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tv   Kennedy  FOX Business  July 10, 2021 12:00am-1:00am EDT

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might be a good time to rebalance if you haven't already this year the market hit all-time highs on friday were getting a ton of data from companies in the form of earnings in a perfect time to reassess your portfolio. jack: when stocks are going to the roof, that's an excellent idea, to read more checkout be night. ♪ ♪ ♪. larry: hello everyone welcome to "kudlow" i am larry kudlow tonight were gonna dig into the battle for the soul of america, we're fighting for the very soul of this great country there is no better way to do it than to compare the old true blue state of california with the ultra red state of florida, completely different cultures and policies you can think of it as red versus blue and also think of it
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as donald trump versus kamala harris or maybe kamala harris, nancy pelosi versus donald trump i don't mean to shortchange president biden or disrespect him by choosing but i kind of see his political future as a very late afternoon or well into the evening or you could think of it as a presidential race between ron desantis and california governor gavin newsom. first the current governor of california and former san francisco mayor gotta survive a governor tory recall but we will see about that. it could be desantis versus newsom or trump versus biden harris or trump versus harris but the big difference between red florida and blue california and look at the top many kudos to new york columnist kyle smith he wrote a brilliant column and laid out the battle of california and florida and very compelling way which is why they
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prompted the segment. let me begin with kyle's quote, those differences are growing into a chasm of philosophical and practical contrast between two basic models for the american future. call them the california way and the florida way. kyle smith highlights the extraordinary differences in contrast between the two states that is quite remarkable like california public schools teach critical race theory, florida does not california hate fossil fuels workshops at the shrine of global warming, florida does not, california has some of the harshest covid lockdown measures while florida was among one of the first states to reopen way back in may of 2020. california's economy not in good shape for the 7.9% unemployment rate florida is well below 5%, california has a 13.3% top
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income tax rate, florida does not have an income tax. california has the biggest homeless population in the country with only 12% of america's total population california has one quarter of america's homeless and that includes sanctions encampments which are basically taxpayer-funded like los angeles and city spends $2700 per tent per homeless tent per month. california pays homeless people to put up the tent and provide other services if the cottage industry of homelessness. california has the second-highest income tax rate in the country boeing only to new york city, california has a major defund the police movement in l.a. and san francisco and elsewhere, defund the police and has a huge shoplifting problem because stealing is a misdemeanor and big retailers like walgreens and target had to
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close their doors because the state mandated minimum wage hike and other anti-entrepreneurial policies, san francisco is a nation leader and property crime state murder in california is up 31% last year compared to 15% in florida. it calls smith a bit more florida municipalities use a variety of measures to discourage ordering on the street including arresting for trespassing and it largely works. when was the representative until last time academic homelessness in fort lauderdale he goes on to say florida is america's free state according to l cato institute survey number one and physical freedom and educate education cato california one of the least free states and flat-out dubs it the most crony estate in the union. and then kyle smith closes with this thought no one from ford has ever become president nor
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has any italian american, the success of desantis of governor of america's model state suggest he could be the man to shatter both of those. for myself, of course i'm going to throw my lot with florida and political cultural and supply-side income tax turned. the state is booming the santas is making every right move on opening vaccines, big tech censorship, standing behind champion border control policies, remember florida has assimilated all the migrants from cuba and venezuela and other oppressed authoritarian parts of latin america just as an aside those folks vote republican, those migrants legal immigrants have been assimilated there great business people and their strong supporters of donald trump, they don't like
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illegal immigration anymore than we do and they have changed the culture of south florida it's an amazing thing they hate communism and socialism and in fact now miami is a cultural and business and financial center of latin and south america if you ask me it is not far-fetched to think miami or south florida could replace new york as a financial center of the country basically not only does florida love traditional value but florida loves business and the people businesses employ and everything it does california opposes traditional values with masses over regulating and tax burden on business they will wind up losing their tax supremacy you wait and see in cal loves illegal immigration, i love legal immigration but think kyle smith for his heckuva call and i want to go to her ladies
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not night out and i'm so blessed former treasury secretary monica crowley and kim strassel wall street journal columnist fox news contributor, thank you for coming i appreciate this very much i think this is pretty clever set up by kyle smith and i'm glad you could talk this through, i will start with you this is cultural, political, financial this is law and order and almost everything in the question is who will win the battle for america's soul? >> the only thing that i agree that peace is absolutely brilliant the one thing i would add you have a real contrast between the two states between the amount of work you've got a put in to be successful and the reality if you were gavin newsom in california your job is pretty easy because you get to redistribute income you take money from the reach people in
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your state and throw it at the lower income people in your state and issue a bunch of rules, one of the reasons desantis has been so successful he put in the policy work. and you see the results in the states unprecedented forward movement on school choice and vouchers getting rid of common core tax cuts for businesses, the big tech that they put forward all of that takes a lot of intellectual work to figure out how you get government out of the way so your people can be successful all the way across the board moving up an equal opportunity, that is a hard policy job and that is what desantis is proving a model for not just for california but other states in the country. larry: that's an interesting point that kim makes on education in schools here you have california totally run by the teachers union far far left stuff their teaching critical race theory throughout the
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public school system apparently and they oppose school choice, florida on the other hand this goes back to jeb bush to give credit where credit is due desantis is a strong supporter of school choice i believe religious school choice as part of them florida which is another big plus and they don't teach critical race theory, when we talk about the battle for the soul of the country, how we educate our kids has to be central to that battle. >> yes it'll have political implications in 2022 and 2024 and beyond because your parents and folks who are not parents who are incredibly concerned about what their kids and americans kids are being taught in schools. that kyle smith peace is brilliant and it's a great symbol california versus florida when you look at the breakdown even the economic recovery what you see is that the red states
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are crushing the blue states in terms of economic health coming out of the pandemic and the reason is a red states florida, texas, tennessee and others adopt pragmatic leadership whether governor desantis or other gop governors that is pragmatic leadership what you see in the blue states, california, new york and elsewhere is ideological leadership, red state governors are completely dedicated to delivering concrete tangible results for the folks in their state the blue state governors are completely married to this idea of the fundamental transformation of the nation whether crt in schools with a renewed deal or higher taxes, you have this incredible divided america that is political and economic and cultural and geographic and i hope we give a
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leader relatively soon who can bring this all together again because this is not sustainable over the long term. larry: you hate to generalize that i think in general cal is woke and florida is not they are maybe woke parts of florida and traditional parts of california but on the whole it's woke versus non-woke. a sensitive topic as immigration california now embraces illegal immigration, there is no other way to put it and that is a blue state specialty in the far left progressive specialty. florida on the other hand is so interesting to me you and i down to the years, i think this is true for monica, we like immigration and we like immigrant to help this country and people who come for freedom and success and prosperity and family raising isn't florida an example of what legal
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immigration can do and be, typically the cuban community but the venezuelan committee to the columbia community probably puerto rican community as well these are workers and entrepreneurs, these are good citizens, the backbone of south florida i think it shows you the success of legal immigration california shows the failure of the illegal immigration. >> absolutely one thing that is inspiring when you look at florida, it almost looks like the melting pot that we've always celebrated in the united states and for those of us who agree with legal immigration want people to come here and were going to keep the country re-energize and start the businesses and adopt american values and freedom and that's what you see across all the cities from north to south in florida in a very vibrant community, the thing that is
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really striking about california's position in contrast, there is a bipartisan agreement that we need security at the border it's not something that most people like that gives you the uber woke political mentality that you want a convention it's not something widespread and into the agreement among americans and is not surprising that you see so many people leaving california. larry: critically south florida is an example of why the melting pot can still succeed, it's a great thought we have to work that thought, i like that whole lot. as a former assistant secretary, i've got one briefly this is not hard california loves texas, california loves taxes. florida dislikes taxes, who is going to win that battle. >> i'm hoping the red states like florida win the battle because we know what works we
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know tax cuts, deregulation fair trade deals and unleashing our energy sector in the trump that delivered mean economy pre-pandemic, we know that that works in the blue state governors throw it into reverse and do the exact opposite and the results are self-evident, when we talk about moving forward i hope that we get national leadership to put it into the war on the constitution and the war on free market economics and bring it back to its foundation intervals. larry: kim take this on ten or 12 seconds, ron desantis versus governor newsom in 2024. >> it's possible, as you said gavin has to survive the next couple of months first. we will see. larry: ladies night out, thank you so much for great column. the battle for the soul of america will go on.
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coming up on "kudlow" joe biden citing a regulatory assault on american business of regulatory assault on american business, we have texas congressman kevin brady joining us next when "kudlow" returns were still fighting for the soul of america every single segment on the show, please stay with us for coming right back. “cracked windshield” take 1. ♪ you say ♪ ♪ i got a crack in my windshield... ♪ uh - uh, lisa, maybe less heartbroken? geico lets you file a claim online, over the phone or with their app. ♪ that makes me wanna say... ♪ ♪ stay... ♪ (sniffles) are...are you crying? uhh, there's pollen... geico. great service without all the drama. hooh. that spin class was brutal. well you can try using the buick's massaging seat. oohh yeah, that's nice.
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during our lowest prices of the season. larry: we're going to talk larry: we are going to talk taxes especially president biden in yelling given our tax sovereignty over to europe and the intended job and economic losses inflicted on america we have kevin brady waiting but just a moment before we get to that my executive producer tortured me by forcing me too watch president biden's press conferences afternoon on his so-called increasing competition plan and because of this torture i can't help myself i have to weigh in as always the case whom i known for many yearsot it's nt personal it is policy in this case it's utterly terrible policy, basically what you got is a far left progressive attack on american business that
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simple, the democratic party continues on its antibusiness path and it's getting worse it's worse than the obama years and it's a far cry from bill clinton more of my taxcutting hero jfk basically biden world is going to wage antitrust war against business this is on top of the tax war against business and let's not forget their energy were against business ironically biden once again praised my former boss ronald reagan by referring to the best economy in 40 years since reagan's economy in the 80s but then mr. biden goes back 40 years a second time and attacks the judge in jurist robert bork who should've been on the supreme court in large part for not joe biden, but he instituted the university of chicago free-market school that antitrust policies should not simply attack business and big business is always bad but
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should rest on consumer welfare, who are you hurting bigness is not necessarily badness and biden wants to overturn the long accepted doctrine and then he wants to make false charges about monopolies andri price gouging and the lack of competition but this is basically left wing philosophy that essentially argues free enterprise private sector is always wrong in government is always right, government knows best. by the way factually when you go industry by industry there is no major spiking of concentration, i don't know what industry mr. biden is looking out he singled out pharmaceutical, the pharma industry which includes a biotech industry has brutal competition and enormous volume of players, by the way that's not forget operation warp speed,
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it's become an incredible lower margin industry it takes a long time to develop a successful drug or cure the tech industry is massively competitive, so is the new telecom industry these are very crowded spaces and it's astonishing that the president would argue otherwise and incidentally because his advanced technology and biotech and advanced t telecom tech and artificial intelligence in quantum computing u.s. productivity is rising rapidly, part of that is because donald trump lowered tax and regulatory barriers and littering to businesses and by the way this recovery which is been going on for over a year the v-shaped recovery we have seen a huge increase in brand-new business applications and startups. the democratic party in the late
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1970s, are you ready for this, this is truth telling in the late 1970s it was democrats senator ted kennedy the late senator kennedy and former president jimmy carter who led the way to deregulate a large swaths of the american economy, a lot of it in the transportation sector trucking, airlines, autos, stockoo markets to let's not forget they were democrats, some good. then republican megan deregulated oil prices and financial services and 401ks and so forth and democratize the stock market, president biden today harped back to teddy roosevelt and the great progressive tradition, we love teddy roosevelt mostly in foreign policy and mostly because he was a fine human being but you know in truth and teddy roosevelt last decade he essentially became a socialist.
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then his cousin fdr was a big government central planning over regulating tax hiker, fdr got us through the war which we owe him great credit freedom wins but his economic policies made the depression longer before we get her next guest texas congressman brady, joe biden cannot hide behind the workti competition to mask his incredible regulatory assault on business.s. that is all this really is. now we bring in my great friend congressman kevin brady who knows a thing or two about the subject on this point we have lots of fish to fry, am iran what he calls competitiveness, they want to regulate this whole blood he economy, that is the way that i see it.
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>> as you're right on target joe biden is not ronald reagan by any means but he does remind you when i of ronald reagan's description of government and business which is if the business is moving and keeps moving and regulate and stops moving subsidized it that is joe biden in this demonstration all in one gap i will be reminder viewers that the president compares himself to ronald reagan and i look back in a more recent president the last six months of president trump's 2020 some during the height of covid the president added 4.6 million jobs and that's 43% more than president biden added this year in truth job growth is slowing in america 2021 which makes no sense given the life-saving vaccines in trillions of covid
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in the reopening of economy and joe biden is no ronald reagan. larry: it's funny to say thatu the discretion but i wanted to grasp with you, we had a brutal contraction because of the pandemic it was a national disaster and had nothing to do the economic policy but it lasted two f months, we forget e third quarter was up 37% in the fourth quarter of 4.5% in the first quarter of six and half% in the second quarterer and 21 s going to be up six, seven, 89% this v-shaped recovery is going well into it before we got joe biden or any of the crazy left-wing progressive stuff, now i know you're writing about this and i saw your letter with senator crapo it's very important stuff this global tax deal is real bador for america,i
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just want to start there and let you carry the ball. >> no question here this is economic surrender and when america is surrendering why would you be surprised that much of the world would go along with that clearly what the president is saying our tax increases are so extreme america will no longer be competitive we will lose jobs, investments, headquarters and other parts of the world, will you help us in the world is saying if you're offering your jobs and a bite out of your tax revenue, sure we are interested and that's exactly whatkn happened. as you know the biden white house is negotiating from position weakness because their extreme tax hikes the rest of the world that knows will make america uncompetitive so there glad toit go along with the much lower global minimum tax but here is the key unless is the administration is going to bully
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ireland and smithsonian into a deal that is bad for them and lester going to buy out china which we know will not comply with any of these agreements or they're going too block europe from going ahead anyway and imposing a digital service on our american companies the truth of the matter at they, end of te day i think what secretary yellen is going to bring back to america is the plan that does two things. it will disadvantage american companies over foreign companies and foreign companies are going to win the s day in their workes and maybe a hundred billion dollars or more in america, the bottom line we lose multiple ways in these negotiations and all starts with one horrific policy, raise america's corporate tax rate among the worst in the world. larry: 21% minimum tax at home
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the original proposal was 15, now the treasurer is talking 21, that means, remember, we drove through i drove this to the senate finance committee you work this during the pandemic the ways and means the five-year carryforward, that would not work if you're going to have a 21% minimum tax on book profits, expensing those out the window the r&d credit goes out the window, this is crazy stuff this is an assault on business and investment. >> it makes no economic sense certainly will drive more jobs and headquarters and investment overseas, on paper but joe biden is proposing a 21% real life it is a little over 26% because of the way there designing this and how it interacts with the rest of the international tax
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revision think about those numbers fora a minute america is guaranteeing global minimum tax will be set at 26% in the rest of the world at 15% so you know where the giant sound goes away from the united states. larry: mayor of france want to digital sales tax on our companies, i have to work through this your point about 26%, you and i need to talk about this, maybe you have somew time on the radio this weekend, kevin brady ways and means committee, thank you and appreciatear as always. coming up on "kudlow" president trump's battle for free-speech wages on president trump did a great job at the news conference and his op-ed in the wall street journal the great stephen miller is going to join us on that and other things. i am "kudlow" stay with us were right around the corner after right around the corner after the short welcome to allstate.
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larry: president trump takes on big tech larry: president trump take some big tech censorship with the class-action lawsuit free-speech, very good joining us not to talk about it our hero stephen miller former senior white house advisor american white house legal, i don't know they had anything to do withh hs remarks or the op-ed t in the journal but they were both excellent andnd in fact i read e written version the hard copy of the press conference and he stayed on message the whole time, i am proud of him he stayed on message and i know you're heavily in this with your american league first group can you get a federal judge someplace to join the tech companies and the media companies from violating rhe speech and the firstst amendment is that possible? >> a few points first of all i agree with the president did all
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stellar job at the press conference and all credit goes to him it was his message and his conviction and you know how strongly he feels about the issue of free speech in america and fightingcu cancel culture, o answer your second question that's where the president is doing this ultimately we need to find the judge in this country or the panel of judges on the circuit court or the supreme court that is willing to stand up and say and in fact these organizations have taken on government like powers, and violates the first amendment in the memes that most of us communicate with each other is being controlled in a way that is fundamentally un-american and fundamentally dangerous to our core freedoms as citizen. larry: i been trying to getha someone to say that it could happen that way, i don't know i understood the tactics of this,
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they understood the generic but not the judicial taxes, we experience a lot of time left-wing federal district judges and one of them would join us from a good policy for the whole country since one good judge in the whole place. >> often times in san francisco. >> i'm just saying maybe therefore us this time. here's an important question, section 230 liability shield which has to bee thrown out but everybody knows i think, what the platforms have done has gone way beyond that,. >> without question. >> the reality you have to try, that's the bottom line you have to try none of us can see into the future and know exactly what
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the outcome is going to be but you have to try, that's what the president is doing he's using every resource at his disposal not only for his own benefit but for the benefit of the whole country to have free and open debate these gay people, imagine if your telephone company could turn off your telephone or turn off yourim cell phone every time you said something that he did not agree with, it would be fundamentally and irrevocably damaging to the first amendment if that was allowed to happen. >> i think that's the basis who knows good things may happen. second point america first legal, you are filing a response of former response, nasa wants to have a race equity scheme into the new space program, i don't even know what that means is that colleges and universities, race equity is a
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new one for me but tell us about your filing suit against it. >> we think the first step in the legal process by filing a formal response to the announcement that they will push racial equity into nasa's mission it's one of the craziese things any of us have heard in y long time never pretty clear-cut mission which is to explore space and it's really incompatible of the mission to take on a second mission which is to advance effectively, could a race theory and to decide who gets to go to space and who gets grants and who gets hired and fired and retained and promoted and what we do based upon the radical left race-based doctrine, is probably one of the most dangerous things you can do
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and take it into and abjectly political mission, were sending into space and all i care about is that we get safely up, does his mission ory her mission and do they come safely back home and with the love of god i hope that's all nasa is concerned to. larry: you see all of the movies in the books and i like the movie the space mission movies, the african-american women with the bookkeepers and nasa that was a fabulous movie but they broke their backs being accurate so the safety factor was there and we can advance the scientific mission i guess i'm going to say naïvely i thought scientific and personal marriage was going to driver space operation you're now saying critical race theory, that is a horse of a completely that is a satellite of a different park.
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>> that's really important for listeners to understand these terms are used interchangeably by the left so some days it is called equity and some days they call it critical race theory some days they call it fighting structural racism or systemic racism all of those words, all the same concept is to book the american idea of equality under law blow up the meritocracy, get rid of the idea the whole liberal american order in which are judged by who you are and what you contribute, get rid of all of that and make every decision based on sin unto skin color take mlk and throw it and apply the radical new doctrine, its dangers to science and freedom and dangers to liberty and frankly it hurts everybody no matter where you come from or who you are, we all want to be judged based on her own individual merits.
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larry: can't we just get the best people to get us to mars and venus and so forth, get the best people, what is so bad about that. anyway steve miller, great to see you. >> the lovely katie has been fabulous on this program it's a wonderful thing. back to "kudlow", charles payne is coming up the host of making money charles payne will help us make money for you, today was a hot day for stocks. this past year has felt like a long, long norwegian winter. but eventually, with spring comes rebirth. everything begins anew. and many of us realize a fundamental human need to connect with other like-minded people. welcome back to the world. viking. exploring the world in comfort... once again.
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larry: so we got a big, booming day for the stock market larry: we have a big booming day for the stock market boom boom and doing great stuff joining us not to make us more money the greatst charles payne host of "making money with charles payne" right here on fox business let's just talk stocks in the economy before biden goes
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over regulate and taxes us to death let's put that down the road they're knocking to make the legislative decisions for a whole bunch of months but to me i had anad yardeni on you know m a smart fella, what you've got booming record profit, easy money basically still free money from the federal reserve and people have so much money in their pockets, their buying stocks, good profits, how bad cannot be. >> for now one heck of a party to your point will find out how great this is next week with earnings season, this is going to be the greatest earnings season in history some people are going to come on your show income on the network and say it can't get any better than this, so for only 18 companies in the s&p have reported 94% on
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earnings, last corner they did not go out, coming into this year we have never been so well fixed in terms of our economics the household balance sheets were the best that they ever were debt obligations to disposable income at the lowest level ever and all the money going out and freedom money going out over 9 million jobs right now to the point where millions of people are quittings their jobs it is one of these things i think the thing today that was distinctive about today versus yesterday, it is pretty clear the fed is going to keep pumping and pumping and pumping and honestly i don't know if they were of our hike rates again i've only been slightly hyperbolicut. larry: i suppose they will butcher up almost 450 dow points dow hit a record and s&p had a record but i'm just saying conservatives, free market folks
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like us we don't like what biden is doing with his progressive left-wing politics and he may try to regulate and tax us to death, we don't like that at all but i'm saying for a moment if we put that aside let's compartmentalize this terrible economics the fundamentals on profits and interest rates on monetary easing in accommodation, they are pretty darn good it's is about as good as you can get and therefore i don't want to play this as a bear and what might have been wrong in this and that, here's what i'm trying to say even through conservatives it's okay to's be bullish, it's okay to be optimistic, how is that. >> your speaking to the choir i'm the guy who wears rose-colored losses even when the dow is down 500 points. here's what happened all those
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things that you talked about with respect to president biden are on the drawing board, so far which an come to for the higher taxes have not kicked in, the onerous regulations have not kicked in some of the other things you like to do around the world with global wealth minimum taxes none of that has kicked in and i think the market is feeling like the most draconian part will never come to fruition you have to backstop of senator manchin and senator cinema, young midterm elections coming around, the market is ultimately you get air pocket like we had yesterday to sort ofg remind us there is fragility to it but overall i agree 1000% this is an amazing. you don't have to overthink it is a tough times are going to come. larry: i have to go, one thing from ed hyman's report
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and automatically adjusts to keep you both effortlessly comfortable. the sleep number 360 smart bed is on sale now during our lowest prices of the season. ♪ larry: that's a real story with larry: that's a real story with the delta variant another variance joining us doctor marty makary john hopkins school of medicine thank you for coming back on people are starting to panic about the delta variant what is a real risk of your vaccinated what is the real risk. >> you have nothing to worry about if your immune the language is misleading when we hear it's a dominant strain, it's not dominating anything it's the more common type of coping and we got very low levels of covid so we have to put things into perspective all covid is highly contagious so the idea that this can jump 50 feet when the other strains cannot i think we lost d distord
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perception at risk. larry: there's another one some friends of mine the land the variant in their hyperventilating how this can be the worst one yet. >> researchers in chile suggested it could invade your immunity it turns out the immunity they were studying was the immunity from the chinese vaccine which is not very effective more media headlines around something that doesn't carry that we got good news today rome nipped no beer just finished its phase three trial, shorter hospitalizations and better client of the virus in the shorter period of time, that is very good. larry: i just wanted to hear you say it i feel better already, think ever so much. think ever so much. the battle for america's it started with an idea... and became a new tradition. this is financial security. and lincoln financial solutions
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a walkoff run. have a great weekend. ♪ elizabeth: tonight, there's growing talk again of reinstating mask mandates due to the covid delta variant. there's mass confusion from coast to coast. school districts say no need for a mask, others say, yeah, wear them. parents are suing, parents are suing but the cdc says fully reopening the schools in the fall, no need to wear a mask if you're vaccinated the wy walking back the hhs secretary who a alarmed the country saying, quote: it's


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