larry: hello folks welcome to kudlow, i'm larry kudlow,

we're watching carefully the house vote unseat speaker kevin mccarthy, they spent last hour debating matt gaetz's motion to have a vacate, the great charlie hurt is here to help us. we will talk about bond yields are soaring. stock prices are plunging and joe biden talking about the last gasp of maga republicans, wow. he might want to look in the mirror at latest batch of polling data from highly respected ibd, poll, president biden approval dropped 5%. that is 36% approval. not much. on the economy, 56% disapproved of biden economic policies, aka bidenomics and 24%

approve, wow. the ibd tip financial stress index up. only 16% say wages are keeping up with inflation. 61% say they are living paycheck to paycheck. and the new study shows that both home prices and mortgage rates continue to rise cost of maintaining a home reached above 2000 in the first quarter, monthly payment consumes 35%. common lending standards call for 28% debt to income ratio, 35% that puts home buying out of the reach of most middle class working folks. there is an affordability crisis out there, as prices rise faster than wages, and

american dream of owning your own home seems out of reach and real wages are falling. joe biden's radical green new deal would end gas powered cars probably up to a million folks would lose their jobs in the auto sector align. so. i would suggest to mr. biden this is the last gasp of bidenomics that brings me to my pal mark levin and his great new book. "the democrat party hates america." the democrats are the party of the state mr. levin argues, i would hardly agree at every turn they want turn mine the constitution and bill of rights, they are anti business and they are absolutely detest the workings of free markets, mark levin talks about how democrats want to transform america. which is another way of

saying, they don't like america, they are in favor of all powerful central government and a command and control economy, they see quote unbound possibilities of action and unhesitatingly employees justice department, fbi, and irs and other industries to destroy their pope francises, the permanent bureaucracy in washington d.c. is left wing, an administrative state, mr. levin writes of a de devil's bargain between president biden and bernie sanders, as a follow-up, to american marxism, "the democrat party hates america" is a truth-telling book of the first order. right now in courtrooms across america, joe biden employing every statist weapon possible to destroy donald trump and his

presidential prospects, trump is afternoon enemy to democratic matter socialism, and at this moment, a left wing judge in new york and state attorney general are trying to strip trump of all of his, business assets and his home. trump is biden's worst enemy. so biden wants to 3 him in 3 -- throw him in jail for about 750 years, we'll see. as a free enterpriser myself, someone who believes in individual rights, i am reminded of the late william f buckley jr., who had a much better idea regarding joe biden and his bidenomic old socialist friends. lotus stand athwart history yelling stop at a time when

no one is inclined to do so, that is my riff. we'll get a report on the house floor, but first. joining me now my old friend mark levin the great one host of "life, liberty and levin." i like pursuit of happiness. on fox news. author "the democrat party hates america." one of many bestsellers, mark levin welcome back. you know, just something that started in the book. one thing that live about the book is notion, your idea that democrats want to be quote, transformational, another way of saying, they don't like america. if you really like america, you don't want to trangts trans form it, you might improve it and provide economic incentives but you don't want to transform the entire thing. yet you hear it over and over from joe biden, mark levin, what is up with that? >> you know, larry.

i have to say this, so why are 11 republicans helping the most d diabolical party in united states why are they joining with the progressive caucus and marxists in house of representatives who hate this country to do what they are doing today, they are 11 demagogues who want toy want to believe all these things that passed in the house are not taking affect. why are they not focused on the republican leadership in senate, they talk about 33 trillion dollar debt, i was talking about this through the pandemic that nobody was talking about the debt, including matt gaetz, who never talked about that debt, i don't remember 5 republicans going to the floor blasting the republican administration for the outrageous spending under camouflage of the

pandemic, but today, they get on the floor, they are save the country, jefferson talked about the tyranny of the minority and the legislature, i have supported government shut downs, there should have been government shut downs there should be more. but this is not pickens charge up the hill in gettysburg. this was a dumb move. it was thwarted by by general lee, picket's charg may make you feel good but when it has an consequence that is outrageous. i am a conservative. newt gingrich is a conservative. chip roy is a conservative,

byron donalds is a conservative, the vast majority of freedom caucus, oppose what taking place today, do you want to know why america, because of this. every democrat will vote with every one of those 11. and they already have why? because burn it down is the argument. no burn it down is not what a constitutional conservative believes in not what a capitalist believes in not what people who believe in individual liberty believe in we have problems swirling around us, democrat party is a marxist party, they are i implementing their agenda as they speak so impeachment hearings stop. investigation of fbi stop, these guys get how they know how to fix the debt, they have no answer, they have though chance, they don't -- they have no chance, they want to draw attention to

themselves, one is up for a job at cnn, he keeps showing up at cnn, 3 want to run for senate, they don't have a shot. matt gaetz hates, hates kevin mccarthy for reasons that don't know anything about and don't care about, you put your country first. you don't do this. if there is a reason to shut down the government, then shut it the hell down. they were offered a 30% cut in domestic discretionary spending plus secure the border. that was a deal that was negotiated by donalds and chip roy and the freedom caucus. with the republican study committee. the most conservative members of the senate. and they wanted to use that to put pressure on mcconnell, because mccancmcconnell is under now pressure, they wanted to use it as tactic against weak senate

republicans to come in with biggest proposed cut in my lifetime and yours, they wanted to secure the border, it is a damn 30 day bill. and it was s scuttled by 5 members, 5 members. they say they represent the working cl class, they don't represent anyone, they say they represent the american people, they don't. 5 congressional districts and you claim to represent the american people, no, i don't put my belief in the constitution in the dire straits of this country, i do don't put second to anyone. if you are a knuckle head and you are bang your head against the wall, you will do this thing. cost us any chance to elect more covers, don't count me in, i'm not follow, that i have this guy rosen dale from montana, he said, he

worked hard he was glad that the republicans didn't have a swiping victory during -- sweeping victory during mid terms now 5 or 7 guys can control the floor, that is not constitutional republicanism or representative government. they are thrown in with the marxists that tells you like the marxists they are anarchists. larry: don't they know that. >> you have biggs. he gives a speech. larry: don't they know that how could they not know this this is the part i don't understand. they are playing in to the hands of the democratic party. and joe biden. they are giving joe biden ammunition to fire away and detract from the collapse of biden's economy. and you know, awfl all of the various tr transgressions, i mean kevin mccarthy was going to make this deal.

including by way, mccarthy was willing to lower all funding levels for ukraine unless until they had some kind of a mission statement diplomatic initiative that would have been written into the legislation, you tonight close the border -- to close the border and cut spending and account bill tease on ukraine money. he is doing a lot of good things, he is opposing democratic party's objectives and missions these guys come after him, mccarthy is not the enemy biden and the democrats are i don't understand it. i don't get it. >> i don't know most of these guys, i will tell you mccarthy is not boehner who trashed tea party left and right, he was forced to resign, mark meadows worked with me on that. i told him about this rule

to vacate and what the rule should say, he declared war on the conservative movement. paul ryan came across as a conservative, he is part of the establishment. that is why he ran with romney, that is who he is, that is what he was. mccarthy, i don't care about the personalities, i care, there should have been 12 appropriation bills, one opponent said, but we knew the custom -- outcome, w what did that mean? it would be defeated, because, what they wanted in each appropriation bill, all of the democrats would vote against it and liberal republicans would vote against the it so real conservatives in the house say why should we go through the motion, the bottom line for me, you want to cut spending, you don't vote against a 30% cut in domestic discretionary spending, you vote for it i

don't give a damn how it go the on the table, you want to follow robert's rules of order, while this party is taking out our country network -- no thanks, you want have secure the border, secured border, drop that -- the senator's lap, they undermine the process from a conservative perspective they gutted it and that is why you have mcclintock standing up there and jim jordan and others that know those 11 are not conservatives, they are demagogues, they are anarchists, they don't have any plan for where they want to take this country. larry: mark. apart from this, talk about the transformational democratic party. and where they want to take america. i think that word transformational is ad dead give away, you focused

on it in your book, if you want to tragedy form this country that -- transform this country that means you don't like it. >> this book is probably most brutal and honest unraveling of layer and layer of varnish applied to democrat party, i decided we're upset about these things that are going on. who is behind these? you need to go back and understand, democrat party has neff supported america, never supported the declaration or the constitution, or our principles. we had a civil war because of the democrat party. civil war was not just pro slavery and antislavery, north and south it was republican versus democrat. republican party has fallen far afield it is weak, that does not mean you immediately run to demagogues, the democracy party is only party that supported segregation and lynching in 1940,

fdr refused to sign a federal antilynching bill, he wanted to win the south, he didn't sign it he didn't bend his finger for the black community there is a tiny example of where it was rewritten, he didn't do anything are in the black community, federal housing authority, they specificallyi exclused roosevelt administration black neighborhoods that is where we get red lining from, they would circle the black communities, they would say, this is our red line. no federal subsidies for mortgages in these black communities within the red line, that is where we get the phrase red lining from. democrat party, you talk about jesse owens, every olympian was invited to white house under fdr,

excepting him, he was asked, were you snubbed by hitler, he said i never met him, roosevelt snubbed me. joe lewis rejected roosevelt. when you look really at history of these men, i don't know how many presidents have funded projects to look into the quote, unquote, add mixtures of races, japanese and europeans, franklin roosevelt had a problem with that, he funded a study on this you go to his life. this is a -- a tiny example of what is in this book, history of this party, now, they genuflect, they are a party, i mean it marxism. larry: all right. command and control economy and the rest, anyway. i learned a lot reading this book, it is a great book,

mark levin thank you for coming back on, catch "life, liberty and levin" weekends at 8 p.m. eastern on fox news. coming up on kudlow we have to deal with house still voting on whether to unseat speaker kevin mccarthy, you heard mark levin trash this, down understand republicans sometimes -- i don't understand republicans sometimes. i am a republican, been involved in republican politics for over 40 years, i still down understand it we will have latest from charlie hurt, he understands everything there is to understand, all that and more when kudlow returns. -it's a nail fungus infection. -...that's gross! -it's nothing, really... -it's contagious. you can even spread it to other people. -mom, come here! -don't worry about it. it'll go away on its own! -no, it won't go away on its own. it's an infection. you need a prescription. nail fungus is a contagious infection.

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party. which will be regretted later on. >> so, it was really fascinating watches that debate where matt gaetz kept standing up in front of ilhan omar and democrats on the -- who are not applauding for him, but they love to watch what he is doing, at one point he talked about failure theater of mccarthy speakership, you want to talk about failure theater, i don't know what the end game s he does not know either. he talks about wanting a better speaker this is the same problem we had at the beginning of the year, we don't know what the better speaker, is there are few things about congress right now that i can say with absolute assurity. matt gaetz will never be speaker. he would not be speaker in just republicans had the vote. larry: he is unpopular. >> highly unpopular, however --

larry: as a quick aside, i people push this around internet, he was a strong backer of paul ryan. former speaker ryan. who is not the worst guy i -- i am paul ryan is a long-time friend of mine. he is a conservative, b matt gaetz argued in you dump ryan, you will co cause the instability, why couldn't you say the same them about kevin mccarthy today. >> it is the same thing, larger argument he is talking about, talking about single issue legislation and regular appropriation process, i agree with that, most republicans do, i would love to see, if the result of this is this gets more attention to those very important issues, about how to run congress, then i think that is a positive

thing. but at -- again at the end of the day, you have to have an option. he is not pretending to have an option, but that he says we need a better speaker, well who? ilhan omar, that is not going to work out. that is where you get into this thing, is this guy a charlatan raising money for himself. and trying to gain attention? and if that is what he is doing, he is wasting our time, one last point, if the other result of this is that we talk 'government shut downs, our, likes to talk about how dangerous and how you know what a big deal it is, most americans don't care, a congressional shut down people would careless. because, the truth is they are not getting that much done. larry: kevin mccarthy, let me get this right, kevin mccarthy agreed to a deal, what mark levin mentioned. 30% reduction in spending, discretionary, they want to get through the regular

order of the 12 appropriation bills. they are for that, mccarthy wants funding and laws to close the border. that is a conservative position. mccarthy also wants lower ukraine funding so long as there is an attachment of diplomatic initiatives and a mission statement that is important. now those are all conservative principles, less spending, ukraine accountability, and closing the border. now, i don't understand, matt gaetz is running gains that? does he' more spending? does he want to keep the border open? like joe biden does. does matt gaetz t. to spend another couple hundred billion in ukraine, i don't think so usually if someone makes a stand with great speeches he las --

has a mission and a purpose, maybe a constitutional purpose, save america, kill the bill, what it this safe america kill mccarthy for what? he wants a better parking shot. >> you have a short-term goal to elect someone who will be a better speaker i don't know who that person s we have been through this, it didn't work the last time they didn't have options. and -- >> the motion to vacate passes. they go back in conference to january 2023, january of this year. >> pretty much. larry: 15 ballots. >> he will -- we'll go through the whole same process. larry: can mccarthy run again? >> i think he would,. larry: why not. >> he probably ends up winning again. if that is what this process is all about to humiliate. larry: what a -- a -- snorer. >> american people at home, we saw this with polling with government shut down

first time they remember most people were blaming democrats. usually, in a shut down republicans get blamed because media is good at shifting the blame. and so, democrats were getting blamed that is why they blinked and wanted to get it over with. but you know -- >> this reopening the soars this gives -- sowores, gives joe biden something to yell about. >> i don't think that it is nearly as powerful, complaining about disfunctional congress that has been there forever,. larry: a snorer. >> what is better fight, that fight or fighting about inflation, and crime. larry: i want to cut taxes across the board. supply side tax cuts not one republican in the debate wanted to cut supply side tax cuts. that another subject, charlie hurt, you will be a busy guy. there is a good start, i

like this start, basically tthis is for nothing. >> promote concept of single issue legislation that would solve our problems. >> and line matt gaetz's covers, charlie hurt this week, co-hosting the bottom line with dagen mcdowell. 6 p.m. e eastern on fox business and coming up on kudlow. you know what voters care more about than matt gaetz? home prices, they are more unaffordable than ever, we'll talk about it with art laffer. >> and joe biden said that maga republicans on their last gasp? thoug no they are not, the handwriting on the wall for you joe biden, i think this was vini, vidi, vici . liz peek and deroy murdock will weigh in when kudlow returns. managers.

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larry: so you can count on 2024 will be kitchen table, pocketbook election and one big issue. no home affordability. joe bidenomics crashing again, let's bring in great art laffer, former reagan economic adviser. author of taxes have consequences, art, the american dream may be out of reach, a couple numbers from a report out today. if you include mortgage costs, homeownership insurance, mortgage insurance and property taxes, over 2 thousand for first time in history on monthly bases in q-3 first time ever. other one, is you get a mortgage loan, you should have 28% of your income, it is now 35 percent of average

income that is about 71 grand. why is this mortgage rates going up, bond rates going up a lot. what is going on here? >> well you have to separate home prices from affordability. increases in home prices is a return to the owner who owns that home. that is a return to it not bad that is wonderful. looking at places where home prices are lowest in worst places where no one wants to live, depression is the common place phenomenon. so home prices are not right thing, you should want to have nice rising home price that is great. it is property taxes the momort ganl mortgage rates is the

det detraction. larry: joe biden seems to be presiding over an economy who has neither affordability or american dream. why are we in in soup? >> because of biden's policies which are really bad, we have tax increases all over the place, out of control spending unhinged mmonetary policy, trade problems, this is moving in the opposite directed of the way it should, participation rates are low. productivity increases are really low and the expected return on real unit of capital has been shrinks for 20 something years now biden is making it a lot worse, but i want to make sure that you realize, pricing house prices should rise, that is a good return, like asset prices rising in market, you look at markets today, we have seen stock prices in value of america's capital stock falling. that is a problem.

that is not a benefit. larry: i have a problem, i agree i in general agree with the return on equity argument for home prices. but all things in moderation. you have a m marked decline in existing and new home sales and marked decline in home construction. i am baffled. i think that rise is home prices sun healthy because i -- is unhealthy it has to with regulatory bottlenecks people can't build new homes. and undesirability to live in a lot of places in the country like new york city with 112 thousand illegal migrants littered through out the city, no one wants it. i think it is -- >> i see that. larry: we need massive deregulation and massive tax cutting to probably fix the

problems, but biden does not believe that that. >> you need deregulation and construction industry. you want to make the lags between when you decide to build a house and when it is built not 8 years, i was onboard ofly lion homes we have to plan 8 years away because of the regulatory problems. those are wonderful solutions to any type of shshortage of housing, but you don't' low prprice housing, you get low price housing when crime rates are high and property taxes are over the moon. that is not the answer, answer is deregulation in construction, build more houses and by the way, with people moving the way they are, sometime they don't want to own their own home, they would rather rent. there you find a lot of

reits have houses you can rent that is better than buying a house and doing transaction costs. larry: american dream. >> moving to another place. larry: nobody wants to sell. >> single focus on price. larry: no one, i'm not single focus. >> not you, i didn't say you, a lot of people are. larry: now the mortgage rate is 7. >> not on -- -- >> mortgage rates up 500 basis points, art laffer keeping the american dream alive, renting buying, what? one if by land two if by -- help high. >> one if by land, two if by sea, look at that house it belongs to me. larry: joining me now liz peek. and deroy murdock. a fox news contributor. we have that out of the way. up next. can we go through --

wonderful hunter biden was arraigned today. and he has certain amount of probation conditions, i thought we could ware on this -- weigh in on full screen, he needs to get a job, i don't know if influence peddling for money is good enough, he needs to communicate, let them know if he will foreign travel, cannot possess a firearm, no alcohol or drugs. all medications must be prescribed and get drug tested randomly, you must partake in substance abuse counseling program. liz peek, can he meet these conditions this is hank. >> he has to, the question is, who will enforce them. who will really track him. and make sure he is applying for a job. i think that is the funniest one, job doing what? bee --

>> is he qualified? >> influence peddling, he has references there. that could work in his favor, i don't know. this is encouraging this is normal rules and regulations that someone who has committed been accused of a crime and out is to abide by, let's see if they hold him to it, i doubt they will. larry: deroy, will they hold him to it? besides getting a job, what about the rest of this story? he is being arraigned for the gun abuse. i'm calling it gun abuse, alcohol abuse all of the abuses, juicy stuff i don't know where this will go, all of the international transactions that are tied up with his failure to register the foreign registration act, i want him to go to court and stand trial for that stuff.

is that going to happen. >> this is the real serious stuff. was hunter biden involved in international bribery and was his father a beneficiary. let's get him on these gun charges, none have connection to jobe joint, joe biden. >> their hope is people will focus on that. >> i think that tax avoidance purposeful fact avoiding, hiding income, he was funneling money through so many different llcs purposely to avoid taxes. >> that is serious, he made millions of dollars and made nothing, they are same people that yell about rich people paying their fair share, high paid nothing -- he paid nothing. larry: last 60 seconds, joe biden saying the last gasp of maga republicans, i'm not

sure i know what that means, think about that in terms of bidenomics my favorite failed socialist economy policy run by hear mr. biden, i think that handwriting is on the wall, polls out, tips poll is a catastrophe for biden on the economy and overall. that is the handwriting on the wall that was a babylonian biblical thing, prophet daniel was captured by babylonian king and handwriting was on the wall that the the king was going to get killed, and he got killed that night and daniel won. >> we're getting lost here. larry: i am told high was removed. the -- he was removed, the other one i came, a saw, a

conquered. >> me said that in context of again with republicans are a threat to democracy, i had -- i sat down today through 7 things that are a threthreat to democracy, that joe biden person terp -- perpetrated and looking up his opponent. >> this is stupidest case i have seen. >> democrats love to say that g.o.p. is a threat to democracy, who are people destroying secret ballots and mailing ballots out, and election day is now election quarter, and locking up chief of opposition for 712 years that say real attack to democracy. larry: i'll confuse b biblical times with roman times. the handwriting on the wall.

>> bond yields are rising stock prices are falling, bonds to 4.80 on the way to 5%, stock mark t market down 450, we ask michael faulkender next, y you can catch kudlow monday through friday, 4 p.m. on fox business. or text your favorite 9-year-old, and she will show you how to dvr the show, you will never miss a vini. i'm in over my head. but i'm protected with arexvy. arexvy is a vaccine used to prevent lower respiratory disease from rsv in people 60 years and older. rsv can be serious for those over 60, including those with asthma, diabetes, copd, and certain other conditions.

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larry: looks like high interest rates will be "new normal," joining to us talk about it mike faulkender. now chief economist at america first policy institute. michael, welcome. so, you have yourself a real bear market in bonds, treasury department is selling a ton of paper to cover biden deficits, the yield on the way to 5%, the stock market getting hurt, we were talking with art laffer, home affordability

is way down, wages are falling in real terms as you well know. and oil prices have calmed for the moment, you have totaught they permeate the economy they are up. where do you think things are going, how does mike faulkender assess this? >> the one other thing to add that was confusing that cause the decline in bond prices today and increase in yields was the report, we were not expecting there to be additional million job openings in the report that spooked market, you have a federal reserve who remember believes a strong job market means inflation. and their increases likelihood of a future rate increase beyond what we were thinking about a week ago. and so that is sending bond yields higher anticipates

fed will keep rates higher, that will destroy the interest rates up more. raising interest rates on mortgages that will send affordability down to worse levels than where they are now. larry: mike faulkender, i don't see any respite to rates, wherever the peak is. why should rates decline? moreover, inflation which looked like it was going to decline is now the last two months gone back up. i am sorry we have run out of time, i think inflation is going to stay high as well as interest rates. >> that is right, i don't see what will bring them down if the higher oil prices high interest rates and recome m commencement of student loans are leading to hiring i don't see what will curve inflation.

larry: mike faulkender thank you. >> we'll take a break and i'll be back with my last word. like rounded corners that resist peeling, with an array of active ingredients... and sizes to relieve your pain. salonpas. it's good medicine. ♪ is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collection.

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larry: that's it for kudlow, thanks for watching, folks. - where there's smoke, there's fire. and where there's fire, there might be barbecues blazing or boy scouts camping or chestnuts roasting.