larry: hello, folks. welcome to kudlow, i'm l arry kudlow.

so. 9 straight days of the dow in the red, worst since 1978. question is what is happening? we have steve forbes. david bahnsen, giannis antetokounmpo, and on set jackie deangelis first up edward lawrence is live at white house telling us what that means. reporter: you know the dow is down 267 off of -- you mentioned 9th losing streak in a row, longest in about 50 years. you know some stocks in the dow are well to correction territory nvidia down 10% from highs, it could be a response to factor of the economic data, that has been very mixed going forward, looking at retail sales today, month over month, much stronger than expected with this.

credit card debt with this keeps rising, inflation trend has been ticking up. and core inflation without food or energy prices moving sideways last three months, which might have caused fed to pause, next year for rate cuts. the markets they look 8 months out, they are gauging if federal reserve will not go as fast as first thought, i spoke withstands federal reserve president, marey daily, she hedged on how long the cuts might take, with neutral rate 3%, a full percent or percent and a quarter from where we are now, she hedged you on fast we'll get there. saying we have to see incoming data to see how fast federal reserve wants to keep cutting into next year, signal are rate cut announces for tomorrow, and slower in to next year, that

is what market might be looking at. you know federal reserve says, she said that federal reserve will get to that 2% target. the hardest part is last mile, from 3% where it to 2%. and that is how they get -- try to get there and market saying, we night not see as many rate cuts as quickly as we thought. larry: edward lawrence thank you. trumpian growth is supply side cure to biden inflation. stay with me. nobody knows what drives stocks up or down. in short run, that is why i have long been a believer in buy and hold index fund strategy, passive investing. and i know many smart people disagree. i respect that. but that is still my view. now all that said, it is not

worthy that dow jones has dropped 9 straight days for first time since 1978. now, over half of dow decline is function of 20% drop in unitedhealthcare group following heinous murder of insurance ceo late mr. brian thompson, roughly 2/3 of dow components have fallen during this 9 day sell-off, including nvidia, dropped 11%. now, nobody should push the panic button to the stack morket. -- stock market, s&p 500 has been flat during this dow sell-off period. but the dow drop gives me an opportunity to raise a couple of economic policy issues, that may or may not have anything to do with the sell-off, nonetheless, none of less, i think that federal reserve will make another mistake when they drop their target interest

tomorrow as it expected. and i worry that. trump administration and republican congress will delay its tax cut plans. again, none of this may or may not have a thing to do with the dow correction, but regarding fed, ain't interesting story from breitbart, peck lates that some on -- speculate that some on trump's economy team warn that inflation risk may be underestimated. that j. powell fed chairman should be careful with the rate cuts and that bidenflation is not dead, data shows in last 6 months, various inflation measures have not only stopped falling but have ticked up. crb commodity prices up 17%, and gold and silver up 30% in past year, and money supply measures picking up over last 3 months and asset

price isees have been come, a lot of liquidity around. profits are mother's milk of stocks, and profits have been solid. but original trump post election rally was based on the hope that tax cuts and deregulation would boost business profits more. that is not to say trump plan will not be implemented there could be creeping concern it may come way later in the year. and that could cloud the outlook for the economy and the stock market, next year, or going to 2026. they are concerns. you can be sure, president trump and his team don't want the fed to deliver a higher inflation next year and they don't want a stagnant economy. so, i have a supply side

cure. harking back to the late robert mundel. supply side cure for inflation lower marginal tax rates, minimize economic regulations on business, and creating new incentives for work effort, investment and growth. in other words produce more goods. that by itself would lower inflation. second, mundel would argue to strengthen the real value of the dollar by printing fewer dollars that means that fed should cut its balance sheet from an excessive 7 trillion to maybe something like 5 trillion dollars. the mundel combination, generate more goods, chasing less money. that is a cure for faster

trumpian growth, and ending bidenflation. once and fore all. just think of it, that is the riff. all right. there may be some disagreements about this, this is my take, joining me ground, steve forbes, forbes media chair, and david bahnsen, and jackie deangelis co-host of the big money show on fabulous fox business. thank you, kids. steve forbes to you, i don't know what 9 straight days of a falling dow means, some was this horrible united health group story, we know that. on other hand, delays tax cuts might set up a risk and the the fed pumping more money in because they think they have to cut interest rates, even though biden flation, you knew robert mundel as i knew, i don't know if david -- did you know mundel.

>> i read him through you. larry: i am a long time advocate, he was a brilliant man, nobel prize winner. >> invent or of the euro. >> right. larry: maybe not his finest moment. >> he thought that competition, between euro and dollar would bridge out the best in both, he never thought it would be a rate to the bottom. larry: a different segment but a gov a good point, instead of easy money, and i'm not saying higher taxes but delay tax cuts, i would like to see immediate tax cuts and tighter money that would cure it. >> if federal reserve, they never will do with this crew announces their goal is a stable dollar. money measures value like a clock measures time, that in itself would get off this curve of the idea that there is a trade off between inflation and unemployment. so they are still wednesdwedded to,

that they think that inflation still high high they have to hurt the economy, that is a danger. other thing is in the market, what if tariffs don't go the way they do in negotiations, you combine uncertainty on tariffs, and a delay in tact cut that is self inflicted wound. and federal reserve still not understanding inflation, and you have concern in the market, rights new it looks good but you can see where it can go very wrong quickly. larry: we have by the way, a great tariff quote from president trump from yesterday's mar-a-lago. important. by the way, notal not at all bad, you are suggesting they could be headed for fewer goods and more money, the opposite of what mundel wanted. david, two things, what do you make of nine day sell-off in dow.

and two, you everyone mundellian hypothesis was simple. >> every word of your opening speech was brilliant except for part about passive invest investing. larry: that is pretty good. >> inty i have been crescreaming this for 3 years. you can solve it, it was done in 80s with more productproduction of goods and services. just stopping punishment of business. i don't think that fed's rate policy has anything to do with anonymous they know they froze housing by going too low for too long, then they spiked it up. now now noel iser want -- no seller wants to sell.

larry: deregulation would help. >> that is more on a state level, hard for central bank but white house to do a lot on thaty it regulation, there are so many blue state problems. >> if i said buy and hold long-term dividend indexing. >> that is forward looking by definition. we have to avoid dividend cuts. larry: jackie, i don't know. the other indexes are not falling as much as the dow. as in case of steve forbes, i don't want to delay the tax cuts. president trump has the wind behind him. he is having a fabulous honeymoon transition, i am in favor of closes the

border took i think they at least lock in an extension of tax cuts whether they want to go beyond that, they can do it later, at least lock it in so people can be certain it will be okay in life. >> i think you are right, and american people probably will look for that, this is something he promised, it worries me with respect to getting things back to track, market got ahead of itself, a little bit. stocks have run-up a lot. but, in last 4 years, real mess was created he has to work his way out slowly a tax cuts would tut money in people's pockets, that would be a good base for him to work off of. why they are trying to separate it and hold it until july, they say to prioritize border, it important, and key economic issue, that is costing country a lot. i don't understand it, i have always been with you trying to get it all done

immediately. larry: all done in one package. we'll have jason smith on and talk about it later. i think that is an issue, i don't know about that bears on dow sell-off or not. it raises you know warning signs. now, we solved that point, now robert mundel, people should google him. he was one of fathers of supply side economics. let's go to howard lutnick and president-elect trump on trade and tariffs yesterday at mar-a-lago. take a listen it will go on for a bit. it is interesting. >> the president has very clear agenda for tariffs. i think reciprocity is something that is going to be a ky topic for us. how you treat us is how you should expect to be treated. >> weigh in on that. >> reciprocal, if they tack

tax us we tax them the same amount. >> are you con s certained that tariffs might hurt. >> make -- i didn't have any inflation, his massive tariffs. you go back and look at 18 90ss, mckinley, you take a look at tariffs, that was when we were at our the richest. larry: i was a research for mckinley. the point is, if they tax us we'll tax them. or reciprocity, if they bring their tariffs down, we will bring our tariffs down, that is essence of trumpian. i will read china tariffs are more than twice as high as american tariffs, praz brazil three and a half

times as more. and india 5 times as high as american tariffs. world trade organization does not do a darn thing about it. i ask you jackie, there will be dis agreement here, but reciprocity is a very sensitive policy. >> i think so, i think that numbers you put out show as president-elect trump said before, we have been taken advantage of to a certain degree, he is trying to solve border crises in some way, also with china, we have a massive problem, he started to tackle in his first term but he didn't get there i liken it to this last 4 years inflation was driven by reckless spending by democrats for green energy policies they believed in them. they drove our places up. and many american people say i believe in them too i will

pay more for things as a result of that. why wouldn't you believe in an america first policy, to bring trade back to -- manufacturing back here. and have more fair trading, i would pay more for that, do i think we'll get to that point, i don't think so i think this is a num negotiation tool, and everyone is a little panicked. >> 15% corporate tax rate. steve forbes, i know you don't like it, giving you equal time, maybe you do. >> reciprocity. what trump said, i thought it was moderate. very moderate, he at any he didn't say we'll go boom, we'll go after china no two ways about that. >> well, we do have to get more of a reduction of trade barriers that takes time, once upon a time we did deals with a lot of nations instead of one by one,

between end of world war ii to 1980s it worked well. trade boomed, and what harmed us is that the regime we created here on regulations, manufacturing has been killed by that in 20th century. 45 thousand dollars per employee is cost of regulation we have now versus 5,000 in taxes, you have 25 thousand dollar -- tax employees, in manufacturing, guess what happens, we lose our competitive advantage. we should clean that up here at home. and in terms of cutting tax rates. we'll be a magnet for capital into this country, which you know has other consequences. but we become a magnet, and other countriesic 50 country followed suit. including sweden, beloved by bernie sanders and we saw the world prosper, we have on show the way, stable

money, make do t da dollar king. this economy would boom, and other country would follow they would have to if the governments top survive. >> david better to cut taxes before tariffs. >> yes, not only for economics but political victory. he will get victories with other domestic policy issues if he starts with taxes, the lower hanging fruit, reciprocity is a better message than protectionism but at end of day buyers and sellers can decide if it is a bad deal. they don't have to trade with india, that is the problem to me, i get it politically he has tapped into something but i can't help myself but believing that economy like i don't want white house to decide what is a fair trade deal

either, i rail want buyers and sellers to do it it is -- larry: why not level the playing field, he is saying, we have to go. this is too much fun. what mr. trump is saying, and lutnick is saying, we have a very busted unfair trading system, we should -- the united states, we have the biggest market. we should do something to protect ourselves quote, unquote. ands repo reciprocity is a gateway to do it. -- great wray to do it, this is a america first. >> i can do it in 5 seconds. >> if you really want better terms, for american manufacturers, don't worry what endia is charging, worry when you charge them our tax and regulation eco system is too expensive and the fact that we refuse to commit to king dollar, we let exchange rating a force

in manipulation, we don't have to worry when they charge if we stop over regulating our domestic manufacturers. >> like that. larry: a lot of sensible things here. >> very. larry: it will play out, that is it what does dow correction end. >> just, it -- 9 days in a row is a lot. it has not gone down that much. larry: 3 and a half%. >> child's play. >> nazdaq was at all-time high. >> 1978 of the not my favorite year. >> a lot of bad things. >> they did realize capital gains tack. >> true. >> he is right. you are right about that. thank you. thank you david bahnsen and jackie deangelis thank you. remember you can catch jackie with bria brian brenberg on the big money show on fox business.

we have coming up our are tax cuts coming first or second? we'll ask ways and means chair jason smith, he is the big shot on taxes in the house. me, i'm just kudlow, robert mundel, go google nobel prize winner, i'm kudlow be right back. (♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com to go further, you need to be ready for what's down the road. as energy demand continues to rise,

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and tons of savings. bring on the good stuff. xfinity. larry: so, i don't want to obsess about it, but are taxes coming in first or second? joining us chair of house ways and means committee mr. jason smith from great state of missouri. i don't know if you heard our opening segment. i am not saying it is related but we have had this 9 day sell off in the dow jones. i do think some people are concerned that if we delay the tax cuts that will have a negative affect on economic growth this year and next and may feed into inflation this year and next. so the floor is yours, what do you think? >> you know, it is great to be with you, you are right.

26 million small businesses want the certainty, they want that their tax rates will not go up 20 percentage points, right now they are making the decisions to invest in their businesses, to grow how much employees they will have, and how the wages will be affected there are numerous items this are important, sooner we can run out of the gate, past the tax extensions, will deliver the american people. 77 million americans spoke loud and clear they support president trump's economic policies, some congress needs to deliver straight out the gate. larry: i would add, one thing that you know growth factor, lower tax rates create incentives to invest and grow the economy. you could have less growth and higher inflation. there is still bidenflation

left in the system. reporter: >> why take chances if congress does not act on these expirations of tax cuts every single american will face tax increase over 4 trillion dollar, let's get the job done today, not put off tomorrow what we can do today. in washington you see so many politicians kicks can down the road. the house ways and means republicans have been working on the president's tax bill since april. all policies has come forward are ready, we have been to over 20 states, 120 different meetings, let's get the job done. larry: you could do it rapidly is what you are saying? that is very interesting. let me read you, our friends at the house freedom caucus, okay? they are -- a letter out to speaker johnson.

they suggest president trump agenda will be enacted border security must move forward then move on a second larger re reconciliation bill, covers taxes, energies and bureaucracy and more, i think they are suggests border security bill done in january, then move to taxes in february. you have a reaction to that jason smith? >> no -- we need to do it all, we need to do border, and energy policy and the tax cuts, we need to cut reckless spending, they are things that we can do in one package, i would just remind people, is that congress has not signed and passed two different re re reconciliation bills in t same year since newt gingrich was speaker, we

have smallest majority of any congress since before world war i, why do we think we can defy those odds is beyond me. >> m may. >> playing russian roulette, have you spoken to president trump about this, i think he is the final decision maker. >>y have note. -- i have not, he is the final decision maker. i will respect and do whatever he. s to us do in regards to this it is his play call. but, i want to make sure he has all of the information at hand and what i think is best result to have the biggest win of his priorities, done quickly as possible. larry: i just think we don't have were time, but -- what you are saying you basically have a tax bill ready that could qualify right away. out of the gate? >> the president has been very clear.

he wants p per of his tax cuts, he wants no tax on ptips and overtime pay, we're ready to passes le legislation. larry: terrific stuff. ways and means chair jason smith, thank you, sir, happy christmas seasons greetings. >> coming up, why was fbi spying on the next fbi director? we'll have miranda devine and caroline downey, they will be on set next on kudlow. confident. measured. ready. the markets, like life, will turn and challenge us. but when emotions run high, we stay grounded.

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larry: an interesting question, by the by. why was the fbi spying on

the next fbi director? seems that is a big career mistake, we talk with mirror miranda divine and caroline downey. miranda, if -- maybe they didn't think it could happen. it will happen. i think kash patel will be confirmed and fbi spied on him not so long ago. >> and i mean they spied on him because he was uncovering their malfeesence in russia collusion hoax he and g devin nunes were investigating how it happened and setting up trump, and spying on his new administration officials, he was getting to the bottom of it and did, he found out in

2017-18, fbi had covert surveillance warrants on his cloud. >> have they said why. >> no i'm sure he will find out. >> rudy giuliani suffered same spying, he didn't know until well after. the fbi had access to his records and e-mails about the laptop he was looking at in 2020. and they never gave an excuse other than there was a pfizer investigation -- fisa investigation that came to nothing. larry: caroline downey. talk about some other nominations also, but on this particular nomination, and kash patel is doing well. you have to ask yourself, how stupid are they? really, this is -- i mean i know fbi saga, miranda has written brilliantly about it

this is an abuse of power. also i think politics. it is left versus right, they don't like conservatives. >> we saw this with how fbi targeted parents as domestic terrorists for daring to criticize radical activists. there is a decent on what to do with fbi, my colleague said it is corrupted because it has transformed its from just a law enforcement agency to a arm of the intelligence community, it was never part of the original mandate, charlie cook said dism dismantle the fbi, it is interesting derangement syndrome with kash patel, john bolton accused him of buying a soviet. larry: a former colleague and a friend, he is not a trump guy, i get, that but

gosh he -- i did not understand that, i was disappointed. >> he compared him to soviet architect of show trials to guy that scales up y gulag and said hide would be an enemy. the fbi called out a lot of people as enemies of the state. >> including trump. the way they advance this idea high colluded with kremlin with no credible evidence. larry: disappointed me. miranda, how is robert f kennedy jr. doing. >> he may have some stumbles, i am sure there is a whole research team working on him, i think so far he has been terrific. as he, yesterday he had a lot of journalists hound him in the hallways, saying, do you agree with polio vaccine, he is said, of course, he does, he is not

anti-vaccine, he said years ago he got mercury being in fish no one called him anti-fish, he is just questioning as i think most parents do, that children before they are one-year-old, getting dozens of vaccinations, and including for hepb, what does a newborn need that and talk about being healthy not using drugs to make yourself healthy use food as a medicine, they are things that americans are wide awake and want to have, and donald trumpos him, he -- owes him, he was a democrat, he is a kennedy, he added a lot of luster to the campaign at a crucial time. so, i think he promised that he would help him make america healthy again, and i think that he deserves a chance to do that. larry: caroline downey, soy, let me get it right. once upon a time tulsi gabbard talked to assad, and

then i guess i don't know she talked to putin or to russians? that is now a sin, you are not allowed to talk to others in another country, i don't think that is a good criteria, a lot of things to judge her on but fact she once traveled overseas, i think she was on foreign affairs committee, why would that disqualify her? >> i do believe heart is that she is critical of war and advocating for a foreign policy of restraint, i that goes against the apparatus in power, and regardless of party. and i don i d -- i don't think she will be relied upon for. larry: democrats a war party? this is an an unfair question. i can't figure out what they are. >> interesting, i have so

many friends who are my age, who are old school liberals, they are torn about this, they don't want draft to be reinstated and their brothers and s significant others to go off to endless wars. that may not have real reasoning. larry: i was in college, it was before you were born, democrats were peace party, the peaceniks they didn't like wars, now i am not sure. >> they are war mongers they life the republican neocon, the dick cheney and liz cheneys and john boltons now they are quasi democrats. >> consistent with founder. larry: i will say, john bolton, old long-time friend, i am disappointed, miranda devine thank you, and c caroline downey

thank you. >> switching gears climate change with steve koonin. writing an interesting, steve koonin i have not seen you in a long time, right way for trump to ditch paris aagreement. can go i back, 12 trillion dollar is how much we spent last decade or two, i can't remember it was your number or number. >> from the same source. larry: greenhouse gas emissions continue to rise. >> of course, the rest of the world needs energy, and they are burning cold to -- coal to get it. larry: why do we continue this, i love you said, based

on some fear of a vague climate co catastrophe u.s. wants to spend more money and continue into it, that is what it is, you have proven that. it a sort of vague climate catastrophe that never seems to happen. >> i keep asking the people who are catastrophists what do you thinking happen, you can't get a straight answer. some people say, more drought, more floods, sea level, heat. you can't get a straight answer. >> then you go on to say, we should not subsidize or mandate the deployment of immature and ineffective technologies, including offshore wind farms and electric cars that nobody wants, you are being common sense that is what do you as a scientist. we should get -- just pull out of this, i am sure trump will. >> i think we should, but you know we should work to

stay engaged in the world, by making sure we get energy to the people who need it. independent of the source. it could be coal or gas or renewables, get them that energy, that is the first priority. larry: in all the above strategy. and that is -- you are saying, let export that all above strategy, if i understand it? >> right, that is a great benefit for us it will keep us engaged to counter the chinese influences on developing world energy systems, it will let us export an enormous amount of natural gas we have so much potential to produce natural gas. it will make people's lives better,. larism.. larry: a great piece, right way for trump to ditch paris dpri agreement, steve koonin thank you. >> coming up, texas

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larry: joining us now, great texas congressman wesley hunt. our friend, thank you for coming on, i have to, you

are a former apache helicopter pilot, if i am not mistaken. god bless you. so i just to have to ask drone mystery continues wesley hunt. some people are now saying they are defense department exercises that are on the level but government does not want to tell us. are talking with someone who knows nothing about it but a hot news story, what do you think, sir? >> the crazy thing, you know about it as much about it as i do, i am a member of congress, and lack of tran pers-- transparency from this administration is a disaster this goes back to chinese spy balloon issues and chinese buying up our farmland outside of the bases. the american public is s system c -- skeptical to anything that administration

does, be transparent, we don't trust media any more because of stuff like this, this is not happening in texas, i'm not sure how long the drones would be there, they would have been shot down, you have to tell people, what you are looking at. lack of trans tra transparency ises problem. larry: you think it could be a problem in terms of national defense and security. >> particular be you about but, you know about it as much as i do, let the american public know to be vigilant to understand that government is working to protect us, not to hurt us. problem we have right now we assume nefarious intents from our government because of lack of trust. i can't imagine what i would be doing if i had random drones flying over my home.

that is what is breeding the civil unrest. larry: last one, other one. the state of texas buying up the spare parts and equipment from border wall that bidens' to sell for 5 cents on dal that dollar that is pathetic. but border wall is important that equipment for that wall is not cheap. >> the border wall is critical, we have already paid for this administration stopped construction on that border wall, we should have continued to build the wall no matter what, it should have been apolitical issue. as someone who traveled, walls to work. walls making sure we defend our southern border, we're telling is back to texas, thank god are in governor abbott we can begin construction on this. but, this is should have never stop.

larry: congressman wesley hunt thank you, happy christmas, sir. that's trending on instagram. and i will no longer agree to the add-ons at the oil change place just because the mechanic called me "ma'am." it really is a top-of-the-line filter, ma'am. and of course, we'll downgrade our insurance -to get a lower rate. -well, you know, you don't have to make sacrifices now that you're saving money with the progressive home and auto bundle. you couldn't have said that like 6 seconds ago? if you have wet amd, you never want to lose sight of the things you love. some things should stand the test of time. long-lasting eylea hd could significantly improve your vision. more people on eylea hd had no fluid in the retina compared to those on eylea at 4 months. eylea hd is the only wet amd therapy that helped 8 out of 10 people go up to 4 months between injections after 3 initial monthly treatments.

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larry: that's it for kudlow, thanks for watching, folks. (ominous music)