tv Kudlow FOX Business November 7, 2024 4:00pm-5:00pm EST
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lower and enables these companies to have a shot at mid teens growth. for signa, a much cheaper stock and benefiting from the better areas of healthcare management and in other words not in the medicare and medicaid areas that are so challenged from a profit standpoint. i think they'll continue to win there and have some acquisitions. adp, the employer benefit company. they do all kinds of payroll and all kinds of outsources and they're growing by gaining share and offering services of bringing ai services into what it is they do. liz: bob doll with ai jew with something like adp. the dow too close to call but a record for s&p and nasdaq. we'll see you tomorrow. larry: hello, folks. welcome to kudlow. i'm larry kudlow. the stock market put out a
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record breaking welcome mat for mr. donald trump's landslide reelection and with very. we've got scott bessent, michael faulkender, another economic adviser to mr. trump and talk about jay powell and his shortcomings. then we've got senators eric schmitt on the end of biden harris lawfare against president trump. it's all coming to an end and jack smith is going on the unemployment line. then john cornyn waiting in the wings going to talk about his campaign to become the senate majority leader. first up, our very own edward lawrence live at the federal reserve board after today's federal reserve board announcements by jay powell, you probably had to take some tylenol or whatever your favorite headache pill was. edward, tell us about it. reporter: yeah, five hour energy drink.
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he talks monotone is what we needed here. yeah, the federal reserve has cut a quarter of a percent, 25 basis points and federal reserve chairman said he's seen inflation come pressure blizzard warnings down to the 2% target unemployment rate and he's a wait and see. more cautious when it comes to further rate cuts on this and he defended the rate cut they made today. listen. >> nothing in the economic data suggests there's any need to hurry to get there. we're seeing strong economic activity and we're seeing ongoing strength in the labor market and watching that carefully and we do see maintaining strength there. >> the fed chairman talking
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about new policies that might be coming because of president elect trump. >> in the near term, there'll be no effects on the policy decision and the timing and substance policy decision will be. we therefore don't know what the effects on the economy will be. reporter: he pointed out he cannot be fired by the president and congress is who would have to fire him. back to you. larry: the new president elect had to say he wants replaced. that wouldn't stop jay from stepping down to give trump a chance to replace him. i'm not hearing mr. trump say any of that. thank you for the up tick. high growth and low inflation
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and 1500 points on the dow, i believe it's one of the biggest single day gains on record. and all that is the subject of the riff. one of the best days in history and kind of like saying welcome home, president trump. we're glad you're back. the market is surely welcoming mr. trump's tax cut plans along with deregulation roll back of the $2 trillions of new regulars by the biden harris administration and included in mr. trump's deregulation plan is permitting reform to not only unlock the fossil fuel spigots s and more liquid gold and drilling in alaska and a.m. and lng exports and permitting lng modernization and t terminals ad
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stock narcotic welcoming mr. trump is a vote of confidence that big government socialism is dead. red cal, woke, and climate policies are dead. they're all affecting large and small businesses and their proprofits and they're they're affecting construction projects and broad band projects and advanced technology companies whether producing chips or quantum computing or ai and you couldn't build anything unless you met various woke and dei government mandates and thing about sec spewing out insane climate reporting mandates for all businesses and their customers. it's like the securities regulator decide tay were the weather channel. that is a good chance there'll be some bank deregulation such as perhaps lower capital
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standards or higher capital requirements for a industry that's mostly overcapitalized right now anyway. trump is working to pull out roughly $2 trillion of wasteful and unnecessary federal spending in order to slam the brakes on budget deficit spending and debt creation. crazy programs like the covid act of 2021, various chips and infrastructure bailout deals or the misnamed inflation reduction act. all sponsored by democrats and passed with kamala's tie breaking vote. all that stuff should be subject to a thorough going audit. many of those programs have been authorized by the democratic
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congress. but the money hasn't even been spent in part because the government is so inept and in part because of the crazy dei regulations. anyway. unspent funds should be rescinded. now we've put a big clamp on federal spending and meanwhile extended business tax cuts, oh, and let's not forget a lower 15% corporate tax rate for domestic products, well, that's going to increase economic growth and job creation, which will move the gdp needle to maybe 3 to 4%. and that'll be producing plenty of additional revenues from folks that have new incentives to work and invest. growth solves deficit and debt. tariffs inflationary as some worry. mr. trump in his first term slammed china with huge tariffs
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on the indictment of unfair trading practices and intellectual property theft. yet virtually no inflation. in his first term, mr. trump slammed taxes, curbed regulation and protected america from unfair trading practices and overall consumer price index increased only 7% for four years. that was 1.4% at annual rate. biden harris on the other hand didn't keep the trump tariffs in place, but they spent their way into kingdom come, produced record deficits and debt, they opened the flood gates to illegal immigration, and their cpi increased 21%. or roughly 6% at an annual rate. so i ask you, folks, who is the inflationist? as a final trump policy, again
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and again, he repeats that he wants the dollar to remain the world's reserve currency. he's basically backing king dollar. that can never be inflationary. that's why the stock market put out a record breaking welcome mat for mr. trump the day after his landslide election. that there is the riff. all right, let's jump into all this stuff. scott bessin and senior trump economic adviser. another trump economic adviser michael faulkender, chief economist former assistant secretary of treasury of economics and teaching school at maryland some place in between. let me get your take. scott bessen, let's go to the fed. i don't understand this. i hear mr. powell and so forth, inflation has come down he says, but it's gone up 20.6%.
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20.6% cumulatively over the past nearly four years. the 12 month change in cpi is 2.4. the target is 2. the core cpi is 3.3%. again, the target is 2. suppose you're a middle class working family, suppose you're a low income working family. gasoline price is up 47%. groceries up 21%, eggs are up 41%. that's just partial list of huge price gains. what i'm saying to you is this business, you know, it's come down the last three or four months and the fed is ea easingd wouldn't someone earning low wages welcome decline in prices
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and lived through 209% gain, which is one of the worst periods in american history. wouldn't it be nice if the federal reserve thought about how would we lower -- in other words sensorineural metically, prices -- symmetrically prices shoot up and blue collar folks people with hands with calluses on them and when does that happen seconds to play why doesn't the fed talk about that, scott bessen? >> larry, i don't know. jay powell did what i -- and the fed did what i thought was the inappropriate jumbo rate cut in september. and 10 year yields before the move yesterday, the that celebrated president trump's big win and the republican trifecta went up 70 basis points after their rate cut. the long end tightened. two year bonds went up 50 basis
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points so the bond market is signaling that they don't like what the fed is doing and i'm not sure why he doesn't want to finish things off here. one of the reporters said do you think president trump will fire you or whatever? well, if you like easy money, this is about as easy as it gets. he signaled they did the cut today and the signal they're going to cut again in december but i can tell you what president trump doesn't like and it's what put him in office and went led to the republican red wave on tuesday is what you were talking about is the diminishment of the regulation and knows about the deregulation and proposals more than anybody and deregulation and energy
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independence is very exciting. that's going to get prices down. larry: yes, that's a important point and deregulation lowers prices and producing more liquid gold and natural gas and by the way, nuclear, which the greennies don't like and the modules are terrific and it's a renewable fuel. put all that stuff on the market and prices will come down. i totally agree. deregulation too but, mike faulkender, you know, across the board, food and groceries fed does a rate cut in september and what happens as scott bessen said, long term rates go up. those are borrowing rates. medium to long term rates go up almost 100 basis points and one full percent and they went up. those are borrowing rates and in fact the marge rate went up a
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full percent tan point and back over 7%. inflation is not an issue and they have millions of ways to get around it. people who have smaller incomes, smaller 401(k)s if any at all, they do care. i'm just saying prices for them never seem to come down and federal reserve is pumping up the money supply again, how is that going to get prices down? >> f larry, the fed operates unr the same way and what happened? the dow went up 1500 points and that is not what these models would have predicted, which tells you that we need to stop thinking that the fed is where we need to rely upon to micromanage the economy. instead the fundamental problem with the economy all along has been fiscal and regulatory
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policy. when you jack up spending, when you put 300 million hours of regulations on american businesses, you are going to get price increases and this is why the president's agenda as scott was talking about and you said in your riff is so critical because if we can get businesses focused on serving customers and engaging in innovation and not spending hundreds of millions of hours on compliance, then they can get prices to actually come down. if we can unleash american energy dominance so that the cost of everything we do because as we have discussed many times, energy costs and fossil fuels permeate our economy and if we can bring the price of oil down significantly, that will not only cut the direct energy cost that consumers face, but bringing down food prices because what is one of the biggest costs for farmers. it's energy costs and it's fertilizer that is derived from fossil fuels and that's why the president elects comprehensive elective plans and it'll bring prices down, not merely slow the
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increase. larry: scott bessen, one way to look at it. a friend of mine says this all the time, let's shoot for $2 a gallon gasoline at the pump. let's go for that. that's why we need liquid gold and that's why we need to deregulate and that's why we need permitting reform and it's a important part of deregulation and that's why we need more leases and that's why we need more pipelines and that's why we make it easier for new lng products and think about it. $202 of gasoline at your local pump. that's something that new income folks and lower income folks would understand and would rejoice. that's something that would be very good. >> exactly right, larry. a huge amount of the lift and transport cost for oil and gas in the industry is regulation and i expect that not only will we have more permitting and more
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drilling than we will actually be able to bring the end cost down and gasoline at the pump. that's one of the most visible manifestations to the consumer and the other thing too is today, in direct contradiction to everything we were hearing, zillow came out and said the deportation that president trump wants to do will bring down rents and housing prices. larry: oh. tell us more. tell us more. i like zillow. go ahead. >> yeah, well i like them a lot more today because they recognize the laws of supply and demand work everywhere. when you have a mass unfettered immigration, household formation starts approximately two years after the new arrivals. they live with government housing and live with their families but then they're out
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competing for the same housing stock that working class americans are and they're pushing down working class wages. higher working class wages and more affordable rent. this is why you and i have talked about it, i think that the next four years properly executed with president trump's vision, we could go into a golden age here. everyone could do great. wall street, main street, big corporations and small corporations. larry: ease using that obstructing cerumen the stump. it's terrific stuff and we'll talk about it later in the show. mike faulkender, one last point. the regulatory front, which is so terribly important. you know, you need better permitting laws to get all this liquid gold out and other forms of energy, lng and nuclear. all the crazy obsessions we've seen with biden and harris on
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woke policies, okay. i mean, yourself think about this, what is dei? it is radical affirmative action. that's what it is, okay. that's basically what it is. now, that is tied, that requirement, that dei regulation as you probably know, all these spending programs, every piece of legislation passed on the democratic congress in the last four years had big dei in it. as were regulations and you know what, in many cases, you couldn't build, you couldn't connect broad band to rural areas, you wouldn't build the infrastructure, you couldn't build that on the chips act. you couldn't do most anything because why? you didn't have this crazy woke super affirmative action called dei. that was a problem.
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you repeal that and life would be a lot easier not only in the public sector and more importantly in the private sector also. >> absolutely, larry. look at the fact they allocated 12 billion to build charging stations and we've gotten a whole seven of them so far because every time they put out a request for contractors to come in and do the work, they've got to comply with dei stuff. if you go to the chips act, hardly any of it has been distributed because they're having difficulty finding companies who are willing to put forward proposals that meet all of the requirements. now, you're right, some of it is in the legislation but a lot of t larry, is being done unilaterally by the biden administration and this is something where president trump and his team on the first day in office can rescind those requests for proposals and put out new ones and we can get that money working empowered by work. larry: all right, gentlemen, i have to jump out. thank you so much.
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folk, coming up on kudlow, breaking news, david mckormick, he's now officially flipped the pennsylvania senate seat. wow, how about that? great pal and his wife, wonderful people. he's a new senator and gets republicans to 53 seats and it boosts president trump's big mandate for change. we'll talk t talk about it withd katie pavlich next up here on kudlow. ♪ where ya headed? susan: where am i headed? am i just gonna take what the markets gives me? no. i can do some research. ya know, that's backed by j.p. morgan's leading strategists like us. when you want to invest with more confidence... the answer is j.p. morgan wealth management
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it's our son, he is always up in our business. it's the verizon 5g home internet i got us. oh... he used to be a competitive gamer but with the higher lag, he can't keep up with his squad. so now we're his “squad”. what are kevin's plans for the fall? he's going to college. out of state, yeah. -yeah in the fall. change of plans, i've decided to stay local. oh excellent! oh that's great! why would i ever leave this? -aw! we will do anything to get him gaming again.
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you and kevin need to fix this internet situation. heard my name! i swear to god, kevin! -we told you to wait in the car. everyone in my old squad has xfinity. less lag, better gaming! i'm gonna need to charge you for three people. >> they've never seen anything like it in all of american history, this group of great people. the great katie pavlich and editor of town hall.com and also a fox news contributor. larry: katie, dave mckormick is official on always been official
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and it's a nice piece of change. last point, katie. the landslide president trump got tuesday has got to blake grupe a mandate for change. i mean, people want to reversal and new policies. >> tuesday night is the maga mandate i call it and they're voting against crime and voting against all these things that the president has been putting out on the campaign trail, but when it comes to how he's been able to build the coalitions and the senate numbers, he goes going to have the cabinet he wants and he's going to remake the courts in a way that was even more historic than it was during his first term. democrats during his first term held out on nominees for eight
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month a year at a time, which is a quarter of a presidential term and the fact that the republicans have this majority and nice cushion for president trump means his mandate is clear, and he's going to be able to work with the senate to get that through for what the american people just voted for. larry: all right, the house will be tight, but i think it'll be republican unless you see it differently. >> no, the house will be tight, and it's a real challenge because republicans had a problem showing any unity, but that was when biden was president and the bills they were passing were more symbolism bills and you wanted to stake a turf and take your stand. now, they have to be unified if trump is going to get anything done. can they be unified and they'll have a jolt saying don't screw this up and stop the fighting and stop internal wars and get unity because i can't be a president without your unity. that'll change the behavior of a lot of guys in the house. larry: the thought occurs to me for the house and senate, which is going to be different than it
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was in 2017. i would say a good third of the senators, it was republican senate but a good third of them did not like mr. trump at all. he had a lot of problems. i wasn't in government at that point. i was still working on another net work, but everyone could see. the elon musk spending cuts and so forth. i would think it's great unity on those policy points. >> that's the bread and butter for republicans and the establishment win and the republican wins is the economic issues. the challenge will be still for republicans on some of the other cultural issues and some of the tough stuff happening with deportation and will they is it a with trump and here's one reason i think they will. the crop of republicans has changed but also republicans
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willingness to buck the media. in 2017 when the media said collusion, steel dossier, a lot of republicans froze in their tracks. could the press be onto something? the media lost so many credibility. being a republican today means i ignore the noise and i ignore the new york times and i support donald trump. that's a big change. larry: kate, you you think ari is on the right track? sounds pretty reasonable to me. how do you see that? the far left identity and politics that's devissive and not. >> they're going to get reelected and senators up for reelection in short order have an incentive to work with the president to get more to the middle where americans actually
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are and one of the most amazing maps we've seen out of this election are all of the red arrows red arrows pointing to the right and shifting on the issue and they're not with the left in the democrats. there's a opportunity for house democrats to stand up and say we're going to return to sanity and logic and commence and going for the media and it a great opportunity for the white house to really engage with alternative non-legacy media sources and so many good conservative outlets that are reporting on the race. larry: trump had over 40% of the
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vote in new york and lost new jersey by less than 10%, 5 percent or something. as katie was describing all the charts and showing the red arrows to the right, those are two red arrows to the right. >> i can't resist. one red arrow that went in harris' direction. know who it was? the rich. joe biden won by 8. larry: 100%. the hollywood celebrities. they got them too. >> they're the rich. larry: they can sing. some can act. what are they doing in politics? >> they're getting ignored. larry: fabulous. >> losing the culture. larry: sure are. ari fleischer and katie pavlich, terrific stuff. end of lawfare and special council jack smith about to hit the unemployment lines. i worry about him out there. we're going to talk about it with missouri senator e eric
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larry: ends f lawfare and weapon says and throwing trump in jail 750 years jack smith special council member on unemployment soon. missouri senator eric schmitt joining us now. he know as thing or two about all this. senator sh schmidt, welcome, si. you've got four cases and two are jack smith and i don't see anything for jack smith to do so maybe he's row signed today. what do you think. jot house of cards was tumbling down for months and the people weighed in with their verdict on tuesday. we don't want to be a banana
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republic and only thing democrats had was demonize president trump? half of america and the tale of the tape is ark of the story and started with the midterms and joe biden give as speech saying we're never going to let president trump back in the white house and do everything we can and zombie cases resurrected including jack smith and fani willis and alvin brag and based unprop's time in the oval office and supreme court decision and that evidence is now gone and these would go way by of appeal and no matter what, the cases are always bogus in the american people saw through it.
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larry: he steps down and walks out no more and justice department drops the case and shows you what a lot of nonsense it was. >> jack smith had a reputation of being overzealous and over prosecuting in that case and the judge in florida said he shouldn't have been appointed anyway and it was unconstitutional and his whole tenure was suspect to begin with and the cases certainly are. larry: you don't think, in new york, these nutty people in new york, letitia james and alvin bragg and so forth, the -- first of all, an appellate court pokd holes in this case. but there is a sentencing sed
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scheduled on this business and turning to misdemeanor and federal crime and outrageous fines in keeping trump out of their own business. that's what they're going to try to do. >> there's so many legal holes in that case and ripe for appeal and they've appealed on in fronts and would be successful anyway and boot strapped the misdemeanors into felonies and you had evidence come in and objections overruled and list goes on and on and appealing for them to be successful. as far as sentencing, i don't see any way judge mar shandon ml
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move forward and tactics and basis of the party for anti-trump for eight years was rejected by the american people. now is the time to fight the good fight. president trump will deliver on that and there's a republican house and senate. we can provide relief for working people and that's what election is all about. larry, thank you, very, very much. folks, another friend, texas senator mr. john cornyn. you got the 53rd vote and david mckormick was ratified today or whatever the right terminology is. we had senator rick scott on last night or the night before. john thune seems to be running also.
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take a listen, please. >> i've been talking to my republican colleagues and guess what, they want change. they want to get the trump agenda done and president trump and mike johnson in the house. they want to balance the budget and they want to cut taxes and they want to secure the boarder and stop inflation. larry: all right, it all sounds quite reasonable but somebody has to win this race. senator cornyn, what's your response to what senator scott said? >> he's not wrong, he's right. this is a change election and they repudiated the biden harris agenda and the direction the country was going in. what i'd like to do, larry, is make america great again by making the senate work again. that means letting all senators participate in the process for the committees to the floor and we are going to be hand and
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glove with the trump administration first thing we need to do is pass a budget, which as you know is essential for not only setting spending caps and getting appropriation process going, but also to get reconciliation instructions, which we will use to continue the current tax provisions and stop a multitrillion tax increase at the end of this year. that's just the beginning. and we're going to be very busy, we're going to be voting a lot and we will be responding to what the message that the voters have sent and working hand in glove with president trump as we did when he was president the first time. larry: can i just circle back to the elon musk idea, the budget, reconciliation, which for those listening, it's a big budget package.
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larry: the spending cuts and all the things authorized and so far unspent. i'm sure you know all about that. here's my question, can you integrate what elon is talking about and the transition committee, howard lutnick and so forth, can you integrate that into your senate and house deliberations in a fairly short period of time, you know, three, four, five months or so in order to get that into the reconciliation, which probably usually comes at end of the fiscal year late in september. can you integrate elon musk for the transition for the operations? jaire i love the fact that president trump has reached out to elon and vice versa. i'm sure he's going to have incredibly important and good ideas for how to do exactly what you said.
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we're going to have to pass a budget frame work and pass in the senate and majority in the house and president doesn't have to sign that and we have to agree to the frame work first and make sure all the members of the senate and of the house are well informed about exactly what those priorities are and where the cuts are going to occur and if we can get a majority of both houses for that in a presidential signature, we will have accomplished what president trump set out to do. larry: in the last 30 seconds, can you bring elon in, bring him in and speak benefit lunch or something. he's got a lot of good ideased and maybe the smartest guy on the planet, i don't know if you ever saw that rocket ship landing. can you just bring, you know what i mean, bring him in to your deliberations? last 30 seconds. >> short answer is yes. i was in austin on sunday and met with elon and congratulated him for getting involved in the
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presidential campaign, supporting republicans, and it's the first time i've talked politic with elon, and he can be an incredible resource. this man is a genius. he started these incredibly successful businesses against all odds, and he can help us balance the federal budget. bud. larry: yes, sir, senator john cornyn, we always appreciate your wisdom when you're on. newt gingrich going to describe president trump's victory speech. promises made and pro promises . i love that, i'm kudlow, be right back. ♪ ♪ when you're a small business owner, your to-do list can be...a lot. ♪
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will bring us tonight. larry: that was trump early tuesday evening -- late tuesday evening or early wednesday morning after the landslide to embark on the second leg of presidency. we're hoping we can get newt's comment on that, newt was there at the time. i want to say how important these th theme are and i don't w if they've gotten enough visibility. promises made and promises kept. mr. tram subpoena probably the most policy sophisticated president we've seen in i entity don't know how long. he's learned a lot through his presidential career. propses made, propses kept and he was given a mandate to keep his propses for the simple reasons he had his landslide election -- landslide election. what do you want me to play? we just did that. never mind. gosh.
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he won the popular and electoral. he didn't need to win popular but did. he won the electoral by a landslide. propromises made and promises kt is terribly important on relation and energy and certainly closing the boarder and remain in mexico, building the wall, and of course he'll take immediate steps, i think, to probably solve and reach some kind of deal for the ukraine war, to stop the fighting and stop the killing, and he'll clamp down on sanctions, new sanctiosanctions on iran. mr. trump had iran bankrupted basically back in his first term. the price of oil globally was cheap and they couldn't produce because of sanctions and couldn't sell because of the sanctions. those were propses made and propses kept much the other thing that's important and needs to be pointed out again, all of
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his rhetoric regarding unity and calmness and what impact on hearing calling normalcy. he said it many times and you heard it during the convention in milwaukee and said it again tuesday night after his fabulous landslide victory. he's saying success will bring us together. he's saying success will give us unity throughout the country. he said several times he wanted to heal the devices in the country. that's so important. what you're not hearing from him despite the democratic left wing crazy insane rhetoric, he's not out to get people who disagree with him, he's not out to get some kind of revenge. none of that. he wants success, he wants unity, he wants a golden age of prosperity for america.
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amen to that. i'll be right back. ♪ when i got diagnosed with skin cancer, it was right under my eye. i was told that surgery was the only option, and i did not want to get cut open on my face. i asked my women's group to pray for me, and one of the other ladies told me about the procedure that her friend had and it was gentlecure. if you, like millions of others, are affected by skin cancer, it's important to know that surgery isn't the only option. there's another choice, gentlecure. gentlecure uses low energy x-rays to kill cancer cells with a 99% cure rate. plus, there's no cutting,
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our customers' homes are taking care of them. maybe, your home could do the same for you. call finance of america, the country's #1 reverse mortgage lender and get your free info kit. call this number. larry: you know, mr. trump's, president trump's landslide victory tuesday night is a mandate for change. and when he says promises made, promises kept, i believe he means it. he wants a golden era of prosperity, and he wants to unify, ore unify this country -- to reunify this country after the extraordinary divisions that have gone on in the past four
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