The Larry Kudlow Show

The Larry Kudlow Show

United States

Each Saturday, The Larry Kudlow Show provides listeners with the latest on the unemployment rate, congressional budget battles, and how all of this affects their wallets. In this three-hour call-in program, Larry offers insight and expertise to help investors better navigate tomorrow's evolving economic and political terrain. Widely regarded as one of the top economists in the U.S., Larry is also a popular CNBC weekday anchor for The Kudlow Report and The Call.

Episodes

kudlow 8-19-17 Goodwin/Kissel on Charlottesville & Bannon: collapse of presidency? Legitimacy? Dealing w/ GOP Congress? Isolated? Stable presidency? Need Monday-type speech on race?  

Goodwin/Kissel on Charlottesville & Bannon: collapse of presidency? Legitimacy? Dealing w/ GOP Congress? Isolated? Stable presidency? Need Monday-type speech on race? Should have spoken at funeral of Heather Heyer? Infrastructure drowned out? N Korea concession on Guam drowned out? More changes? Gen Kelly up to task? Bannon interview w/ American Prospect Kuttner straw that broke camel's back? New strategist? Steve Miller? Populism message? Overturn elites? travel ban? Immigration?Paris climate accord? Gasparino/Benko on Bannon, Charlottesville & business: Biz walk away? Stay w/policies on tax, reg, infrastructure, trade? Chamber? BRT? Outlook for tax cuts & reform?Debt ceiling? Budget resolution? Less trade protection? Doesn't Trump need a growth message re-set? Infrastructure message blown away? Role of Gary Cohn? Fed by Sept 15? Stay for tax reform? Wall St/Goldman telling him to leave? Judeo-Christian capitalism? Econ growth most populist action. Sound money & tax cuts. Economic nationalism? Globalism? Revenue neutral v. deficit neutral? 3% growth? MUST PASS TAX CUT. Bannon ouster good for biz? Adami/McDonald: why did stocks fall? Cohn factor? Fed rate hike? Profits strong? Dollar rebound? Most important signals for mkt? Rich Clarida: How's the economy? Atlanta Fed Q3= 3.8%. But manufacturing slow, also biz equipment. Low inflation is a tax cut. Why higher? Fed & rate outlook? What needs to be done? Productivity? Moore/Pethokoukis/McCaughey: money & politics? Blacks prospering under Trump? Business rivals agree on policy (Fed-Ex Fred Smith & UPS David Abney). Bi-partisanship? Besides statues, what is Dem policy?

kudlow 8-12-17 Amb. John Bolton on N Korea et al. Trump fire & fury; military solutions locked & loaded  

Amb. John Bolton on N Korea et al. Trump fire & fury; military solutions locked & loaded; big consequences if Guam; could be Venezuela too. Isn't Trump playing his cards exactly right? Mattis talks military solution, but diplomacy first. Harder sanctions on China banks, energy exports etc. Beefing up US missile systems. Reagan: Evil Empire; not contain but overthrow Soviet communism; 10 seconds to bomb Russia. He used major econ sanctions on Sovs. But his SDI system run down by Clinton/Gingrich, papa Bush, Obama & W. We can hit small number of missiles, but not all. Would we ever hit N Korea pre-processing & launch systems? Mattis: If they hit Guam, would lead to end of regime & destruction of its people." From Clinton on, we appeased: lite water nuclear reactors & fuel oil. N Korea back to plutonium by 2002. Gasparino, Tamney & Trennert: Tax reform outlook (Brady dinner). Rates, depreciation, standard deduction, core biz gets full break, 20 year buildings less. CBO: drain the swamp. Index capgains. Trump factor on stocks & econ. Where is McConnell & Senate? Trump right to chide him. 29m small biz helped by tax cuts & frozen or withdrawal of 860 pending regs.Weak dollar doesn't make a strong economy. Phillips curve dead. Fed must change. Kevin O'Leary & Mike Ozanian talk stocks. N Korea impact? Profits? Low inflation tax cut. No spiking bond rates? Buy after bad week? Longer-term? Middle class benefits from stock bull. Fav sectors? Brian Domitrovic & LK talk about new paperback edition of JFK & Reagan Revolution.JFK surpassing Legacy: Growth is everything. Solves nearly all problems. JFK & RR turned back on FDR New Deal. No class warfare. Trump in their tradition. Dems today erased JFK legacy. No growth, just gov't redistribution. Moore, Peth, McIntyre: No Trump effect on stocks & econ? Confidence? Regs? Milton Friedman killing death tax? Retroactive tax cuts? Senate dead? Brady sees whole package. WH has fall-back plan B. Trump's immigration is popular.

kudlow 8-5-17 Good jobs report. Wage income up. Employment rate up.Tax cuts coming. Trump channeling JFK-Reagan growth. Middle class benefits from stock rally. End war on biz, success, fossil fuel.  

Good jobs report. Wage income up. Employment rate up.Tax cuts coming. Trump channeling JFK-Reagan growth. Middle class benefits from stock rally. End war on biz, success, fossil fuel. The myth of Trump's do-nothing presidency: massive regulatory rollback. Greg Ip. Maine's 2 senators let us down: Gov Paul LePage blasts them. Medicaid. Tax cuts (not Kansas). Trump outlook. DC policy up-date: Valliere & Gabriel. Insurance bailout. Tax cut schedule. Mueller's grand jury. Gen John Kelly. Trade policy threats. Stock rally: Kilburg & Munson. Jobs. Fed? Commodities/dollar? Trump rally? Immigration: Krikorian. Merit, not family-based. Great start. Emily Lazarus. Too few legals? Money & Politics: Francis, Moore, McIntyre. Trump v. GOP? Trump base holding up? Dem bi-partisanship? GOP more united on taxes? Ryan CBO green-eye-shade? Trump stocks? Trump jobs? Gen Kelly rally?

kudlow 7-29-17 General Kelly in, Priebus out.  Will other shoes fall?  Bannon, Sessions, Mueller.  Trump used Scaramucci rant attack to oust Priebus  

Cong. Mark Meadows: General Kelly in, Priebus out. Will other shoes fall? Bannon, Sessions, Mueller. Trump used Scaramucci rant attack to oust Priebus. Targeting jobs and downplaying CBO. Will there be a GOP health bill? Was he satisfied with the joint statement on taxes from Senate/House and WH. Investigate Loretta Lynch/Comey? Alan Reynolds: what should the tax cut look like? What will it look like? Can we get 3 percent growth? Deficit neutral vs. revenue neutral? What shape is the economy in? Does health bill collapse damage GOP tax effort? GDP: 2% growth, 1.5% inflation, what does that mean? Stocks with Jon Najarian and Michael Cuggino: Dow posts record close as Wall Street shakes off Amazon’s fall. No BAT tax, good for retailers. Fed? Dollar? Copper, China? Kilmeade/Nikpour: is the White House staff unraveling? Whose neck gets chopped off next? Using Scaramucci as a messenger? Sessions/Mueller/Bannon? Never Trump Republicans say POTUS is an authoritarian undermining democracy because he fired Comey. Money/Politics: is Paul Ryan’s green eyeshade CBO devotion going to derail tax cuts? Is Plan B — 3 Easy Pieces still in play? POTUS put Gary Cohn on the list for Fed chair (per WSJ). Next steps for GOP healthcare. Greg Ip’s column on Trump deregulation.

Kudlow 7-22-17 Newt Gingrich: :Understanding Trump. Plus deficit neutral tax cuts.  

Newt Gingrich: :Understanding Trump. Plus deficit neutral tax cuts. GOP senators betray voters who sent them to DC to kill OB-Care. Changes in WH: Spicer resigns, Scaramucci & Sara Huckabee Sanders. How to solve healthcare: Reagan's half loaf. But what about medicaid disaster? What's holding up global stocks? Bubble? Dollar weak or strong? Profits beat? Jeb Henserling wants financial choice, end Dodd-Frank. Distinguished academics tout 3% growth potential. Trump wants 15% corp tax, not fake news 25%. Ryan becoming problem. BAT still alive. I give Trump B grade first 6 months. W/ tax cuts, an A. Trump handling NAFTA exactly right. Pray for John McCain. Joe Rago passing a tragedy.

kudlow 7-8-17 Trump has Putin over a barrel.  

Trump has Putin over a barrel. Good jobs report. But Fed should restrain its restraint. More people working at longer hours not inflationary. Get able-bodied people off the couch. OB-Care lost 250K jobs per year; 2.5m over 10. 49ers & 29ers. War on biz & fossil fuels over. Regs rolled back. Waiting for 3 Easy Pieces tax cut. McConnell says may not be able to repeal OB-Care. Cruz amendment? Big 6 on tax reform? No Aug recess. Reconcile biz tax cuts w/ health package? 57 legislative calendar days thru year end. Trump seems militant on trade protection. 232 all wrong. China 2.9% steel imports. Canada #1. Europe retaliate? China & N Korea? Why no currency deal? Better than trade protectionism. Will US intercept N Korea missiles in flight? On ground before launch? More defense spending on triad? Reagan vision. Believe Putin on Syria? Believe China econ sanctions? Good jobs report. But Fed should restrain its restraint. More people working not inflationary. No market based inflation signals. M2 & Base way down. Defense stocks a good play w/ N Korea & elsewhere? Stay long stocks? Blue state budget breakdowns. Tax hikes make it worse. Illinois, CT, NJ. Tax cut states doing well. Florida magnet. Bannon raising top tax-rate? Biz taxes more important. Across-the board. Lower rate & broader base.

kudlow 7-1-17 Health deal? GOP wusses (taxes, spending). Polls are killing GOP. Public not persuaded lower premiums (ending mandates). Repeal only?  

Health deal? GOP wusses (taxes, spending). Polls are killing GOP. Public not persuaded lower premiums (ending mandates). Repeal only? FDA good on prices & generics. Scott Gottlieb. But prior condition, community rating? Just guarantee it. Tax credits more toward lower end. Medicaid/GOP. David Hoppe & John McLaughlin. Is manufacturing really that important? Tech, services, robots? Mark Mills says yes. Do we need steel protection? Is econ slumping again ? Brian Wesbury. Fed restrain its restraint? Stocks had huge first half. Continue? Profits? Rate outlook? End of FANG? Banks? Europe & overseas? Back-up in yields? Inflation outlook falling? Dollar falling?Trade war? BK Brian Kelly & Mike Ozanian. Optimist Scott Rasmussen believes we can beat elites & regulatory state. Community & culture? New spiritual awakening? Money & Politics A-Team? Trade war over steel? Trump wins on energy!! Taxes nowhere? Meetings & listening? Trump should tweet agenda, not animosities. But he has right to fight back. Deficit neutral tax plan from Newt. Not revenue neutral. Asset sales. Steve Moore, Jimmy P, John McIntyre.

kudlow 6-17-17 Steve Scalise, Nancy Pelosi, & a return to Civility.  

Steve Scalise, Nancy Pelosi, & a return to Civility. 3 Easy Pieces: biz tax cut attached to health reconciliation. If not. no summer (recess) vacation. Trump: no charge on Russian collusion. So how can you obstruct something that doesn't exist. Attack Mueller? Tweets? Leave to defense team? Off front pages, better chance to get growth policy done. Jeff Sessions: 100 ambassadors at Mayflower reception! Sr. Armed Service Comm. Trump rolls back Obama Cuba policy. Policy substance or politics? Hurt Cuban entrepreneurs? Travel, transactions, dollars, human rights. Venezuela? Where else Cuban army in Western Hemisphere? Steve Moore on Father's Day. Fed tightening too fast? Softening econ, inflation, rates, commodities.Real wages have gone nowhere. They need tax cuts to raise real rates. Gary Cohn in charge of Fed chair search. What does he believe? Biz expensing cheaper? 25 year window. 3% growth. CT story a national story? Econ polls for Trump?

kudlow 6-10-17 3 Easy Pieces: GOP must get biz tax cuts attached to health reconciliation to get job done. No summer recess until this happens.  

3 Easy Pieces: GOP must get biz tax cuts attached to health reconciliation to get job done. No summer recess until this happens. Mark Meadows of Freedom Caucus. Make reconciliation a GOP weapon, not an obstacle. Down w/ CBO. Up w/ Mulvaney & Mnuchin. 3% growth budget. Final deal on Repeal & Replace? Trump speeches from Oval Office. Comey hearing didn't live up to its notices. Trump stocks up 2.5%. Trump vindicated on Russia & obstruct justice. Jared Kushner hear about nothing. Only thing Comey didn't leak was Trump not in Russian probe. Trump offers 100% lie detector. Why not let his defense lawyers handle everthing & stay focused on agenda? Stocks too complacent? Political risk? Brexit? Macron? Tax cuts? Why should Fed tighten after June? Inflation down. Commodities & oil. Theresa May Tories clobbered. Brexit? Terror attacks? Squishy policies? Will she be replaced? Minority majority. Money & Politics: Infrastucture. 3 easy pieces. Reconciliation. Overthrow CBO. Drain the swamp.

kudlow 6-3-17 Adieu to Paris. Trump totally right. Would any other GOP prez have done it? Trump most conservative since Reagan. Media endorsements.  

Adieu to Paris. Trump totally right. Would any other GOP prez have done it? Trump most conservative since Reagan. Media endorsements. Econ growth. Climate change models & causes still unknown. Trump concerned about climate, but bad deal. Nuclear power? G-7: no talk of stable money & supply-side policies. Softer jobs v. falling unemployment.Bad but not terrible.Wage income proxy still around 2% real, 4% nominal. Participation rates falling. Is ADP a better? Inflation slowing. Commodities flat. Fed tightenings? Stocks rallied on Paris pullout. Biz investment a bit stronger. Interest rates? Eurozone inflation back below 1%.j Melissa Francis new book: "Lessons from the Prairie." Markets & Trump. Elon Musk, Lloyd Blankfein. ExxonMobil. GE all wanted Paris. Mick Mulvaney: time for CBO has come and gone. POTUS: 51 for all Senate votes; get rid of filibuster. Attach tax cuts to healthcare. BAT tax dead. Aetna leaving CT. 1853. David Tepper leaves NJ. 12% of revenues.

kudlow 5-27-17 Dan Clifton & Mike Solon: Trump's new budget: back to Clinton welfare reform; make it pay to work. There are no cuts. Just slower growth  

Dan Clifton & Mike Solon: Trump's new budget: back to Clinton welfare reform; make it pay to work. There are no cuts. Just slower growth. What about tax cuts? Ryan gives up BAT tax? Senate? Detailed plan from WH? Parental leave? Joe Rago & Hadley Heath Manning: Repeal & Replace: when, what, how? Messaging? Risk pools? Premiums? Keep your doctor? GOP promise to fund poor, ill, pre-conditions? Medicaid? Senate: not 50 votes yet. Brian Kelly & Peter Costa: Stocks: domestic profits falling, so are profit margins. Commodities? Bitcoin? Fed rate hikes? Fed shrinks balance sheet: retire reserves. Flat curve? April capex not good. Gen Jack Keane: Trump changes policies in Mid-East. From Iran to Saudis & Israel. Sunni-Arab-Israel NATO? $100b to Saudis. Iran-Hezbolla-Hamas real enemy. What about campaign to destroy ISIS? NATO not taking terrorism seriously. Moore-Pethokoukis-McIntyre: Money Politics: Lawyers stop Trump tweets? Staff shake-up? War Room? Corey Lewandowsky, Dave Bossie, David Urban. How about econ side? Kushner-Russia?

kudlow 5-20-17 Treasury Sec Steven Mnuchin leads way for pro-growth tax cuts w/ 3% growth paying for them.  

Treasury Sec Steven Mnuchin leads way for pro-growth tax cuts w/ 3% growth paying for them. Reconciliation very flexible? Don't have to use CBO or JTC estimates. Is Admin coming together w/ House/Senate? Timetable? Year end? Banking reform? "Let this go" is not obstruction of justice. Not crime.Mueller's jurisdiction? Narrower than past. Why didn't Comey report memo to DoJ? How long? Advice to Trump? Confusion: what are they investigating? Sr. WH official person of interest. WH leaks! Nut job. Relieved Trump pressure. Stocks: buy the dip because tax cuts are coming? Profits? Econ outlook? Fed? Amazon near 1,000? 250% S&P is bull mkt not just a rally? Dollar-gold-oil? Dr. Rock Positano: "Dinner w/ DiMaggio: Memories of American Hero" Money & Politics: Can US get back to 3% growth? Most econs say no. But capital formation is key. Outlook for health & tax reform? Pence for Prez?

kudlow 5-12-17 All things Trump-Comey. Damage to him & GOP?Damage to growth agenda? Stone advise him? WH shake-up? Esp communications? New FBI? Trump not under investigation?  

All things Trump-Comey. Damage to him & GOP?Damage to growth agenda? Stone advise him? WH shake-up? Esp communications? New FBI? Trump not under investigation? Healthcare bigger problem for tax cuts than Comey? If no tax cuts & growth spurt, GOP crushed in mid-terms? Ryan: we can walk & chew gum at same time. Cornyn: healthcare before yearend. But why did Ryan bungle reconciliation/regs? Payroll tax cut for workers? No wage deduction for employers? Ted Cruz major player in health compromise. Working w/ McConnell. Same working group for taxes? 3% growth baseline? Biz tax cuts lead to capita deepening, productivity & wages. Why have wages flatlined? US- China trade deal very good. Trumps turns around. Negotiation not war. Day the earth was hacked! Stocks: No gold sky-high or stock plunge on Comey. Retail store collapse? CPI & retail sales slowing. Commodities soft (no inflation).

kudlow 5-6-17 Sen Ted Cruz: Senate outlook for healthcare & tax reform. What should be done, what will be done? Can he support?  

Sen Ted Cruz: Senate outlook for healthcare & tax reform. What should be done, what will be done? Can he support? House bill moving in free market direction? Turn back on New Deal like JFK & Ronald Reagan (populist)? States rights, 10th Amendment, federalism: medicaid caps, illness prior conditions risk pools, essential benefits mandate. $900b tax repeal. Reconciliation? Filibusters? Regs? Senate parliamentarian? Opens way for tax reform/biz tax cuts. Growth pay-for? State-local tax deduction? BAT? House Freedom Caucus tax plan? How long for tax cuts? GOP as party of working men & women? Dems elites? Taxes, health, success, biz, border security, refugees, abortion, trade, MAGA, world leadership? Growth/prosperity greatest populist issue? Former Sen. Tom Coburn & Betsy McCaughey on health debate, House bill, Senate priorities. Jobs, econ outlook, Fed rate hikes? Stocks side-ways. Profits strong. But no biz investment. Saintly wife doubled sales 1st 5 months: Trump confidence? Deflation pressures? Apple $1b USA investment? Jimmy P: Hal Varian & capital deepening.

kudlow 4-29-17 Trump's dramatic tax reform announcement caps off solid 1st hundred days.  

Trump's dramatic tax reform announcement caps off solid 1st hundred days. Gorsuch, reg rollback, border & national security. Consumer, biz, small biz, & stocks all up. Trade war fears down: China, NAFTA, 232, dumping wood & steel. Negotiation, not war? 2nd hundred days: taxes, healthcare, infrastructure, border wall, refugee visas, sanctuary cities. Can GOP govern? It looks more optimistic to me. Trump optimism: Think big, dream bigger. Foreign policy surprises: Syria, Russia, N Korea, ISIS. Endgames? Winning? Is senior staff operation coming together? Foreign? Domestic? Econ? Trade? Can GOP govern? What are polls telling us? Democrats 1st hundred days? Tax cut growth pays-for deficits! Mnuchin. Campaign plan won. WAPO & NYT. Wage-earners. Obama people carping on deficits? New Deal failed, it's our turn JFK-Reagan-Trump. Trump must sell it. Growth, jobs, wages. Rallies. Reconciliation whatever you want it to be. Stocks rally on taxes & trade. Earnings up. GDP 2%. Fed?

kudlow 4-22-17  Maria Bartiromo talks about Trump interview and her financial economic outlook.  

Can biz tax cuts pay for themselves? Mnuchin & Cohn say yes to dynamic growth models. So does Art Laffer Comm4Prosperity. Committee for a Responsible Budget says no. Maria Bartiromo talks about Trump interview and her financial economic outlook. Is their a Health Care deal ? Working w/ Senate? Tax Reform this week? CR extension? Gov't shutdown? Dynamic scoring? 3%=$4 tr revenue increase. Cong Dave Bratt. Is bipartisan corporate tax reform possible? Former Obama CEA chair Jason Furman. Flattening yield curve, falling bond rates, lower inflation breakevens, decline retails sales, no biz investment? Profits over exuberant? GO rose in Q4. Trump policies? Why BAT tax is wrong. Corp tax reform. Tax rate incentives matter. Is Trump wrong on trade? Can we make 3% growth? Alan Reynolds birthday week. Start w/ biz tax, then omnibus individual tax. Child tax credits? Infrastructure? What will Trump tax overhaul look like? Throw out campaign plan? 1962 Trade law section 232 national security protectionism? Tampering w/ H-1B visas? Buy America? Reagan or Bush economy?

kudlow 4-15-17  Trump reversals & Trump strengths. Ex-Im (Scott Garrett), Yellen, rates, dollar, tax & health reform, reciprocity, Syria, Russia, no China currency manipulation, easier trade w/ China re N. Korea.  

Easter: We have all found ourselves at the foot of the Cross. Stay a while on Good Friday, before rushing to the great Vigil of Resurrection on Sunday. Stay a while to ponder the awful Crucifixion. He died for our sins. What were/are those sins? What must we do to atone? Fr. Richard John Neuhaus: Death on a Friday Afternoon. Passover supper is Last Supper. Trump reversals & Trump strengths. Ex-Im (Scott Garrett), Yellen, rates, dollar, tax & health reform, reciprocity, Syria, Russia, no China currency manipulation, easier trade w/ China re N. Korea. Trump promises kept: tax, repeal & replace (tho total confusion; NEC-Cohn haven't done their job), pipeline, EPA, border security, refugees. Drain swamp-- overturn establishment elites. Problems gone unfixed for 20 years. Give him a chance. Tax plan scrapped? W/ cheap dollar? Reversal of JFK-Reagan. Drain CBO swamp. Growth is mother of all pay-fors. GOP hardball on reconciliation. Stocks slip. Retail sales fall 2nd straight month. Syria impact? Oil recession over? Profits? Mixed signals. The Benedict Option by Rod Dreher. Bannon down? More centrist Trump?

Kudlow 4-1-17 Want to raise wages? Cut biz tax rates first.  OMB Director Mick Mulvaney on budget, taxes, healthcare.  

Want to raise wages? Cut biz tax rates first. OMB Director Mick Mulvaney on budget, taxes, healthcare. Team Trump not ready for tax reform? Mnuchin v. Cohn? Carbon tax? Gen Jack Keane on Mosul, Raqqa, Sunnis, defense budget. Nothing wrong w/ trade deficit-- flip side of capital inflows. Team Trump never mentions that. Kill border tax before it kills us. BTW, dollar will fall, not rise. Foreign imports subject to US state & local sales taxes. 6.5% average Big states up to 8-10%. Why is POTUS attacking conservative Freedom Caucus? He's gonna need them down the road. Reagan Rising: 1976-1980 wilderness years. Craig Shirley. Are core profits slumping? Problem for stocks? Trump trade faltering?

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