tv Kudlow FOX Business February 12, 2025 4:00pm-5:00pm EST
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inflation and year hedge and shop at the project for depreciation over the long term. three ideas today. liz: you're saying that costco will be the first non-tech company to reach 1 trillion market cap? jaire it has potential and wind in their sail as cost cutting and password crackdown like nvidia or like netflix did, but with their membership if you l. the efficiency to scale are second to none with costco. liz: all right, markets mostly down and gutting out reaction to president trump tomorrow. larry: hello, folks. welcome to kudlow, i'm larry
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kudlow. so two big developing stories we're following today. house gop ready to start on one big beautiful bill and hot cpi bill showing bidenflation is still haunting us and we have kevin hassett joining us in a few moments. we have congressman wesley hunt on all this in just a south carolina but first up, fox news chad pergram live on capitol hill. what's happening up there? reporter: good afternoon. house and senate republicans are haggling over competing plans for president trump's big beautiful bill. house republicans released their package today and it calls for $2 trillion in cuts and $4.5 trillion in tax reductions. it also lists debt ceiling
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weredly 4 trillion. reporter: it's less than requested by ways and means jason hit and cut commerce $80 billion and could be cuts to medicaid. senate republican writing their own bill and entitlement cuts are off the table they say. >> on no planet, literally no planet is doge, vivek ramaswamy, elon musk or anybody else working as part of effort looking into messing with people's social security need or medicare benefits. that's not a thing.
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democrats warn about cutting food prices for the pour. poor. >> households have increased prices for groceries and it's downright irresponsible to cut the money. reporter: senate republicans believe the house could struggle to cobble together two bills let alone one and senate republicans fouled case in the house and concerns about imposing the cuts now and not waiting for a decade. larry. larry: chad, not a prediction but procedurally if you will. structurally. does the house -- all money bills originate in the house. doses budget resolution force the senate to adopt the same idea or can you have two budget resolutions and have to be resolved in some kind of conference or what?
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house does it work? >> absolutely play ping-pong and bounce them back and forth across the capitol dome. the house goes tomorrow and we have to see if they have the votes to get that out of committee. >> system of articulation maybe not moving anything and out of committee and on the floor and the math. tough on the house floor. larry: thank you, sir. donald trump is the most statesman like president in generations and that's the subject of the riff. harking back to american and
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this morning with a phone call to vladamir putin of russia. it's a productive phone call with president vladamir putin of russia and we discuss ukraine, middle east, energy, artificial intelligence, the power of the dollar, and other various subjects. is that portanova leeanne there? joe biden never spoke to putin since the war began, not once. trump is clearly making good on
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his campaign promise to end the war and o doing it with his you remember war speed. in his own words he posted, and i'm going to quote. but first as we both agreed, we want to stop the millions of deaths taking place in the world must have a strong common sense theme to it. in his own wards from the posting, mr. trump laid out the strategy and key american players. and i quote "we will begin by calling president zelensky, of ukraine, to inform him of the
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conversation. smuggling which i will be doing right now and i've asked south carolina state marco rubio, john ratcliffe, michael waltz and ambassador and special envoy steve witkoff to lead the negotiations, which i feel strongly will be successful". mr. trump is orchestrate ago peace conference strategy and ceasefire principles and ultimately end to the war. and mr. trump is basically drive ago process for all three sides and u.s., russia and ukraine. that's going to lead to an end of the violence. and the hostilities and the war. mr. trump's actions are a
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breathtaking de-marsh. it is the most statesman-like effort in generations. what trump is doing to end the russia ukraine war should be his second noble peace prize. the first one with was iraq. for him, it's promises made, promises kept. and that's the riff. we me now is wesley hunt much thank you, sir. we love having you on the show. you know that. i think you might have -- did you hear the riff. going for the foreign policy going for him to look like it's going to be the finest american
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staysman in generations and generations going for wesley hunt and if you disagree, tell me why, sir. >> i do not disagree and to be honest those couldn't be further from the truth. president trump said two years ago, going to see in a town hall and asked what side is he on? ukraine on russians. he said and i quote, i'm on the side of people not dying. he's on the side of peace and deals he's brokered is preventing people from dying. strong southern border in the country is all about. urocrane and russia is all about it. it's about people not dieing and a humanitarian effort that i think he's trying to usher in a new generation of humanitarian effort that could have the likes of nobody seeing doing it through peace and strength ininstead of lighting money on fire and he's chart and wise and ensuring that pes has got to be
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ultimate shape. larry: no other leader has been doing in and in my opinion, no other leader could do it. no other leading could do what he's doing. looking at truth social post and people look at it. we didn't hit it all. the fact is he is directly setting up a peace process. putin, zelensky, the united states. he's got representatives and rube yore and ratcliffe and witkoff and -- rubio and ratcliffe and witkoff and it's like an interagency process in the white house and stakes are higher here on the world stage. nobody else can do that, wesley hunt. that's my view. >> correct. we should have seen this coming and the president started no new wars during the first presidency and basically enacting those policies for them and going for
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abraham accords and watching the man to move the embassy to jerusalem going for them and the ally and bankrupting them and going to avoid a nuclear terror going for them and that's a tech perfecting your craft and going for own personal instructs and keeping them die and keeping american strong and allies safe. larry: he's thrown out of the box idea to deal with gaza once and for all and stuff that knolls else comes up with and joe biden, bless his hears or soul. never pacificked to pew din during the war. joe biden didn't threaten anybody in the russia ukraine or
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in the middle east or anything. joe biden watched silently watched as china violated our westewestern hemisphere. it's been around 225 years, almost as long as me. it's sacred and no one defended this till trump came and look what he's doing. >> correct. now a couple of weeks ago, talked about turning gaza into a beautiful beach front plaza and going for gaza and the point he's getting at is assuring there's piece for the and making lives to people that make the
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region why and we're talking about it over and over, larry, but end of the day, it's peace through strength and stronger america is the region and somebody deployed to iraq, i spent two years a saudi arabia as epiplomatic liaison officer and we've got to be strong and got to have a strong leader and the world will follow once president trump was bag in office and everyone will squall in line and we'll have world pace 6789 he's making my prediction come true. larry:: you're exactly right. i love talking foreign policies with you because of the curve side on the ground what's your take on getting one big beautiful bill out? >> we'll take another look and going to the senate next and senate coming up with their side of it and bottom line is this,
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president trump was given a mandate and mandate to fix our border and unleash american energy and keep ours sean safe. lyric president trump will get directly involve when had the time is right. you and i both know that. congressman wesley hunt, you're a statesman yourself and great friend and thank you for coming back on the show. appreciate it. >> larry, thank you. god bless. larry: yes, sir. yes, sir. moving right along, national economic council director kevin hassett, nec, he met with speaker johnson today and one big beautiful bill. bad inflation and bidenflation is spilling over into the trump years. that ain't god.
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please remember, cap kudlow monday through friday at 4:00 p.m. here on fabulous fox business and some reason dependent cat us at 4:00, text your favorite 9-year-old and she'll show you how to dvr the tv and you'll never miss a single trump peace initiative. i'm kudlow, did right back. m i ? am i just gonna take what the markets gives me? no. i can do some research. ya know, that's backed by j.p. morgan's leading strategists like us. when you want to invest with more confidence... the answer is j.p. morgan wealth management only servicenow connects every corner of your business so people can do all their work on one platform. no more mindless swivel chairing between platforms. or swivel chairing between apps. no more swivel chairing! i don't feel so good. what does he do here again? mostly that kind of stuff. will you push me back? no. ♪ i have type 2 diabetes, but i manage it well. ♪ ♪ it's a little pill with a big story to tell. ♪
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larry: is congress read db of interaural get president trump's one big beautiful bill passed and joining me now is white house nec director and national economic director kevin hassett just met with speaker johnson. kevin, what's going on in there? you're in the mail room and met with them. can't they just get a -- what the heck. all i want is a couple of tax cuts and a couple of spending cuts. that's all i need, kevin. i don't want this to be any hotter than it needs. what'd you produce and guide them through it? >> oh, come on, larry. you know that speaker johnson is doing a fantastic job and we've have a lot of really good news that he reported.
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i'm really excited around the next few days and speaker johnson gave me a really favorable report about what happened today. to use a football analogy, i think that like we sung the national anthem and flipped the coin and now it's kickoff. larry: 1.5 to $2 trillion in spending reduction and they're scoring the tax cut $4.5 trillion and coming back to that in a minute. i think 4 trillion+ for the next debt cei ceiling and ballpark numbers, do those sound right to you? >> we'll let the house people communicate that to you. we don't want to communicate ahead of them. if it was back to kevin
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economist and larry economist, i'd speculate but let them give you the final numbers. larry: that's what we hear and don't know if that's true. something from the numbers, why are they scoring tax cuts as revenue losers. cbo, put out a report of 1.9 trillion in higher revenue than cbo predicted in 2017 when it was passed and it's -- its currency policy baseline and needing 4 or 5 trillion to cover the tax cuts and going to have current policy forever and don't need to be rescored.
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>> these people have to be attentive to reconciliation rules and the like and president trump cares a lot about what the truth is and the truth is what we did last time, satisfied laffer curve and then joe biden came in with an explosion of spending and real wages dropping about $2,000 and made them go up about $6,000 and they made them go down $2,000. everybody from the white house to the senate to the house wants to have the $6,000 up and they want the other side to be up as well, in which case we're even out performing what we did last time and bottom line is that cbo gotten a lot of things wrong and going to think about it for so many ways to talk about it and one way to think about it is that the tax cuts last time cost 1 point and the half of them were permanent.
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the other half is 1.9. larry: yeah,. >> i understand your scholarship skepticism and i understand that the cbo exists and created by congress and they've got rules they need to get attention passed and never would have passed without the brilliant people dealing with these things and we're respectful of that and we understand that everybody in the end cares about what the truth is and the truth, larry is 100% on your side. larry: i'm very respectful of taking over cbo with people that understand the laffer curve. that's my risk. say that with the greatest respect to every person in cbo. kevin, mentioning joe biden a few moments ago and had a dose of bidenflation now. ugly inflation report and well above the 2% target and food and
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energy 3.3% year on year. going deeper into the report, kevin, service, whether it's core or not, that's growing at 4%. bond rates up today and bidenflation is still there. so what do you make of it. what to do about it? >> right, look biden stagflation is way worse than the election and statistical and going for them to make that and the fact is that going for them and he created a fewer jobs. and as you like to look at these and the committed average and three month moving average we inherited and this is the last month it's up 4.6% and going for them and 4.6% and it's because of run away spending and we're addressing that.
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inflation is almost under control now and we got 4.6% going for them with a talking point and going for them and inflationary effects. and the fact is going to wine about it and fix it with supply side policies and spending restraint and deregulation and with getting doug burgum and chris wright for drill, baby, drill and going for that with inheritance and going for them and biden policies just terrible. we're looking at micro-things, larry. the smaller policies that we can change. and joe biden didn't have avian flu strategy as at and no one can buy an egg in the grocery store because joe biden killed all the chickens and as soon as your friend brooke raw linns is
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confirm -- brooke rawlins is confirmed, she'll have a plan to make the egg prices go down. macro-and micro-and president trump's all the above fighting i think fellation. larry: yeah, good point. all good points. stay up there and show them how to do it, kevin hassett. larry: get a cut and change and going for them on the border rule and you're great. white house. folks, breaking news, president trump just said he may be meeting with vladamir putin in saudi arabia soon. and that's big stuff. we'll talk about it with the senator tommy tuberville next up on kudlow. remember, folks, kudlow is available as a podcast, episodes available every weekday right after the show. we've got spotify, and applend
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larry: president trump may be meeting with vladamir putin in saudi arabia soon. we'll get the tape of that in just a membership. welcome back alabama senator mr. welcome, sir. rapid news break left and right and possible meeting between president trump and putin in saudi arabia soon. what do you make of it, sir? >> he'sed a elmore baa sayres with general kellogg going for them and steve witkoff and a lot of negotiations and talks back and forth and president trump not just a deal maker and peace maker and he hates the wars and wants to get us out and look at all the money we spent
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$214 billion and not one damn thing to show and all these neocons for fighting the wars and going for them to get it done and it'll be done pretty soon. larry: sure you saw his posting on truth social and vladamir putin and setting up a piece conference. you didn't hear the riff today but, but, but, i think this is the most statesman-like person right now that we have seen in generations. he is an internationalist and people say he's isolationist and nonsense. look what he's doing with russia, ukraine, look what he's doing in the middle east and central and south america. ethnicity, et cetera, et cetera. we haven't had anybody like this probably since reagan and world war ii, senator tuberville. >> great communicator, larra i he loves to communicate with people. and it's obvious back when he
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was president the first time around first four years and had great negotiations with all the leaders across the world. including communist leaders and kim jong-un and xi jinping and end of the day, they'll work this out. president trump loves situations like this because he gets to show how to communicate and work out these deals. the deal maker, guy knows how to get it done and we have to for the american people, larry. probably a million people that lost their lives and injured in ukraine and russia. that's a terrible shame of fighting this thing. ukraine never had any chance of winning this. putin knew that and we knew that. but the geocons pushing this war and it's un-fort. larry: the truth social posting and lengthy and highly productive phone call with putin and discussed middle east and ukraine war and so forth.
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we both agreed and putin wants to stop. that's breaking to me. that's brand new stuff. then he says including that, we begin and call zelensky and then they're going to meet with putin and his people that are going to be secretary of state rubio, cia director and john ratcliffe and nsa security mike walt and am bass -- mike waltz and ambassador witkoff. joe biden never talked to putin during the war. joe biden's people never tried to set up a process and trump is doing this by himself opportunistic the telephone. >> why would putin want to make a deal and he's getting huge progress going through ukraine and he's losing people and also
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picking up ground, moving west ford towards kyiv but he pes to get it done. he trusts donald trump and that's end of the day, he trusts trustsdonald trump in negotiatie people around him and knows donald trump wants to get this done and get the war over withand helping ukraine and russia. larry: trump producing more oil and gas and prices come down and i don't know when but it'll come down. that'll ruin putin's war machine because that's the only crop, cash crop they have is oil and gas. price comes down and american energy production and war on putin going for them and the end is near. >> there's no doubt the end is near. he's done about as much as he can do and going for them
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and&they've lost too many generations for the next ten 12 years and president trump coming in doing a deal and he'll help ukraine's economy and russia's and help the entire european and need oil and gas in europe and it's been wonderful for them and we should supply that. larry: let me interrupt and play some tape for a minute. >> we had a great call and lasted for a long time over an hour. >> we're going to be meeting tomorrow in municipal ick and didn't know we had -- munich and other meetings dealing with putin going to largely going if therm and we ultimately expect him to set that in the not too
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distant future. we both understand we know the ground prints and going to be a very god place to be. larry: meet with the crowned prince and saudi arabia and not exactly when and hour talk with putin and what mr. trump is saying is putin is going to enimage in peace talks. that's the first time we've seen this and seems to me that we can use help from saudi arabia too and putting another billion barrels a day down to f 0 bucks. going for them to turn ugly again through the report.
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>> he has to have president trumps help going for the end of the day and helping with ukraine and russia war with the middle east and disaster we got in gaza and going for the great place to start and they've got oil and gas and they have money. and it's going to take that to get out of this disaster that we're in in the middle east standing in ukraine and russia. larry: senator tommy tuberville, appreciate it, sir. moving right along onset, we've got steve forbes, forbes media chairman ed correspondent in chief and gerri willis, fox business correspondent extraordinary. steve forbes, talk a minute about gold. >> the unmentional word in the economic sector. larry: it's a four letter word.
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the fed putting it out on the side and fed bungled them and almost $3,000. you know this, the u.s. treasury owns 11 million ounces of gold and gold is in the treasury department. and it's been scored at $42.22 based on nixon's 1973 deal. there's a great picture of gold rising. look at that thing. price is 3,000, not 426789 if you revalued it. it's my first point and revalued it, mark to market it and worth about $300 billion and just to put it on the treasury's balance sheet would give us strength, give the dollar strength, give tremendous reserves and so forth and so on. some people want to sell gold and i'd rather revalue it.
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what does steve forbes think? >> selling gold and call it instead people aren't going to like that and in terms of gold, revalue to what the market is today, 750, $800 billion and follow through by starting to issue bonds going to check what our government is doing and also in terms of values and vis-a-vis the dollar. having bonds there and one going for them and coming from the government and coming from prosperity and inflation and powell won't reduce that interest rate going for the federal rate going for the stable dollar and these are the
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first steps going to get there and larry: that's the gold backed bonds. thank you. larry: would you buy gold-backed bonds? >> the interesting thing about this is mark to market, i haven't heard that phrase since 2008 financial crisis and the banks said we don't want a mark to market because guess what, we're holding here in cmos and you're saying that gold is worth far more, and would be a benefit to the treasury, bail out the treasury but at the same time you're hurting the consumer financial protection burea bure. larry: i'm going to get to the fed. you are correct. the fed doesn't have the gold but they have gold certificates, okay. which was given to them on some equal par basis by fdr in 1934. no, i wasn't there and miss that
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had whole story. mark to market, it was $34 and these gold certificates $3,000 and the fed is bankrupt if you do that. all the bonds they own are underwater badly. like a terrible bank like the kill con valley stories we heard a couple of years ago. the fed is broke, they won't admit it. if on the other hand you revalue gold, their siriani certificates pushing them up and they're being equal and going to be equal and some day they can contribute $100 billion to the treasury and not bailing out to see fpb and it's gone and dead. >> i want to help. larry: that would make the fed solvent. >> i do want the fed to be solvent. that's a better idea and would rather see the fed in business and should be a going concern. he's a guy that can run the
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business but end of the day, would i buy the bond? i sympathy everybody would buy the bond. look at tips. >> the two year cpi break even and tip inflation running over 3% and up about 75 basis points year on year and the crb commodity futures index up about 22% year on year and getting lousy inflation reports and something has to be done. going to be done with the shout-outs. >> make it priority number one and take gold prices and green spend for awhile in 1990s and say if it goes above 29 or
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3,000, we're going to tight and if it goes below that, going to ease. so have a thing that the market can trust this idea that they're now going to manipulate the economy and manipulating credit markets and what they're doing is outladies and gentlemen yous and why should the federal reserve be in charge of how much activity is in the chips act? we shouldn't let them get away with it anymore. >> we have to bring down inflation. i am typically looking at wallets of american consumers. we have to bring down inflation. today's report was a disaster and it's going to become a real problem. larry: i have to jump out. sorry. going to say in five seconds? get trump's plan in place. okay. >> a big plan. larry: deregulation. >> lower taxes. larry: lower government spending. one big beautiful bill, and things will change pronto. steve forbes, gerri willis,
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the way i approach work post fatherhood, has really trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families like my own. in the average household, there are dozens of connected devices. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. >> we ultimately expect to meet
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and in fact we expect that he'll come here and i'll go there and meet probably in saudi arabia the first time and meet in saudi arabia and see if we can get something done. done. larry: that's just part of the breakthrough and that was the tape. he said other things about supporting elon musk. anyway, joining us now is the chair of the senate armed services committee, mr. roger wicker from the great state of mississippi. senator wicker, you've been around awhile and i've been around awhile. direction actions by trump and starting of peace process and bringing putin in and getting zelensky in and putting staff people and rubio in place to have a peace conference. i don't know, senator, if i've seen anything like it in a long, long time. what do you think? >> i for one welcome doge coming
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into the pentagon and helping us cut tape, make acquisition process more efficient and spend our dollars better and clearly need a lot more weapons and we need to be stronger and not keeping up with communist china, but we absolutely welcome elon musk team, and i know i speak -- i'm on the same page as pete hegseth. larry: just on that point, sir, just thinking and speaking to people earlier, if president trump wanted to cut the budget or, you know, go in and have a financial audit for these agencies, i don't think he could do it. i don't think he would have succeeded without elon musk. i think elon musk gave trump the fire power to go through agency by agency musk giverring them
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the fire power. what do you think? jazz as long as i look, i've been watching this for awhile. larry: yes, sir. >> absolutely, we needed that, and i'm all for it. to the extent of saving money and bringing innovation and small business people into the defense munitions and am butler joined in additions, i don't think we could have predicted a start like this. larry: they're all screaming about elon and elon derangement syndrome. last couple of seconds, senator. ever seen anything like that? >> i didn't see it the first time and, you know, that was eight years ago and, yes, this is something like i've never seen in the first month of a
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transition. larry: yes, sir. senator roger wicker, sorry we're a little short, sir, buto we thank you for coming on as t alwaysel.he folks -- irents , , the neighborhood is their life. wonder who's visiting the burkes. that's not their car. hey, guys. who's winning? [ giggles ] now most of the neighborhood uses progressive -for their cars and house. -okay. she didn't ask. ohhhh! [ sighs ] ... ♪ only servicenow connects every corner of your business, putting ai to work for people. pfft ... every corner? every corner, nick. ow! so kate in hr ... hey kate. can focus on people, not process. oh actually, i have a question ... keep up, nick. do you have to be sick to take a sick day? patty in it is using ai agents to deal with the small stuff, so she can work on the big stuff. agents like secret agents? secret agents i control. with your mind? you know ... i played a secret agent once.
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so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses let's take a look at those scenarios. j.p. morgan wealth management has advisors in chase branches and tools, like wealth plan to keep you on track. when you're planning for it all... the answer is j.p. morgan wealth management. larry: so, i'll just say trump, the american statesman extraordinaire breaking through with putin and ending the war. elon musk, the financial auditor extraordinaire, finding waste, fraud, and abuse. that's a pretty darn good combination for one administration. don't you think,
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