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>> larry kudlow's here. >> sorry, hi. i'm larry kudlow. i'm with cnbc. i love these guys.igs and the best path to free market capitalism. >> and, you know there was a sense that 2015 was going to be the year that the earnings turned around. they're hoping for a rate rise. whether that happens or not, steve, i know there are some varying viewpoints this morning based on a "wall street journal" article. >> it's the cost of funds of a bank versus what they're able to lend it out at. when larry says the curve's flattening what he means is the cost has not changed but the amount the bank can get. what's the the erm? interest marmargin? >> net interest income. >> i'm sorry. >> they're both correct. the margin as well. >> as a former wall streeter in the last century it's called the cost of carry. >> and that's gotten crunched and it affects the big banks as well as the regionals. but the banks have lots of problems. i'm going to stop talking because who is here? >> it's larry kudlow. let's go on. we've got a big state of the union address tonight by the president. many people ar

>> reaction now with larry kudlow and former representative barney frank, pot joining us. t to see you guys. and larry, listen this is a pretty stride dent speech. it was at a wage event. was there anything in her language that surprised you, coming from elizabeth warren here? do you think this is a standup call for others in her party to be more aggressive? >> well sure. absolutely. ms. warren wants to move the party to the left. i call it the san dan niece ta wing of the democratic party. let me make two quick comments on what she said. number one, the democratic party is financed pie wall street. barack obama was heavily financed pie wall street. okay? that's an important point. number two if we want to talk about breaking up the big banks, you know what? i'm sympathetic to that because as i understand it the so-called resolution council is gonna be financed by government taxpayer money, debtor possession will be financed pie government taxpayer money. maybe we should break up the big banks. >> mr. frank as you know senator warren has made it clear that she doesn't think

. >> larry kudlow, thank you for being here this afternoon. braving the snow. there will be much more from that interview on cnbc.com. thanks to my panel. "fast money" begins right now. ♪ >>> the show must go on. snow cannot stop "fast money". we're live from the nasdaq market site overlooking's new york's snowy times square. apple, yahoo! facebook and amazon all coming out later this week. right now we're checking out microsoft. down 3% despite earnings coming in in line with expectations. is the bloom coming off the rose for the ceo >> i don't think so. the quarter was okay. not good enough, obviously, to continue moving it higher on the evaluations they are trading at. if you parse through, operating margins 29.4%. the street was looking for 28.5%. they continue to get into better margin businesses. i don't think this stock will trade down the october 15th low which is 42 3/4. >> can you take anything else out? >> microsoft is its own thing. the risk/reward here is okay. it's okay. it's a great company. it's not a crazy evaluation. i don't think there's a to

. >> larry kudlow would tell you calvin did a pretty good job with the economy. >> sorry, i meant hoover>> calvin did a pretty good job. >> herbert hoover, calvin coolidge coolidge, i don't know why i -- i meant angela merkel of course is what i was referring to. and that funny line you have about she's -- >> theseshe's in a pant suit. >> meaning they will not allow for any meaningful -- >> rates are so low, it doesn't matter. but there is not that much trade that messes itakes it a huge win for them about that they will be buying oil in dollars. they won't get the benefit that -- >> 0.1% inflation. >> can you imagine that? we're going to get a right wing government in some country in europe that is going to change people's minds. and germany should forget the worry about deflation and worry about the right -- the right wing could surface. i see swedencracking down on immigration. they should be worried more about social unrest. >> let's goe get to bob pisani now on the floor. >> good morning. it's about oil, the weak euro, about the strong dollar. take a quick look at europe. degrees ou

joining me now, tom lee, larry kudlow and our very own dominic chu and with us for more on today's marketion is guy adami. great to have everybody here. happy new year one and all. tom, not a happy beginning for the markets. how much of a concern is that? >> it's kelly, disappointing to start the first two days of the trading year down. i think the market's trying to understand lower oil, strong dollar. europe. but i don't think it really changes the underlying positive story for equities and i think it's going to ultimately be higher. >> guy, i know larry, you're still saying this is a strong guy. guy, are you still worried about the slowdown deflation story here? are you on that side of the fence in the camp today? >> yeah. happy new year everybody. i have been on that side of the fence. larry disagree with me. he is a lot smarter than me about these things and i have the utmost respect of him and my point continuing to be how can the largest economy on the planet be cut in half and all backed up by the fact that global interest rates, not just the u.s. interest rates around the planet

i wish larry kudlow would be here. this is red meat for him. i started my career in 1981.we started? $3.35. it's been raised seven times since then and there is much gnashing of teeth and an arguments through each of those increases with the same debate we're having right now about whether or not it kills jobs and the economy and last i looked we have a pretty good economy on our hands with an unemployment rate of 5.8%. michael, i just wonder if we're just kind of misleading people. i mean i rue those 12 jobs that people that lost their jobs and one restaurant because of the rate going up but are we overemphasizing what it does to small business out there raising the minimum wage here? >> well i don't think so. i think we're surrounded by the evidence of the unintended consequences of higher minimum wage. in states like california oregon and washington that have these high minimum wages you have teen rate unemployment rates close to 30%. we go into the businesses today and you have seen them that stopped hiring busboys. they have servers bus their own tables now and talked

larry kudlow yesterday talking positively about the hope of corporate tax reform. >> no that's dead in water. >> paul ryan thinks maybe there's a shot. >> no chance. >> didn't hear much about it last year. >> unless you have individual breaks you're not going to get corporate breaks. i look at the speech and i think that most possibility is the fact that maybe going after isis not pharmaceutical kind the bad kind and that i thought it was interesting, taking troops out. but they're adding troops. a lot to basically say, we're going back to the days when there isn't a 1%. well -- >> did you heard anything that is a liability on a certain sector or certain stocks? does it make you think differently about keystone or in this case about content distribution? stevenson on "squawk," it would throw wrenches that their plans for capital expenditures in the year as head. >> look it's kind of -- he said the republicans basically, all you want do do is a pipeline i thought that meant, you're not getting your pipeline. that's one thing he can veto. i don't know. look, it was -- it was very old thr

that's larry kudlow's favorite line.g too cute if we try to talk the dollar down or is it a real worry point if it's having these negative consequences in terms of spreading deflation through commodity prices and other factors? >> i have always considered the dollar the equity and the currency of the country. and i think a strong dollar is very useful. i tell you how to solve the problem. let's repatriate the hundreds of billions of dollars sitting in foreign banks we can't get into our country because of archaic tax law. not only can we enhons our productivity but make us more competitive and bring it all home. bring all that beautiful cash -- >> if we do that, the dollar is going to go up significantly more. >> that's even better. my argument -- >> that's my point. should we just embrace it and not worry about the negative effect it has in terms of commodity prices and deflation and the whole kit and dacaboodle. >> do you want $200 on oil or $35 oil. check the box on $35. do you want a strong dollar or a weak one? let'