This podcast brought to you by Ring with Ring cameras. You can check on your pets to catch them in the act or just keep them company. Make sure they're okay while you're away with Ring. Learn more at Ring.com/pets. Ryan Reynolds here for, I guess, my hundredth mint commercial. - No, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, ♪ ♪ -Hello, folks. Welcome to "Cudlow." I'm Larry Cudlow. So is Joe Biden digging the U.S. economy into his grave? We're gonna ask our latter, Steve Moore, and William Shakespeare's grave digger. More on that in just a few moments. But first up, with just four days until the CNN presidential debate, how are Biden and Trump preparing for it? Fox News, Aisha Hasney has much more for us. Aisha, what you got? -Well, Larry, good evening to you. We know that President Biden right now is surrounded by a whopping 16-debate preppers. That's a lot. And his campaign says that he is gonna blow everybody away. -You will see a very energized President Biden. I can assure you of that. -Now, we won't see Biden until debate day. Instead, the campaign is flooding the airwaves with new ads marking the anniversary of the Dobs decision. We're also deploying Vice President Kamala Harris, who through shade at Trump today say that he is guilty for stealing reproductive rights for women. Now, former President Trump, on the other hand, is on the campaign trail. He's holding rallies. He's meeting with supporters while his campaign is preemptively going after the moderators. -Well, it takes someone five minutes to Google Jake Tapper. Donald Trump to see that Jake Tapper had consistent interviews with President Trump. -Now, I'm gonna stop this interview if you continue to attack my colleagues. I would like to talk about Joe Biden. -The Trump campaign is now even offering a few questions for President Biden, like whether he still thinks that the Hunter Biden laptop is Russian disinformation. And Larry, meanwhile, the White House is facing criticism over the recent promotion of staffer Tyler Cherry in light of some controversial things that he's tweeted in the past, including saying things like police are the direct evolution of slave patrols and lynch mobs. In an effort to try to clean all of that up, he just posted on X that past social media posts from when I was younger do not reflect my current views, period. I support this administration's agenda and will continue my communications work focused on our climate and environmental policies. A White House spokesman tells Fox that they are proud to have Tyler Cherry on their team. Larry? -I said one was he younger. How long ago was that? Is that 20 minutes ago or how long ago was that? -That's a great catch. I'm glad you caught that. I don't know that many people have caught that. Yeah, I would assume that this happened very recently, some of these tweets, so especially the Israel Gaza tweets. So I don't know that he was at much younger. -Yeah, no, I think it was a half hour ago and he was much younger. Anyway, I shall, isn't he? Thank you ever so much. -Got it. -We appreciate that. All right, folks, is binomics digging America's economic grave? That's the subject of the riff. So the average voter watching the upcoming CNN presidential debate probably won't recognize the term "modern monetary theory." But if Mr. Trump prefers to unlimited federal spending, borrowing, money printing, inflating, taxing or regulating, well then, the average viewer will have an "aha" moment. I recognize that. It's called "bidenomics." All right, left for Steve Moore. He'll be here in just a moment right about it in the Wall Street Journal today. And the journal editorial page talks about tax Armageddon. Newt Gingrich refers to so-called "modern monetary theory" as "big government socialism," spot on Newt. Some common-sense principles contradicting Joe Biden as you can't tax your way into prosperity, nor can you inflate into prosperity, nor can you devalue your currency into prosperity. That's just a few thoughts that any middle-class voter can identify with. Mr. Biden may never admit it, but the Journal is right should the Democrats regain the White House and Congress, they'll hold middle-class tax cuts hostage to a huge overall tax hike, left-wing luminaries like Senator Elizabeth Warren and Ron Wyden. They're in favor of imposing a wealth tax on anybody making 50 to 100 million bucks. They and many other Democrats would be perfectly happy with an unrealized capital gains tax. Unfortunately, last week's Supreme Court decision leaves the door open to that wealth-confiscating idea. And as we have noted, the latest Congressional Budget Office baseline scorecard now shows $2 trillion deficit, as far as the eye can see, leading to a $51 trillion federal debt by the end of the next decade, a tidy borrowing sum. And that would get you to 122% of GDP. In peacetime, no less, without any emergency, even nearly full employment. John Maynard Keynes should be turning over in his grave. Milton Friedman has already spoken to me from his grave. Even Shakespeare's "Alas Poor York" grave digger should have worried that more binomics would dig an even larger grave for the entire American economy. Just saying. And that's my riff. "Alas Poor York," the benefits of a classical education. Joining me now is Art Laffer, former Reagan economist, and Steve Moore of the Committee to Unlish Prosperity. It hosted more money on W.A.B.C. radio, Art Laffer. "Alas Poor York," Art Laffer, you're an educated man. Shakespeare's "grave digger," Arthur. That's what binomics is akin to. Shakespeare's "grave digger," remember "Alas Poor York"? Maybe not, I don't know. - I do, I do, I do. - Oh, okay, good. - He held the skull in his hands, Larry. - That's right, okay. I don't know if we have a picture of him holding the skull, but Shakespeare was fantastic. All right. We'll get to Steve Moore who knew "Alas Poor York" on a first-name basis. Here's what Mr. Trump said in Philadelphia about deficits and the economy. Take a listen, please. It was just announced that the budget deficit is now expected to be $2 trillion for-- $2 trillion, that's all of his green new scam stuff. Making his brutal inflation much worse than anybody ever imagined. I believe it's the worst inflation the country's ever had to stop. Bidenflation, I will end Crooked Joe's wasteful spending and rapidly terminate the green new scam. All right, so, all right, let's begin with you, modern monetary theory. What is it exactly, "Alas Poor York"? Grave diggers. Well, what they say is they can go unlimited amounts of borrowing because the markets will tolerate it at low interest rates, but the problem with modern monetary theory, Larry, is really very, very simple. You know, if you use, if you borrow it 2% and use the money to create economic growth and have yields of 5%, you should borrow a lot. You're making profits and you're creating a better country like we did with Reagan, Larry. That's right, but when you borrow money, no matter what price, and you use it to pay people not to work and to destroy economic value, then you shouldn't borrow it all, but they're borrowing all this stuff and they're using the money badly. And by using it badly, they've created the Biden economy, which is a catastrophe. I mean, if you compare that with the Reagan economy-- the Trump economy, it's just amazing that juxtaposition there. I mean, nothing matches Trump's first term in office until COVID hit, and nothing matches that. It was the best economy, I think, in a first term ever. Well, Steve Moore, let's just go into this because people may not recognize the term "modern monetary theory." Okay, but what you're talking about is basically endless or limitless spending-- That's right. --borrowing, and the other key is the modern monetary theory people who do populate the Biden administration, unlimited money printing, right? They argue that because the dollar is the world's reserve currency, quote, unquote, at least for the moment, we could, we could, the government could, or the Federal Reserve could buy all the bonds that are sold, could print all the money necessary, and that's really the clincher for modern monetary theory. They're not worried about inflation. They're not worried about regulation. As Arthur said, they're not worried about sluggish growth. Now, have they been proven right or wrong so far? Well, it's important for people to realize where this came from. Remember, Larry and Arthur, when Obama was president, he remembered his $800 billion so-called stimulus plan with the shovel-ready projects, and it did not stimulate the economy. The economy did terrible over the next four years. They never came anywhere close to their three to four percent target. And so the, what was the reaction? The reaction should have been, well, that, all this spending and debt doesn't really work, and what they just, what they came up with is this idea, oh, no. As Paul Krugman said, they didn't spend and borrow enough money. You know, if they just borrowed $4 or $5 trillion more, it would have worked. So Biden comes in and buys this crackpot theory, which is very convenient for him because he wanted to spend money anyway. And now we've had this experiment, right? And now we've had this experiment with Bidenomics, and it is modern monetary theory. And the point of our piece that Arthur and I wrote is, who would have been the victims of this? Well, the middle class, Larry, because the prices have gone up by 20 percent. Incomes are only up 16 or 17 percent. So the average American is poor as a result of this. So this idea does not work. Hopefully we can put it in the grave and pour salt on the soil so the idea never comes back. One other quick thing, Larry, if I may, you talked about Reaganomics, and I agree with Arthur on this. Under Reaganomics, you guys did it. You were there. You cut taxes and rebuilt the American economy so we could build the Cold War. And that was largely paid for by borrowing. But look at the payoff. I mean, the payoff was a booming economy. We won the Cold War. So borrowing in and of itself is not a bad idea. But what have we gotten with Bidenomics? Nothing. No, no, I agree. By the way, real defense spending under Bidenomics is shrinking at the worst possible time. You mentioned the graveyard. That's why I brought out Shakespeare's Hamlets, the grave digger, because I think this is grave digging type stuff. I laugh for the other thing too. Besides the kitchen table lack of affordability, as Steve Mor just mentioned, we talk about all the time. The other thing is the Bidens will want to tax wealth heavily. And unfortunately, the Supreme Court in its decision last week opened the door to a wealth tax and perhaps to an unrealized tax on capital gains, which is another confiscation of wealth. Now, I think both of those would be very harmful to the economy. I don't want to tax wealth. I don't want to tax investment. I might want to tax consumption up to a point. Now, investment, I mean, that creates real wages. That creates productivity. That creates advanced technologies. In fact, Arthur, I don't want to tax the capital gains at all. Period. End of sentence. What do you think? You know, when you look at the thing the Supreme Court did, if you look at it, we have a wealth tax in this country. It's at the local level, Larry, and it's called property taxes. And when you put a wealth tax on, an annual wealth tax that you can't escape, that lowers the rate of return on capital to the holders of that capital and the value of the wealth falls dramatically. What you will see with a wealth tax is not only do you pay the tax. That's bad enough, but what you pay is what they collect. But what happens is the value of the wealth itself goes down by a huge amount. What we find on property taxes is a 1% property tax, a 1% property tax will drop the value of a property by about 12% in addition to the tax that you actually pay. So this wealth tax has a double whammy. It's a tax like all the others, but after the tax, you don't get to keep your wealth. No, they're going to tax it again next year and the year after that and the year after that. So it has a huge asset value decline that's really terrible. Right. You railed against this 40 years ago, more than 40 years ago, Jarvis Gann, Prop 13, by the way. Yes, exactly. The California State Supreme Court won't even let California voters today vote on another local tax limitation, which is really bad. Amazing. Talk about no democracy. So you're dead right on that. Steve Moore, one hopes, one assumes that Mr. Trump will be very facile in describing the kitchen table consequences of bi-nomics at the debate, rather, at the CNN presidential debate. I mean, Trump knows this stuff cold, right? Hasney reported earlier, Biden's got 16 advisors at Camp David. You know, quantity doesn't produce quality, as I think you know. So give me a, for instance, I could see Trump pounding away on kitchen table stuff. Well, I'll give you one that, that Arthur and I have talked to Trump about, which is under Trump, real median family income rose by about $6,000. I think you've used this example yourself, right? Under Biden, according to the latest data that just came out, the average family has lost $2,100. Now, if my math is right, that's an $8,000 swing. And I'm not talking about rich people. I'm talking about people at the very top of the income scale. By the way, we also have one other wealth tax that I think is the most immoral of all, which is the death tax, something Arthur has written a lot about. Yes, it is. And that tax, it's just confiscatory. It doesn't even raise any money. We get half or 1% of our revenues from this stupid tax. All it does is, is employ, you know, tax accountants and lawyers and attorneys. Let's get rid of all these. If, look, if you want more of something, you don't tax it more. How complicated is this? We want more wealth. We want more investment. We want more savings. And they want to, and they want to tax it all. And they're going to turn America into California, which has the highest taxes. And everybody's leaving. Well, that's the model, I think. That's a good point. Those guys, California is the Bidenomics model, basically. Arthur, I'm going to give you the last word. You know, Biden has 16 advisors prepping him for the debate, right? What if, what if all 16 are wrong, Art? I mean, what if they give them really bad advice? Imagine that, huh? Well, imagine that, isn't that just a shocking thought? I mean, 16. Everybody's wrong. You, you guys are incorrect about California, by the way. You know, Bidenomics is Illinois. California at least has Prop 13. The one breathing hole. That's true. It keeps California from being West Virginia. You know, 16 people is the wrong thing for them to do on strategy. Just basically, you don't want to overwhelm the guy. You don't want to push so many ideas on him that he can't keep it straight. He gets confused. And he gets confused quite naturally. So if I were the Biden team, I would not have 16 advisors yelling at him nonstop. That's just the wrong way to go. He should have one advisor, and then he would only have one mistake to correct the one advisor's comments. Not all 16 mistakes to correct. I'll ask poor York. I'll ask poor York. That was the great part. I'll tell him what you're saying. Art Laffer and Seymour and William Shakespeare. Thank you ever so much. All right, folks. Coming up here on Cudlow Biden's border, catastrophe is killing innocent Americans. You know, how's President Trump going to fix that? Well, we'll discuss it with Congressman Scott Perry and Doug Collins next up on Cudlow. Alas, poor York, we are bearing the economy into yet another graveyard. Oh, my goodness. Oh, my goodness. [MUSIC PLAYING] [MUSIC PLAYING] [MUSIC PLAYING] Doris Kearns, good one. And an unfinished love story. A personal history of the 1960s. Doris Kearns, good one. I'm looking back at great times with her wonderful home or husband who passed away. But going back into this '60s period, Doris, great to have you. Thank you. I'm glad to be with you as always. And I was thinking to her so the timing and the way we would get into you, and sure enough, this was the backdrop that was going on with Donald Trump. This is a crazy election year. The closest, maybe we could talk to turbulent times or a turbulent election, maybe 1968. But still, what do you think? You know, it's an interesting thing. Each time a person is living through a period that is historic. And they're not all equally in terms of how much dramatic it's going to be for history. Certainly the 1850s, the 1860 election is even more historic than this. And turn of the 20th century with Teddy Roosevelt. That was a big one. Great depression, 1932. The 1968 was a very turbulent one. And the thing is that while we're living through it, we don't know how it ends. I mean, this trial is an historic fact, but what will really matter is how does the trial end? How does that affect the election? Do people accept the verdict of the trial? Do they accept the election? And we don't know that yet. We know now that the Civil War ended with the Emancipation Secured. We know the Great Depression ended with the Mobilization for World War II. We know the Allies won World War II. So we can look happily at those periods. This one is ours to determine. And the chapter is still left to right. But prior chapters and prior books about America, we always get through it. We do something. Someone emerges. We are cells to someone who emerges. Or we ourselves emerge to our better angels. It sometimes takes a long time. The '60s was that battle. And it's up to us. It's always the citizens. I mean, you can't be looking for heroes at tough times, many times. I mean, when Lincoln was called deliberated, they said, "Don't call me that." It was the anti-slavery movement and the Union soldiers that did it all. And so right now, I think it's up to the citizens. Are they going to be able to take hold of what we want to have, not only in our leaders, but in our country itself. And that's what we've seen. Every movement for great change in the country comes from the ground up. So we'll see what happens. It's not just up to the leaders. It's up to us. You know, you're harking back to a very different time in the 1960s. You said nearly -- and I characterize this as more of a love story. And you're Richard Goodwin, who I hadn't realized that through all that time, you guys were kind of running around and into each other. You didn't know each other. You didn't work with each other. Of course, he's this zealag-like figure who was there for some of the most amazing periods in our history. How did he end up like that? I'm not sure I understand. I mean, I think that it was that he was in public service at a time when the '60s was one of those most pivotal moments in the country's history. But he starts out working for JFK. He's in the campaign. He's on the plane. And then he works in the White House. He's there with the birth of the Peace Corps. He's there the night that JFK is killed. And he gets the eternal flame. Then he leaves and he goes to LBJ. He's there for the great speeches of LBJ, the great society. He coins the phrase. And then the "We Shall Overcome" speech. Then he turns against the war. He's with McCarthy in New Hampshire, Senator Eugene McCarthy. And then goes with Bobby Kennedy, his closest friend. And is with him when he died. So there was somehow he just happens to be, or maybe his talent brought him to those places, or fate brought him to those places. But it certainly was zealot-like. ♪♪ Hello to our viewers in Mexico watching on Sky. Thanks for choosing Fox. For the latest headlines, you can go to foxnews.com or foxbusiness.com. Keep it here. ♪♪ Wherever you are, whenever you want it, Fox News Digital is the world according to Fox. The top headlines. Other sites won't touch. Unmatched coverage. You won't get anywhere else. And the stories that keep America clicking. No one does it like FoxNews.com. Plus, download the Fox News app to get breaking news, alerts, and all your favorite shows on the go. And if you can't watch, listen. The Willcame podcast on Fox News podcast. I'm Brett there. I'm Dana Perrino, and this is the Fox News rundown. Fox News Digital, the world according to Fox. ♪♪ ♪♪ ♪♪ All right, tragic story in illegal migrant in court today in the tragic murder of a 12-year-old Texas girl. Fox News Nate Foy has the latest Foy. What can you tell us? Hey Larry, so the judge set bail at $10 million for Franklin Peña, the first of two illegal Venezuelan migrants charged with capital murder in the death of 12-year-old Jocelyn Non-Garet. The district attorney here in Harris County, Kim Og, said this about the crisis at our southern border earlier. Our immigration system is broken. And if there was ever a case that reflected that, it's this one. Larry, today in court prosecutors revealed that Peña wore an ICE GPS tracking device at the time of the murder. He got it after being arrested and then released by Border Patrol just three weeks before Jocelyn's murder. Prosecutors also say the two illegal migrants tried leaving town asking their boss at their construction job for money so they could avoid punishment. The boss came forward and spoke to the police. That is one of the ways that the police were able to determine where they were and who the suspects were. Larry, prosecutors say Peña admitted to kissing the 12-year-old girl, and he claims that his co-defendant committed more heinous acts. Here's Jocelyn's mother. She was still my first born. I was a teen mom. I fought for her. I'm 15, so 27 now. I'm still fighting for her. And I just remember that she was a very special little girl that deserves her justice. The district attorney said they're waiting on test results to come back. And if it's found that the migrants sexually assaulted Jocelyn, the case would then be eligible for the death penalty. Jocelyn's funeral is set for Thursday, Larry. We'll send it back to you. All right. Thank you, Nate Foy. Tough story. Very tough story. For more on this, and Joe Biden's whole catastrophe at the border, let's bring in Pennsylvania Congressman Scott Perry and former Georgia Congressman Doug Collins. Gentlemen, thank you for this. You know, Doug Collins, this Texas tragedy, this guy was a criminal, and somehow he was loose. I don't know. He was released back into the interior with an ankle bracelet or whatever. I don't know why it wasn't behind bars. It was a criminal, the tragic Rachel Morin in the suburbs of Baltimore, Maryland. You had a criminal in this terrible raping of the teenager in Queens, New York. I mean, I don't understand how anybody can tolerate this. I don't understand why it is that the whole country isn't in favor of deporting all these criminals. I mean, how do they get into this country? One, this Texas story that Nate Foy just reported on, the ICE people knew he was a criminal and released him anyway. I don't understand that. I don't understand how best possible. Well, it's good to be with you. But this is a sad story. We didn't mention, like in Raleigh down here in Athens, same thing. Murder, a legal immigrant did this. I mean, this is what happens when you have a border that is unprotected and you have men and women of our Border Patrol ICE agents who are, instead of doing their job, they're being basically told to hand hold people and then send them away from the border so that the Biden administration can't show the pictures of people congregating at the border. This is a willful attempt by the Biden administration to forgo our immigration laws. And at the same time, it's putting the rest of the country in peril. The best thing that could have ever happened for people to understand that we're in danger and national security risk or our border was when they started farming them out to everywhere else in the country. And then the people began to see how this was over call our system, taking our security to a risk. And also, here's a part layer. We see these like this that are very bad. But we're not even counting the ones who've walked across from terrorism watch list or who may be planter sales who are coming across with no betting at all. You know, Scott Perry, I mean, the border, the open border catastrophe, Biden's open border catastrophe has created essentially a national safety crisis, a national safety crisis. No state is safe. I mean, in a sense, as others have said, we're all border states now. Doesn't matter where you are geographically. Let me ask you those. In Washington, so Biden has this executive order. The executive order has apparently reduced the volume of illegals by about 20, 25%. But, but, but, but, the numbers are still running well ahead of the 2500 a day that Biden advertised and said, for example, he closed down the border until it got even lower. In other words, I don't see his executive order being enforced. That's what troubles me. Well, Larry, thanks to be with you. Good to be with my friend Doug. He had been, and I have been in this battle for a very long time. Let me just start with the executive order. It's meaningless. Let's remember too, who's keeping the numbers. It's the same administration that has told you for three and a half years they couldn't do anything about this. The executive order itself is full of loopholes. So I suspect actually that the numbers are higher. But whether you're in Georgia or whether you're in Baltimore, by the way, the lady, the young lady that was killed outside of Baltimore is also a suburb of Pennsylvania, just a short drive from Pennsylvania. And I don't know the exact location of Lake and Riley's death, you know, what that community looked like. But it's far from Mexico and their southern border, number one, it's far from the New York border. But the lady that was, that lost her life, that was murdered brutally just in a place called Bell Air, Maryland, was out on the rail trail. And so when you talk about the safety and security of Americans, this is all collateral damage to the Biden administration, to President Biden himself and to the Democrats. The point is, is they don't care about Americans and the lives of Americans and the terror that Americans feel unsafe to go out in their homes as long as they can continue with their agenda, which is unstoppable, unbridled, illegal immigration, illegal entry into our country. And if criminals and terrorists have to come to get those voters, well, then so be it. And if people like 12 years old, like 12 years old, if a little 12 year old girl or the 37 year old lady or Lake and Riley had to lose their lives, better life brutally for this effort, well, then the Biden administration and the Democrats say, well, so be it. Do we have the quote, Trump on the kids going to school? If you get a diploma, you should get a green card with the diploma. Do we have that? Can we play that? Let me just let our two congressmen here, this quote, from President Trump. What I want to do, and what I will do, is you graduate from a college, I think you should get automatically as part of your diploma, a green card, to be able to stay in this country. You need brilliant people. Scott Perry and Doug Collins, let me go to you. This is Mr. Trump. Now, no one's ever going to accuse Mr. Trump about being soft on the open border, and in fact, he talks, you know, in the same speech paragraph about a massive deportation program. But it is an interesting wrinkle. I interviewed him before the business roundtable, what, 10, 12 days ago, he made this point. If you get a diploma from a two year or four year college or graduate school, you should get a green card because we'd like to keep him to attract the best of the brightest. Doug Collins, what do you think of Mr. Trump's idea on this point? Yeah, this will look, this, I agree with you, it's not taking anything away from stopping at the border, which he would do up front. But dealing with folks who are here that have a pathway, this is an issue that has come up before, it's been something before Congress before, but I think it's not to be narrowly defined. I think it would have to be in some ways looked at, but we can't do really any of this. And I think he, Donald Trump, understands this until we actually close the border and then begin to get a handle on all the other problems that we've got with the immigration system. So look, I think he's looking forward. I think he understands this situation, but he also understands the first part is you've got to stop the flow at the border before anything else can happen. And you know, Scott Perry, I'm going to give you the last word, the third seconds, please. Sure. But the deportation idea, he goes back to Dwight Eisenhower, generalizing our president Eisenhower. The deportation idea, when you poll on this, as you probably know, Scott, is very popular. And when you see these horrible, hideous, monstrous stories in New York and Maryland and Georgia and Texas and so forth, deportation of criminals is going to be a big issue, don't you think? Well, they shouldn't be here in the first place. And not only are they preying on American citizens who are just trying to live their lives, but then we have to incarcerate them and pay in our taxes to keep ourselves safe from people that shouldn't be here in the first place. So I think that's why it's very popular. We don't want to be afraid to go out of our homes tonight. We're in the day in our own communities. And many Americans tell me they're afraid. A lady that served me lunch today told me she's afraid to live in our own country. It is ridiculous, which is why the deportation issue is of these animals and these criminals is so popular. All right. Thank you, gentlemen. Congressman Scott Perry and Doug Collins, we appreciate it very, very much. Coming up here on Cutload, the Biden White House may have just been caught in an oil permitting and leasing life. Flat out. The numbers are stark. We're going to talk about it with Senator John Hoven from the oil state of North Dakota. And a good friend. I'm Cutload. We will be right back. ♪♪ The bottom line was digging and duffey on Fox Business. We view the world the same way. I'm sure we'll have some disagreements. But you don't want to get her mad. No, you don't. The bottom line was digging and duffey on Fox Business, invested in you. ♪♪ I'm Jesse Waters. I'll be covering Democracy 24 on Jesse Waters' prime time. I was traveling around the country as a correspondent in 2016. And I was meeting real people, shaking their hands, feeling the calluses on their grip. They knew something that nobody else knew because they were going to determine who was the next president. You can't discount the American people. You have to listen to them. ♪♪ It is indescribable. The level of power, and reach, and theatrics. And I feel like I'm Zeus. I feel like I'm the god of lightning. Let's see if I can use my godly skills to cook the steak. Ready to make dinner? Let's do it. Okay. ♪♪ All right. Ready? Yes. Awesome. My question to you is, how do you take your steak? I'm a medium person. Okay. Yeah. Medium. Coming up. If you want it well done, I'll ask you politely at firmly to leave. Okay. All right. I will make it medium for you. Here is your torch. Okay. I'm going to go ahead and pick it up. ♪♪ There you go. All right. And then that right again. Just going to come down. Okay. I remember one last time. Gangster style. Okay. All right. I'm going to pressurize it. Okay. ♪♪ Okay. All right. You're going to feel that bump in just a second. All right. It's all on you. All right, guys. Medium steak. Coming up. No! [ Laughs ] Whoo! [ Cheers and applause ] [ Laughs ] ♪♪ This was the best day of all time. I mean it. But we won't know if I did my job until we crack this box open. All right. You ready? I'm ready. Awesome. Let's see what we did. First we just got to take this off. Oh, it is a little bit -- is a little bit warm. A little bit toasty. Let's take this off. Oh, that is very warm. Dinner. Flamethrower style. All right. You ready? I'm ready. All right. The big reveal. And there we go. Flamethrower cut steak. Boat appetit, y'all. Weapons and war. [ Laughs ] You don't think I'm going to leave without trying it, right? Our chefs may or may not have spiced up a tiny bit, but here is the end result. Okay. So are you ready? I'm ready. I hope it is up to your medium standards. All right. I hope it is too. Absolutely delicious. It smells delicious. Oh, my gosh. It cuts like butter. Oh, my gosh. All right. Cheers, my friends. Cheers. To cooking with flamethrowers. [ Laughs ] Oh, my gosh. Delicious. That's not good at all. That's amazing. Mm-hmm. I'm going to cook with flamethrowers from now on. Mm-hmm. ♪♪ Today, I had the awesome opportunity to fire a Vietnam-era flamethrower. Now, you won't see this weapon in combat anymore. The military retired it almost five decades ago. But it's important to learn about its history. Why it was needed, how it was operated, and the stories of the brave soldiers who operated it. The most impactful thing about operating these weapons and the flamethrower, especially, is feeling like for that moment. I know what it felt like back then. For just a small moment, what history feels like to step in the shoes of someone that is grappling with an amazing poundage of weight and heat and the elements fighting under battle conditions. I can only imagine for the noble cause of democracy and freedom, it reignites my gratitude for all servicemen and women, especially for those young men holding these flamethrowers in the thick of battle, in the thick of war. ♪♪ ♪♪ ♪♪ Listen to the "Fox Business Run Down" podcast every Monday and Friday where the world of business moves fast. Whether you're on Main Street or Wall Street, Fox Business is Investive India. Go to foxbusinesspodcast.com or wherever you download your favorite podcast, "America is Listening." ♪♪ All right, so the Bidens may have been caught in an oil permitting, leasing, drilling life. An outright lie. Joining us now to talk about it, my good friend, North Dakota Senator John Hovind, North Dakota being a great all-state. Senator Hovind, welcome back, sir. It's way too long. You know, just reading this story, I don't know if you looked at the story, but all of a sudden they've overestimated what the Bidens permitting was permitting. Ha ha ha. And they're underestimating what Trump is doing. I mean, I have some numbers here. They may not be there. I just from news reports, Mr. Trump allowed 10,795 leasing/permits, okay, whereas the Bidens only permitted 6,700. That's a big difference. They've been saying all along that Biden allowed more than Trump. And I don't know how you get that, except the Bureau of Land Management in the Interior Department was telling it, shall we call it, a big fib. What do you make of it, Senator? It's unbelievable, Larry. I mean, absolutely remarkable. And we're going to go back to Secretary of Interior Holland and to BLM Director Tracey Stone Manning and demand these numbers. The House Natural Resources Committee turned this up. Biden administration officials have been consistently telling us, oh, they're doing more leasing. They not only are inflating their permits to drill. They're also grossly inflating the number of leases available right now to go ahead and be drilled. That number is a lot lower, too. So what in the world's going on here? Unbelievable. And yeah, clearly this is something that in the Senate Energy Committee we're going to look into. I mean, at one point, Senator, correct me if I'm wrong, but at one point, the Biden's accord had to stop. I mean, they had to issue a new order. The Biden's weren't going to do any leasing whatsoever. And the court had to step in and say, no, no, you can't. In other words, there was going to be a moratorium on leasing, if I'm not mistaken, and a court had to step in. Do you remember this, business? Sure, that you're exactly right. President Biden put a moratorium on new leases when he came into office. As you said, the courts have overruled that. They still haven't proceeded offshore. They're just barely starting up again. Here were three years into his administration, and he's been ordered to do it by the courts. And in addition of flurry of new regulations and increasing both the fees and royalties to drill. All of these things may be harder to produce more oil and gas. Apart from the fact, I mean, not even including closing down Alaska, closing down New Mexico, closing down the Gulf of Mexico, as far as I understand it. I mean, you just can't make this stuff up. Now, I'm sure Trump will call Biden on this in the debate, if and when it comes up. But I hope you all do investigate this. The other thing, it's so interesting, Senator Hovin. You know, Biden's always talking about middle class this and middle class that. But in fact, this is a wonderful thing. The University of California at Berkeley of all places, okay, that's what's so great about this study. Their business school has just shown that the Green New Deal, the misnamed inflation reduction, all those subsidies for EVs and whatnot, by far benefited rich people. I was only 10% benefited middle class and 60% benefited rich people. All these green subsidies. This is from the UCal Berkeley business school, not exactly a right wing haven of supply siders. Well, that's right. The inflation acceleration act, I think what they should have called it, did just exactly that. Something like 80% of the green credits sold for like EVs, the electric vehicles, something like 80% of those credits went to the top 5% income earners. And 50% of all of them went to the top quartile. I mean, these are the folks that obviously can afford to buy their own electric vehicle if they want or, you know, put some of the, you know, some of the so-called green new energy saving type, you know, systems into their house. They don't need a big government subsidy to do that. I think it's been, I don't know, more than $50 billion. And it's just absolutely ridiculous that it's going to the wealthiest people. Furthermore, you know, talk about low income individuals. Remember, by holding up the energy production, putting the handcuffs on our energy producers, like the Biden administration's doing, what do they do? They drive up the cost of energy. Right now, Brent Prude, $85 a barrel. West Texas, like 81. You know who that benefits? Russia, Iran, Venezuela at a time when they're funding terrorism and funding war against, you know, our allies, frankly, and ourselves as well. Yes, sir. You know, with what these tariffs were. Yes, sir. It's funding their worries. So it's not just making low income people pay more. Subsidizing wealthy people look at the impact in terms of, you know, the global situation and what's going on. In the Middle East, for example. Yes, sir. Senator Hoban. Thank you, sir. We appreciate it. Hope to see you soon. Thanks, sir. Good to be with you. All right, folks. Actually, Mr. Hoban just mentioned, you know, young people are hurting by this. They don't want EVs. So this is another young voter story. They don't want the Biden electric vehicles. They're getting clobbered by housing costs. They're not going to vote for Biden. At least that's what Paul said. Giano Caldwell, Fox News political analyst and founder of the Caldwell Institute for Public Safety and Alex Lays, host of the Alex Lays show and American flag ties. Gentlemen, welcome back. Nice going, Alex. We appreciate it. Put it out there. You always don't hide it. Right out there. All right. There it is. Giano, I do want to start with you. You know, you read the very good editorial in the Wall Street Journal today, but we've known this for a while. Pauli shows young people are deserting Biden. Yes. They're deserting Biden in part. They don't want electric vehicles. They can't afford them. You can't resell them. You can't pay the insurance on them. The other problem is to relate these stories. Young people have given up on the American dream of owning their own home. Home prices at record highs, mortgage rates twice as high as they were four or five years ago on the Trump. What's up with this? I mean, they're doing the right thing by giving up on this guy. He's been trying to buy their votes with the student loan bailouts, but not everybody has student loans. The truth of the matter is the Biden administration has been disastrous for not just young people, but all Americans, especially considering the fact many young people, when they graduate college, they're going to live back with their parents. Now, that's not a life many would like to have, but that is their reality. Inflation is heated up even if you're a wealthy person. Things are still more expensive for you. So it makes sense why they're jumping ship. Well, you know, it's just a very interesting long time ago, and I worked for Ronald Reagan. Reagan ran against Jimmy Carter, and young people voted for Reagan, not Carter. Young people are supposed to be much more liberal, but as it turns out, if they vote their pocketbooks and their walls, they're not so liberal, we're seeing the same thing again. And I know they're in real incomes of Gandhi. The EV thing is so interesting, too. It's too expensive, right? If you own one, you can't sell it. You lose a lot of money. You can't pay the insurance on it. That's the part, a newbie for me, the insurance fund. Why is that? I thought young people loved the whole climate green new deal thing out. What happened to that, aren't you? Young people like a cool looking car. That's what they want to have. They're not looking to get some plastic EV car that they've got to find these filling stations that are all scattered around. My son just turned 18, graduated high school, right? So it'll be his first year voting. Now, I was telling him when I was his age, I was able to have a studio apartment. I was working as a mechanic up in the Bronx. One week salary paid for my apartment. And I was chunked up for an 18-year-old, right? Now, he's not in that situation here. He's got to make, like, three grand a week to be able to do what I was doing back then when I was his age. So he's 18 years of age and there's no chance in heck. He's voting for anybody, but Donald Trump. Well, the other thing is, though, just to come back, Gianna, owning your own home is part of the American drift. I don't care. Young, old, young, old. Now, all the people who have a home are benefiting from high prices. Okay. Get that. However, younger people who don't have a home are getting clobbered by high prices and by high mortgage rates. That's right. And that was really the point there. The high interest rates is one of the factors that many folks, the affordability factor, isn't there anymore. You think about the fact that in many cities, you got prices on rents that are through the roof. Right. So they can barely afford to go and rent an apartment. And in some cities, some of the landlords, because they're getting increased costs, they're going up on their rent every year. So what does that leave them? It doesn't put them in a position where they can really advance their livelihood unless you go get three or four jobs. But then, you know, young people also like to use their, their extra income to go on vacations and do these different things. That's why we got over a trillion dollars in credit card debt right now, because people are trying to keep up with the same times that when Trump was in office and economy, it was great. And people felt that it was great. Now they don't feel it so much. All right. Thank you. I want to go back now. This whole business, the so-called neo-Nazi controversy that Trump supposedly promoted this extremist thing is a fluke. A left-wing fact checker finally came out and told the truth. Four years later, it's actually the controversy started what in 2017, as I recall. So it's six, seven, eight years later. We're going to put up on the full screen. Here's what Mr. Trump said, quote, "I'm not talking about the neo-Nazis." Go ahead. Roll this thing so I can read it. The neo-Nazis and the white nationalists, because they should be condemned totally, but you had many people in that group other than neo-Nazis and white nationalists. Now, Alec, I'm going to go to you on this story. Now, Joe Biden may lie about this again in the debate. This should prove conclusively that Trump ruled out both of those two extreme, never, ever supported the neo-Nazis or the white supremacists. Even though Democrats have said this, this is 20, 20, 20, so for seven years they have made this charge. What you think? Most of us knew this seven years ago when we watched it happen live, Larry, okay? This is what the left always accuses the right of doing is what they're doing. This is what they mean when they say cheap fake. You heard Karine Jean-Pierre say, "Oh, right-wing meat is making cheap fakes." If we need to make a cheap fake about Biden falling on stage, falling off the bicycle, falling up the stairs, being taken by the hand and led around the stage, we don't make the cheap fakes. The cheap fakes is exactly what this is. This was a vicious lie from day one. That's what it was. It's a vicious lie. We don't have much time. I'm sure this was a vicious lie about Trump, and it's not the first time they've tried to pull this. We'll see how this turns out in the debate, whether Biden continues that lie or not. Anyway, John will call. Well, thank you, Alec Lays. Thank you. American flag. Thank you for that, too. Coming up, folks. With the Supreme Court this week, Grand Trump, his presidential immunity, is Jack Smith have a shelf life, South Florida or Washington, D.C. We've got Andy McCarthy coming up next. I'm Cubo. The American Dream is there for the taking. We'll show you all the opportunities out there. And how have you seen the big picture? The big money show on Fox Business. A few years without success. Paul Getty's search for Middle Eastern Oil is piling up expenses. Paul is starting to seriously worry that this multimillion dollar investment was a huge mistake. Five holes have been dug so far. All of them dry. Paul was persuaded to have one last go at a place where he had been wanting to drill all the time. Paul decides that the next dig will be the final attempt. His last chance. This is the call Paul Getty has been waiting years for. Thank you. Getty technicians have struck oil in the neutral zone. And they've struck big time. Revealing almost an underground sea of crude oil. The size of a field was staggering. It was about 13 billion boughs, which was probably one of the largest, if not the largest fields found up to that time. And it really changed Paul's life. The results were staggering. It was one of the great oil finds in history. Jay Paul was betting everything on his belief that he would find oil in the neutral zone. And had he not found oil in the neutral zone, his company would have gone bankrupt. Without ever setting foot in the Middle East, Paul Getty strikes oil and watches his wealth skyrocket. ♪♪ We just scrambled up about 400 feet from down below. And now we are going to rock climb up this slab here. Another 150 feet. And you know what? This is parked. With a thumbs up from Aaron, I was ready to go. All right, it's game time. I am about to climb up this rock wall. So, wish me luck. ♪♪ It's not the way we grab our two over here, huh? ♪♪ It's tougher than it looks. What do you think, this way? Aaron, you made this look so easy. ♪♪ Making it over that ledge was so much harder than I thought. But luckily, I had some of the best coaches to guide you through. The good thing about making it to the top is the reward of coming back down. ♪♪ That was very challenging. Made it! Great work. I currently need some more practice. ♪♪ That looks really hard. That's pretty difficult. You think I can do it? I think so. Okay, that's good news. ♪♪ Well, scaling a rock wall in the Sequoia National Forest is now an item. I can check off my bucket list. ♪♪ All right, joining us to Andy McCarthy, Fox News contributor Andy. Sure, I apologize, but let me just ask you this. Is Jack Smith's special counsel appointment status in jeopardy in your judgment? I think it is, Larry, because under the Constitution's Appointments Clause, if he is an inferior officer of the United States, which is what he claims to be, that's a position that has to be created by an act of Congress, which hasn't happened here. He's appointed under a regulation of the Justice Department. So he would have to be approved by the Senate. Is that the idea? This was Ed Mason, Michael McCasey's friend of the court suit. Yeah, there's two kinds of officers. Principles like the Attorney General, for example, all have to be appointed by the President and confirmed by the Senate, and then Congress can create inferior officers and prescribe how they are to be confirmed or qualified, and very often they say Senate confirmation, but those positions have to be created by statute, and again, Smith's was not. And the other one, just quickly, and we thank you, Supremes will come down with something on the immunity issue. I presume this week. Sure looks like it, yep. I expect that they're going to find some scope of immunity. It might not cover everything that's in the Washington indictment, but I do believe they will find some scope of immunity. And that will slow down the J-6 trial process? It depends, Larry, on whether Jack Smith is willing to go to trial on whatever the Supreme Court says is not covered by immunity. If he's in a hurry to get to trial, there'll probably be pieces of his case that could go to trial prior to November. Timing of that could be, you reckon this week, Andy McCarthy? Yes, three days, Larry, Wednesday, Thursday, and Friday, the issuing opinions. There's about 14 cases left, so we get it. You're fabulous. Andy McCarthy, thank you ever so much for your appreciation. Apple could be a violation of antitrust rules in Europe. The European Commission says it reached a preliminary view that the rules the tech giant uses to manage its app store could violate its competition law. Apple was fined just months ago for a similar violation. European regulators also say they have opened a new investigation into how Apple deals with third-party developers. San Francisco McDonald's closing its doors after three decades, a franchise owner saying, "This is a gut-wrenching day for my family." He cited several reasons for the closure, but said California's new $20 per hour minimum wage pushed his business over the edge. All the workers have been offered jobs at different McDonald's locations. Some good news for McDonald's customers. The chain is launching its brand-new $5 meal deal Tuesday. It comes with either a McChicken or a McDouble, along with a small drink, small fries, and four chicken nuggets. And frozen yogurt company, 16 Handles, adding a rather unusual new flavor to their summer, lineup. French Fry is the latest limited-time flavor. The company says the bright yellow soft serve tastes like crispy, salty fries and has real potato French fry pieces mixed in, creating the ultimate sweet and salty combination. Hold the catch-up. That's business C.J. Papa Fox News. ♪ ♪ When Lieutenant Mark Quicks saw a car wreck in January, the off-duty firefighter and registered nurse rushed to help, only to be struck by another vehicle. From that point on, I don't remember anything. I just remember waking up in a hospital bed days later. Mark had multiple injuries, including to his brain and spine. Those first few days, we really weren't sure. First, if he would make it, and then how he would make it. His doctors sent him for rehabilitation at Atlanta's internationally acclaimed Shepherd Center. The professionalism, the bedside manner, resist outstanding. And I couldn't be at a better place. Other patients have experienced the same, including longtime Fox News contributor, Charles Krauthammer, who received eight months of treatment. In a 2018 thank you letter, Krauthammer writes, "How you found staff so uniformly skilled, caring, competent and energetic is beyond me, but you did it and I congratulate you for it." A major expansion is underway to admit up to 350 more patients per year. It will bring in the latest technology, but Shepherd Center's philosophy will remain the same. "We are a family. We are not a hospital. And so this was a facility that was started by a family that wanted to build things from a patient-centered focus first." "Many of the staff are former patients. That idea appeals to Mark Quick, who continues to regain his mobility throughout patient therapy. When he's well enough, he wants to first return to the fire department and later work as a nurse." "I believe that's the purpose of life. So while I can, I want to be able to help as many people as I can." Shepherd Center refers to its former patients as graduates. Like a good school, it helps them reach their full potential, regardless of the circumstances that brought them here. In Atlanta, John and Siri, Fox News. ♪♪ Hello to our viewers in Canada watching on Rogers. Thank you for choosing Fox. For more, check us out at foxbusiness.com and foxnews.com. ♪♪ In business, you need to stay a step ahead. Your top screw is right now. It won't go up. Okay. So download the free Fox Business app to scan the code on your screen. You've got to announce that moving ahead comfortably. Look at the markets at your fingertips. Get the latest from Wall Street to Washington with the inside investors need. So here's the good news, folks. Let's take a quick look at the markets. The Fox Business app makes it easy to be in the know wherever you go. Let's get right down to it. Download the Fox Business app from your app store or scan the QR code on screen now. ♪♪ So, you know, unlimited federal spending, borrowing and money printing will dig a grave for the U.S. economy. Please, let's find a different model. And to explore... From the Fox News Podcasts Network. I'm Ben Dominich, Fox News contributor and editor of the Transim.com daily newsletter. And I'm inviting you to join a conversation every week. It's the Ben Dominich Podcast. Subscribe and listen now by going to foxnewspodcasts.com.
