Kudlow : FBC : July 12, 2024 4:00pm-5:00pm EDT : Free Borrow & Streaming : Internet Archive (2024)

technical really. the gap between the performance of large cap and small cap, the gap between growth and value, the gap between, you knows the mag 7 and everybody else has just gotten so huge. and we've been talking about it for a long time. but people are chomping at the bit to be able to diversify their portfolios and to find something that's beaten down that isn't up is so they can get involved in it. liz: tom, good to see you with. we thank you very much. folks, what -- did i point this out just a few minutes ago? a little bit of profit taking means no new record for the dowment and the dow just lost, still a gain of 225 points. no record for the s&p or anybody else, but and i -- ♪ ♪ larry: hello, folks, welcome to "kudlow," i'm larry kudlow. president trump has a growth think platte forge now he just needs the right running mate to

help him sell it. who's it going to be? i think that's the biggest story right now. we'll have congressmen byron donalds and wesley hunt on that and a whole lot more. first up, more economic falsehoods from joe biden last night, surprise, surprise. and edward lawrence, the indomitable edward lawrence, has all the details. edward, what's cooking? >> reporter: well, larry, the biden administration loves to cherry pick good economic data to highlight. and last night was no exception to that story. the president had a notebook in front of him with a few notes, but he still said this: >> of you and many economists thought my if initial initiatives that i put forward can't do the that, it's going to cause inflation. things are going to skyrocket. the debt's going to go up. what are you hearing now from mainstream economists? >> reporter: you know, economists were right about his initial initiatives. look at the timing of inflation

spiking. in 2020 the federal reserve was lamenting how they could get inflation if back up to 2% once the biden administration started implementing its policies, inflation skyrocketed to 9.11% about a year and a half into his presidency and now it's 3%, more than double when he got into office. his close advisers defended him in the news conference performance and his ability. is he using the note cards to help him with whatever topic is going on? >> the president doesn't use a note card to talk to me. we talk about policies that are, that are on the table and making decisions. if. >> reporter: still the on jobs in the news conference the president said this -- >> name me a world leader who wouldn't want to trade places with our economy. we've created over 800,000 manufacturing jobs, 1.5 million -- i mean, so things are moving. we've got more to go. working class people still have,

need help. corporate greed is still at large. >> reporter: so he's back to blaming companies for inflation again. according to the bureau of labor statistics, the economy added back the jobs from the pandemic and created 6.3 million jobs. the economy added back the jobs from the pandemic and created 170,000 manufacturing jobs. and, larry, if he had called on fox business, i would have given him a realtime fact check on this. we're happy the fact check here today. back to you. larry: one thing he got right, he said, what'd he say? critics said my policies spend and borrow too. he got that right. [laughter] and actually, you know, the thing is, edward, just to take a moment out because you do such fabulous work, and we are most grateful for what you do on a daily basis. but, you know, the inflation, the yearly inflation rates, the 12-month changes have come down, okay? that's good. >> reporter: right. larry: i don't think it's any help from the if white house which continues to spend

enormously. we're going to have $2 trillion deficits as far as the eye can see according to the cbo baseline. it's the federal reserve tightening of the money supply and raising interest rates, but inflation is a stubborn, long-term process. so even though here in the middle of 2024 the yearly changes are back down to, say, 3, 3.5%, actually people are still feeling the tail wave of all of that that was started in early '21. it doesn't go away overnight. and i don't think the administration understands that that is caused, if you will, kitchen tables to shrink throughout middle america. >> reporter: and one more point on this. you're talking about inflation which is the increase in prices, not a deflation where prices are coming down. is so we already have higher prices. s this is just a slower rate of increasing. so we already have the 19% prices overall more than when

president biden got into office, and that's what people are really feeling. larry: indeed, 100%. edward lawrence, have a wonderful weekend. we will talk next week. now, folks, president trump has an excellent growthy platform to run on. all that's left is to pick a first rate, solid running mate to help him sell it, and that's the subject of tonight's riff. ♪ larry: all right. former president trump seemed to suggest today that he will name his vice presidential running mate at the milwaukee convention next week. mr. trump made major, important headlines when he announced his policy platform last monday. that's a week before the convention. it's thiest with republican -- growthiest republican platform since ronald reagan 44 years ago. in between last monday and the opening of the gop convention this coming monday, there's been a lot of dog-chasing tail reporters running down blind alleys, hollywood stars looking to frantically reapply their

makeup. in other words, a whole lot of gobbledygook about running joe biden out of the democratic party it has come to nothing. we already know what a left-wing, big government, socialist, progressive policy failure mr. biden is. that's a key point. now, trump's platform was positive, optimistic, upbeat, growthier, problem-solving, border-closing, just chock full of common sense. it actually puts him as a mainstream centrist who can unify the country through his many successes. so his vp pick is going to be important because it shows who will back up mr. trump. qualified to be president if, heaven forbid, need be. someone who subscribes wholeheartedly to the campaign platform strategy that trump has laid out. now today on clay travis' radio show, here's what mr. trump said about the timing of the vp

announcement. >> i'd loved to do it during the convention which would be, you know, or just slightly before the convention, like monday. love to do it on tuesday or wednesday, actually. larry: all right. so i'm no wiser than anybody else on the planet regarding mra running mate. i do believe it could be boiled down to three very talented people, however. and just this week i interviewed two of the three -- governor burgum and senator rubio -- and earlier this summer i interviewed senator vance. so on the eve of mr. trump's decision, here's some substantive policy clips from those three very talented people. paris up, governor -- first up, governor doug burgum of north dakota. please, take a listen. >> i'm an operating guy, i like to get stuff done. maga-nomics works for everybody because it's low interest rates, it's low regulation, it's low

taxes. it's prosperity. it works for everybody. in addition to the inflationary aspect of biden's energy policies, it's also the factor behind the two wars. we're in a two proxy wars, one with russia and one with iran, and those adversaries are funding those battles against us with the oil money they're getting. larry: all right, very good. thank you, mr. burgum. here's some wisdom from senator marco rubio of florida. >> the pro-growth platform, it's a pro-process prosperity platform. we want americans to have more money in their pocket at the end of the month so they can save, invest, go on vacation, the things they can't do now because inflation is eating up their paycheck. one is you put tariffs on foreign imports in these key sectors. look, i'd like to do it on everything, obviously, but that's not ideal. i've changed because the issue has changed, the problem is changed. -- has changed. this is mass migration. it's uncontrolled, it's chaotic. larry: all right. much appreciated from from senator marco rubio. and finally to our viewers, let

me reintroduce senator j.d. vance. take a listen to this. >> larry, i want to live in a country where people can get married, have children and actually put those -- put that family in a home that they can afford. i want them to earn a wage that can support a family at a good job. we've got to learn the lessons of the last 40 years. we allowed too much of our manufacturing to go overseas. it made our country weaker. we've got to enforce our border, larry, and that starts with a willingness to deport people who have broken our laws. if we can't do that, we don't have a country. larry: all right. thanks very much to senator vance, the great state of ohio. we appreciate it, and we are blessed to have been able to interview all these candidates. now, here's my key thought. if in relation to current vice president kamala harris, any one of these three gentlemen is vastly superior in knowledge, in personal if achievement -- personal achievement, in serious demeanor, in moral clarity and

in their policy vision. but biden-harris linked very closely to senator bernie sanders' socialism, well, they gave us high inflation, an affordability crisis, shrinking kitchen tables, an illegal migrant wave leading to a criminal breakdown of public safety, an extremist and and unfounded climate agenda, progressive prosecutors and their criminals-first lawfare if campaign. by the way, a total flop of that lawfare when it was aimed against mr. trump. then you have illegal student loan forgiveness, even pledges to pack the supreme court. all of this has failed, all of it is unpopular. now, mr. trump is going to bring strength, prosperity, opportunity, safety and a law-abiding agenda. it is the growthiest promise in 44 years. it will unite the country.

and that is my riff with the help of the three leading vice presidential candidates. so there you have it. we just added lots9 more gives to the show. now, joining us are real live and very important guests congressman byron daniels, texas congressman -- wait. i've got to say this right. florida congressman byron daniels. please pardon the teleprompter. and texas congressman wesley hunt. two friends and two very brilliant house members. gentlemen, welcome to the show. we appreciate it very, very much. i just want to begin, you heard the intro, you heard what those three candidates were saying. ill love to just -- i -- i would love to just, i have other things to talk to you about. i'm not asking you to make a prediction unless you want to make a protection prediction but, byron, i begin with you. you heard what the three said. what jumped out at you as you listened to to -- those were pretty good 30-second,

substantive policy clips, byron. what do you think you heard on that? >> well, look, i think out of all of them the key is going to be economic growth and, quite frankly, that's where president trump is going to take the economy and our country. massive economic growth is going to be key. you have to squeeze the regulatory environmental small businesses, you have to unleash energy, and you have to control prices. all those things have to occur. i think everybody on president trump's list no matter with who you choose, they're going to be a significant upgrade like you said, larry, over kamala harris because the biden-harris agenda has been a complete disaster for the american people whether they're black, white or hispanic, whether they're rich, middle income or poor. unless you're getting massive subsidies through the green new deal crap, you are i falling behind you should joe biden and kamala harris' america. larry: i mean, thank you for that, byron. let me go to wesley hunt. you know, wesley, it just, one thick strikes -- look, i don't like to get involved in

personalities, okay? my criticisms of ms. if harris and president biden -- ms. if harris and president biden are substantive criticisms, okay? it's about policies, not personalities. i do feel when you look at a burgum who has a fantastic business record, he was a ceo, vastly successful ceo and he ran the state of north dakota which i think is the second largest oil and gas state in the country, correct me if that's wrong. it could be, but i think that's about right. anyway, i'm just saying, and then mr. vance. mr. vance, by the way, a successful businessman, a successful author. mr. vance also served his nation during times of war, he's a military man. i mean p i think these are people with phenomenal backgrounds. and regret by, regrettably, i do not see that with ms. if harris. and as far as joe biden goes, you know, he's been in washington for over 50 years. i don't see what his achievements are either. but anyway, wesley, weigh in. what's on your mind when you heard those clips, if you will,

or what's -- on your mind in general, sir? >> want to echo what byron said. our bench is very deep. if you look at those men along with the list we have on the republican side, our future is going to be very bright no matter who president trump chooses. also president trump is not going to make a can dei hire like kamala harris. she clearly is not qualified to do the job. and sadly, the reason why joe biden is still our president right now is because she's unqualified to step in and 25th amendment this guy, and everyone knows it. so when you look at the strength that the republicans have for the future, you look at the youth, you look at the experience, you look at the exuberance that we have, i've got to tell you, i am very excited for what president trump is going to lay out next week. and whoever his pick is, i think byron hit the nail on the head. it's going to be a good pick that's going to support president trump and his economic policies. and i want to tell you this, it is president trump, it is the new york billionaire that has his finger on the pulse of middle america. he's the one talking about the pocketbook issues. he is the one talking about

inflation. he is the one talking about energy prices and gas price. it is not scranton joe, it is president trump. and i think what we're going to see next week is that laid out in a very succinct and convenient way for the american will public to say, you know what? if i could choose between these two guys, you know what? president trump will be our president in the future, and we are going to enter a state of prosperity starting here in 2025. larry: yeah. byron, let me go back to the campaign strategy. there was a very interesting article in "the atlantic" magazine which is very left of center magazine, but it was a pretty good article of mr. trump's campaign managers. anyway, among other things they're casting a very wide net across the electorate. there are states in play today as you -- both of you fellas understand. like minnesota, like virginia. i just saw numbers that are unbelievable in new jersey, for heaven sakes, as well as the

great lakes states. i mean, there's some wild stuff now, you know? if the election were today, they'd be there. the election's not today, so polls are just snapshots. but it's interesting, byron, one of the groups they're going after, they're reaching out to, and you've heard this before, young black and hispanic men i guess between the ages of 18 and 34, and they are having great success according to various polling data. and mr. trump himselfs has gone to rallies, you know, up close and personal to talk the with them -- talk with them. what do you think, is that a winning strategy? if do you think that's going to work? >> i think it is a winning strategy. if what it common -- demonstrates is that donald trump is changing the very paradigm of republican politics and going to engage all voters in our country. because everybody has suffered at the hands of joe biden and kamala harris. whether it's the economy, whether it's immigration, foreign policy, you name it,

larry, everybody has struggled. and so the trump campaign, that message has been reaccept they've -- receptive whether it's the bronx, detroit, philadelphia, atlanta or anywhere else in the country. it's going everywhere. and what's special about young voters in particular is that they have seen the disaster that is the democrat party agenda, and they remember when donald trump was president of the united states. and they are making a choice between the last two administrations, and it is becoming clearer and clearer every single day, they're choosing donald j. trump. larry: and you know, wesley, just on a related point to what byron said, and you all -- you know, we've talked about this before, but there's a lot of people including those young people, there's a lot of people in this country that want a new administration of strength and toughness and backbone and make make a decision and stick with it, do you know what i -- i'm trying to express it because

it's almost as much of a feeling as it is a set of etymologies or words. strength. they want strength. they want toughness. and i think trump has it, and and i think biden lacks it. and i think it's one of these invisible hands of this entire election. i saw this when with i was a young man, and i went to work for ronald reagan 44 years ago, as a matter of fact, during his transition. the country wanted strength and toughness of purpose. they rejected jimmy carter, and they went with the gipper. i think it's kind of similar today. what you think, wesley? i'm going to give you the last word. >> i agree. when america is stronger, the world is stronger. we have a strong leader, the world knows it. and, by the way, when president trump was in office a, we had the abraham accords, we had peace in the middle east. vladimir putin wouldn't dare move on president trump. xi jinping wouldn't dare move on president trump because they

respected the strong man. when we have a strong leader, america is an all-around better place, but the world also respects us as well. we have got to return back to those days, a a place of respect, a place where america is leading from the front. as a combat veteran, someone that has served this country, i know that when i ask our sons and daughters to go into a conflict, i know that leader is competent, he is sending us because it's the right thing to do, and he is sending us from a position of strength, not weakness. president trump is the quintessential definition of that, and you are absolutely right, larry. that's what this country wants, it's what this country needs, and president trump is going to be our guy. larry: it's one of those intangibles, you know in it's just a hunch in my gut. i've been around a long time, as you know. i was right there next to alexander hamilton in the treasury during the revolutionary war. i was there. but i've seen this -- [laughter] come and go. i've seen this all come and go. i'm talking to two wurvelg talented, brilliant men, and i

appreciate your help very much. but you know, fellas, sometimes these elections, policy papers not so much. some inner feeling, i think they want trump tough. that's what i think, and i think it's trump tough. anyway, byron donalds, thank you ever so much, sir. wesley hunt, thank you. i trust we'll see both of you gentlemen in milwaukee, and i hope you'll come on our set, we'll be in the convention center and we're always open and welcome you to come on the show. thanks very much. all right, folks, moving right along, coming up here on "kudlow," what's the fed's next move, fed and federal reserve? and markets got kind of excited today. i don't know, they were up over 4000 points. we'll have a report on that $400 to. they finished a little less than 300. is it trump? is it low interest rates? if the fed starts cutting interest rates this fall, isn't that kind of political, juicing the economy for the democratic incumbent biden? we'll talk about it with the smartest guy i know on that subject, many kevin hassett. --

mr. kevin hassett. all of that when "kudlow" returns. ♪ when the sawdust settles and the engine roars the thing you care about is a job well done. but when you get your tools from harbor freight something about the job feels different - your wallet. whatever you do, do it for less, at harbor freight. ♪

the moment i met him i knew he was my soulmate. "soulmates." soulmate! [giggles] why do you need me? [laughs sarcastically] but then we switched to t-mobile 5g home internet. and now his attention is spent elsewhere. but i'm thinking of her the whole time. that's so much worse. why is that thing in bed with you? this is where it gets the best signal from the cell tower! i've tried everywhere else in the house! there's always a new excuse. well if we got xfinity you wouldn't have to mess around with the connection. therapy's tough, huh? -mmm. it's like a lot about me. [laughs] a home router should never be a home wrecker. oo this is a good book title. larry: wow, what an intro that was. what's really behind the rally today? good day, good week, actually,

and our own kelly o'grady standing by with the details. what's cooking? >> reporter: this was all about rate cut optimism. we got a lot of economic data this week giving the fred the -- the if fed the green light to lower rates. the dow eked out a close above 40,000. this is only the second time in history it has been above 40,000. it was actually up over 4000 today,but that -- 400 today, but still the best that it's had in two weeks. s&p 500 closed up 30, nasdaq rebounded after its worst day since april 30. and that rally was specific create led by tech stocks. now, nvidia saw a nice gain, but again, i told you that last hour we saw the market just pare back a little bit. you can see that in some of the other tech stocks. we did get headwinds from bank earnings, okay? j morgan, citi, wells fargo all beat expectations but did

highlight concerns about more customers defaulting on loans potentially this year. they're going to keep an eye on their consumer businesses even as their investment banking divisions are doing well. the big story, larry, for me is the russell 2000. these are the small cap stocks. 9 rate cuts mean the smaller businesses will benefit. yesterday it outperformed the nasdaq by the biggest margin since 1986. that was a real david beats goliath story. you can see that big jump here. a lot of money's on the sidelines, larry, so we saw areas like materials, industrials get a lot of love. if that continues, you could see a market rotation where it's not just all about a big tech. larry: terrific stuff. thank you, kelly o'grady. we appreciate it very, very much. joining me now, kevin hassett, former chair of the council of economic advisers. what's his book, the drift, stop the drift, the coming socialism? [laughter] i don't know why we don't put it on the air. i love to sell books, and it's a

really important book. if our own kelly o'grady is right, and i reckon she is, this has something to do with expectations of low interest rates. but i just want to ask you, look, the cpi has eased down. it's still up 20% from when mr. biden took over, but it's running 3, 3.5% between the top line and the core. the fed's target is 2. now, if they cut the interest rate in september which is only, whatever, six weeks before the election, this looks very political to me. this kind of looks like juicing the economy for incumbent joe biden democrats to me, and they haven't exactly hit their target yet which is 2% what do you make about this? >> right. i think it would be a pretty big mistake for the fed to cut in september, but i think it's almost guaranteed that they're going to now if you talk to market participants. in fact, i think that they're going to cut, and they're going to signal that they're going to cut three or four more times after that at least. and if you look at the data,

right, that inflation has definitely quieted down, but it's still above target, and growth isn't really that bad. if you think about the last time the fed intervened right before an election, it was during the financial crisis, for goodness sake, and it actually made sense because the world was falling apart. here the world is reasonably stable, inflation is still above the target, so i think there'll be a lot of accusations of them playing a political game. and i've got to say you and i both know president trump really well. i then think when the fete fed starts to cut right before an rex, they're -- election are, they're probably going to hear from him. larry: if their 12-month change or 4-quarter change does not hit the 2% target -- look, a target is only meaningful if they actually target it. and if that's not the case, you can bet, i mean, john carney of breitbart wrote a piece yesterday, saidst going to be a september rate cut -- it's going to be a september rate cut could trigger political vengeance. you and i don't like to put

politics into the fed. we dealt with all that when we were working in the administration. >> we sure did. larry: okay. and we did what we could. but sometimes the fed is wrong, and sometimes the fed is political. and this could be a very close race, and, you know, donald trump knows a lot about stock markets and investment and fed policy. he has very well-informed opinions. that's all a i'm saying. if the fed goes before their actual target is met, i think it's a gigantic mistake for their own credible, much less the election. credibility. >> right. they absolutely, if they want to start cutting, then they need to in september signal that they might cut after the election if the data allow, but doing it right before the election while the day are looking pretty good, i think, is absolutely going to ignite a political firestorm. and it's something that i believe they should ignore. you know, i went back and i think if you look at it, almost every election year, presidential election year, the fed has been doing something, hiking, cutting. but it's always a

data-dependent. and my concern here is it doesn't really look data-dependent. and the final thought, larry, you and i have talked about the importance of normalizing interest rates. zero interest rates created a very strange economy, and right now the real interest rate is probably 2, 22.5% which is about what its average has been for the last hundred years -- 2.5%. so i think we're at a point where things are kind of normal, and if i were at the fed right now, i think i'd try to leave them normal. larry: you've got a great point. kevin hassett, the best of the best. we're going to talk some more on the radio, i hope, this weekend. coming up, the trump campaign has narrowed it down to three key veep candidates and four key swing states. how about that? i thought that was pretty clever. byron york, leo terrell and kim strassel will all weigh in, next up. ♪ ♪ so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride?

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♪ larry: all right, peter doocy live from the white house with details on the fallout of biden's big boy press conference. peter, was it a big boy? what happened there? >> reporter: 59 minutes, you can call that a big boy press conference, larry. and right now president biden is in michigan. he admits that he knows there are people like the union bosses there whose concerns he needs to allay because they are putting out the word they think he's going to lose to donald trump. at the same time, president biden is sending a message to democratic delegates. he is daring them to try to make a move on him at next month's convention. >> if all of a sudden they show up at the convention and everybody says we want somebody else, that's the democratic process. it's not gonna happen. not gonna start from scratch. >> reporter: what he's suggesting is in the unlikely vent that he leaves the ticket, kamala harris gets the war chest, not some random convention challenger. but president biden's got a big problem. the main pro-biden super pac,

future forward, has frozen $90 million worth of pledged donations until biden is gone, that is according to a report in "the new york times." >> not only are they shutting down contributions to the biden campaign, they're shutting down contributions to the senate committee, the house committee, they've shut their wallets, and it's going to make a lot of people unhappy. >> reporter: and the vice president is apparently qualified to be president primarily because of her work on women's rights. >> first of all, the way she's handled the issue of freedom of women's bodies, to have control over their bodies. secondly, her ability to handle almost any issue on the board. this was a hell of a prosecutor. she was a first rate person, and in the senate she was really good. >> reporter: nothing feels like it is settled, but president biden obviously doesn't feel like he needs to be here at the white house to fight for his political life because once he's done in michigan, he's heading to his beach house in delaware. larry? larry: peter, you know, i'm old.

i'm just trying to remember, vice president harris was in charge of the border and was at the border once? if many three and a half years? -- in three and a half years? if is that wrong, once? >> reporter: she's made a couple trips down to that neck of the woods, but it was just the one -- i was with her then in el paso. we went to a border processing station. and somehow when we were there, there was nobody being processed. [laughter] larry: those other trips were not four seasons hotel in dallas. just kidding. that was a joke. thank you, peter doocy. [laughter] have a great weekend. joining me now to talk about all of this, byron york, chief political correspondent "the washington examiner" and fox news contributor, leo ferrell, civil rights -- leo terrell, kim strassel, "wall street journal" columnist and fox news contributor. you know, our own peter doocy's saying that mr. from if biden has a problem. -- mr. biden has a camp. kim, i'm -- mr. biden has a

problem. kim, his problem is he followed the line of bernie sanders and became a big socialist, a big government socialist right off the top, throwing in crazy green new deals and climate change and lawfare and the and attacking the supreme court and mandates that people don't want. i mean, that's his problem, unsuccessful and unpopular policies, kim strassel. if that's the way i see it. your thought? >> i am so glad, i am so glad you are talking about this, larry, because you know what? if as democrats face this moment, this huge problem, they should not be allowed to get away with the claim that their problems all come down to joe biden's age. i mean, yes, it is a problem for them now, now that we've had this debate and everyone could see him. but his approval if ratings were in the tank well before that debate ever happened, and that's because people are unhappy about inflation and energy prices and the border and crime and our international situation. and this is a result, as you said, he ran as a moderate.

that was complete nonsense. he came in and adopted a bernie sanders platform, and it's proving very unpopular, and the democratic party is not acknowledging that it's their ideas that have failed. larry: i mean, shrinking paychecks, shrinking kitchen tables, people don't want to stuff evs down their throats, and the jobs are going over to china. they don't like the mandates. and, of course, the border, the border, the border. in all these pressers and what not, mr. biden never mentions the border, and the border's a very big democratic problem even though biden doesn't want to deal with it. >> well, you're absolutely right. and joe biden was losing the issue on the border, the economy before that debate, before the public saw it. and i listened to your opening riff, and and you said the trump policies, what's being presented is the best policy you've seen in 40 years. you know why? i honestly believe, larry, that president trump wants to be the best president ever.

and his economic policies apply to everyone. he wants to put every american first. joe biden wants to put joe biden first. and the only reason why he's running for re-election is because of power and control. that's all it is. it's not about america. it's about joe biden. and that's what the american people see, and that's why president trump is going to be the next president. larry: byron, in that -- you may have seen "the atlantic" magazine article. it's, you know, it's a left of center magazine, i'll be polite. suzie wilds and chris, what's his name, two smart people, they've done a great job. sorry. anyway, they make an assertion and i want to ask you about it, that it's not really seven swing states, it's four swing states, byron. arizona, michigan, pennsylvania and wisconsin. let me repeat, arizona, michigan, pennsylvania and wisconsin. the whole election will turn on

those four states. do you agree with that assessment? >> pretty much. the most conventional way for trump to win the president she is he's -- presidency is he's got to win all the states he won in 2020 which he has a really good chance of doing. then he needs to win georgia and arizona. and if he does that, he just has to win one of pennsylvania, michigan or wisconsin. just one of those and he becomes president. now, he's looking very strong in georgia. arizona's looking pretty good, but that's -- it's absolutely crucial that he do that. one more scenario though. if he wins arizona and georgia and then he wins virginia which is pretty close right now, he doesn't have to win any of pennsylvania, michigan or wisconsin. larry: well, that's a very good point. that's a very good point. leo, did you listen to the clips, the clips we had on the vice presidential sweepstakes?

i had governor burgum, senator vance and senator rubio, did you hear any of those lip -- clips? i'm just curious what your reaction was, if you heard it. >> first of all, i've been watching the a larry kudlow show is since the top of the hour, so i'm fully aware of those three clips -- larry: yeah, that's why our ratings have improved so much, leo, ever since you started watching the show. [laughter] our numbers have picked up. no one here can explain it, and there you are sitting right in front of me. anyway, thank you very much for watching, i appreciate it. >> president trump has a treasure chest of talent. i honestly believe it could be any one of those three that you -- that was basically on the top segment of your show, but his bench is wide and long. and i think you're going to be surprised. i think trump is going to go outside of those three. in fact, last week i gave him a suggestion, and i told him just somebody who's been loyal to the maga economic movement. and i think trump is going to pick a winner no matter who he

selects, larry. larry: well, it could be outside that group, there's no question. i don't pretend any final wisdom to on the matter. kim strassel, do you have a pick on the vice presidential thing? is there somebody out there that you think would help him, you know, more than finn anybody else? >> so here's what i'd like to see, larry, i'd like to see someone that, your favorite word, is very growthy because they're going to be the next standard bearer for the party. i'd like to see somebody who has some executive experience because the reason we do vice presidential candidate is, god forbid anything happens to the president. someone who was in the business world, a governor, for instance. and then i think somebody who can help him with some of the voter constituencies that he's still got some issues with, in particular moderates and suburbanites. that points toward a doug burgum or a glenn youngkin maybe, somebody who's -- just someone who's also had some gubernatorial experience, maybe a nikki haley, maybe, you know,

a lot of people out there. larry: there are a lot of people out there. you know, byron, i kind of -- you know, first of all, kim knows how to manipulate me all these years. growthier is the key -- [laughter] growthier is the key. i don't really think the vice president matters in these things. i think it's all about the president when the election is all a said and done. but i do like the growthier, and i do like the experience. so that leaves me with this, byron. i'm giving you the last word. who's going to be his vice presidential pick or who should be his vice presidential pick in. >> i think one of the most important considerations trump has to the make is looking for a temperament balance. a temperament contrast with him. he doesn't need anybody who's more maga than he is. he needs somebody who has the executive experience that kim talked about, who is maybe a little dull, who is very solid and responsible. that could be youngkin, it could be burgum.

but i will say one last hinge -- larry: real quick. >> i do think rubio has a big constitutional florida problem. look it up. if he were to choose, trump were to choose rubio, there would be a big problem about his -- larry: no, i gotta -- no, i got a place for him in rural connecticut. it's not a problem. we'll put him up, very low rent are. [laughter] it's a lovely place. you're all terrific. byron york, leo terrell, kim strassel, thank you so much. coming up, folks, joe biden claims the border is more secure now than when mr. trump left office, and i don't know what he's talking about, but guess guess, congresswoman claudia tenney, superstar from new york, is going to set us straight. i'm kudlow, be right back. ♪ muck good luck

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immigrants than mr. trump? is that true? if gee whiz, i didn't know that. >> yeah, maybe from, like, they took the statistic from one evening til the next morning and there was there were less people than the morning before? it's impossible. obviously, this is a disaster at the border. everyone in america knows it. and we feel it very strongly here in new york with 85% of the people on the terror watch list coming across the northern border to take advantage of new york law, the green light law which allows is and mandates that we give licenses to illegal immigrants and give them special protection so our police can't work to make sure we don't is have is terrorists and other people that have come across illegally. larry: i mean, i tell you, claudia, we don't have a lot of time, but we're going to see you in milwaukee, i assume -- >> definitely. larry: the fact is the border and all of the crime-related consequences, drugs and so forth, murders, rapes and the end to public safety virtually throughout the big cities and the big suburban counties, it's

just enormous, gigantic issue, and biden never talks about it except to say a phony untruth like he did last night, you know what i mean? i mean, it's just going to be a big issue, and there is nothing biden can do about it. >> you know, he just talked about worn out talking point, old democratic tripes, you know, i've just heard over and over, and that's about what a he can remember. thankfully for us, he did well enough that the democrats are in disarray that they can't take him out for now, they're stuck with him. but the border is so dangerous and the laws accompanying it,, the detainer law that doesn't allow police to detain someone until an i.c.e. agent a gets there and they're forced to release them, exactly what happened with laken riley, the nypd was forced to release criminal. the other thing, larry, is how expensive it is. larry: yes. >> it is costing hundreds of billions of dollars, and we're displacing our own citizens and

undermining their relative wealth in order to to pay for illegal immigrants, many of whom have have committed crimes. obviously, their first crime is coming across the border illegally, but they're continuing to take advantage of our social welfare system which we know is a struggle. and who does it hurt the? the seniors. the seniors who have spent their lifetime working and creating, you know, some kind of nest if egg regardless of how sized, dependent on social security, and these people are running roughshod over it, and biden doesn't care. he just keeps going. talk about -- i mean, trump was brilliant in the debate when he said he killed medicare, he sure did. wait until all these illegal immigrants start applying. larry: yeah. and we'll talk more about this in milwaukee. cheap labor and they're taking native born jobs out of the way. claudia tenney, thanks for today. we'll see you in milwaukee. looking forward to it. folks, be right back with my last word. ♪ ♪ u could earn on everything with just one card. chase freedom unlimited.

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larry: my last word tonight, milwaukee! "kudlow" will be lye at the rnc starting monday, july 15th, at 44 p.m. eastern right here on fox -- 4 p.m. eastern right here on fox business. and liz liz mac don up next. [laughter] meth elizabeth are you be -- elizabeth: will you be taking phone calls? larry: i'm going to roam around the floor, do a chatter and say hello. i probably know a third of the delegates. it's going to be wild. elizabeth: it's going to

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