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tv   Kudlow  FOX Business  February 1, 2024 5:00am-6:00am EST

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to him, something ha is not a military necessity, that is personal. >> there is no doubt at first benedict arnold is ready to by in battle for the american cause. but unlike true patriots his loyalty has a limit but a price. instead of a here o hero, werarnold is remembered add america's biggest traitor, on his death bed, some believe that he shows remorse. they report that with his last words he asked to die in his larry: hello, folks. welcome to kudlow, i'm l arry kudlow. save america, kill the
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bill. senate bill on illegal immigration. also we have a rare apology from meta facebook ceo mark zuckerberg. we'll have ted cruz weigh in on that and more. then all of economic forecasters and all of the economic models in and out of government have been wrong. kevin hassett and art laffer will talk about it, maybe figure out what to do next. and politics you don't top miss. with our -- don't want to miss with our pals joe concha and mark simone and kevin o'leary, who will tell us thousand make money, a lot -- how to make money, a lot of money. first up. to white house, hillary vaughn is standing by. what is cooking down there? reporter: well white house is getting frustrated with republicans in the house, they think that g.o.p. opposition to some ofs
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leaked details in the border deal could kill the president's strategy to use congress to address the border crisis, today the white house is calling them out. >> i'm going to be clear, house republicans are getting in the way, they are not part of the discussion, they are not, they are not part figuring out how to come to a bipartisan agreement we would like them to be. reporter: on capitol hill, a hearing with major tech ceos and social media companies, meta, x, tiktok and snap, lawmaker say social media use is killing our children and proliferating a deadly mental health crisis, republicans and democrats drilled into ceos, at one point demand they apologize to parents at hearing whose children are no longer alive. >> would you like now to apologize to the victims who have been harmed, show them. would you like to apologize for what you have done to
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these good people. >> this is why we invest so much in -- efforts. to make sure that no one has to go through. >> white house is rallying behind effort on capitol hill to crackdown on social media companies and put revirericktirestriction in place to protect children. >> we think congress has a place to move forward, to strengthen protection for children's privacy, we think they can do that to protect the health of kids and safety on-line for children. reporter: while a lot of these blat blat platformses have dragged about the ar arc coun the
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accounts and contentses they have taken down. larry: we'll see, where it leads thank you hillary vaughn. >> thank you. larry: couple thoughts from me, i'm beginning with save america, kill the bill. i'm talking about the senate bill on illegal immigration, the leaks tell a story of some trigger system whereby if 8500 illegals arrive at border in one day or 5,000 arrive for seven days in a row, somehow joe biden and alejandro mayorkas are going to quote, close the border. really? if they were going to close the border, they would have already closed the border. they are not closing the border, not now, not in the future, not because of some of unnecessary legislation. because they believe in open borders without clear national boundaries.
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one big global community. we're all friends. we don't mind another 8 million or so illegals coming in. no laws, no rules. that is the biden vision. not a good vision, is it? speaker mike johnson, right, when he talks about zero tolerance. but among many catastrophes linked to the illegal immigration catastrophe is a migrant crime wave that is sweeping the nation. i am quoting from breitbart's headline, sanctuary cities and their suburbs are experiencing a crime wave from migrants who are released by the biden administration after illegally crossing the border, between ports of entry. police, particularly in chicago area, and in new york city, they reported significant increases in crime. related to migrants relocated to their cities, end quote. so. i will say, while joe biden is not personally
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responsible, for every lawless act, you reap what you sow, a pair of ne new york city police officers allegedly attacked by several migrants near times square over the weekend. and the suspects were released without bail. reported migrant related crime in chicago and its suburbs mowb mounting daney, and kaiser -- mounting daily, kaiser telling oakland, california employees to not go outside for lunch, stores closing all over because of blatant smash-and-grab theft, carjackings are common place, a terrible story. a career bureaucrat, who worked in president trump's commodity future trading corporation was carjacked and shot as hig he pulled up had pick up his wife after work in middle of down dc, blessedly he is alive. we don't know if migrants were the cause.
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but washington has become a lawless sanctuary city. and a disgrace. to the entire country. big city democratic mayors and blue state governors are complaining about the illegal migrant problem, they want more money to solve it. but there is a much simpler approach. just close the border now. build trump's wall. go back to trump's remain in mexico. a tough policy on catch and deport, and then, start backing the long blue line of dedicated cops, throughout this country, stop burdening them with massive paper work like new york city, stop criticizing them in public, start putting law and order back in to our political vocabulary.
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doesn't matter what the trigger s 5,000 or 8 thousand whatever,000. if joe biden were closing that border he would have already closed that border. and if joe biden were going to back america's great police forces, he would have already backed america's great police forces. so i can -- conclude, safe america retire joe biden. -- save america, retire joe biden, that is my riff, for more we bring back our great friend texas senator ted cruz, we appreciate you. i know your position on this senate legislation, but, i just say, i don't want triggers, i just want successful campaign, as you do, remain in mexico, build the wall, catch and deport, the story here, what to we need more legislation for? it is not any good. you know. you know that joe biden and alejandro mayorkas will not close the border, i don't
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care if it is 5,000 or 8500 or whatever. you know this. that is why this is such an exercise in few till tie, -- few till tie, i am sorry you are the guest. >> look, listen, you are right. every word of your opening remarks were right, one of these days, you will say something this i disagree yet, but not yet. you focused on how this crisis happened. joe biden inherited incredible success, the lo lowest rate of illegal immigration from 45 years and joe biden deliberately caused this crisis, you put your finger on three decisions he made in his first week in office that caused this crisis, immediately stopped border wall and ree reinstated catch and release, and ended successful remain in mexico agreement that took the
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lowest rate of illegal immigration and it caused it tokto explode, we have the highest rate in history 9.6 million illegal immigrants have come in. joe biden wants it, it is deliberate, he could fix it tomorrow if he reversed those 3 decisions, he is not willing, to you are also right on killing this bill, we had a debate at lunch with senate republicans, i urged my colleagues, this is going nowhere. for any bill to pass it has to bass both houses of congress, the speaker of house said this senate bill is dead on arrival it has no chance of passing, i asked my republican colleagues, why are you putting forward a bill that doesn't fix the problem, doesn't secure the border, but that gives democrats an excuse to do what you just played karine jean-pierre doing, well we would fix the border you but republicans did not pass our bill that would never have
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fixed border, this is playing to chuck schumer's hands, we need to demand fix it solve it. there is one way to solve it, that is to throw joe biden out of office to elect donald trump in november. and we know that president trump solved this problem before, he will do it again, i worked hand in hand with him, i am work with him again to fix it again. larry: he will start day one. by the way. >> yes. larry: your collaboration with president trump then and now is a very welcome development. and everyone will benefit from that, senator cruz, i just want to clear the decks on this terrible immigration story. and the lawlessness with it. i just want to note, it is now 4 days roughly 96 hours, since the iraqi-backed militants attacked u.s. base. in jordan. and three troops were
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killed. and i don't know, countless several dozen almost 40 or so were injured. for days now. -- 4 days, so far we heard nothing from the white house. on what they o are going to do, we have seen them do nothing, no actions have occurred. they should have taken action inside of 24 or 48 hours. >> yes. larry: military man. take on this network, and fox news, and fox business, and said, you know maximum two to three days, we have not struck back yet. i see dithering, a see us sending the wrong message, 4 days after these three military troops reservists from georgia, have been killed. and countless others injured. this is an outrage. this is an outrage senator cruz. >> it absolutely is. joe biden is a wake commandinger in chief. she unwilling and -- he is unwilling and unable to
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stand up to enemies and result is every service man and woman in america is at greater risk. they have been killed. the 3 or 13 in after with biden's disasterrous withdraw in afghanistan. to be clear, iran has launched 170 attacks on u.s. forces with joe biden at president. and biden has dithered and done nothing, he is not just dithered and done nothing, he has funded the regime that is attacking and murdering americans. under joe biden, this administration has flowed over 100 billion dollars to the ayatollah who chants death to america, weakness is pro vo provocative, our enemies are stronger, joe biden inherited peace and prosperity across the groib,
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the globe. iran is stronger, china is stronger, north korea stronger, and putin in stronger and russia, last week, joe biden announced what i call the vladimir putin subsidy from joe biden. he blocked future exports of liquid natural gas, europe has to buy from russia instead of from america that hurts our jobs and helps putin, but this sudden example of biden's weakness. >> i was just going there one area that biden has not diggerred on -- biggerr diggerrdiggedderr. >> damages not only damages our domestic economy and its security but damages our national security. interesteddingly, there was no dithering on that, he came out with it, made no bones about it broadcast it
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to world. not what we'll do to the iranian backed militants or iran but gee wiz, the most important thing let's stop lng, should is such a boone to our economy, our jobs and lower energy prices and national security, as you say we can stand backing russia and iran on those. remarkable to me, how mistaken their priorities are. you are in hearing today, i believe, zuckerberg, meta, he apologized. and so forth, what do you make of that? anything will change? >> i think that big tech does enormous damage, the hearing of focused on damage to kids, as father of two teenage girls it is horrifying garbage that is shoveled to our kid, every parent i know is worried about that. and you know, i asked mark zuckerberg, i put up a jean thscreen they had come on
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instagram, said you are save searching for child pornography would you like to precede, i asked him what in the hell are you doing, encouraging fel facilitating. the pedophiles. larry: i agree with you. somehow there have to be guard rails, i don't want to destroy the fe terve tech companies, but other thing, i want to ask you, a vexing problem. we took this up in trump administration, what to do about tiktok. and bite dance in china, come dmift r communist run company, massive information that goes to beijing, for -- i know millions of kids look at the darn thing.
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but the fact is that we're helping the ccp . not our kids, we're helping ccp . last thought on that. >> you are right. one of people testifying of ceo of tiktok, i asked him that, he number one confirmed dyte dance, parent of tiktok is governed by chinese intelligence law that requires them obey chinese government, that requires them to lie about it why does tiktok give chinese kids the math and science videos exped keyi and education videos and limits time they can be on, and american kids kid garbage, they are deliberately undermining the children of america it is dangerous. larry: great senator ted cruz thank you, sir. >> thank you, larry.
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larry: all right, coming up on kudlow. interesting, serious matter , all of the economic forecasters. federal reserve, and pla blblah blah, and all of the economic models have been wrong. that is all. almost no one expected a strong 2023 or at least strong second half, no one, the question is, what are we going to do about it the answer we'll talk with kevin hassett and art laffer who kudlow returns. the models have to be fixed. i'm as guilty as anyone, we'll be right back. if your child has diabetes, you'll want the most accurate cgm, dexcom g7. it's on. and, he's off. you can see his glucose numbers right on your phone, so you can always be there for him with dexcom g7. ♪ ♪
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larry: welcome back we're a business show, dow jones fell over 300 points, probably after the feds signals a march -- unlikely rate cut, they may not cut rates in my lifetime, we turn to expert, gerri willis. reporter: stocks selling off after the federal reserve left rates unchanged. what the market predicted. but dow ending down 317. s&p off by 79 and nazdaq
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falling 345. s move was expected. it was what federal reserve chair j. powell said afterward that sparked sell-off, saying that fed is not ready to reduce rates until there was freightser confidence that anonymous -- greater confidence that inflation was moving toward central back 2% targets. the markets have priced in as many as 7 rate cuts for the year. hurting nazdaq and s&p 500 disappointing tech earnings. google and microsoft plunging on mounting costs for artificial intelligence. >> terrific. thank you, gerri willis. >> we have kevin hassett. and distinguished fellow and author of the drift. and art laffer, presidential medal of freedom recipient,
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and author of taxes have consequences. i begin with friend kevin hassett. we have kibbitz about this,y will put the fed thing aside. no reason for fed to cut now, more interestingly or importantly, from top to bottom, federal reserve, economists, cbo, "wall street journal," survey, philadelphia fed survey. nobody got 2023 right. nobody expected a 3% plus growth rate in the second half of 2023. this is after 550 bases points of interest rate hike, this is after the fed is pulling back on bank reserves, and monetary base. and the money supply. we were supposed to have had a big slowdown or a recession. the opposite has happened. i am not even looking at this left versus right. this is something for the
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economic professions to sort through. kevin hassett, everyone got it wrong, i'll raise my hand, i said either a big slowdown or a recession, i was wrong. now kevin, what the heck happens next? >> well, i'm thinking about what happened 30 years ago. you know problem with economics is you look at past data and then you assume that the data generating from ses for past works going forward. but 30 years ago, about was netscape, introduced a web browser thing it was 1995. and the web browser thing made it so internet could revolutionize america, what happened next economy kept surprising up. but there were 5 years in a row average return in s&p 500 was 30%, i'm beginning to think that artificial intelligence revolution will have the same impact that internet did.
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there is an interesting interview by my colleague at stanford in the tt that talks about his estimate of productivity, he knows this a.i. stuff. he. s that productivity might go up 3% a year over next 5 years. because of a.i. and i think that could be what is happening, there is surprising productivity from a.i. he has some specific case studies. where he showed that within a month or two of using a.i., firms say 10 to 20% productivity increases, i have not seen that in my lifetime. >> interesting. i will give credit where credit is due. yardnei was in soft landing camp or noland camp, he cites about a tick up in productivity, but art, i don't think that explaining this all forecasters were
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wrong. you know, you had huge fed tightening by any yard stick. what happened? the economy got stronger. 2023, a very good year. 2022 was not. the first half of 22 negative gdp . inflation comes down, economy goes up. the feds tightening does not matter, what happens here? how are adjustments going or maybe no one should listen to economic forecasters any more? >> i would rather watch a weather man myself. but, before get into the balloons and streamers and party horns, this economy is not a great economy. it really think is, we had nice growth this last year, yes inflation did come down. but the stock market today is at same level in real terms, as it was in march of 21, the participation rate is 62.95 percent, that is real low. it was like 67% when clinton
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left office, gdt growth has not caught up to what it was pre-pandemic. and the worst one. life expecting is down about 3 years, that is really bad what you are 83 like i am. i really count on that life expectancy not going down. ipi want it up, this economy is not in good shape, only thing doing well is immigration, that is hitting new highs every day, we must be attracting people really well with our economy. seriously this not a great economy, 3 .1% growth, given pandemic and what happened is not great. i don't do forecasting like you, it is a secular problem we have in the u.s., that circular problem is not -- secular problem is not improving that is why everyone, i mean everyone, look at median household income. if youment to see something terrible. you did in trump
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administration, ituant way want way up then down. larry: lit me raise this. -- let me raise that, there is still an affordability crisis, real average weekly earnings since biden has been president, down 4. 5%, fallen 4.5%. our 4.6. tip issues a poll, let's see, nearly 2/3 of people say they live paycheck to pay check. below 70 thousand, 68%, even making more than sif 70 thousand will do the afters, 44% have zero or less than 1,000 bucks in the bank account, no one has anything in way of emergency savings, they live paycheck to paycheck, 24% have zero in bank, and real wages are falling, this is not great. but you know, kevin
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hassett. >> it's not. larry: i think that economics profession, we'll get john taylor on, the pro fegd neeprofession needs to look in mirror and figure it out. i am not buying partisan. i know -- lefty bloggers were on my case because i thought that economy would be sluggish, and i admitted it was strong, they got on my case for admitting it, i don't care i'm a business host, i am not interested in lift versus right -- left versus right, i am interested in what went wrong. >> i think what happened, 30 years ago was we had data there was no internet, then we kept getting surprised on upside, i agree with art there is a lot of bad looking data, but we'll keep getting surprised up. the profi productivity boom that eric sees coming is
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palpable. >> we'll leave it there, art laffer and kevin hassett and economics forecasting profession, good-bye. >> biden border cat ca catastrophe and biden crime wave, why it the guy running against? we have joe concha and mar if your business needs a new application then developers will have to write code. a lot of code. if an application needs to be modernized then you'll need time, resources... and caffeine. if this sounds daunting then use watsonx code assistant ai designed to multiply developer productivity so you can generate code quickly. let's create a more modern foundation for business, with watsonx code assistant. ibm. let's create.
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. >> all i can do, give me the power, i asked for to the very day i got in the office, give me the people that -- give me the people that is stop this. larry: yeah, well, sorry joe. if did you all you could do, you would have closed border, and stopped the crime wave. and a lot of other problems. let's talk we have joe concha, media and politics
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columnist for the messenger and mark simone. hall of fame radio show host, from 10 to noon. thank you. mark simone, why is joe biden running, he can't do anything right. >> i would not call it running, i would it hobbling. he just lies all of the time, give me the power, there are 17 places in the constitution that give him absolute power over the border, that border patrol agent is one of the big lies, he took border patrol agents and have them in processing center, doing processing now, he wants more border agents to increase processing, put them back on the border patrolling, this is a mess, they said it was the economy stupid, everyone is now saying it's the border stupid. larry: can i follow through on this, joe i'll be with you. >> take your time. larry: we have tape of this horrible new york police
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department, two nypd guys, mugs or whatever. by illegals. if this were not bad enough. instead of standing up for it nobody stood up for the cops, so far as i know the mayor has not said a word, but they were released. right after yes -- i am sure they were charged with a felony, but they were released. right away. i don't think that there was any bail set, this is the worst part of this story, this? new york, in long island in chicago. in chicago suburbs. it is in california all of these sanctuary states, i want to put this out there, this is become a law and order, and no one is backing the long blue line. this goes back to you know couple years ago, everyone was attacking the cops, no one is backing the long blue line.
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>> in chicago 40 people formed a gang robbing stores in new york identified 100 migrants formed a pickpocket operation, a tough skill to learn, you have stuff like this. one report 5 people a day killed by illegals in the united states that is a lot of people. they are released. we have crazy district attorney, one in new york put in there but it george soros, governor will not remove them, we have 26 of those in u.s. r put in by george soros, bad das. larry: i said we have to put law and order policing in our political vocabulary. it has been taken out. i can't -- you know joe biden is not responsible for every individual crime. but you reap what you sow . >> he sewed it in 2019, he urged illegals to surge the
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border that when they started coming in the president saying, congress needs to act, to give me the tools to stop this. at last check, nancy pelosi was in charge of the house, for first two years-president's presidency, they controlled senate. they could have passed whatever they wanted to then, and they didn't because this is all intentional, bottom line, joe biden is polling 18% approval, abc news poll on the border, a number one issue. you tell me, why that matters? in swing states, a poll out today, you have joe biden trailing in georgia, arizona, north carolina, wisconsin, michigan, pennsylvania if he loses those states that a ragennesque type of landslide. larry: keeping of on stand landslides, our friend nikki haley had fundraisers in new york city and raised about a
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million and a half bucks, a drop in the bucket. interesting report today on another network's news but, paul singer, huge political giver he brings a big crowd of donors, they did not start with trump, trump's campaign manager suzie whiles spoke to them, they are now moving in trump's direction this is a big turn of avins , vines events. >> the thing about donors, they will back you like crazy, until they see which way the wind is blowing, tomorrow night an, vifnt an event in mar-a-lago, a lots of donors will show up to worm their way back to trump's world, they always back the wrong person and de-- dessert them before anyone else, they are wonderful. larry: what the story.
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>> 4 or 5 touchdowns, 28 points, trump has endorsement of sitting governor, both sitting senators, popular republicans like nancy mace. headwinds it against nikki haley. she is out. and then, we'll have longest, you made this point, longests general election season of all-times, no super tuesday, none of the fun right to bide inverright t to biden, versus president trump. larry: what will we do. >> talkings. larry: in a pinch, you want to talk vice president. political science textbooks, veep candidate does not matter, but you think this year will matter tell us why. >> because donald trump, if he wins will be a one-term president, two years after
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november 20er two t 24 cycle starts who is the front-runner almost always vice president, who he chooses could be 48 president, on democratic side, your vice president is kamala harris, 22% -- 1 in 5 could see her taking reigns as president right now that is a horrible number. on trump's side, who he decides to pick could be next president and other side in joe biden for whatever reason does not' to be president, then kamala harris is your president. that is something that donald trump should be driving home daily, that is the alternative. larry: 306s. a vice president ce you votes, trump needs a black candidate, a woman or something like that i like by republicbyron donalds. larry: you don't care about someone qualified to be president. >> okay, he can't take sara
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huckabee, a governor. >> tim scott. >> money. >> i'm giving you another shot. >> watching clock out. 44 to get out. >> vivek ramaswamy he will go to cabinet. >> we'll see, me, i'm keeping -- >> i hope not you. >> not me. >> i'm keeping my thoughts to myself. mark simone, and joe concha. the name of the new book. >> progressively worse, i love, that today's democrats are not your daddy's donkeys. kevin o'leary will come up next and teach us how to make a lets of money, this is a business show, sh he is a smart guy, i'm kudlow, we'll be right back. there are some things that work better together. like your workplace benefits and retirement savings. voya provides tools that help you make the right investment and benefit choices. so you can reach today's financial goals. and look forward to a more confident future. voya, well planned, well invested, well protected.
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♪ ♪
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♪ ♪ ♪ ♪ larry: soy g >> a delaware judge is jodiing elis voiding elon musk's 56 million dollar payday, lea lydia hu with details. >> it was unusual decision and unusual quote from the judge, her decision dares to boldly go where no man man has gone before, decided that elon musk competition
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package, the largest potential competition package ever observed. was unfair. to shareholders, elon musk pay was established in 2018, provided him no cash, and offers stock options each time that company hit a series of essca lat -- escalating can. when was package was approved. one shareholder owning 9 shares, challenged the package, claiming goals were easier to achieve than company disclosed and musk eckerted too much control over comp m compensation package. saying it incentivizes rusk
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musk and delivered value to shareholders, in past 5 years share price up over 800%. here is the take from entrepreneur, vivek ramaswamy. >> i'm hopeful that delaware supreme court overturns this. not for elon musk sake he will be fine, but sake of capitalism, and sake of future boards that are able to make the right decision, instead of behaving like a bunch of government bureaucrats. >> i reached out the tesla and attorneys from elon musk, did not immediately hear back, it reasonable to expect an appeal. >> i think that i havi vivek has it right, lydia hu thank you. >> springing in mr. wonderful, kevin o'leary. a quick thought. elon musk met all of his
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targets. he doesn't get a salary, why are judges telling the board or corporation what to do? that is corporate governance. and i think that vivek ramaswamy is right, you will throw capitalism out the window. what do you think? >> i agree. the should go to the supreme court and be challenged. remember shareholders made 800 x on this. they agreed to this package. he has proven himself to be an extraordinary individual, you think about what the man achieved in his early to mid career, no one has done what he has done, no matter what he pursues. whether tesla robot or brain implant or spa spacex. why would you want a judge, a single individual to decision what that is worth to society and shareholders,
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that is everything that is wrong with bureaucracy, i hope this gets challenged, this is not about the money, he is rich already. you want to align yourself with shareholders, that is all he has done, he said don't give my cash, give me no cash, i will grow the business, i make money when you make money. the essence of capitalism, we should protect it. larry: spot on. stock market sold off in afternoon, federal reserve said no, you will not having 6 or 7 rate cuts, there may not be any rate cuts. everyone is hanging on, your every word, that i want to make money, what should folks do? >> the market turn on a specific answer to a question about rate cuts in march, powell made it certain no chance, if you are in camp with a minimum of three rate cuts you have same policy past march, to summer. that was the
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disappointment. market is buoyant but everyone is realizing hanging offer word he has march is no in the cards, not happening. so i til tell everyone get over it this is interesting time and an election cycle there is a lot of volatility, powell is happen with what he has achieved so far, a soft landing to date. >> all forecasters were wrong, myself included. it is not a landing, a strong economy. profits are going up, there is no reason for fed to cut. i have 15 seconds, stay in the market? >> yes, but start looking at states, i did a tour of the whic competitive states in oklahoma, north dakota and now west virginia. >> all right we'll go have a road trip, kevin o'leary, i'm kudlow we'll be right back with my last word,
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time to be bold is helping people 55 and older with low vision regain your independence. go to timetobebold.org for a list of services in your state that will give you the tools and support you need to live your bold, best life. go to timetobebold.org today. larry: that's it for kudlow, thanks for watching, folks. in ♪ ♪

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