Steve Forbes And Steve Moore: The Updating Political Landscape

0:00This is Crypto Bell Live, where you get all the cutting-edge information. On investing, plus how it affects your portfolio, we sat down for an informative interview with Anthony Scaremucci. If gold is $25 trillion asset could Bitcoin get to 12 trillion, which would be a 10x from where it is today, I do believe it. That's possible. To learn more, join the community and subscribe Crypto Bell dot live. That's Crypto Bell dot live. From Wall Street to the White House, this is the Larry Cutlow Show. So, some money politics headlines. First of all, there's an economic boom. Publicans going to be in Dallas for the midterm convention. Interesting. His Ted Cruz running for president.

1:00Data centers create jobs. I'm just walking through some stuff here. Democratic Socialists want 13 Supreme Court justices. And maybe my favorite Adam Michael of the Kato Institute, I don't really know him. But the Democratic Socialist platform would cost over $200 trillion. $200 trillion. How about that? Steve Forbes, Chairman and Editor-in-Chief at Forbes Media, the great Steve Forbes, the latest book, Inflation, What It Is, Why It's Bad and How To Fix It. Steve Moore, Unleashed Prosperity Hotline and WAPC Radiohost of More Money coming up and most of these same stations right after this show, gentlemen. Thank you. Steve Moore, you're kind of a libertarian guy. The Kato Institute. This guy, I don't know if you know him, Adam Michael didn't in New York post today. The Democratic Socialist of America, official agenda, their official policy agenda

2:04would cost over $200 trillion. Medicare for all, I think would be about half of that. $100 trillion. Now, I don't know if this guy is any good or not, but those are very interesting numbers. Well, he's been in fees after off by a factor of 10. There's no huge numbers. So, look, this is what happens when you get everybody free food, free food, free health, care, free child care, etc., etc. So, that's one side of the equation, but I have to say, Larry, this job's report was exactly with the doctor orders for the US economy. It was, I was jumped out of my seat box yesterday when I saw that number because it was just, it was such a positive thing. You never lost the faith, Larry. I have to give you credit. But, boy, there's a boom. There's a boom. There's a boom. Right, wages, salary, wages, up, jobs, up construction, up manufacturing, up.

3:06It was such a positive thing. The revisions were good. So, you're right. I mean, right now, we actually have more jobs than we have workers. That's a great problem to have. This is the best economy in 25 years. It's pretty down good. And then you've got, you know, as you just said, what is really leading the charge here is the technology boom. We need to double or triple the number of these data centers. I know some people are spooked by them, but I just, I just visited one out right outside of Dolos Airport. These are technological marvels. They're the industry of the future. They're the ignition switch for America having our internet and our cell phones and all the new technologies that are coming. So, it's a very positive picture. And congratulations. Did you, Larry, you were big in getting that pump tax cut pass, which was, I think, an enormous incentive for something to happen. I think, you know, I think the depreciation, the expensing, which always was something I

4:06pushed is really have a positive effect. But Steve Forbes coming back to the Steve Moore's point about data centers. I keep saying this, data centers are the modern high tech factories. They're the factories. They're like the smokestack factories of 100 years ago or the automobile factories. You know, there is always some problem or some cost, but they're putting people to work and they're creating things that we need. That's the point. And I think that factoring metaphor is very useful. And by the way, they're getting better at it. Right? They figured out how to do the power and electricity. They figured out how to do the water generation. And they pay taxes, which can, you know, go and cut tax rate, self-swear, so forth. There's a high tech modern version of the 19th century factory, Steve Forbes.

5:07And the railroads as well. Yeah, the railroads. Right. Right. And I think the fact that the industry has responded to the concerns about water, electricity and the like. They're going to be pockets of resistance. The Democrats are going to try to say this is going to destroy jobs. Young people, you have no future. And nothing's going to be affordable because you can't get a job. And AI is the result of it. But I think this is where the Republicans, the industry, starting to get a little better. I'm so glad these industry leaders have stopped talking about all the jobs that were going to be destroyed and have started to focus on what this really meant. And the upcoming Republican mini convention in Dallas, I think it is in a few days, you mentioned. The president and his team should use that as an occasion one to point out that towns that welcome AI and to have some examples ready. Money coming in, water-solved, electricity-solved, start making that positive case.

6:08This is a prosperity generator. But also use the occasion to unveil the new tax bill that we've been talking about to we're blue in the face. But it would be news to most voters about cutting income tax rates, especially the 22-24% bracket, which includes most of the middle and upper middle class, indexing capital gains, raising the exemption for housing, and allowing you if you have a two or three percent mortgage to carry it to your next house, portability. You put that out there with the news that's coming now and making the positive case that if you have an AI center nearby, you may not like it, but consider all the money you're going to get for it. We're on our way. One of the good things that you did in North Carolina with the interview of Secretary Besent was it's one thing that has these statistics about the U.S. economy, but quite another to get it from, you might say, the horse's mouth, in this case, Besent, not just in the speech, but in a

7:10give and take in an interview, I think hammered home and got the message across in a way that communication is how you do it so important in a way that it hadn't been done before to the rest of the world. The U.S. is in a very different place than they had thought before they came to North Carolina. Yes, well, thank you for that. That was the intent to make an interview centered around the theme of economic growth. I think Besent's a very smart guy. He connected with that immediately, whether it was real interest rates, or whether it was a manufacturing sector or the construction sector and the jobs, he was very, very good. In fact, I think for both of us, it was one of the best things that either this had done in quite some time. But the other thing, fellas, this other conference, the G20 innovation conference, which was in the other side of the state, it was in Chapel Hill.

8:17They were pretty optimistic. All these guys in the video, the chip makers, and the others, they were pretty darn optimistic. I forget Steve, you may have made the point, or maybe Steve for it, but they weren't talking about losing jobs or how hard it is or moaning and groaning. They were very bullish. They were bullish about beating China too. One of the themes is, all China can do is imitate. They don't come up with the innovations that we do. That was a bullish conference. I like that a lot. By the way, a lot of the information that is coming in the propaganda that's coming into the US about the dangers of data centers, that's being financed by the Chinese. They don't want us to lead the technology work. I wanted to add one thing to, I loved what Steve Forbes just said. I agree with every single point. I want to add one other thing. This is where I disagree a little bit with our great president, Donald Trump. He

9:18keeps talking about trying to bully the Fed into lower interest rates. I think this is where where Kevin Morse is right now. The one thing that we really need the super propel of the economy on top of what Steve Forbes just said is to push that inflation rate back down to below 2%. If we can get it to 2, and hopefully close to the zero, we will see the boom we're seeing now. We could see 4, 5, 6% real growth in the economy. I think a lot of people, a lot of people Wall Street and Washington can think that the key to prosperity is bringing it. Once you get the inflation rate down, that's what's going to drive down interest rates. That's right. And the key thing on that, that's critically important, is the way you get interest rates down, is not by printing money or decrying it with the short term rates. You do it by making the futures say that it has a Phillips curve. We're going to have a goal of a stable dollar, strong stable

10:23dollar. Somebody I know once called King Dollar, a strong stable dollar. And you know, if they make that both Besson and Worsh make that that is new U.S. policy, currency rates, the dollar, you will see when people start to believe it, you'll cut interest rates down to 100 basis points by nature. The markets will do it for you if they start to believe that we believe in a strong dollar again. I think you know Kevin Worsh. I think he's dedicated to doing exactly that. Yes. Look, I was with him down. I mean, we had a lot of downtime, Besson and Kevin and myself. I mean, he agrees with you fellows. He agrees. They may have to look, they may have to bring that bring the interest rate up a little bit. I don't think it matters. Just keep a word is,

11:23keep a word is. Or not. I don't know. I mean, I'm not making a prediction here. There's no forward guidance from them or me. All right. I'm just saying. But he is dedicated to a 2% target or less. Or less. So whether he makes the adjustments, let's say through the monetary base and shrinks the balance sheet, which I think is the best way to go. Yeah. Both of those guys are for King Dollar. No question about that. The guy that's not as Vance. Vance, when he was Senator, it came out. I know. He was saying to people that we shouldn't have the world reserve currency. I mean, I didn't understand him at all, but that's a separate segment. Believe that. Believe that alone. And I think Steve Forbes, I do, you know, the tax, the pro-girls tax reform that we all push. I got to check in with the boss. I mean, I think we should all check in with the boss. He's got

12:27a he should put. Look, he has a boom. He's got a brag about the boom because that comes from one big beautiful bill. All right. So that's good. Then the second part is the future tax cuts, which Steve Forbes is talking about. We've all been pushing. He's got to make them both. He's got to make the case. I don't I mean, Tony Sayag is running that thing. We should check in with him. He's good on messaging. He's a supply citer. This is a one so this is a big opportunity, Steve, more politically. Right. And then this, this, this is the time to do it. After, right after Labor Day, in Dallas, people are going to be starting to focus on the election, not just those of us who do it in our own lives. And tens of millions of people and hit it hard. And you have to remember Winston Churchill, one World War II, save Western civilization, both they had an election. He lost by a landslide. Why? Because he wasn't talking about the future. And that's what we have to do here. The president

13:30can make the case. Things are better. We did the damage from the past. But now he's got to do, as I love to say, those old note on light night TV commercials and say, but wait, there's more. So people will say, aha, yeah, maybe things aren't so bad. And by golly's, there's some good stuff coming. If the other side, the socialists don't win. Well, listen, yeah. Another way Trump does want to do the, we've talked to him about this. He does want to do the indexing of capital gains. It's not just a political, I mean, an economic winner, but also, you know, if you, our friend, John McLaughlin, you know, one of our favorite pollsters, a poll for this, but by about a three to one margin, people don't think it's fair to tax people on their inflation or a game. Right. Look, taken leverage. I mean, the convention is this week, they can leverage the jobs number, you know, which is such a blowout number and move on from there. Just used,

14:32you know, it's like roll right through. Just make the case, make the, make the pitch. They, they could, I got to take a break, they can win this whole election. Believe me, the Harris, the Harris, whatever it's called, Harvard Harris Paul just came out, likely voters, the Republicans have a slight lead on the generic ballot. It's very interesting, unlikely voters. Anyway, we're talking to the great Steve Forbes and we're talking to Steve Moore, whose radio show comes up right after this one on most of these same stations. I'm Cudlow. We'll take a quick break and come back. From Wall Street to the White House, this is the Larry Cudlow Show. $200 trillion. Now, I love this estimate. This is from the Kato Institute. That's the democratic socialists of America plan to take over the economy, healthcare, Medicare for all, 200 trillion.

15:40That's a very big number. We're talking to the great Steve Forbes chairman and editor in chief of Forbes media and Steve Forbes, who's coming up by his radio shows coming up right after this show on most of these same stations. Steve Moore, you know this guy, Michael Adam Michael. I think he was at Heritage at one point. All economists. Look, this is the agenda that this is, this is the other reason Republicans should win in November. This is the dominant force of the democratic party today. It's quite scary actually. They are more and more of them are committed to this. Fewer and fewer Democrats are speaking out against the craziness of, you know, get rid of the Supreme Court, get rid of the Senate. You know, everything is going to be free. It's a very radical agenda. Where are the moderate Democrats saying this is crazy? And they voted in the House. I think that socialism, that's right. We're not condemn socialism.

16:44And if 13 Supreme Court justices, Steve Forbes, 13, I don't know why not 23? Well, well, they try to address this up as something serious other than destroying the Constitution by saying in effect there's 13 circuits around the country or some such. They come up with some bogus rationale for the numbers. It looks scientific. It isn't. It's destroying the Constitution. We have three branches of government. So if you set the president that you don't like a court and you can pack it, you know, a lot of states are going to do it. The Democrats are going to do it. So you've got it the essence of the Constitution. This on the 250th anniversary of our Declaration of Independence. And now we're going to undo the republic that they created in 1787. I think I think most people will blanch from that. But it gets to a point you've been making for years. We need to teach our kids civics again. Like for citizenship. No more about the structure of our government and the reason for it than

17:47people who are born here and go to school here. It's crazy and dangerous. I think I just think fellas that look, Republicans have a lot of money. They just, you know, if they get the messages out on the economy, on the, you know, the socialists take over of the economy on borders, on law and order. I mean, I, I mean, I guess that's crazy. I think the GOP is going to do very well in this election. I mean, I know it's fashionable to say they won't. But I think with a hot economy and a bunch of left wing socialists, whatever they call themselves, become, Republicans have a tremendous opportunity. And I was looking at the generic ballot of that Harris Harvard poll. I mean, likely voters, GOP is actually a head 5149, which means they probably are head by six points. What am I missing here? I mean, this could be the biggest surprise for the media. I don't

18:55know in 100 years. Well, the, the key thing is we have a message, a positive message starting in Dallas and stick to it. And while we're at a change, that, that lake and that we're changing names, I've got to Dolly Parton and be done with it. But I, but I think you move on. You know, Steve Moore, a strong economy. I don't know. What am I missing here? Well, that's why I think that I was, you know, I was sort of nervous about the direction of the economy. And then we kept that blockbuster jobs report. But we've had eight straight ISM manufacturing. I know. We've had 15, 15 straight ISM services. I mean, come on. This has been going on since the beginning of the year. It's just the greatest story never told the media refuses to tell. Don't forget. You know, we have a, it's an obvious point, but we have a, the, how to stock market. Yes. Yes. You know, half of a, you know, 60% of Americans own stock and they're 401k plans and,

20:02and so on. So this is very, by the way, just one quick thing on the, you know, expanding the cork. You're, I know you guys know this history lesson, but for others, you know, this was something Steve Forbes, you may recall, FDR tried in 1937. What they called his stitching time to save nine, where he tried to pack the court. And by the way, at that time, FDR was a very popular president. And they American people completely revolted against that because they understand that the court is there is our boar of our freedoms as James Madison said. You're right. 100% right. I don't know. I think that you. And the record I was not alive then. I just, I just missed it. Steve Forbes, thank you, my friend. Steve Moore shows coming up right after this show, most of these same stations. I'm Cutlo. Thanks for listening. We'll be back next weekend.