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tv   In Depth Larry Kudlow  CSPAN  July 7, 2022 6:18pm-8:12pm EDT

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if i could have a little more time being a politician last year and less time being a president i would kick them out but i do know what they were doing. >> host: larry kudlow be writing a book? >> guest: i don't have anything planned at the moment. i'm very busy. i'm loving life. never say never. at the moment i don't. let's go how many jobs you have? >> guest: well of course there's the "fox business" show everyday. it's from four to 5:00 p.m.. that's the bulk of what i do. i also do a lot of different segments for fbn and "fox news." in fact i did one this morning
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on "fox & friends" and i do a radio show every saturday morning for three hours a national radio show that runs heread on the radio but where livestreamed and we are also. i also do, i write op-ed pieces much constantly and some informal olga consulting with my friends on policies, pretty much anybody who asks. life after the white house's been terrific so it's a rogue blessing for me. let's go this is your second stint at the white house. your first being? >> guest: just a few years ago 40 years ago that was the economic deputy at the office of management and budget during the reagan administration.
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the director of going vegan those days was david stockman remains a friend of mine and that was my first job. >> host: larry kudlow or 2016 book connects the reagan revolution with jfk and what is that policy connection? >> guest: what kind of a story i wanted to tell for years it's been in the back of my head and i worked with a terrific researcher and co-author. basically in a nutshell john f. kennedy was a pro growth democrat. he was a taxcutting democrat. he was a supply-side democrat and when he ran in 1960, he really ran as the growth guy in
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richard nixon ran as the status quo in those days republican party was okay with very high tax rates. eisenhower had no interest in cutting these tax rate the in court -- and started from fdr's and kennedy didn't exclusively run on it but he said i want 5% growth. i want low unemployment because there had been three recessions during the eisenhower years. that's a little-known factoid that it is true. and the connection to reagan some 25 years later was reagan lowered marginal tax rates also and help reignite the more abundant economy one would argue as they do quite a bit on our show that the reagan tax cuts launched almost three decades of
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prosperity. jfk's tax cuts launched a decades long trend. unfortunately was unwound and undermined if by lbj's great society. richard nixon gerald ford, jimmy carter none of them understood tax cuts and none of them understood the incentive effects of the economic rope effects of lower marginal tax rates and maybe we could talk about that some more. and some very smart people arthur laffer who is still around thankfully my dearest friend and mentor and robert mondale nobel prize winner and jack kemp and others brought a supply-side. they sent the kennedy tax cuts to reagan and reagan looked at them and thought about the men ran on them. it was very controversial just as it was in jfk's day and it
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worked. reagan had two rounds of tax cuts and i was there for the first round that i was involved in the campaign to promote it. >> host: 1961 you quote jfk is saying it will be a major aim of our tax reform program to broaden the tax base and rates.der their >> guest: yes, absolutely. and there's some really really jfk quotes that could easily apply to reagan. in r fact listen kennedy was the first guy to use the phrase a rising tide lifts all votes. that phrase was used later by jack kemp, the late jack kemp was a deer friend and a mentor by reagan. i use it all the time. trump used it. the trump tax cuts which were more on the corporate side were
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enormous tax cuts and were cut from the same cloth as the reagan and jfk tax c cuts. so i was able to bridge reagan and trump on those policies. i was too young for jfk. i was only 17 when i went to the reagan white house. tax cuts, and if i may or want to go back. i'm reading a book the title of which is the jazz age. harding way too far maligned in my estimation. in the 1920s harding is vice president kelvin -- kelvin coolidge and his treasury secretary andrew mellon was a great figure from pittsburgh and an entrepreneurial tanker they
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put together huge reductions in marginal taxax rates. the income tax and i believe 1913 the 16th amendment started out as 7% and when woodrow wilson left office it was only 7% and we went into her recession after world war i. they brought tax rates down to 25% of launched a tremendous boom, prosperity boom in the 1920s. i'm going to go one more. you've got to give me one more. on this and that is another of my favorite figures is ulysses s. grant to he was arguably america's greatest general are one of itsea greatest generals they still teaches formations that west point. my friend and colleague were pretty good friends is a matter of fact. grant did two g things.
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two economic things in his administration and he never gets credit for this but the liberal historians will never give them credit but the fact is grant ended the civil war income tax, ended it, okay? in grant restored the greenback to goal. we had massive wartime inflation and high wartime taxes and grant ended both and helped launch the second industrial revolution which sometimes is referred to disparagingly as the gilded age but it was a phenomenal period in american life. just to be consistent by guy grant us cutting taxes, harding is cutting taxes, kennedy is cutting taxes reagan is cutting taxes and trump is cutting taxes. i served under the last two and
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i wish i would have been around for the others. it would have been at great fun. let's go all the books he worked on with business etc. you talk about economic terms and i was hoping we could have a broader discussion about how they'll work together taxes, growth. the bond market and the stock market. what is the interplay between all of these? >> guest: yeah i would simply say the absolute kasich key elements to economic growth and prosperity and let me step back a minute. i'm for growth a-9 for prosperity. in my whole career. it seems to me i've served in government and the first job i ever had was that the federal
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reserve at the federal reserve bank of newth york. i served in market operations. i was a secretary to paul volcker who was president. i've had three government assignments. it seems to me if you do nothing else you should perm out policy that would generate growth, prosperity, and jobs and options.s. i'm a free-market capitalist and i believe in free enterpriseer capitalism. i think it's the surest path to growth. when i was in the cnbc days and i had my show there for many years i used to open up to open up the show every night by saying free-market capitalism is the best tax prosperity and i've set it for many years. i believe that and i still believe that. so coming back to your points in your questions essentially you
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need the lowest possible tax rates, the least possible government intervention. think of it as minimal regulations and you need a sound currency. if you break that you move to policy regime of high tax rates, excessive government intervention and regulation and a defaced dollar and depreciated dollar, you will find yourself with high inflation, high employment and recession. i've argued down through the years that there are almost no exceptions to that, almost no exceptions to that. this is a controversial point. the economics profession nowadays like everything else in the academy n has moved far to e
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left and doesn't agree with that. although i will say the modern monetary is taking up pretty good. i'm not prepared to argue in historical terms as well as economic policy terms that those are the essential ingredients, the lowest possible tax rates, minimal government regulation and a sound reliable dollar. .. i won't argue the necessity part. although it is interesting. in the gilded age, j.p. morgan was his own fed and rescued the monetary system a couple of times. but is the fed too powerful? yes. right now, it is. the most troubling part of the
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fed to me is it has lost sight of its principal mission, which is to keep the currency sound and the price levels stable. nowadays, with all of this talk of woke culture and woke economics, the fed and some of its appointees talking more about climate change and price stability, diversity -- i'm not opposed to diversity, but i don't think that is the mission of the fed. the fed should manage its own human resources properly without any prejudices at all. but the fact that it wants to equa that it takes left wing socialist view, that we should all be equal at the finish line. when in fact in a free society
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like ours, what we won his equal opportunity at the starting line. and then theli finish line globl exercise our god-given talents in many different ways. but i think that is way too much geared towards something called equity and of course climate change which i am not a climate denier we do not have a climate emergency. we do not have some eggs is essential climate risk actually even un reports do not show this. this is become a political obsession, almost a religion. i think the fed completely utterly missed the boat on this inflation problem that we are experiencing today. in that last one is really unpardonable. >> one of the other issues that is brought up in this is a genre's income inequality. is that a concern? should we
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be concerned person x makes a ten times as much? >> that we should not. again the idea hear from me is we should, by law, of equality of opportunity at the starting line. absolutely by law. but we cannot guarantee equality of results. we cannot. even in communist countries even in the old soviet union. i grew up during the cold war particularly in the reagan years when he fought soviet communism. the only equality in the sovietq union was the equality of poverty. they were the richhe guys.
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there is no widespread prosperity that's true for all socialist on communist countries it seems to me. so, we should not strive to end something called inequality. we should strive for growth and prosperity. we should maximize opportunities. we want to have on limited opportunities. thatve is why i argue the government cannot manage the economy the government cannot manage the price system. the government cannot manage markets. you have literally thousands and millions of people operating in a free economy. at i want the economy to be free. i want them to all have the personal freedom. that is a job for the so-called private sector.
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free-market economics is the best best path to prosperity. i want individual freedom inside the economy. freedom to fail and freedom to succeed. one of the great aspects of america and it still true to this day, you've got an entrepreneurial story where people have an idea they might scratch up some money to finance it. it may not work, it may fail it may fail several times. you may go bankrupt. but at some point you make get it right and then become a massive success. a massive success. that is what is so brilliant about the gilded age, the industrial revolution the second industrial revolution. the information revolution in our lifetime the stuff we
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routinely use today did not exist when i was in prep school, college or starting out. all of that stuff. do you have a mimeograph machine and the truck? all that is is gone. we don't hardly xerox anymore. you're running this show on an iphone for heaven sakes and i love it. even old guy like me i figured out most of the stuff how to use it. so my point is you got kids dropping out of college working in garages trying to put things together. they fail, they fail than they succeed. that is the american story but behind that story behind that is freedom freedom. again if we lose that we will lose everything. so i spent a lifetime trying to promote freedom frankly and the economic sector where i know something about it. frankly all throughout, all throughout the country.
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i mean freedom of speech now there's a big debate. we've got misinformation, government bureaus, the stuff drives me b crazy. i won't call my friend but i dealings with elon musk when i was in the white house. what he is trying to do he calls himself a free speech absolutist or something like that. i love that free speech freedom of religion i want a free economy. a free economy will out produce every state run centrally planned economy. and i will sit here we are on for a couple of hours but i will sit here all day and tomorrow and show you historical examples of why a free economy outperforms the state economy. >> before we get too far from jfk and the reagan revolution. that fact about the three recessions in the 50s kind of surprised me. what happened? was that government policy was waxing and waning of supply and
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demand? >> there are a lot of factors after world war ii for this lot of factors after the korean war. i would just say principally you had 91% tax-free very high taxes. they're very onerous.f some critics of this view will say at high taxes but you have loopholes and nobody paid it. you had some loopholes. in very famous loopholes from h hollywood and stuff like that. most people, particularly the entrepreneurs had to pay very high income taxes for the more they earn more punitive the tax rate was. capitol gains taxes were high. the economy was smothered the incentive effect was so prominent during the harding and coolidge tax cuts those
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incentives weren't around. very government run economy. the highly regulated economy. the federal reserve properly i think kept the dollar stable. you had episodes of inflation will add to the exchange system and the federal reserve principally did a pretty good job on that. the economy had no other outlets. again it was tightly controlled by high taxes and regulations. there are important issues. ike has many wonderful qualities generalize president eisenhower
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economics was not one of them. it wasn't one of them. there's a long story thereto is top advisor was arthur burns one of them. burns advised nixon of course the ball down the road in the reagan years burns was ambassador to germany he and i became very, very friendly. he became a mentor of mine. i agreed that i had a point he opposed it throughout all those years eisenhower and nixon saw them work during the reagan years. anyway there were three recessions on the right. this gave kennedy a step up in the election.
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and i remember his son-in-law is a very dear personal friend of mine. i met nixon in the early 80s i was out of office back on wall street. and his-l son-in-law ed cox to bring in various policy people would go on foreign trips. by the way was very charming. i had written numerous op-ed pieces in the wall street journal criticizing nixon's economics as president but he did everything wrong, everything but raise taxes, took the dollar up the gold standard we have
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booming inflation. the first time i met him he comes in and looks at me. thyou don't think much of my economics do you mr. "kudlow"? [laughter] and i said no, sir i don't. as a very core moment. this is the mid 80s i'd served. reagan tax cuts worked. he was intellectuallyy honest. >> and sanity once more as a collection of your columns came out in 2018. i want to do a quote from them. this is election day 2016 november 8, 2016. forcing trade deals is spot on acting in the interest of american workers is correct. but large-scale tariffs are terrible. >> yes, yes. >> and believe it or not that is
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still my mantra. so this is a good story. president trump was much more attuned to tariffs than i was or that i am. and before i went into office i became the nec director in marc. he had just put through steel and aluminum tariffs. i did not agree. in fact our laugher and i think steve may have been on that point we wrote an op-ed piece criticizing this deal. and president trump knew all about it.n he read it when he was calling secretly to come in as the nec director of the subject came up once or twice.
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but we agreed to disagree. you know it is interesting. i am not a fang. of tariffs. tariffs are international taxes or tax rates. they tax work and production just as much as domestic tax rates. so i regard myself as a freefr trader. but, i'm going make two qualifications on this. one is, you do have to think about the issue of reciprocity. what is the other side doing to you on trade? this was an important point that trump made. he and i -- make it so interesting. the only two op-ed pieces i wrote when i was in his administration just to they both preceded g7 meetings. and in those i quoted a conversation he and i had where
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he believed that he was a free trader and under ideal circumstances thatms is to say o tariffs no nontariff barriers. and no subsidies. that is the world that trump yearned for. those were his goals. in their classic free-trade gold. no tax, zero tariffs, zero nontariff barriers and zero subsidies for favorite industries. and i wrote that and quoted that in one op-ed was the "washington post" before g7. most of the wall street journal before g7. and i remember at the g7 we had
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in canada which i think was 2018 north of >> we were at a bilateral with justin trudeau and president trump. and senior advisers line up on both. they are talking about trade because trump was threatened to impose car tariffs on canada which would have devastated canada. and trump said, you note justin, if we had no tariffs and no nontariff barriers and note subsidies we would all be in great shape as free traders. and trump looks at me i may be sitting one or two or three down from him and said youre have sad that your whole career, 30 years haven't you? and of course he knew that because we talked about it.
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but he expressed publicly that view. and he did itub later. so i had a lot of free-trade blood in him. people don't understand that. bob was his trade representative. a dear friend of mine, a brilliant guy. bob was just on my tv show we were in atlanta for america first policy conference. and we talked about this. and people forget we had usmca which was not perfect free-trade is a good free-trade deal. we had freed trade deals with japan, with the brazil, with south korea. both sides in the spirit of reciprocity gave up some protections. ndnow the biggest one was china and the most controversial one was china. trump had big tariffs on china. we do still have them three and
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65 billion. so far biden is not taken themhe off and i hope he doesn't. i would argue and as president trump argued we needed those tariffs to bring china to the table. if you will to get their attention. and i will give you another view which i completely agree. i agree then and i agree now. one of trump's greatest achievements as president was he rang the bell on the china threat. he made it very clear to people in this country and around the world that china is an adversary. they are not ourur friend. they are in economic adversary. they are a foreign policy
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adversary. and so his rhetoric was tough. his tariffs were tough. but we didn't bring them to the table. no one had been able to do that. no one before. we got a bunch of concessions from them. oand i was on that china trade team and it was hard going in beijing, washington and washington. this is the so-called phase i deal.e the phase one free-trade deal was rooted in tariffs, yes it was. there certain inconsistency there i understand the point that i am saying one assessor ty get the other part think the deal is holding up pretty good. it ain't perfect lots and lots and intellectual property theft. if set up institutional mechanisms to reduce
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they bought a lot of our commodities. a lot. not perhaps as much as a we want but a lot we ought to be asked to transfer technology still a work in progress. i think on the whole, phase one was a great success. trump would have been reelected we wouldld have moved on to phae two. so far nothing has happened. it's long-winded. but i am a free trader. as trump free trader? we wouldn't say it the way i would say. but again, and a perfect world he would agree with me no tariffs in a perfect world he like that he thought was a great idea. >> good afternoon and welcome to book tv in-depth program. our guest this month is larry kudlow. he is the author of american abundance which came out in 1997. jfk and the reagan revolution
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came out in 2016 and then a collection of his columns from creators syndicate came down and 2018. that is called insanity once more. for regular viewers of book tv you know this is our monthly call-in program. one author his or her body of work your calls, your text messages your tweets et cetera. here's how you get a hole of us if you have a question or comment for mr. "kudlow" 202 is area code 748-8200 per for those on the east and central time. (202)748-8201 prefer those of you in the mountain and pacific time zone. if you want to send a text message for text messages in late (202)748-8903 is the number for you. please include your first name and city if you would. were also school through our social media addresses. just remember @booktv is they handle there. will begin taking those in just a few minutes. mr. "kudlow", what was your
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reactionng from a lot of longtie republican friends when you join the trumpie administration? >> it was pretty good actually. it was very positive. people encourage me too do it. for a variety of reasons. i was not looking for. i was again pretty busy with tv on a different network, radio show and lots of speeches. i had worked with candidate trump and the campaign we worked on the tax cut plan in particular quite a lot. occasionally i was a spokesperson for him on economics duringim that campaign he invoked my name several times and some of the s debates much o my astonishment. hof course i knew him in new yk city for many, many years. he had been a guest on my tv
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show and my radio show. i always liked him and thought he was a major force for us not looking for a job. if you have a second i will tell you how it started. it is funny and march of 2018 is how this got started. we were up here in connecticut coming back from indoor tennis phone into the carts of the president. calls me up old overhead pretty good reception to the national
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economic council because we'd written this op-ed piece against the steel tariffs and said sunday afternoon. is that i'll call you back tomorrow night i said okay sir. [laughter] >> and the phone rings and the white house as it please hold for the president? >> yes. so anyway monday night i am home in new york and he did call. [laughter] that was when we had a more earnest direct conversation about the national economic council. he was about to make aco change.
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we talked about a bunch of policies. these are very good conversations and i enjoyed it. what he think about this? would he think about that? what should i do here? what should i do there?? as you know i'm not bashful about my views. he said no one knows we are having this conversation. that is what he said no nose were having this conversation. okay. sis i'm going to call you tomorrow night, going to call you tomorrow we'll talk some more. i said yes. so the next night we are having dinner -- we have a dinner group was some difference in new york city at bedtime. and i had the cell phone and my back pocket just in case. [laughter] the phone rang and it was him. i had to walk out onto fifth avenue was cold and drizzly out. but i wasn't going to take the call in the middle of this
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restaurant. he got much more specific on that call. in fact my wife came out to get me. we had to go home, i had to do a radio show with my pal john in those days every tuesday night we would do an hour. so we are talking going up madison avenue he's talking, and talking and finally i just said sir, are you offering me a position. [laughter] he said oh yes. you're my guy for them you are the only guy here no nose here were having this conversation for you are my guy congratulations. he said be a take the job? i said yes i will start thank you i'm honored. and i was honored. i love government service and i loved him. and so that was that. went and did the radio show. very dear friend of mine fabulous radioman mark simone who is part of that dinner group
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tells thedi story later "kudlow" takes a call from the president and dinner. it gets up, walks out of the restaurant and we didn't see him for four years. [laughter] that is how it happened. and then it gets better. in that call tuesday night some people said he offered me the job the night before but i didn't get it, i don't know. in any case he said you'll come thursday or friday but will have a press conference. no one knows this. so the next morning which is a wednesday morning i'm sitting at home preparing for my tv show. and he calls mean and says you look so handsome. i said sir? rex turned on the tv. and of course the news had broken everybody was running thisis thing. he leaked it.
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[laughter] wasn't supposed to go out. those are endearing qualities. one of the reasons i really like the guy. is just natural, and flows. maybe he could say something stiffly but he is who he is and i remain very loyal to him. >> host: did you know him is donald? >> guest: yes, i did. >> host: once you selected you ever call by his first name? >> never. when he was president elected then president and while i serve there he was either mr. president or sir. always. we went back to insanity once more. if it looks different hour set here is because we are at larry kudlow in his library up in ther wilds of connecticut. we appreciate very much you allowing us to come up here. back to your insanity once more book this is october 2020 per.
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>> were going to get in trouble. >> 2016 call. i want to thank melania trump for starting me onia the path of restored confidence in donald trump. >> guest: president trump, then candidate trump had said a couple of things that did not thrill me. i never left him they are just things that did not thrill me for their things to come up in that campaign you look back on it wasn't very important. but the moment during the campaign became aan big deal i d to talk about on the air. and i recall melania it was a wonderful, wonderful woman. we got to be good friends in the white house. she went on tv and defended presidentt trump.
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made it very clear she was 1000% behind him. and these things were passing and it was no big deal. i wrote about that it was funny. that column he told me later that he was personally not thrilled about that column. [laughter] but that melania love to me. he says melania loves you i'd didn't think you have to write it but she really loves you. it's a column about her. i do not know her i'm not one of her intimates. but i had great respect for her. and i watched her on a couple cable tv shows. it was very impressive and very clear to me that her support was
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unwavering. this column was written to some extent tongue and cheek. but yes, i did, i did. she liked it more than he did. [laughter] stupid look to for our viewers let's begin with a monte in spring, texas. monty you are on with larry kudlow go ahead and make your comment or question. >> caller: hello, yes. i had a question for mr. "kudlow"ud that, president trump made on may 3, 2019 were president trump said we are taking billions of dollars in the form of terrorists. as you know. [inaudible] we've never taken it from china. and now are taking billions and billions of dollars. that has had a very positive effect on things. i think both false statements we have been taking billions from china in the form of terrorists. in china did not pay the tariff
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systems paid by the american companies and consumers actually who are forced to pass on. >> host: monty i think we got the idea. he referenced may 3, 2019. it is about tariffs on china and taking in billions of dollars. is there something you can extrapolate from that? is little difficult to hear that when i agree. >> i'm not sure. in economic terms the tariffs impose a significant burden on china. they experienced it,th they saw because prices went up. and the demand for chinese currency went down. their inflation rate wentn up. interest rates went up. it is true those tariffs would be paid imports rather in that tariff world would be paid by u.s. companies. but you know the key point there
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was a de minimis impact. our economy was booming during that period the corporate tax cuts were so important and gave us such an advantage and that d regulation. but particularly of the world of trade in tariffs. again, as we discussed earlier tariffs or tax rates. we did increase tariff rates on certain chinese imports absolutely. particularly technology related imports. what i call the family jewels which we had to protect. but we had slashed the marginal corporate tax rate from 35% to 21%. which more thanha offset, more than offset any tear rate impact. as i was mentioning earl, even though i don't like tariffs in an ideal world, perhaps
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president trump doesn't either in an ideal world, he rang the warning bell and we brought them to the table and it wasn't until 2019, early 2020 that we finally consummated what became known as the phase one china trade dea >> i think i found, even though i'm a free trader i think they were necessary at times. there is a lot of talk about the biden administration and raising the corporate tax rate. a tremendous disadvantage. with damage the tough position we have now on china. so i would urge them with all my heart to keep those tax rates low we want to be as competitive as we can in money flowed back to the u.s.
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aside they turns out the corporate tax rates, the reduction in the corporate tax rates paid for themselves. we've just been getting irs data and i talked quite a bit about it on my show with art laffer. the laffer curve work. lower marginal tax rates created higher tax revenues, tax collections went up as tax rates went down. why yet more economic activity, more people working, earning more income. they paid more tax collectionsor even though the rates redundant income was up. by the way tax avoidance is much less no point in looking for tax shelters if you have a low tax rate. it's not worth the effort. we were able to withstand any de minimis impacts of the chinese
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terrorist we are well offset by lower corporate tax rates. that's the way i would see it. >> let's hear from georgie's in hudson florida. good afternoon. >> good afternoon how are you today. >> mr. kudlow i have watched your show religiously on the fox business channel because they don't have a 9-year-old around to set the dvr for me. anyway when i was going to ask you where are we going to be next year if we have joe biden office with his cognitive values and his craziness, or whatever you want too call them, he said
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there's something wrong with him i can't see anything like, but here is anybody in the government now the key take care of our economy. where are we going to be next year. >> thank you george, thank you for calling in. larry kudlow. >> i can't comment on the cognitive problems. i see what i see and i see what a lot of other people see and i'll leave that to doctors. i do think this is my own personal view as i said many, many times on the show that calvary is copy i think the midterm election is going to be a gop sweep. i think that will stop some of the economic and social accesses of the biden administration. i'm just giving you my own personal views here.
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i think the biggest problem were going to have in the next couple of years is getting high inflation down. i think the high inflation was a too much spending into much borrowing and the federal reserve missed the inflation, too much money printing. so we are paying for that now. the good news is like it was in the 70s. the bad news getting 8 - 10% inflation back 2% inflation. hopefully a republican congress will move to reduce funding and reduce borrowing. hopefully a republican congress will open the spigots towards oil and gas production and
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pipelines, all of which have been closedhi by biden and hopefully a republican congress would keep a sharp eye on the federal reserve to make sure they slow down the money supply and move their interest rates up accordingly and protect the value of the dollar. but i don't thinke it would be easy and i don't get when to be pain free. >> for those who do or don't watch your show there's something as we've been saying recently. we are going to play a quick montage she won't be able to see it but you will hear it. >> save america, kill the bill. >> save america, kill the bill that is still my motto. save the bill. now, save america and killed the bill. wisdom is simple, save america,
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kill the bill, save america, kill the bill. save america killed the bill. >> save america killed the bill and tonight i'm launching a new mantra kill any new bills that may come next year. [laughter] host: that's great. guest: there was. the good news is we kill theth bill. at least so far. it keepsps coming back. it became a rallying cry. i felt that bill depended on the litigation would be another $6 trillion of additional federal spending with massive inflationary consequences. massive inflationaryns consequences. and also hidden in that bill is very huge,ha tax hikes which would've done great damage toge the economy and done great damage to incentives to grow.
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on that, there was save america coalition that developed among conservative groups and i was a supporter of democrat joe manchin, causally supporting joe manchin. i thought he was a very brave democrat and he somebody would save the democratic party from himself if they ever gave him a chance. i wish he would arena primaries from the presidential run in 2024, joe is a friend of mine i don't talk policy under politics i talked policy. i think he did a heroic job. kyrsten sinema has done a great job fighting off the tax increases. so far we have killed the bill. i don't want any more bills. by the way i want to add one more thing there is another bill out there sometimes called the
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china compete bill which has nothing to do with competing with china which is $300 billion of additional federal spending industrial policies corporate welfare. host: richard is in brentwood maryland. good afternoon. caller: good afternoon. you should tell the top three interviews in the country, we appreciate your efforts. mr. kudlow you mentioned to the previous caller making nonclinical comments about mr. biden's cognitive abilities and listening to on the phone with stephen forbes and stephen moore, we actually called our president and idiot..
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enough of that. my question is this. guest: i don't believe i ever called him an idiot. caller: you did. the person married to taylor green. but anyway, you referred to the reagan tax cuts, tax policies three decades of prosperity. in fact his policies cost george bush the third a second term because it was economic that clinton ran on in the state of our country and taken us to the second bush which is the economic debacle as well. host: we have a lot on the table there. mr. kudlow. first of all the idiot remark and then will go into the economics. guest: i don't think i said that. perhaps i did in passing but i don't believe that.
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i've been critical of biden, idiot, i doubt it. putting that aside. pumper bush, temporarily reversed a small part of reagan's tax cuts and it's a mistake. we went into recession and we lost the recession pre-the bulk of his tax cuts and bill clinton who continue to raise the income tax. again when reagan came in it was 70%. when reagan left it was 28. pumper bush raised it to 31 with other tax hikes. i believe bill clinton took it to perhaps 40 i'm going to say. so still below 70. and then george w. bush brought it back down to 35. basically the tax cut stayed
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intact. they were as low as 28. they basically stayed intact. the incentive stayed intact. look again with proper bush, somebody help vice president bush and tried to talk him out of raising taxes when he was president they said don't do it and he didn't do it and he lost the election. >> richard and mary laid if you want a full explanation and the longer answer that mr. kudlow writes about that pretty extensively in jfk and the reagan revolution. >> you and i were talking yesterday and we tried to have this happy warrior purse on on the air that's why i was a little surprised. >> it's just not my way. i am very critical of biden. it's funny i wasn't at the beginning i gave him a honeymoon open chance and then i took at
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the left and his policies. but for me to get personal like that is very unusual. host: about tv in-depth program continues from larry kudlow's ralibrary in connecticut. we want to hear from you as well we are going to give you the numbers and how you can participate 202 is area code 748-8200 for those of you on the eastern central time zone (202)048-8201. if you want to send a text message to mr. kudlow (202)748-8903. again that is for text messages only. please include your first name and your city if you would. mr. kudlow would you go up andre move? >> a group innt englewood new jersey, roof kudlow was a
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businessman. she actually became a really good real estate agent. i have onean younger brother who has lived in hollywood, los angeles for many, many decades. i love him to death and he is my favorite highway liberal. host: what is he do at home? guest: he's a screenwriter postproduction and done very well for himself. he is my favorite hollywood liberal. a younger brother. host: i'm going to read a quote this is from the american public, you could take it with what you want. this was in the introduction. in late november 1995 i had no prospects, no confidence, no ambition and no sense i could do the job. what was going on. >> i had my crash and burn, hopeless addiction, alcohol and
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drugs in the time in my life had been building up and it went away to a treatment center in minnesota for five months to get well, my family, my security. and up to long-term care. november of 95 is when i got out and basically what i wrote was kind of true. i wasn't really sure what was going to happen. the most important thing was staying sober which i managed to stay sober for 27 years. coming up on 27 years. which is through god's grace and the greatest blessing of my life. those were tricky times.
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it seems like a long time ago things have been the most everywhere have worked out better than i ever dreamed possible or ever dear dream possible. judy and i, i better remember this, i think 35 years married this summer, 27 years sobriety. god has been very good to be. god has been very good tobe me. at that point i was being honest in that book, who knew, i did not know i had no idea. host: what do you remember about the last few months were the first months of the 1995 end of year. guest: blessedlyly very little o be honest with you.
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i still go to 12 step meetings, i'm still very active in 12 steps and a very active in my church it i think about that stuff from time to time every now and then the way it works in the 12 step maybe on your anniversary or not you're asked to tell your story in front of a group called qualification. i don't want to bore the viewers but we go back in time a little bit and think about that. you never want to lose that they were terrible terrible days. terrible days. i will spare the qualification here on c-span but i will say it was the worst moments of my life without any question. i don't think, i returned to faith, i returned to a more
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spiritual way of looking at the world and i will also say,at things that i have learned from the 12 step group have served me very well in my career these last three decades. served me very well of course i'll be honest about all of this and it's come up time to time. i've done interviews on it. i see in the trump white house on my 25th anniversary melania was hosting a conference on alcohol and drugs. it so happened, they found out
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and i don't know maybe one of my ladies that was my 20 for theater bursary coming up and she asked me to speak which i did in a a general way but you know, if you think about it. from that point in 1995 to being a very senior presidential advisor, it's a long stones throw but one cannot happen without the other. it could not have happened. and very grateful for that. and as i say god has been very good to me and i tried to follow his path. i am not perfect i try to follow his path. host: let's go back to calls jim in rochester, new york you are on with larry kudlow.
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>> mr. kudlow i am wondering what your opinion is. the u.s. debt of 30 trillion, the unfunded liabilities that we have in social security medicare is coming up and getting closer and closer. also the 9 trillion-dollar balance sheet that the fed has. what kind of effect are we going to have when interest rates begin to return to anything b close to normal. it seems to me that there is a growing concern. i think it's a cato institute that published the book at various editorials called fiscal cliff and very concerning and what your opinion is of it. i will take my answer off the air. host: thank you jim. thank you. guest: those are very good
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questions. they are different trade the one is entitlement question on social security and medicare. the second one is the balance sheet of the fed called thehe monetary base which is briefly for our viewers. especially printing money. the government spends money. it borrows to finance its spending and all toooo frequenty the central bank, the federal reserve purchases the bonds that uncle sam sells. let's put faith and credit but when the fed buys those bonds they create money that's what central banks do. i could go on and on in my entire professional career back in 1973.
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in any case the entitlement problem is an issue. i don't believe you'll ever be a default, social security obligation or for that medicare obligations. at the end of the day the government sells bonds to raise the money we gotta pay her taxes for social security or medicare. medicare is not funded anymore by payroll taxes it is mostly funded as a general obligation and those obligations are financed. somebody in power and progress is going to have to look at that. very valuable systems that need
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to be preserved, they can be reformed, there are a number of decent proposals out there to reform social security, to reform medicare but we spend more than we taken that the generic problem throughout the entire government and is going to have to be looked at. the other point the viewer made interest rates were returned to something more normal, not to be 0 anymore, mortgage rates are up 5%. ten year bond rates are moving to 3% in my view both will go higher because of the inflation in the federal reserve to stop the inflation. that will add to the burden in the financing of federal debt in general is would be a lot more expensive. one other point these are all reasons why i don't want any more federal spending on
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domestic discretionary programs. that's why say save america, kill the bill we don't needon another $5 trillion worth of domestic spending. we can't afford it. it's going to be extremely costly to finance and ultimately it is inflationary. i want to say i have been an opponent of the bite in the ministrations policy. by the way, not alone, democrats like larry summers and jason furman have also but the point is. we have to come up with no new spending at all. that's separate of my concerns of raising marginal tax rates and the negative incentive in the economic growth. we can't keep doing this read
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it's a matter of common sense. let me put it to you that way. i know i'm a republican i know i'm a reagan and the trump guy and i'm a conservative on the supply side. i'm not masqueraded with anything else but i just want to say i think what you are seeing in the polls in the run-up to the midterms a matter of common sense people do not want to go out this far to the left whether it's government spending or ending fossil fuels were taken parens out of the classrooms or the open border or the foreign policy. it's not a campaign commercial, i'm just saying what you have here isis administration that is departed from traditional democrats concerned.
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this is why i love joe manchin so much. by the way i speak as a former democrat. many years ago i acknowledge it was 45 or 50 years ago. i work for ronald reagan a former general entry democrat, i work for donald trump a former democrat. i've often said that the best republicans are former democrats not every republican senator agrees with me on that but i say that tongue-in-cheek but this extremism in the biden administration is been rejected, it just lacks common sense. that is all. you are sitting there and you see an inflation rate, this is before the invasion in ukraine. inflation rate from less than 2% to 7% before ukraine and here they come back with a new proposal which a gradual budget office of $5 trillion of spending another $3 trillion of debt. you say to yourself, we can't do
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this. and joe manchin was a standup guy along with kyrsten sinema and i noticed some other democrats, moderate democrats beginning to lineup. the stuff going on at the border is not sustainable. you see a whole bunch ofus democrats. i know that from swing states but i don't need to question their motives. the fact is we can't establish couple million people cross the border every year, we cannot do that it is notbo sustainable. just like were knocking and natural gas and fossil fuels in the nextth 8 - 10 years because there is nothing to replace it. people know that. . . . a lot of work to do. i think that you will see a big change. but i think the congressional changes coming. but i think the biggest change
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and the most important change will be 2024. because in order to effect majo will affect major reforms. span endor of these areas with taxes, inflation, spending, the border, education or civil rights for what have you. you need the white house. and i believe we're going to see different occupants. >> host: joint ninth 2010 talking business insider this the quote, i don't see this as a huge problem right now at all. it is quite manageable, talk about the $22.5 trillion debt at that point. >> yes. as a shared gdp one is this? >> july 8, 2019. quicker still under one 100% under gdp. i didn't see it as a big
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problem. actually it's funny i have a lot history of not being a debt monger. so my traditional conservative friends do not like that. i am much more interested but here's where my theme of economic growth comes into play. growth in the economy. now let's go back. this is true in the regular tax cut days but let's go back to the trump tax cut. his tax cuts were price out by the congressional budget office i'm joint tax committee on a static basis meaning no economic growth at the time. $1.5 trillion. and of course you have a democrat said oh my god that will raise the deficit and the
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debt. they've never cared about that. tax cuts i might add would not only promote growth brought unemployment to record low levels. brought minority unemployment to record low levels. brought poverty to record low levels. they also paid for themselves. they did not inure one, never said they would pray they didn't in year two, and yes there is a debt increase although these numbers come in from the irs on the treasury to show record revenues. they show the corporate tax good
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work. in the first year or two, you may have to borrow money to finance the work tax rates. but i would save their individual rights or corporate rates or business rates you are making an investment. you are making an investment in future growth, prosperity and jobs including minority especially minorities. you're making investments andng middle-class working folks blue-collar working folks. so it is worthth it to incur a temporary deficit which will increase the debt. it is worth it. because down the road everyone will benefit. studies on the left of center the bookings they are not crazyt about this but it's left of center. 80% of the people got tax
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relief. i supported him in this and steve munition supported him on this, 60 or 70% the benefits of the corporate tax cut went to working folks middle income typical families. that was worth it. when i made theta statement in 2019 i stick to it did not bother me. what bothers me you're going to spend a lot of money that will not enhance growth. that bothers me. okay? i'll go back to my experience as a young man in the reagan budget office. reagan was not particularly worried about deficits. he would a little but he did. he had two priorities. one was to cut to rejuvenate the
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uteconomy. the second was a put money in defense to defeat soviets, he did both. deficits temporarily went up, so did the debt. but he achieved his ends. the economy grew as i said before nearly three decades of prosperity with some very small interruptions. we defeated soviet communism. growth, peace through strength., strong at home, strong abroad. week at home, always weak abroad. those are the difference brett learned that from reagan and i have never forgotten in 40 plus years. i will say to you as a senior trump advisor he believed the same thing. weakness at home breeds weakness abroad. strength at home breed strength
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abroad. what did trump do? heat/corporate and small business tax rates, grew the economy, reinvigorated the economy unemployment fell. put a lot of money into the defense budget, we had to do that at that point wasn't russia as it was china. john f. kennedy talked about strength at home, strength abroad. candidate was affirm anti-communist people forget this. but i know it's a long time ago. if kennedy were alive today he would have been a reagan trump voter. i'm just saying kennedy wanted growth at holford 5% growth which he got posthumously from his tax cut pretty fought the soviet union tooth and nail. these are not historical coincidences. these are historical principles that worked worthy or a democrat or a republican. one of my arguments today i'll
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be honest with you as a former democrat. he wasn't a democrat is half republican for the point i want to make is this, there was a time when the two parties were a lot closerre together. this far left stuff is being rejected by commonsense people throughout the country. and you know what? i have so much faith in america. i'm a hopeless aust optimists. i'm a hopeless optimist about this country songs to protect its freedoms. this far left awoke aberration on the pounds that is my take. hooks comes from martin in dayton, ohio. hi martin. >> thanks are valid really grateful i'm listening to lyrica though long time the cnbc days.
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i generally would always listen to him. not always agree but always listen pray three things in migration and tax. first of all it's a great podcast called macro music personal homework listen to that. that can help us. personal immigration is chaotic rightic now. we don't have birthright we don't replace our people. her birth rate is way too low. we actually need immigration to bigger, stronger place. people who want to have 200 million people inll america. we just buy with three and 50 student 60 people in america. that would make us better. you talk about growth that's where you get it. you get them on a pathway to citizenship a green card this are paying into the system. that's i solve the problem rates for some reason people on the right type of people on the left extreme and they are. is a lot of extreme wackos on the right to got americans at
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first these know r nothing peop. that is going nowhere. secondly inflation. we went hey martin, there's a lot there to play with them i appreciate you pulling in. >> guest: very well done. you are the third-best interview per. >> one of the three. quite even better. at least part of what the caller said i agree with. immigration is a good thing, not a bad thing of course american has a great long tradition of i immigration. it's what i don't like, i don't like illegal immigration but i don't like openke borders. i think that's kind of where we are. my own views have changed revolved over this question because i'm a strong pro- immigration reform or.
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but the border crisis the catastrophe at the border is something we cannot be allowed to continue. it is not sustainable and all of its many forms. president trump on this basically did two things. one is he got control of the border through the remain in mexico policy to building a waln policy. hunter basically i remain andss mexico was essentially catch and deport. illegal immigration. illegal immigration includes drug traffic grant crisis point, trafficking, kids trafficking. we cannot allow that.
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my views have been tough on the board up and look at what's happened on the border in recent years. i think the bidens have made a terrible mistake opening up the border per title 42 if you're going get rid of that replace it with something else like sentinel emergency. what i will call illegalfo immigration reform. when very good plant which we can never get to congress. that will require new elbow grease new white house there are a numbers of ways we can legal, productively, consistent with economic growth allow a million or million plus perhaps illegal immigrants per year. i don't have any problem with that. of course america was founded on
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immigrants. her fabulous economic growthra over the last several centuries. what about right-wing wackos you mention marco corian is a pretty smart guy. i'm not sure what a right wing wacko is. i do not know brickwork is hear from tom in phoenix. tom go ahead. >> hi, thank you for taking my call. mr. "kudlow" you seem to be a person respectful to everybody. but comments were made, my assessment as they are accurate and true. so how bad can they be? but at any rate save america,
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killed the bill. your education is a service to this country. will help change things around from the disaster we have now. there's a lot of people on the right who are writing books ands talking. our services greatly appreciated. to see these on tv like cnn, i'm sorry not see an end program we are on. i used to write to the white house office of correspondence but i don't know if the president ever gets to read them, maybe you can tell me. i used to refer to him as the president teacher. the rate he spoke, people understood they got it was not any fancy dancy stuff. and i see you do lots of the same on the economic side. i appreciate that, thank you. we went thank you tom. >> guest: think he would that's very kind i appreciate it. bye and long historyav c-span. proud of it.
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and actually in my book america abundance i have a hats off to brian lamb he was a giant iconic figure. i am honored to be on the show today, love to do service with c-span. two but i want get answer this but tom answered -- asked about the president and access to hearing from the public but how often? you have been in the oval office twice now. how often does it become a bubble? >> actually with president trump i would say he kept in touch with more people, more frequently. he's constantly on the phone. that is the thing. which made it very interesting. let's are we having a big highfalutin policy meeting.
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let's say the economy, okay? we have it meeting in the oval with the boss. my mission is there, i am there, and others are there. anyway, very important meeting with the boss. some subject would come up. it could beat taxes could be traded. could be housing could beat fossil fuel there's no end to it. you start off by raising site sort we are- here. i want a lot of these meetings. and he would listen he would yell out to thehi outer oval office it get me so and so on the phone. i want to talk to them pretty want to talk to her. it would be his mind would associate somebody he knew outside the government who might
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have something interesting to say about the topic. and he would put that person on the phone. put the speakerphone on and they would join ourey meeting. okay? this would happen this was regularity. i know also even when we are not informal meetings that he was constantly on the phone with people, and people you might be surprised. everyone was a trump supporter.e not everyone was a republican. we wanted to get as many inputs as he possibly could. he's not giving away trade it's not like he was randomly calling people for national security meeting. none of that. will call the open ended discussion not decision discussions which would be governed by various executive ordinances.
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but rather open ended discussions kicking stuff around. love to bring in people, ceos, sometimes broadcasters. friends, and that tradition the so-called experts including weno don't all have all of the wisdom, do know what i mean? and trump was great bring in new blood. trump was great and staying inth touch with people who are not in the government. that iare frustrated by thought it was a great idea. >> by the way out to the same thing on my own.
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i would like to hear from so-and-so, so and so i've been around the block for long time. i know people out there who have opinions that i am interested in hearing. i loved it when he did that, loved it. we used to have national -- and a seat national economic council would have cabinet lunches every two weeks. we would and by our predecessors and i did it we would invite people outside the government to speak to us during the lunch. we would go down to the board room it was refreshing. they could say anything they want, we needed to hear. trump is the same way pretty thought he was fabulous. experts will be the death of us. no i don't want expert to many experts, just saying. >> every author who appears on in-depth we ask him or her for their favorite books and what
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they are currently reading. here is larry kudlow's list for his favorit' books include john stanford the investigator, brett baird to rescue the republic, branko made the present and the freedom fighter. currently reading or just read steve forbes on inflation. brian the emergence of arthur laffer. charles morris tycoons. and ryan walters the ageof president. which of those would you like to bring up specifically? any of them? >> i like to say two things for the numbness of my favorite books of allfa time. that's what i have read or am reading now. i want to say john sanford i love to read. this, by the way these are fiction. i've written a million books of
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mystery, cops, cia, sanford wrecked his favorite tapas lucas davenport. after the years i've read so many john sanford books i believe i know lucas davenportrd very, very well. i've been intimately involved davenport's family for this is a book about lucas davenport's daughter and about halfway through part i will let you know. i'd also like say jamie lee burke who wrote about my other favorite cop a guy in louisianai southern louisiana. i don't have a jamie lee burke stuff. i've never met john safford. i'd love to read both of them they are fabulous writers. lucas davenport should sometimes actually meet david robichaux. david robichaux by the way is a recovering alcoholic and
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actually some of his books go into aa meetings. [laughter] that is how good they are. i enjoy steve forbes who is a very dear friend. longtime collaborator. his book on inflation is terrific. it is a must read because inflation is so very, very important. i wanted to say brett baird wrote a very good book about u.s. grants. i had brett on my tv and radio shows. excellent book about grant. as i said earlier it was one of my favorite presidents. branko made wrote a terrific book about abraham lincoln and frederick douglass. two opponents on slavery different styles, differentyl positions. a very, very important book pretty did a good job.
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i really am very keen on the books are brought with you. i wasn't sure the assignment was going to be paid the two books i'm really keen on, one is the book about the gilded age. which is a charlie morris book, or ever i putut that. that is the jazz age. .the tycoons -- that links to te jazz age by the jazz age book is about worn heart. but i want to group them altogether going to give an opinion here. left wing historians have destroyed these presidents. by the way the tried to destroy grants the c-span quadrennial list of presidential rankings, ... grant has been moving up
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steadily pick. >> deservedly so. >> not only did he win the civil war on the battlefield but as i said to you yesterday, grant was the guy who tried to enforce reconstruction. grant was the guy who took on the ku klux klan. and by the way grant had that civil war income tax andta reste the value of the dollar to stop civil war inflation. liberal historians do not like they do not like warren g harding. they do not like calvin they used to not like ronald reaganom. they realize reagan. so look, let's go to the gilded age. the gilded age -- i'm going to define it kind of like 1870 -- 1910 or something.
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we'll give me some running room on that. it actually going to include u.s. grants into this. grant was present from 68 -- 76 by the gilded age was a second industrial revolution. the gilded age was a nominal period of inventions, or railroads, across the country. airplanes, oil, the applications of oil, i just brought a list. gosh i was hoping we could go into the stuff. electricity, telegraph reruns, telegraphs, airplanes, the red cross, i mean come on. they're badmouthing everything. out to be villains base about social climbing and stuff like that. they completely missed the big picture. this is unheralded prosperity
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for the united states. america became the greatest country in the worldme economically during the so-called gilded age. as a second industrial revolution. my saintly wife is also a terrific painter, artist, you had the hudson river painterser came through, winslow homer tremendous stuff. steven crane, elizabeth warden, horatio, it was chicago exposition of 1893 pretty hope i get this right. if i don't correct me to the 183 or 1896. the wright brothers 1903 was for the gilded age. what charles larson does he chronicles a few of these guys. carnegie and j.p. morgan. i am just saying this is an era of american greatness and prosperity with tens of millions
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of people getting higher paying jobs. you just cannot ask for more. it was a tremendous period of literature and creative art. there's lots of good books about this with the type cones is a great place to start. a lot of good books about this. build brand data university of texas is written about this, and number of stories. ghliberal historians of slaughtered this age they are wrong. they just missed the point. i do not know why. the progressive. under woodrow wilson cannot post like this. the jazz age and again you get people like to kill harding. now, there was corruption in the administration. but as mr. walter shows, had nothing to do with hardy. and the people who were corrupt got busted. they're thrown in jail.
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tell us hardy had nothing to do with it. he was good,d, middle-of-the-rod conservative senator from ohio. here's the thing about harding, returns to normalcy. harding again i said this earlier in the show, working with calvin coolidge was another guy liberals hate coolidge. coolidge by the weight may be the first guy who stopped the police drive in massachusetts. people forget about that. he was tough on crime that's a big issue today. and andrew mellon was the quarterback. lathey/tax rates. and they/spending. and they even slashed the federal debt even though i don't care about that as much somet people do.he and we had unbelievable prosperity in the 1920s. again, another industrial age. literature, art, everything. and unfortunately herbert hoover
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came in. even though he was a republican and he served, coolidge called him wonder boy. very good businessman he was a mining engineer. he was a great humanitarian with world war i. but his secretary of commerce he had no time because he is a big government guy. hoover was a big government guy even though had thest hoover institution at stanford hoover himself took the tax rate from 25 -- 65%. and he signed the tariff i know there were restrictive tariffs in the republican years but not like that. it was a terrible mistake. it turned really what was that modest downturn into a major discussion. and fdr in my view made it all worse. he kept regulating taxes and cap regulating. so i'm reading these books i like these books.
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i love the gilded age stuffif personally. you can ploter me. grover cleveland the democrat is one of my favorite presidents. he was a pro gold vending cutter, it would not fathom the income tax from buffalo, newlo york he was the mayor of buffalo, governor of new york and president. i think all at about five, six, eight years. he's only got to come back and be president again i think. i like grover cleveland elect u.s. grants. i like warren harding but especially like calvin coolidge. and i like ronald reagan. and i like donald trump. >> wasn't grover cleveland the father of little baby? [laughter] his opponents go after these guys on those grounds.
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grover cleveland was the last goal democrat. william jennings bryan we could go through that. we went we have time for one or two more calls. john and lakeland, florida you are on with larry kudlow. johnny with, this? x this is john. i want to know if you think john kennedy the senator from louisiana would be a good presidential candidate in 2024? >> thank you sir were going to leave it right there. we are running short on time. >> is a very smart man. very, very smart man. i will leave it there.yo we want to see someone you know? when you are in the white house
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how often you talk to senators or congressmen, constantly? >> constantly. let it dealings with senator kennedy. i actually introduced him pretty spoke here at the big state party fundraiser. i introduced him is just on my tv show is a very smart guy. >> frank, kirkland florida. you are on the air. >> hi is kirk and washington but how are you? you asked wonderful questions mr. "kudlow". i happy to enjoy somewhat agree with some of the position. i think the color may be to behind. i mentioned about spending the trump administration. that has always been for me. people here in the state of washington the republicans
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caricatured it commit and fix that. what is "kudlow"'s position on that? about robots coming in taking place. he made it a position there being no more jobs.h. i take my question off thank you very much. >> alright, that was a little hard to hear. did you get anything out of that that you can respond? sweetie robots are not going to replace the workforce with that's was exaggerated overstated argument. robots will help grow the economy and create jobs. just like all of these industrial revolution improvements do. call that gales of creative
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destruction. and i am a great advocate of that. i'm not sure i heard his first question. they went i just could not hear clearly enough to put words in his mouth. but i don't to do something here are last five minutes. want to go through some headlines. get your quick take on these. these are from recent newspapers. here's that "new york times" story on tucker carlson american nationals. >> i read it quickly. tucker's longtime friend of mine. he's a very smart guy. he has done a fabulous job as a broadcaster. it just looks like "new york times" a political hit job to me. >> wall street journal, u.s. economy shrinks 1.4%. overhear amazon loses money. beck's high inflation again high inflation the fed is going have to take away the punch bowl.
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the stock market is going to be in for a rough time the next si. but i do want to say this, people should buy and own stock for the long run. the fact the market does go down smart which i think is likely because i think the economy is going to go through stagflation part may be on the front endou f her session next year. people should buy in the indexes and hold on forever pre-do not try to out trade thehe market. and again the calvary is coming. >> host: by sit and chat washington post biden plan for ukraine signals deepening war. >> i did notot read that. i will set my view is joe bidena has been a dollar short and a day late on helping ukraine. but, i will also sayy it looks like they are catching up to where they need to be. i'm very impressed with defense
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secretary lloyd austin about this. and i think the united states should do everything it can. everything it can to help the ukrainians win the war in ukraine. not american troops on the ground. everything we should help make ukraine win the war and drive the russians out of their territory. >> tim milani immediate reaction to elon musk. >> i happen to like elon musk pay to really like what he has doing and respect to twitter and his crusades for free speech. happy to have them on board. >> won a story this is from the washington post. proud boys members pleads guilty in january 6 cooperation. january 6 where were you? >> i was in my office on the second floor.
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i did not read that. i will just make one comment generally six was a rough day for everybody. people who accuse my former boss donald trump of somehow tormenting insurrection or revolution they ought to go back and look at some facts and my friend murdoch has wrote about this but others have two. it was president trump ten -- 20000 national guard's people to police the capitol and the city ofof washington. by the speaker of the house for a guy who has said in trying to promote insurrection and you think it's odd you wanted 20000 national guard's people into protect the city and the capitol? so i will just leave that therapy.
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>> from insanity once more which is a a collection of larry kudlow's columns, september 16, 2017 there is not a racist table white supremacist bone in donald trump's body. we'll finish with this quote from larry kudlow to people magazine. i don't believe ine retirement. do notot understand the word. i just adore working for it as a virtue. what else am i going to do? >> i don't believe there is a racist bone in donald trump's body? i will repeat that. and i cannot imagine not working. as long as the lord gives me strength to work on the opportunities i will continue to work. i love it too much. you'll -- i will just kind of keel over on the set of some tv ndshow print you'll cart cart me away it will be done with it. >> larry kudlow thank you for being a book tv. thank you to both you and your wife judy for hosting us here. your saintly wife judy for
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