larry: hello, folks. welcome to kudlow, i'm l arry kudlow. so the fed is bumbling policy left and right tax cuts look to be delayed.

dow dropped over a thousand points today, down 10 days straight, first time since 1974. so. we're asking brian brenberg, breitbart's john carney and charlie gasparino. talk about the chaos in economic policy. and the suddenly sour market. first or man edward lawrence, live at the federal reserve board. this kind of looks messy to me. reporter: and the dow reflecting that it was positive territory before 2:00 eastern time announcement it dropped about 1173 points from that time and settled in 1100. the fed did cut 25 bases points, federal reserve backed off that mission accomplished statement. he -- or feeling he had before the meeting, on inflation, the fed chairman said that you can't just look at two months of increase inflation, and see

a trend. >> we have inflation coming down, core inflation coming to 2 1/2 next year, that is a significant progress. you see a slower path, i think that does take onboard that we tom see real progress, but we would see meaningful progress to get inflation down to that level. reporter: so now federal reserve chair back to talks about inflation adding he feels good about where they are at the moment but dropped word recall recalibration from the news conference, i want to know where the rate cut train is headed. >> i think markets look for more clarity. i heard estimates, i think markets would like more clarity about year out 18 months as to where that goal post is, at the moment it looks big. >> yeah, i mean, we -- honestly there are countless

momodels of what a too neutral rate might be, there is no real certainty it is a good thing to know that we don't know where it is, so you are not tempted to think that think that this model or estimate is right, you have to be open to imperial data coming in. >> fedspeak for there is no clarity to where they are going federal reserve in the rate cut cycle and where they may end up, something that markets did not like. >> edward, this is very unfair, you are a great reporter. what is his message? what -- i don't understand. the more he says, the cloudier and more gibberish is sounds, i don't think what he is telling me. i'm a guy, i'm a factory worker, in dayton, ohio, and i dial up and dow you know i

own an ira down is down a thousand, wait 1100, he reads a thing 10 straight days in a row since 1974, not a good year. what is powell's message, what is he telling blue collar worker. >> i took away he is looking saying they are making progress on inflation, it's not over yet, we see a softening in labor market, but not horrible. and he is happy about where we're at in the economy going forward. as we come with new policies growth policies, from the president-elect. fed chairman would not talk about how they factor in tariffs until he sees policies, his message is we're making progress on inflation we're not there yet but it was mutteled, he -- muddled we backed off a clear concise this is where we headed. >> i think his message to middle class is you're

screwed, that my editorial opinion not yours. >> thank you. larry: i'll say, the more fed mumbles inflation the most we need tax cut how about that as subject of the riff. >> you know bothering stock market, federal reserve has no monitor compass there is still confusion about whether trump tax cuts will be delayed or not. we have at the moment now clear growth strategy in the political system. and there is no king dollar end to bide to bidenflation, no wonder stalks are cascading down today, 10 regular straight daily decline, largest since 1974, nothing good happened in america in 1974. the last days of 118 congress meanwhile, democrats still pushing for massive spending boondoggles

and slug funds and republicans have not yet figured out their tax and border reconciliation straij straijstrategy for next year, consumer spedgspending has been stronger than they thought, most from joe biden deficit finance, and fed keeps monetizing it. trump stock market honeymoon temporarily has been broken. there are rumors, many, that president trump wants one big beautiful reco reconciliation package that includes tax cuts and border security, but it is still in rumor stage, no deal has been hammered out with white house and senate leadership, fed is now decided two rate cuts next year not 4. and now they predict higher inflation, well.

market, and fed have become helpless, led by the clueless. sad state of affairs, they bungled y jumbo rate cut in settlement and quarter rate cut today in dp bers, they bung emed forecast and managing their own balance sheet and forted a 20% price increase for middle america over the past 4 years, and never any hopes that prices will ease lower because of their mistaken and misguided models, they should get rid of their excess money by chopping down plans sheet by several trillion, they are not doing that biden, schumer politics to continue to spend insanely. look, here is the thing. now president trump can fix all of this. he will move a tax cut bill. the question is when. this doge brothers, elon musk and vivek ramaswamy,

are going to dismantle the regulatory state and chop down government spending again. the question is, when. closing the border and deporting illegals to ended crime spree, that is coming to an end too. it just still a question of when. but now we have to consider how to get next year's economy into a blue collar boon. next year, 2025. i am not worried about 26. i am not worried about 27. i am worried about next year, 2025. which starts up in a couple days. problem is solvable, cut taxes immediately. along side spending, and deregulation. and just merge that with the border closing package to one big fat reconciliation bill, get it done in next 2100 or 2 120 days,

that will dele deliver the blue collar boon. that is my humble riff. what a story, joining me now right near on set, in living collar john carney, breitbart economics and finance editor. brian brenberg, my friend co-hosted beg big money show and great charlie gaggasparino. john carney, we good to right. >> almost a segue to what is happening. larry: go home or go broke. history is any guide. john carney, i just say that fed bungled it, everything. you are author of this, you have been no fed fan. i guess do i have to resurrect oliver cromwell

again, in the name of god, go. >> fed, misread where inflation is doing, they are admitting it. they are right now saying inflation will be 2 .5% at end of next year, not 2.1 until end of following year. 2027 they are talking about to -- 2026 to to 2.1%, they are telling us where they thought we would be at the end of this year is not happening until next year, inflation is with up for longer, september cut was a mistake, i think that powell should resign, this is an admission of failure on his part, market lost confidence in the fed it does not believe that fed has inflation under control, powell insists they do, he almost insanely said it is going according to plan,

jjerome, they are not, we can see where we thought we would be. larry: i said to edward lawrence, i don't know what powell's message is, he is not speaking to middle class americans, you agree with cromwell. the subject matter is different but in the name of god, go. powell has out lived his time, a new president like trump should be able to put a new man at the fed. brian brenberg your take, you have on other sier side, free spending democrats, chuck schumer and company want a big fattened of year spending bill, which is wrong. they want to hit a couple hundred red billion to state and local social security benefits, i hate to say it administration, does not yet have a clear strategy regarding their tax cuts and spending cuts, and the border and when. >> good time to get one.

there is a silver lining in this, so fed has failed, everyone can see that. the premium now is on some competent fiscal leadership. that finds, on this continuing resolution i'm with you, don't do it until next year, do the smallest thing you can to punt into new year, get your new senate in place. larry: a 12 pages you told me. >> i want drive. >> i think vivek said we can do it in 20. larry: not 3,000. >> we have to get tax cut and regulation piece right, if we lick inflation, it is not because of powell or not because of the fed not the interest policy but productivity, it is growth, it is getting economy roaring. putting money in people's pocket, stuff he dud does not get and doesn't know how to speak to are things that people care about that has to be a fiscal deal, if are in

dc and you are not the fed, it's time to get it together right now. larry: charlie. it is confusing. a week ago. >> n never one reason for anything. larry: look, trump on a honeymoon. no question. and his policies were clear during the campaign. but the implementing it was the stage where the real world impinges on promises, i'm not saying it won't work it may work. i have been in touch with a lot of senior people in hill and administration, but they have to make hard and fast decisions. >> trump was always volatile, market always volatile tax cuts versus tariffs. i will say, i'm looking at it differently, inflation rate. is at what 2 -- >> running core inflation 3. >> came down below 3. larry: services 4. >> i am no fan of powell.

he is almost immaterial and should be right now. the inflation rate is coming down. it will come down more. that said wages have never caught up to where prices are. >> right. >> how do you change that. i have to say, as much as you have to admire donald trump for his come back from surviving assassination attempts and lawfare, i think he is missing a opportunity, he was up yesterday talking about suing des moines register, they could be -- for all i know they could be greatest fraud ever. >> does not put money in blue collar pockets. >> i h vivek ramaswamy and elon musk will take a trillion out by the end of the year, and by way we cut taxes and regulations are coming down, and by the way this is happening and we know blue collar people are hurting, i guarantee we would not see this type of -- he could say powell, he

does. i am not joe biden. larry: an interesting point he is a little off message. >> a little? that is a lot. larry: because, the congress, republicans, they have not quite taken over yet. that is coming january 3. >> this is one issue. larry: they are sort of throwing sand in the gears. they want to wait to do this and wait to do that. >> republicans are doing that. >> yes. >> what do you want to see, my take, interesting. >> you know, larry he has bully pulpit,. larry: he has to say, to mr. thune, i think is very capable man. and mike johnson, he has to say, this is what i want. i want tax cuts out of the gate. i want border security out of the gate. i want to big fat recon bill, and deliver it to me by spring. 100 or 120 or 131, this is

what i want, that is what you are saying. >> right. you were in there you would say it. larry: i would be. i was in there once, said it. >> i know, you were say it. i would say, we have to accept a level of volatility in markets going forward. larry: oh, yeah. >> we -- i am a journalist i love freaking out over headlines. we wouldn't have a tv show. larry: what is final. >> 1100. on 40,000, that is not like armageddon and tomorrow something will come back we'll talk about how retail sales are up or down. or better, for average viewer. larry: 10 straight days,. >> maybe it is a buying opportunity, i don't know, i am not saying buy. the percentage change is 5% or 6. some of these are correct. nvidia down over 10%.

>> maybe profit taking at the end of the year. larry: maybe, maybe there is a better cinderella movie coming out. you see headlines tomorrow or already on-line, right, dow down 10 straight days first time since 1974, 1974 not a year i wish to remember. >> neither me. father of out of work. larry: i was working at new york fed. >> thank you for putting my father out of work. larry: i made about 12 1/2 grand a year. part apart my own problematic personal story. nixon was impeached in 1974, america was in deep recession, and inflation rate of the double digits and stock market of the crashing in 1974. i am saying, i hate to see a headline celebrating a year like 1974. >> so, one that can shake consumer confidence, what people sea that stock market goes down, all survey ask people even though who don't

own stock, know that stock market is a tre de -- protec predicter of what happens in economy. this is -- >> did you do -- 65% of americans follow the stock market. >> yes, they say it matters to them, personally. not just that it matters to america. >> market was up through joe biden and kamala harris. larry: not adjusted for inflation it was barely up. i'm telling you just me, charl charlie. >> we had a nice really yet average people, still voted for trump. don't take too much out of this. >> the thing that frightens me is fed pro project for where inflation is going is higher next year than this year.

>> why are they cutting rates. >> right. larry: why are you. >> they said they would cut them, that is not their job, loomt. this is a moment for new economic leadership, past 4 years have been dominated by the fed. it is time for someone to step in, we know who it is, and say, the new priority is growth, lower taxes, and lower prices. and an economy you can work in. >> true., why did he cut taxes because high doesn't wanted -- he doesn't want to get fired by trump. >> it was a kiss up to trump. >> you agree. >> my reporting shows. >> john carney's report. >> it shows that donald trump economic time is very worried about inflation, they do notment the fed cutting right now, this is very different from when people expected. >> what does trump say. >> people close to donald

trump say, they speak to the president, they say is they are worried about inflation, they know that tanked biden's presidency they don't want inflation or to fed to cut rates. >> there is no way trump did not want 25. >> i don't think he did. >> we don't know that. >> we don't know that. >> if he has a hangover -- a biden. >>l he likes low rates. >> not always. >> they should not have been raising 5 years ago now they should not be cutting, powell's fed is wrong. larry: brian. therethere is supply side disusing, lower tax rates for individuals and corporations. and that will create more goods on the market, goods and services, and that will bring the anon inflation rate down, not that hard. >> only su sustainable

thing. larry: it happened trump win. >> nothing else. larry: economy is go growth, and inflation, people have been clobbered because prices went up over 20%, as you said before, prices outpaced wages and they never. >> inflation, to be clear, anonymous is down. inflation. >> that is the way that economy if economists measure it not -- >> because i'm give you main street version. >> i am. >> if you gave my harvard and yale. >> i went to university of missouri. [ laughter ] journalism school of all places. inflation is down, we have have -- have to get wages up and supply side going that is a different story. larry: the best thing he said, his finest moment at the end of the segment, it is okay.

>> you know inflation is down. >> the rate. >> thank you, john maynard, woe have to get out of here. >> charlie gasparino, brian brenberg, and john carney. >> coming up on kudlow, another crazy story. congress trying to give government workers -- not government workers, state and local government workers, 200 billion dollars in extra benefitses they did not need, should not get, and were stopped from getting it 40 years ago when i was a kid working for reagan we talk about that with senator tommy tuberville. you can catch kudlow, monday new friday -- through friday, 4 p.m. here on fox

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tommy tuberville, a great friend of the show, one small thing, nothing is small even at vote on for 200 billion dollar gift, to state and local workers. who don't need social security benefits, they already have lucrative retirement benefits and healthcare benefits, probably 3 times in private. i know you voted again it. but senate voted 70 in favor, why? why do we want to spend that 200 billion, the public service workers, i don't want to denigrate them but they are already getting 3 times what p private sector workers get. >> most jobs are secure too they are unionized. they are supplementing, i don't understand it either, i don't understand we have it in my 4 years -- have not looked at social security to

make to c solvent this will fast track to ban bankruptcy, better talk about safing it. -- we better talk about saving it. larry: a sad tale to republicansdo join the democrats in the big spending bills. we don't have a tax cut strategy, we'll talk 'that, you would think someone would stop spending, maybe just for 12 minutes. >> well we're not having enough money for christmas presence of -- presents if we keep going work have a omnibus, we're dead broke, no one has answers other than just keep everyone happy and keep going, president trump is -- we're making it harder on him of

day. >> how much pages do you think that omnibus is? a thousand or three thousand? >> how about 1567, first 50 pages are introduction to the mess in it. we looked through it, went through page by page, they call it christmas tree cr, it has everything in it. i am for the farmers, the farmers, we'll lose 100 thousand farms this year, we lost 150 thousand first 3 years of president biden. we'll lose 100 thousand this year. input costs are sky-high, i feel bad for them and people in hurricane stuff, buttal other trash they put in, democrats never miss a trick, they know how to spend money, it would be great to be a democrat, never worry about paying anything back, just spend. larry: st stock market

down 10 straight days. what was you know a very great honeymoon for are in mr. trump and stock market has been away. can we get a deal with tax cuts and border security in one reconciliation technology, out the door -- package and out the door and finish it in 3 or 4 months i don't see why that is so difficult, border and tax cuts. don't you want a blue collar boon this year, i don't top wait until 2026 or 27 or risk we'll have a tax hike, why can't it get done. >> i'm for that. but we have do tax reform. keep hearing we need border first, i'm fine with that but we better do tax reform early, we have to get the country growing again, 4 years goes by quick, two years president trump will

run out of time. we have to start on tax reform. get corporate rate, the all of the growth plan that president trump has had, we have to get that put in and do it early, we can get it done, but, president trump will have to come in get senate onboard, know they can count on them and work with house to get it done, we can do it but push it hard. larry: i have a feeling me may come down there and do, that senator tuberville, thank you, sir, happy christmas, thank you for what you do for the country. >> merry christmas, god bless you. larry: on kudlow mr. trump's pressure was presidential, optimistic and showed real leadership. we'll talk about that press conference at mar-a-lago, we have charlie hurt and joe concha and m mark simone on set when kudlow returns. d hus .

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>> it is truly true that there a light shining over the world, we're trying strongly to get of hot ans hostages back with israel and most, middle east we trying to get that war stopped in ukraine and russia, have been trying to put world at ease a little bit to get rid of the wars, we had no wars when i left office, and now the whole world is blowing up, there great optimism, the most exciting and successful presperiod of reform, golden able of america i call it has begun. larry: it shows pres presidential leadership. you know the press conferences, it is

mar-a-lago, he is speaks to the world. to dictators and free market leaders, whoever they may be, the world. we have shu charlie hurt, mark simone and joe concha. i put it up there charlie, i don't think it has gotten enough play, this is remarkable thing he went 70 minutes, he was good, global and taxes and hamas beware. he was the reform and renewal. he never flinched. he had a fre great leadership tone, i dare say country hungers for that kind of thing. >> i think they do. he is the president now basically. probably helped by fact that jjoe biden as disappeared,

he has been for a while now, this is particular interesting you talk about the international audience l listening, we have seen this with his trip to france, he is even abroad actions like the president, let's not forget joe biden, you know you could look at this as a joe biden sandwich, with. president we have had when we came to office, no one who was elected president has more experience on world stage than joe biden there were no wars under donald trump we have two or three that started under the greatest foreign policy expert, to enter white house, it will take the return of donald trump, to end those wars. larry: joe, you know, our friends and 18 me enemies watch, i am

particularly interested in putin and xi jinping and mullahs over wh, whoever they are where ever assad is and lula in brazil, i want them to see how strong trump can be, i want them to be scared to death what he says to hamas, the big hammer is coming if you don't release the hostages. i want our enemies to see how good he is, how good he was monday with the news conference, it was a global event of leadership. >> this was a president, i call him the president but president-elect, to charles point he is now, he didn't need to call on reporters from a hand-picked list and limited to 6 or 7, then -- >> get out of rooment. room. >> one hupp%. -- 100%. >> joe biden has yet to give a press conference this year.

joe biden, only time you hear about him, him breaking record for most pardons in a day, he is in delaware right now, he will be there for the foresee able future. poll came out marquette, joe biden 66% disapproval. there is a 32 point game between his approval. >> trump's approval. >> 53%. >> 53%. that is why. he is enjoying well disedeserved mo month -- honeymoon. now, 1500 pardons commutations, joe biden is still president. in name only, but he is still president. he can do a lot of january through january 20, it is more than a month.

>> you know there is a process of pardons, justice department reviews each one, there was no time to review 1500. i guarantee people without a hunter painting or someone donated to congressman who called in a favor. larry: almost like new york city phone book and pardon. police ledger who is locked up today in new york with alvin bragg and friends and pardon them. >> the ugly ones come the final week, they are not the worst, they are coming. you talk about trump and world leaders, his rhetoric is bluster might intimidate them, but the most crucial moment of this campaign that pollibullet knocked him to ground he leaped up and pumped his fist, any wordw-- world leader would know that you can't

keep him down. larry: he was hit a bullet, and got up, and he was pumping his fist, a sign. >> i knew 23-year-olds that couldn't keep up with donald trump. over the past year. here is this guy, pushing 78. and trucking along, and loves it, as you know, thrives on it, this is what he -- and you know then, you have people talk about how wondering, what do we do about tren de aragua? you know, how will you get ventura to take the illegals -- ven venezuela to take the illegals back, are you kidding me. they realize, they dealerring with a guy that has mentally there and is

out to be good for america. larry: i want them to be scared to death of him. >> they are. larry: i want them to respect him, even in phony left wing press in europe, he is getting better press. he says i chea changed my personality, joe, he has work to do on domestic economic policy. all of a sudden stock market is down. and goofball running fed madeo many mistakes, and pla blah, blah, blah, trumps that to say here is what you are going to do. here is -- really. mr. thune, a good man, mr. johnson another good man, go the men, here is what we'll doing to do. jason smith, we'll cut taxes, we'll cut budget and

listen to doge brothers, he will do that before this -- i don't know when it may be in next couple days or in january, ore w he will come down and say this is when we're doing to do last thought joe concha. >> difference between 2017 and 2025. >> he had people there were working against him. larry: that is it, that is in my next riff there last word. >> i don't think it is a honeymoon, i think that press is intimidated by him. they realize he is too powerful. larry: did you say, thanking that jason riley, if you read "new york times," now informing readers we have an illegal i'm immigrant problem. >> an article in times saying that joe biden is slowing down a little, i'm

serious, tomorrow they will write about the titanic. larry: mark simone, joe concha and charlie hurt, you are terrific, charlie is hosting "the bottom line" with dagen mcdowell 6 p.m. eastern here on fabulous fox. come think up. are we rea ready for july 4 tax cuts or sooner? wild ask our sage newt gingrich next up. i'm kudlow. car, this isn't the way home. that's right james, it isn't. car, where are we going? we're here. (♪) surprise!!! the future isn't scary. not investing in it is. car, were you in on this? nothing gets by you james. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses

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larry: all right welcome back too show great newt gingrich former speaker of the house, fox news contributor, a friend and mentor. i saw your interview with maria, i have read your columns with greatest respect, i do not think we should wait until july 4 for a tax cut that 180 days after republican congress getting sworn in, i am interested in b blue collar boon this year, i know where you are coming from, i appreciate ups and downs, but, it takes a while to process, it.

before you know it difficult to get it this year, i want it this year, i think they should move sooner, i think they can. >> well, i think it is possible they could. but when take with folks in the upcoming administration and senate side there is great doubt, i think we're sort of in agreement they have to have a tax cuts this year which goes to effect this year, that mistake of reagan in '81 and trump in ' '17 was allowing it later costing us 26 house seats in 82 and 40 in 18, we're in agreement, whatever they write it should be the day they sign it. it should have impact the day they sign it i think first, i am told that to get two bills written in house and senate and conferenced

probably will take at least until april. so, we're not arguing about 30 days. my goal to get senate committed they will get a bailout this spring -- a baia bill, in spring not fall, i picked july 4 because it is a language a logical date. what reagan went to country, he managed to get 46 democrats in the house to vote with the republicans tip o'neill said was avalanche of phone calls that changed everything that was a come a combination of reagan's speech from oval office and jim baker ordered every single cabinet member but do not but advocate for tax cuts for 30 days before the vote, we brought up welfare reform we split democrats evenly. 101 in favor and 101 against, we had gone to

grassroots, and country was in favor, half democrats fell they had no choice, you have narrow margin that speaker johnson will have, you need time to organize and drive home at the grassroots, for example if they do eliminate taxes on tips it should be pole to organize -- possible to organize nevada so no democrat in nevada will vote no, it will take a while to build momentum back home to get it passed. larry: i agree. >> that is my view. larry: i'm saying. the leadership by the way in both houses republican are looking for a faster route. the administration may be shifting a bit, i have been on the phone myself, jason smith said he could write a bill, and make crapo can write a bill, we can t push time table and make tax cuts retro active. >> i love july 4 and i love

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larry: that's it for kudlow, thanks for watching, folks. they could see what was coming. and what was coming was the jet age. an earth shattering roar. these airplanes were going to be loud. and a groundbreaking design. bold, and modern and innovative. an exciting