up to get killed. his uncle had been killed, his father had been killed and they refused to protect him. i think we need to understand how bad these people are and some ways however how evil somef this is. what's been going on legitimately qualifies as evil and i think that the idea that they don't provide adequate protection to the former president who very likely is the next president, there's something deeply sick about the biden-harris administration. it's not mayorkas. it's biden and harris. they can order him to do this and they don't. larry: all right so, you're writing income that the achilles heel for kamala harris is the economy. you probably saw, i'm sure you saw the fed had a super rate cut today 50 basis points, kind of shock therapy but i'm not sure what they're shocking except the presidential race. seems like a gift to kamala. what do you think?

>> well, maybe it's a gift to kamala. i think if the election were four or five months ago it be a gift to kamala but here is her problem. no matter how often you get her various word salads in these weird interviews the next day, people go to the grocery store. you know, we were out last night shopping, and the price of everything, h people measure against when trump was in office. it's not a half or two or 3% this month. it is 26% for beef up since biden came in, some other things are up 30%, 35%, people notice that. particularly if you work for a living or you are retired if you're pinching your pennies this is an administration which has made your life much harder, and i think no matter what she says, kamala harris cannot get away from the fact that she has been part of an administration which one

the economy has made life much harder for the american people and the american people know it and overwhelmingly by about 3.5:1 they want change, not continuity and that's a huge problem if you've been the vice president, because she clearly represents continuity and she can't getaway from it. that's why she gives you these goofy answers. she can't answer directly and straight because it would kill her candidacy. larry: did you see , newt, i've got 30 seconds i'm sorry we're tied for time but a pole showed teamster's union, rank-and-file, vastly going for donald trump. i mean, vastly. it's at least 60% could have been 70%. last word on that one, teamsters for trump. >> sure. look, this is a huge defeat for kamala harris. they did everything they could to get the teamsters. they failed. you'll notice also georgia now is going for trump. i think trump is going to carry pennsylvania. kamala harris is in deep trouble. it hasn't sunk in yet but at the rate she's currently going she's going to lose and may well lose

pretty badly. larry: as always thank you for your wisdom. folks we'll take a quick break and then we have florida congressman byron donalds on the other side of the break. choose advil liqui-gels for faster, stronger and longer-lasting relief than tylenol rapid release gels. because advil targets pain at the source of inflammation. so for faster pain relief, advil the pain away.

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larry: all right joining us

now florida congressman byron donalds, our great friend. byron, are you better off than you were four years ago? kamala didn't answer it in the debate. she didn't answer it in that one on one interview she had with the local philadelphia tv station and apparently she didn't answer it at the black journalist meeting yesterday. i'm not even sure they asked her. i was looking for it i couldn't find it. maybe you can help us out on that. why can't she answer that very simple question? >> well, larry. i grew up as a lower middle class child, but i can answer that question. the american people are not better off now than they were four years ago. massive inflation because of kamala harris' tie-breaking votes for joe biden's agenda. massive illegal immigration because she refuses to do her job securing the southern border and joe biden simply is not running the country and our foreign policies an absolute disaster so it doesn't matter if you were a middle class child, lower middle class, poor, upper class or rich child growing up in america the truth is

everybody has fallen behind. larry: you took a look at the fed today, had a super-cut 50 basis points i don't know if shock therapy or what. you don't think they could have waited the next meeting is the day after the election or was this a political decision by the fed to give a little booster shot to kamala harris? >> maybe, maybe not. i don't know but i will tell you this. it's not going to matter. the long-term issues of massive cost overruns on the pocketbooks of the american people cannot be ignored and no sugar high of a fed rate cut before the election is going to change that. when you have black women in philadelphia complaining about the price of food. when you have teamsters around the country who have seen their wages go up but they have fallen behind economically because everything they buy is more expensive, a rate cut from the fed does not change that political reality or that economic reality. larry: we're just talking to

newt gingrich about this. i guess over 60% of the rank-and-file teamsters have come out in favor of donald trump but the leadership didn't quite have the gumption to come out so it was a non--event. they don't endorse kamala, they didn't endorse trump. what do you make of that? >> i don't make too much of it. look the reality is donald trump has been running against the political elites not just in this election cycle, but really for nine years. the american people are the ones who have showed up, put donald trump into office back in 2017, and they're going to put him back into office this november making him the 47th president. he is the president for the people. not for the elites. larry: what happens here in terms of the economy. what do you think perceptions are? this is what troubled me about the fed, byron. i don't want to harp on it but i'm just saying, you know, 50 is a bigger cut than 25. 50 sounds political but on

the other hand, 50 also could sound like the economy is in a lot worse shape than people think it is, or than i don't know, wall street thinks it is. whatever wall street knows. i maine in that sense do you think folks ordinary working folks think the economy is in worse shape? >> listen let's be truthful, larry. our economy has been stagnating. the jobs that have been created are government jobs. you do have illegal immigrant labor in the united states that's actually decreasing the cost of labor with low skill workers in our country. it's not a good recipe for economic success. so if you look at a rising unemployment rate, which jay powell talked about today, and you also have the other situations going on with a more stagnating economy all you can do is try to throw more money into the system but this is not a good economy for the working people of our country. larry: all right congressman byron donalds we appreciate it sir, thanks for coming back on folks be right back with my last

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