i'm larry kudlow. we have two big developing stories tonight. the s.e.c. charges filed against hedge fund king steven cohen and the continued fallout from the detroit bankruptcy filing. let's begin with the latest news on steve cohen. cnbc's jackie deangelis joins us now with all the details. good evening, jackie. >> good evening to you, larry. the s.e.c. announcing today that it is charging s.e.c.'s steven cohen for failing to supervise two senior employees and failing to prevent them from insider trading. this is a civil charge. this is not a criminal charge. now, the charges are the result of a four-year investigation into cohen and his top-performing $14 billion hedge fund. the highest-profile targets in the latest crackdown on insider trading. the s.e.c.'s investigation found that the hedge fund manager oversaw trading by his employees matthew martoma and michael steinberg and received updates on their trading strategies and the reasoning behind them but on at least two occasions in 2008 the s.e.c

i'm larry kudlow. this is "the kudlow report." first up tonight, let me repeat, i do not see a fed taper for many, many months, perhaps not even until early next year. why? gdp growth may have topped forecasters' predictions today, but year on year we're looking at 1.4% gdp, 1.5% inflation, less than 3%, 2.9% nominal gdp. these are incredibly slow recovery numbers. that is why i think there's no need for the fed tapering or tightening. they never mention tapering in today's statement. but they did have a slight downgrade of the economy. and they mentioned inflation. i think there's absolutely no way the fed can do anything in september under these weak economic conditions. all right? let's talk about this. we have former federal reserve governor frederick mishkin. rick mishkin is currently an economics professor at columbia university. we have joe lavorgna, deutsche bank chief economist and cnbc contributor. he's joining me on the set. no, steve reshuto is joining me on the set, senior economist at mizuho security. and my pal cnbc

i'm larry kudlow. tonight we're breaking down the brightest and best idea in finance and dlis from cnbc's delivering alpha conference. we're back with abigail doolittle, michelle caruso-cabrera and art hogan who has now finally made it to the studio. all right. it's a very bullish comment today from john paulson that was earlier. let's send it over to our pal josh lipton. go ahead. >> hedge fund billionaire john paulson became famous when he called the subprime crisis in 2008 and now he's very bullish on housing. take a listen. >> i'm not sure if housing prices will increase 10% every yore, but it's likely over the next five years they will increase by at least 5% to 2%, so there's still a lot of upside. it's not too late to get involved. housing starts were up 50% from the trial, and that's what created a lot of excitement. in order to meet demand you're going to meet new home construction so i think that the rate of new home construction will continue to increase, and that's going to benefit the over

i'm larry kudlow. we begin tonight with some breaking news. late today, the obama administration decided to delay a key requirement of the signature health care reform plan. let's get right to cnbc's own bertha coombs for all the details. good evening, bertha. >> talk about some prefourth of july fireworks. applauding the decision to delay penalties associated with the affordable care act employer mandate until 2015. the national retail federation among those who pushed for that delay calling it a wise move. employers with 50 or more full-time workers face fines ranging from $2,000 to $3,000 per employee if they did not provide affordable coverage. the treasury tonight admitting in a statement they had been listening to the feedback they'd been getting from business groups and they are taking action as a result. they hope to provide an additional year for all of these mandatory employer reporting requirements to begin. they say it's going to allow them to simplify the recording requirements and also al

i'm larry kudlow.is half hour gold is back over $1,300 an ounce after a very strong rally today. what does that really tell us about the stock market and the fed? meanwhile, phil michelson may have won the british open in dramatic fashion, but the tax man is taking most of his winnings. you may be shocked to find out just how much. first up, remember last week when the president said this? >> last year millions of americans opened letters from their insurance companies, but instead of the usual dread that comes from getting a bill, they were pleasantly surprised with a check. in 2012, 13 million rebates went out in all 50 states. >> all right. so the associated press checked the facts on the president's speech and found that those statements don't quite add up. turns out almost all those rebates went only to the employers, not the employees. so we bring in igor volsky and sally pipes, president and ceo of the pacific research institute. you know, igor, he doesn't have to do this. i mean there, may be a

i'm larry kudlow.n this half hour, it's a simple compromise. eliminate tax loopholes in return for lowering tax rates. that's a major component to tax reform proposals on capitol hill, but senate majority leader harry reed, he's having none of it. he wants a trillion dollar tax hike instead and so, apparently, does president obama. and it looks like another scandal brewing in the weiner family. one leading senator wants to know why anthony weiner's wife, huma, is still getting a six-figure state department salary. but first up, the obama care train wreck still coming. taxpayers are going to be left paying the heavy bill. last night the white house delayed the so-called employer mandate and in this op-ed earlier this week, our next guest writes that the delay should be permanent because the employer mandate is unworkable to begin with. here now is andy puzder, ceo. welcome back to the program. >> thank you. >> reading your analysis and doing work on this, i think the employer mandate should be waived pe

i'm big griffith in for larry kudlow who's still under the weather. larry if you're watching, why are you watching, first of all, second, feel bet around get back soon. >>> joining me for the entire hour, courtney reagan. what a week. >> incredible week. we were up, down, one week with bernanke, even the other. fed speaking in multiple different languages. one said one thing, one the other. hard to keep track of, really. >> volatile markets out there now. right? talk stocks. all three indices ended positive after surge late in the day. the s&p and dow close at record highs. 13 year high for the nasdaq. and equity strategist at the seabort group and stephen ra shuuto, a passport renewed made his way across the hudson river into new jersey. we're grateful. >> my pleasure. >> what did you make of this week and what bernanke said, he didn't really say that much different, but the markets took off on thursday. >> yeah. the markets looked at the fomc minutes, fell they were dovish more than anticipated and read into what bernanke said. what i think he intend

i'm larry kudlow.alf hour we have to ask, what is the end game in egypt. are we headed for a violent civil war? we'll ask an expert on the region. >>> and a new report says larry summers wants to be the next fed chairman, but summers is also making news today with his plan for a corporate tax reform. we'll take a closer look in a few minutes. >>> first up, wall street still bullish on friday's solid jobs report. a big increase in part-time workers a troubling hiring trend that could threaten the whole economic recovery? they're going tofor temp worker. 12% of all workers today are temps. that is up 50% since the recession end the. let's -- the recession. let's talk. we have the deutsche bank chief economist and mr. john osborne, vice president of research and editorial at staffing industry analysts. it was zero hedge as you know that put out a line, you know, put out a bulletin that basically said all those 200,000 some odd jobs created friday were temps and full-time jobs actually fell and that that's

i'm larry kudlow. half hour, the detroit unions fired another shot against emergency manager kevyn orr today. they say he's benefiting from millions of dollars the city is playing in legal consulting fees. mr. orr is about to deliver a response to that first on cnbc. and speaking of detroit, are there really businesses and entrepreneurs who want to set up shop in that city? well, the answer is yes, especially if they were given jack kemp-like incentives to do it. you're going to meet two entrepreneurs who are raring to go in detroit. but first up, one of president obama's two political appointees at the irs is coming under increased scrutiny in the targeting scandal. turns out chief council william wilkins met with the president just two days before his office gave new instructions on applications from tea party groups. just what does that mean? and has this scandal jumped the fence from treasury into the white house? let us begin by asking elian a johnson of "national review, who has been covering thi

i'm larry kudlow. we'll be right back. vo: traveling you definitely end up meeting a lot more people but a friend under water is something completely different. i met a turtle friend today so, you don't get that very often. it seemed like it was more than happy to have us in his home. so beautiful. avo: more travel. more options. more personal. whatever you're looking for expedia has more ways to help you find yours. ♪ you're not made of money, so don't overpay for boat insurance. geico, see how much you could save. >>> welcome back to the "kudlow report". historic day on wall street. dow and s&p 500 closing at new all-time his. but earnings reports from a couple of tech giants could derail or maybe delay the rally. let'srtha coombs for all the detail. >> shares of microsoft sinking 5% after a big miss. nearly a dime below expectations with revenues of $19.9 billion. make microsoft has stumbled big related to price cuts on the device. sales from every division all coming up short of estimates. the company blaming the weak

i'm larry kudlow. we'll be right back.o: traveling you definitely end up meeting a lot more people but a friend under water is something completely different. i met a turtle friend today so, you don't get that very often. it seemed like it was more than happy to have us in his home. so beautiful. avo: more travel. more options. more personal. whatever you're looking for expedia has more ways to help you find yours. time to have new experiences with a familiar keyboard. to update our status without opening an app. to have all our messages in one place. to browse... and share... faster than ever. ♪ it's time to do everything better than before. the new blackberry q10. it's time. the new blackberry q10. ♪ "first day of my life" by bright eyes ♪ you're not just looking for a house. you're looking for a place for your life to happen. >>> first up, let's look at some pretty good housing numbers out today. case-sheller, biggest yearly gain since march 2006. on the other hand, u.s. homeownership slipped to its lowest level in almo

i'm larry kudlow and back on a very big day for the cnbc, the delivering alpha conference was today.ome of the best in the business, jim chanos, nelson peltz, leon cooperman, carl icahn, john paulson, jack lew, just to name a few, and here's what you missed. >> i don't think anyone is too big to indict. no

larry, but i'll try. welcome back to the "kudlow repor report".he decision to delay the employer mandate in obamacare save any jobs or stop any businesses from cutting employee work hours in the latest day it seems to answer the question no. we'll ask some business owners what they're doing.it seems to answer the question no. we'll ask some business owners what they're doing. and are the british about to privatize their national mail service? and if so, why not? we'll discuss and debate. but first, let's talk about the economy. lackluster retail sales report was out this morning and we'll send it over to steve liesman for all the details. good evening to you, steve. >> thanks. very lackluster retail sales report today with the government saying that the headline rose just 0.# #%. that's of that of what the street expected. and then take you out auto which is were the strong part of the report and retail sales rose just nothing. some of the discretionary things down 1%. all of this prompting economists on lower their gdp forecast. now look at a sub

i'm larry kudlow. we have two big developing stories tonight. the s.e.c.st hedge fund king steven cohen and the continued fallout from the detroit bankruptcy filing. let's begin with the latest news on steve cohen. cnbc's jackie deangelis joins us now with all the details. good evening, jackie. >> good evening to you, larry. the s.e.c. announcing today that it is charging s.e.c.'s steven cohen for failing to supervise two senior employees and failing to prevent them from insider trading. this is a civil charge. this is not a criminal charge. now, the charges are the result of a four-year investigation into cohen and his top-performing $14 billion hedge fund.

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i'm bertha coombs in for larry kudlow.rices and possibly higher interest rates have reinvigorated the rental market. diana olick has more details. rentals are hot. >> yes, they are, bertha, but analysts and investors have been down on the rental apartment sector, due to the rise in home sales and prices. the rush to rent that we saw during the housing crash was now shifting back to homeownership. well, rising mortgage rates may change all that. take a look. rents went up, both asking and effective. now the growth is slower than a year ago, but that's due to weak income growth and this before the rate jump even happened. vacancies were flat nationally at 3.4%, but 4.3% is well below the peak of 8% in late 2009. the vacancy declined largely due to more supply coming on. over 26.5,000 new apartments were completed compared to the previous quarter. while they have been moderating lately, the rise in mortgage rates can turn up the heat on them again. starts had been low for multifamily, but now they're running above normal leve

i'm larry kudlow. to look at team obama's anti-growth, anti-jobs, and anti-american war on coal. you know who's going to benefit when the epa shuts down the coal industry? take a guess. if you guessed china, you'd be dead right. why doesn't the white house get this? first up, let's buy american. we have three ceos who are producing everything right here in the usa, and they claim they can do it cheaper, faster, and with higher quality than brand x overseas. i say to that, terrific. here now is paul grandguard, president and ceo of shoe company. paul williams, ceo of the diamond group, producer of the popular clothing hiky freeman. and plus representing america's small startup businesses, we're joined by amy bradley, inventor and ceo of toy dozer, if i got that right. >> you got that right. >> i want to ask all you guys. paul, i'll start with you. how's business? tell me how business is. let's go with there. >> there's major trends going on. men are dressing better these days. we make only men's product

kudlow report." i'm michelle caruso-cabrera. larry will be back tomorrow night.half hour, obama care needs young, healthy americans to sign up for those health insurance exchanges. and since young people use the internet for everything, wouldn't it make sense to allow web-based insurance providers into those exchanges? guess what, they're not. and one health insurance ceo who says that could kill obama care entirely is about to join us. >>> and mixed signals from cuba, even washington, they're hard to read lately. the cuban government wants us to believe real economic changes happening there with a teeny bit more free market capitalism. is there any proof of it? i'm going to show you what looks different and also what looks agonizingly the same in that country. first, though, the filibuster lives. aren't you happy? senate leaders reached a deal this morning to avoid the so-called nuclear option. so aren't we all friends again on capitol hill. here now from washington are a pair of cnbc contributors, some of our favorites, former dnc chair howard dean and also sar

kudlow report." i am brian sullivan. don't worry, larry will be back tomorrow night. and i quote, monetary policy for the foreseeable future is what is needed, end quote. that's what ben bernanke said a few hours ago in a speech. after what was a flat day for the major markets, are traders reading this right and does the fed even matter anymore? the big action was in the oil market. crude oil in the $106 a barrel level and staying there. that's pushing gas higher, which sounds bad but it could be a good sign and we will, of course, tell you why. if you want real excitement, you've come to the right show. we're going to be joined by the former manhattan madam that helped bring down the then governor eliot spitzer. "the kudlow report" starts right now. as you can tell, folks, we've got a lot to cover. we begin with the cat and mouse game better known as the federal reserve. ben bernanke just finished a speech in boston where some investors think he backed off his tapering timeline. others don't see it here. take a listen. >> highly accommodated monetary policy for the f

kudlow report." i am brian sullivan. don't worry, larry will be back tomorrow night.re is what is needed, end quote. that's what ben bernanke said a few hours ago in a speech. after what was a flat day for the major markets, are traders reading this right and does the fed even matter anymore? the big action was in the oil market. crude oil in the $106