tv Kudlow FOX Business February 11, 2025 4:00pm-5:00pm EST
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>> i think the markets are hoping there'd be more cuts and taking pressure for the fed coming under and we're seeing a lot of talk in political ward and pundits with the foot to the accelerator in january and not so anxious to cut rates and same token, a lot think the fed was delinquent in raising rates and reducing them and we'll be okay with that. liz: got it, ed, thank you so much. mixed picture at end of the session. we'll do it all over again tomorrow. larry: hello, folks. welcome to kudlow. i'm larry kudlow.
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president trump keeps slashing big government regulatory state. now he's saving our showers and lightbulbs. first as president trump's omb budget director and steve skis if we're really finally going to see one big beautiful bill. emily compagno and miranda devine weighing in on democrats elon musk derangement syndrome and john carney on trump's re-similar robin lou cal tariffs saving free trade. chad pergram, what's cooking? reporter: larry, good afternoon. tension between the house and senate and the package focusing on border security and tom homan told senate republicans 175 billion is essential now for border security.
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>> we're living on borrowed thyme and never been more worried about a terrorist attack on the homeland than i am now, and the sooner we can get ice and other people the money to free them the better off the country will be. reporter: graham is forging ahead with the budget blueprint and the house deatherred for weeks and house plan -- dithered for weeks and jodey arrington hopes for the unfinished bill on thursday. >> strategy that puts the multitude of executives in play from the security package to economic package have to be done in one, big beautiful bill as the president stipulated and it's focusing on that and going for them to know that our margin is down. reporter: what do you make of the senate move? >> not focused on the senate but the house. reporter: the senate is poised to prep its bill in committee
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tomorrow and thursday. the senate could debate the bill on the floor next week. house speaker mike johnson is not impressed with the senate approach. he wants the house to move first. >> i'm a frayed it's a nonstarter and told my good friend lindsey i have to manage the house in the only way it can be managed and they have to give us a little more patience. reporter: johnson plans to codify some doge cuts in the house budget plans. this comes as democrats protest and democrat leaders radford fio rallying with government leaders on capitol hill. larry. larry: great. chad pergram. they are all clashing. thank you, sir, for the report. thank you very much. all right, folks, president trump is making showers great again. that's the subject of the riff. i can't thank president trump enough. he's going to make showers great again. for the first time in 40 years,
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i can take a real shower but the biden drizzle and it'll be a wonderful feeling. i missed it. i believe millions of other people feel the same way. now, why do i say this? because this morning at 6:57 a.m., president trump instructed epa administrator lee zeldin to go back to mr. trump's old environmental orders that were terminated by biden on water standards and flows. in other words, folks, let the water rip finally, after four years of missing it. not just a great shower, but in the sink too. wash your fa hands and face and real strong water flow and not like other countries and europe where hardly anyone washes and
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toilets can flush the way they're and dishwasher will clean the dishes because there'll be a strong water flow and get the job done. ditto for your clothes where trump washing machines will get all those stains out that you could never do with biden's little puny water trickle. frying to rid yourself to sleep. i look forward to a return to reading great books liquor the art of the deal. going for the billionaire, time to get tough and until we want to be rich and so on and so forth. all so inspiring going for
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detective davenport and what a wonderful prospect each evening. take a good shower read a good book, sleep soundly, and wake up fresh the next morning to a golden era of peace through strength s. that's the riff. re-joying the administration and being conf confirmed and russ v, welcome to the show. i hope you look forward to one of the great trump pounding showers again. >> i do, larry. thanks for having me on. one of my enduring memories is the path to common seasons policies. we were -- common sense policies and we were excited to see the news this morning. larry: uses russ, thank you for these things and appreciate it
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very, very much. first up, all this carping and yelling and screaming at elon musk and so forth, all the guy wants seems to me is a fresh audit on all these federal programs and federal agencies. there's nothing unconstitutional about it. i don't know what people are talking about and i'm assuming that not only will this work, it'll save trillions of dollars and he will be working with you at omb to implement all this. can you just tell us a bit about that? >> absolutely. we have a great partnership. he's a patriot and we talk a lot. we stay in close coordination. he's doing what every business owner would do in the country, which is to get a handle on what their expense is. every family does that. getting a handle on expenses and what is discretionary and what is wasteful, and take a stock of it. what we're finding is there's tremendous not only waste but a lack of control in our federal agencies where money just goes
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out the door. all that's been done thus far is a progressmatic review. that's all -- programmatic review and it's all being done and getting dei out of things and making sure we don't have radical ideology being pushed throughout the federal government. that's what this administration that doge is doing. he is having a tremendous impact and omb is very excited about coming along beside him and making these cuts permanent in the long term. larry: look, he's uncovering fraud. i mean, i think that's important. he's not making new policy. i think he's saying you're supposed to go from a to b with this money flow but it's not getting to b. it's going to all these little rivulets and side roads and that's not what the congress intended. that's the way i see it. this should be a good thing and i don't know why democrats are out there defending bureaucracy or defending fraud. usaid is just one example, there
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are many. >> he is putting them in a position to defend the indefenseable and all we're trying to do with doge and omb at behest of the president is get a handle on the waste, the inefficiency, the fraud, and quite frankly the degree to which the agencies have been weaponized against the american people. usaid is a perfect example of that in terms of wasting taxpayer dollars to go and push ideologies that host countries don't want but to literally destabilize foreign policy. that's just common sense. why would we spend a dollar on that money and we'll see each and every agency that we look and turn touchdown pass get a handle on -- turn to to get a handle on. larry: i want to play a tape that's related subject and great lawyer and former justice department john yoo. you'll recognize this, russ vought. play tape on this one. >> presidents from thomas jefferson on have exercised some
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kind of authority and trump can't be forced by congress to spend money unconstitutionally. can't say here's $100 million and only hire white people. he can't be forced by congress to use money to interfere with national security and foreign policy goals of the presidency. and i think that the president has the right to also pause spending as he has and say i can find ways for them and more dollars and efficient. if congress built a bridge for a billion and trump said i can build for going for the president and going for them on the discretion. larry: building for them and going for 500 million. going for 500 men. ability to impound funds and result we're able to do a far better job.
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going for them and agencies have the normal. going for the impowerment control act does coming on and saying you're trying to save money in the end of the fourth quarter and smartly that's something going with the violation with the empowerment act and flat screens and coffee machines in the halls because they're trying to push it out the door. the president is well aware of the authority that the president had and put forward on the campaign trail and ideas on that front and we're not going to be announced today and this is something he's well aware of of the power to exist with the executive branch. larry: russ, you're going to put together a new budget. it's going to have economic growth assumptions and will it show balance at end of the certain period of time?
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we're getting started with the 26 million budget process. >> nothing to announce and the budget of the president putting forward in the past, they got to balance and economic growth and they had common sense spending reductions to go aft bureaucracy and it's not weaponized against the country and went after the welfare and getting people back to work, increasing labor force participation, those are the types of things that were in past budgets and going for them to start with compiling the president. larry: work requirements, russ, would that be in it? >> they've been in past budgets and we need to start that process. and bring options to the president. larry: let's suppose over ten years, you can produce 3% economic growth and gdp and the congressional budget office going to do 1.8%. but the difference between 3% and 1.8% could be close to
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$3 trillion of added revenue and that's dynamic scoring. that's the laffer curve. can we fit that kind of thinking into the next budget? >> we have to have dynamic growth and tax policies and that needs to be something part of balancing the budget and no other way without the key component and just common sense to do and reflect in the punishment what's occurring in the real world, which is going to get on that static approach of the biden administration and going for the higher and economic growth rate. larry: working with dog and he recollects finding ways to cut the work force and people retiring and taking a hefty retirement package and make the
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riffs and shrink the federal work force? >> i'm excited about the eo that just was signed because i think it's the next step in being able to get a handle on the work force and again, this is more action and activities that we can do. the president can move forward unilaterally using laws on the books and that's what we mean by riffs saying for the sufficient of the agency to better serve the agency ability to meet the needs in the american people, we need a smaller work force and more efficient work force and a riff does that. that's what we're -- that's the next phase reflective in the eo today. larry: coming back to the audit and the search for fraud and so forth. elon will do it and you and so forth. only career bureaucrat cspan see
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sensitive information and political appointee cspan not. this is a battle in the treasury department. if i take it to the extreme, then the treasury secretary scott bessent, who is after all a political appointee by the president, even he can't see sensitive information. these judges are getting silly. i don't know how and when it'll get resolved and it's a preposterous notion of political appointees they can't see and that's preposterous that outsiders are now employees of the government like elon musk can't do their job and search for fraud. i did not understand this and i think a lot of people are scratching their heads, russ. >> well, defies common sense and defies the constitution and reality is this has been a key pillar of the administrative state and one of the principles is that career individuals and not political appointees are the ones that they want to rely on making decisions and shielding
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those of us for political appointees we need to make them if the president was in our shoes and he can't do that if you don't have access to the information and you don't have the tools at your disposal to make sure everything is going across your december that can you need to know to be a sound representative of the president. larry: russ, being report that had you spoke to the republican senate conference and need $175 billion for border security and the wall and related measures. did you say that, and i want to fold that in, can we get one, big, beautiful bill, russ vought? >> well, the president certainly wants that and we need to get moving and need both the house to move, the senate to move to resolve their differences and get as much of the president's agenda done meetly and one is
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border security funding. the reality we're face ago short fall in the ice accounts and we'll get through a few more weeks with reprogramming, but we have to have the beds to be able to ensure that we're not catch and release individuals in the country and tom homan and steven miller are doing an incredible job and secretary noem doing wonderfully and we need substantially more beds to be able to continue the work that's being done. we put forward a proposal today and explained to senate republicans and we'll dot same with house republicans, but this is a critical need and it's something that both the house and senate have to do themselves. larry: i get this. we're spinning on the boarder and one big beautiful bill. that's what the president would prefer, and i'm not sure why it's so hard, and i'm not sure
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why you couldn't get it done by memorial day. what do you think? you're an ace budget guy, russ. you could do it. >> our message today is speed. our message today is action. we want to encourage the bills to move forward and we hope they get forward on the bills and vote on the proposals and get to the point to sign into law his agenda as soon as possible. larry: wish you all the best of luck. congrats on your confirmation and we look forward to talking to you before too long. thank you very much. >> thanks, larry. larry: you bet. folks, coming up on kudlow, will there be one, big beautiful bill coming out of the house? might it drive the senate? we're going to ask house majority leader mr. steve scalise when kudlow returns. remember, folks, catch kudlow monday through friday 4:00 p.m. right here on fabulous fox
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>> you want to eliminate taxes on tips and make the 2017 car accident cuts permanent, that's a lot of money. >> we'll take in tremendous amounts of money on tar riveras. we're going to have tariffs, we'll take in tremendous amounts of money. larry: there you have it. president trump during the super bowl with bret baier. now we have steve cleese. thank yous for coming back on. is there going be one big beautiful bill out of the house? is there going to be a budget resolution? any sense of the timing of it? >> we've talked about it a number of types and you and i are both here for a number of reasons.
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russ and i were talking earlier about some of the process and ultimately looking at various bills out there and the senate doing their own thing. there's only one bill that actually addresses all of the priorities and needs of president trump and that's the house bill. dealing with the billions and getting the night vision goggles and building the wall and getting border ag agents and defense spending we need to address and especially deals with making sure to renew the trump tax cuts and making sure that we do the no tax on tips. trump talked about it at every rally and it's really important and something that a lot of people are counting on and we'll do a oturu of those in our bill and starts with the budget and we're finalizing the details with the budget committee and
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they're looking to go on thursday and moving out of committee and going for them and going to get there and starting the process going for them and we'll circle your calendar and 11 different committees going to take action in the month of march to deliver on all of the promises and on top of that, one i didn't even mention that will be in the big beautiful bill and american energy production, larry. finally opening up from the gulf of america, opening up from anwar and every point in between america's going to produce more and down for president trump going to open it back up and it's in our bill. larry: basically, russ vought suggesting that he'd prefer one big beautiful bill. you're saying you get a vote on thursday and out of committee and budget committee. that would give it a big leg up. is that the flan, a thursday
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vote? >> that's the plan. one or two little details that are important and need to be worked out and we're having conversations almost by the hour to resolve that and we need to work out a few more things and including last week when president trump had us to the white house and spent about five hours hammering out most of the details and president trump is very engaged in this and he care as lot about this and it's not just the campaign prosperities and he's going to get the economy moving and this is putting more money into the pockets of hard working families and renewing this tax cut and 80% of all families going up and checking middle class families in the gut and known as 199a, might not sound familiar to many people. every small business in america knows what that means. that expires at the end of this year. that is the ability for a small business to get the same fair
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tax treatment that a large multinational corporation gets. and take that from small business owners, they see about a doubling in their tax rate when a multinational corporation they compete with keep as low 21% rate. that would crush many small businesses and we need to keep all the tax rate where is they are. trump lowered those rates in 2017 and made america more competitive and put money in market pacts of hard working family asks we want growth and success to continue. larry: well, i mean, in addition to that, i want to get the blue collar boom started as soon as possible. it was the working class vote that put mr. tram new mexico as handoutsomely as he won and helped the house and senate and, you know -- handsomely as the senate and 15% tax cut rate and that's important and the tax free tips, tax free overtime and seniors and all that stuff is
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important and going wherever they're going to put up and have dynamic scoring and 3% growth rate for the next ten years instead of puny 1.8% from the congressional budget office and pick up 3 trillion in revenues and that's real money. that's from last time. the revenues from last time. >> getting it economy moving again and like in 2017, you see economic growth like never before and see individual wealth. wealth for families at every income level and going for middle income and you were struggling barely to get by. that tax cut plan put more money in the pockets of families and not taking a family vacation and bret baier asked the president in that clip you ran, how are you going to pay for it? of course nobody asked if taxes go up on people, how do you pay for that and that would crush our economy. it would kick people struggling from low and middle income families especially in the gut
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when they're down and nobody going to care about it except president trump which is why he got elected and by the way h you keep the good tax policies in place and you get that growth and cutting waste looking at what doge is identifying and we're also identifying and improper patients for people and social security benefits and medicare, medicaid and programs that good hard working americans paid into it and illegals helping bankrupt them and why don't we protect those programs by putting those integrity measures in place and saves real measures and work requirements on the welfare programs and a lot of people turning down work and 40 year-olds and abled bodied and sitting at home and living in their mom's basement became, and they're turning down work. why should you and i have to pay them to sit at home? they can sit at home, they shouldn't be paid by taxpayers to do that when they can work in the real world and help contribute to society.
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by the way h they work, they did get out of their mom's basement and get their own place. that helps pay for it and the economic growth. that absolutely will come. larry: last one. sounds like, and mr. trump raised this with bret baier. surely make 5-10 year revenue audits going with fraud and so forth and enormous amount of savings and going to put in 5 to 10 year estimates on this and more on the budget. >> congressional budget office, which we fight with a lot and we've h got to be designated referee and we're trying to work with, they will not give you a score on what doge is doing and well could be a trillion that elon put out and you're seeing it happen on the other side too.
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all of those things yield significant money and nobody going to have tariffs and rihanna reciprocal tariffs however you want to lay them out and yielding president trump's trillions of dollars and even hundreds of billions, cbo won't score but it'll all go to deficit reduction to reduce our deficit. it's good and for the bond markets and inflation. larry: got to roll. roll. go ahead, just roll. >> one big bill, larry. larry: just roll them. can't listen to those gays and say the same thing and hate tax rcuts. >> they're not going to ride our will. behave a lot more understanding of what's going to happen than they do. you know, ultimately we've got to get moving and we r. we'll deliver for president trump and the american people. larry: many, many thanks. house majority leader mr. steve scalise from the great state of louisiana. coming up on kudlow, democrat strategy now to defend the bureaucracy and fight against
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>> seeps hard to believe that judges want to try and stop us from look for corruptions, especially when we found hundreds of millions of dollars. >> can't have autonomous bureaucracy and one that's responsive to the people. that's the whole point of democracy. there's unelected fourth unconstitutional branch of government, which is the bureaucracy, which has in a lot of ways more power than others. larry: boy, is that the truth. that's the socialist regulatory state that's been running it country for way too long.
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and both trump and musk are doing the right thing ask joining us is miranda devine and fox news contributor. miranda writes in the first four or five pages of the new york post on a daily basis and emily compagno, cohost of outnumbered and under his wings. ladies, welcome. let's start with this. miranda, the democrats are defending the bureaucracy and defending regul regulators and opposing audits and fraud and opposing anything that reduces federal spending. they love the bureaucracy. what kind of message is that? >> i think it just tells everybody, including voters they're corrupt to the core. they're defending their slush funds to the death. they're defending the bureaucracy, the flush funds, corruption, the waste and abuse and above anything else they've cared about. they never cared about the
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victims of illegal migration et cetera, et cetera and americans look at that and say wait a second, where are your priorities? larry: emily, do you want to shrink the size of government? is government too big and regulate too much? like 80/20 issue and democrats on the 20% side. i don't understand how they can be so utterly stupid. >> and obtuse. we heard today for example in a lot of elected officials whose salaries repay on the street corner and shouts about the president forcibly removing people from government and that particular issue couldn't be further from the truth and gave the choice. what kills me is infiltrated due to activist judges and curious to the point of not only defending that ridiculous spending the opacity of the government that our tax dollars totally fund but also blocking why do we want biological males and biological female presence and why dot taxpayer dollars
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have contraceptives in all female prisons and root of the questions are totally clear on the moral front and resistance going toe to toe on that line and defending every dollar and defending that radical extremist view and i thought correct me if i'm wrong and november 5 sent that mandate and don't want it anymore. larry: usaid found giving money and sending money to terrorist groups and we know that . it was uncover in the elon musk audit. now, who the heck is going to defend that? democrats are essentially defending it and don't want usaid defended and reduced in force and going to defend it and how can you defend that? >> we lie about it and going for them and feeding starving children in other countries. larry: starving children, oh my gosh. >> they resist the intelligence that's been out there for quite
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some time and going with millions and millions per week and continued even after we paused usaid or foreign spending and we're still going to have a week for the taliban and going farr beyond dollar for dollar. larry: we're stripping the security clearances for joe biden, for his former secretary of state antony blinken. but what interests me particularly, he's stripping them here in new york for letitia james and alvin bragg. that means they can't enter federal -- their federal look, in a way it's a symbolic slap in the face for the two of them and it's a prelude of things to come and what they did against donald trump and they engineered against him in the campaign was so politicized and so dishonest and corrupt that you can't just let it go.
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it's not a matter of venn gins. it's a -- vengeance but a matter of reckoning and it's a signal to them that there's more to come down. larry: two can play at this game. absolutely right. weaponization is out of favor right now. they can't go into federal courthouses. let them put that in their pipe and smoke it or something. >> yeah, because the reality is these are state actors who campaigned on prosecuting a individual who was a former president and is the current president now and you reap what you sow. there's no definite access to the federal process and absolutely should we fine an actor to be so deeply swayed and insidious and upholding the constitution and behindly without favor or fear of party. that's not those two, yeah, that's what happened. larry: i don't know if you love geography and reading maps as much as i do, but that was just
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skimming through the google maps version and we have a full screen and take a look at this. oh my. we can't really see it. you can see it on the tell prompt terrific. what does that say? that says gulf of america, miranda. gulf of america. >> how fantastic. i love it. i just love it. his word is our command and it's a proud thing and i'm a little disappointed that google maps lead it for gulf of mexico and going for them and that's a bit of a cop out. larry: emily, i hate to do that for you and president trump told the new york post he's not going to deport poor prince harry and he has enough problems with his wife and she's terrible. but on that, that's unfair of me
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to put that out there. and she's terrible. >> the heaven on earth that is santa barbara aside from california politics and got that going for him. i feel badly. >> he was funny because he sort of didn't need that. larry: it was in your interview and threw it out there. >> going around the world and it did. no, no, leave them alone and going for them and going for major adams and going for them and why is he doing that. larry: eric adams becoming a republican. >> it's again about weaponization and whether or not eric adams genuinely was a victim of lawfare and certainly. seeing illegal federal crisis and joe biden is demanding money and you've got his staff and then he himself being indicted
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so it's certainly looking fishy and obviously donald trump's acting attorney general has looked at the case and decided that it wasn't -- didn't have any merit. it's a favor obviously to eric adams and let's hope that leered crime. larry: electorally. >> yeah. larry: emily, last one. i want to give you the spirited question. it's been a few weeks and i'm prepared to argue the spirit of the country and culture of the country and economics of the country and foreign policy of the country. everything has changed in just a couple of weeks and it's most remarkable. >> it is considering we take in stride historically how easy destruction is and going to be difficult to restore and going for them and feels like restoration is happening quickly
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within that it goes to that topic of that going with major adams and argument of the pleading going to interfere with the ability to tackle illegal immigration and critics on the other side saying new yorkers deserve better and have mayor held accountable for the corruption and as a new yorker it'll be immigrant and crime situation going for them and left alone and he can tackle the problems that my tax dollars pay for and don't want them to pay for. larry: maybe he's getting rewarded for that. it's an incentive and take a good hard shower. i'd like touchdown catch that the most. thank you, miranda devine and emily compagno. thank you ever so much. catch emily on outnumbered along with harris faulkner and kayleigh mcenany on fox news. coming up, reciprocal tariffs. that's it. is the fed pumping the brakes against trump? john carney up next, i'm kudlow.
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jay powell appears before the senate and doesn't attack and reel on it's inflationary. >> he was specifically asked who's going to pay for the tariffs and he said, look, some are paid for by consumers and others are paid for by exports and others on could your honor seizure disorders exchanges and -- currency exchanges and they were trying to bait him to bashing the tariffs and powell did a good job saying one i run the fed and that's terrific. two, he told them the truth which is waiting see how they play out. it doesn't make sense for the fed to start trying to counter it somehow, which is what the deputies wanted him to do. larry: nothing is interesting and it gives trump more elbow
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room to negotiate and they're a path to free trade and in his heart, trump is a free trader and tax and yous we tax you and text tax us less and we'll tax you less. that's what he wants. >> you're right. trump has faith in the american worker and american business to be able to compete with anybody in the world as long as we have a level playing field. going all the allies all over the world with giant tariffs and trade barriers and going with that in which they just tax our imports into their countries but don't tax exports into the country and they run that and saying no more it's over going back to the cold war and did it to beat communism and we did it for everybody else going to level the playing field and
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bring down their tariff. larry: standing up for america. standing up for america first and going to expect the fed to cut interest rates and examines soon. >> fed is done for the year. i think they come down and maybe thinking about it next year and market thinks about one or two left this year but they're wrong. larry: are you worried about the explosive line and evaluating the goal reserve. getting about $800 billion to the u.s. balance sheet and >> the fed has still overly generous for monetary policy and if you're single doing what it's done. they've really early intervention program flatted the money supply and we're about two years ahead of where we should be in m2 growth. larry: the goal signals and investment going extremely, extremely well. i would sell gold and revalue it. >> it make as lot of sense.
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larry: just don't want to let it pass. president trump announced on truth social today he's sending his treasury secretary scott bessent to ukraine. and i'm sure he's sending him with some instructions to work for peace. we're going to keep an eye on this scott bessent trip. bessent a very smart fella, and none o
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