tv The Kudlow Report CNBC August 31, 2012 7:00pm-8:00pm EDT
there's always a bull market somewhere and i promise to find it for you right here at "mad money." i'm jim cramer. and i will see you monday. hey, larry, what do you have for us? all right, jimmy. i am back from tampa, florida. here's a question. did mitt romney close the deal? good evening, everyone. i'm larry kudlow. this is "the kudlow report." back at global headquarters after a week at the national republican convention in tampa. mitt romney had a fine acceptance speech but i fear he didn't make the economic sale especially to independents and moderate democrats. the number one issue is jobs and the economy. i think he was a little light on growth, very light on tax cuts. i have no idea what he means by a jobs tour. the unemployment marginally employed want job, not a tour. i believe romney-ryan defeats obama-biden. as the democrats gather in
charlotte next week, all i expect to hear from them is tax and spend and depend on government. our political panel will grade romney on like ability, growth policy, tax policy and the overall speech. also this evening, just as we look for a growth message from mitt romney, ben bernanke in jackson hole, wyoming, delivered a somber message on growth setting the stage the fed stands ready to act. investors liked that tease. they closed the day up 90 bucks. the nas up 18. the s&p up 7. on the lighter side, is team romney upset with clint eastwood's bizarre speech up staging the candidate? we try to figure out what the hell that was about even though i happen to love clint eastwood. anyway, first up this evening, here's my overall take. from the convention. mitt romney did a good job with his humble, grateful narrative of his biography last night. his magic love awe fair with his
wife ann is, well, magical. he did a good job reminding the public how many tall lenlted women are in leadership positions in the republican party. his own top people as governor of massachusetts were also women. score strong points for likability and closing the gender gap. here comes tough love from me. while he defended his bain capital success which is a good thing, i do not believe he put his best foot forward on his overall economic recovery plan. with at least 30 million people watching and listening, he should have been talking about his 20% across the board personal tax cut. specifically it's a big win for the middle class and small business owners. he should say 20%. he should have spelled out how to reduce the corporate tax rate from 35% to 25% to make america competitive in a more hospitable
home for world investment. he should have said 25 to 35. he should have talked about simplifying the hated irs tax code and should have argued the new incentives to free up the economy will be the key to a strong recovery and job creation. another mistake, he stopped talking about his 4% growth target and his goal of 12 million new jobs. these are great, optimistic goals for economic prosperity. finally, take a listen to this. >> i will begin my presidency with a jobs tour. president obama began his presidency with an apology tour. >> with all due respect, what's a jobs tour? the unemployed and the underemployed want good jobs, not job tours. if mitt romney walks away from his pro growth tax cut plan, by the way, and paul ryan never mentioned tax cuts in his speech, they will be making a very big mistake. in fact, mr. ryan used the term
"tax fairness" which is a left wing tax the rich term often used by president obama. now, i can't believe ryan doesn't know what a bad mistake that was. i don't understand why it was in his speech at all. both romney and ryan should have been not afraid -- not afraid -- to be specific about their plans and their goals. they should not be afraid to be specific. remember, my old boss ronald reagan always specific. a couple of numbers. especially when you're talking lower tax rates and you've got to connect. it's got to connect so people understand how you're going to grow the economy. it takes just a paragraph to do that and let people know where you are going to lead them and how you're going to lead them to economic prosperity. you've got to make the connection. economic growth incentives will get us out of this mess. democrats don't have a growth plan. if they did, we wouldn't be in this mess in the first place.
romney-ryan must stick to their guns and explain why more economic freedom is the key to reviving the economy. make that connection. that's what's missing from the romney narrative. so we're going to ask our distinguished guests, did mitt make the sale? here is texas republican congressman kevin brady, the vice chair of the joint economic committee. and former house majority leader dick armey. welcome. i want to grade mitt romney. let's start with likability. what do we got up here? who's -- is it mine or -- all right. i'm giving him an a. all right. now we're talking. likability he gets an a from dick armey. kevin brady, an a. larry kudlow. he gets an a. that's pretty good. let me start there. let me ask dick armey.
does romney have trouble with this? sit just a red herring? >> i think it is. for the past, i don't know how many elections, we have put charisma ahead of character, ceremony ahead of substance. we put do you look good walking ahead of do you have any sound foundation on which you stand? i have been arguing for some time. right now we are ready to get past the glamour and get to the substance. i believe he demonstrated by comparison with your orthodox conventional politician that he was enough of a man of substance that he didn't need to try to be glamorous. >> all right. >> i think that's reassuring to us. >> that's great. kevin, you give him an a. give me a quick one-liner. i don't think that's his problem. >> i don't think so. the more i have learned about
him this week, the more impressed i am. we don't want a cool president any longer. we want one with character. that's what mitt romney has. >> i gave him an a also. by the way, i think he made a lot of progress on the gender gap. now, tougher issues. growth policy. dick, i was not overwhelmed by romney's explanation of growth. we are going to get to taxes in a moment. you give him a b on growth policy. why are you lenient? i thought you were a tough grader. >> well, quite frankly, he did tick off five points of growth for jobs. he did connect growth to jobs. demonstrated that jobs come from economic growth in the private sector. and i guess perhaps i was grading on the curve here and i was looking at romney as compared to obama. on that curve it's easy to move obama up a grade level a little
bit because he's got at least some substance and some substantive understanding as compared to the guy that gets a frightening f on the matter. >> kevin you gave him an a on growth policy. and i have to tell you. i don't think either romney or paul ryan -- and paul is a friend of mine. uh i think the world of him. i don't think either offal them used the growth word. the growth word is such an important word. it's an optimistic word. it's a goals word. you know, you've got to tell people we believe in growth, growth, growth. i don't think they use it near enough. >> you know, my guess is for both you, larry and dick armey and myself they could never use it enough for us. both of them had to cover a lot of ground in a short period. address a number of issues. and a whole new generational tone for the leadership of the country. they succeeded there. my guess is they will be filling in the growth agenda in a major
way from here on through november 6. >> all right. uh i want to go to tax policy and i want to switch the order. put kudlow's tax policy up there first. what did i give him? i gave him a c minus on tax policy. now kevin gives him an a. my friend dick armey gives him a c. dick, i think a c is about right. why is it romney doesn't specifically talk about his 20% marginal tax cut for all individuals? heck, it would bring down middle class tax rates to 15%. it would help small business. why doesn't he specifically mention it? it was nowhere in the speech. why doesn't he specifically mention a 25% corporate tax rate down from 35%? what is so hard, dick, about talking about lower rates and
flattening the code? has he given up on the tax cuts? what's your take? >> well, i was distressed to hear paul ryan talk about tax fairness. what it amounts to, i believe, is a problem that republicans tend to have to be timid on their strength. if they get bulled by connecting tax reductions to smart growth tax reductions to that economic growth that creates jobs they complete the story. but they get so hammered on this with a goofy rhetoric of the left that they get timid. i saw that as a case in point where there were people who knew better that were listening too much to political consultants and pollsters and not being their own person with strength and conviction. >> kevin brady, on top of not mentioning specifically the 20%
cut, the 25% corporate rate, he should talk about tax simplification. people hate the irs. in his own plan he wants tax simplification. i am concerned that for some reason mitt romney is pushing the tax issue to the side. he's pushing the supply side incentive model to the side. if he does that, he is going to make a mistake that root canal republicans make. you know, the unemployed -- to them, debt as a share of gdp means nothing. but if you say to the unemployed i'm going to give you a freer economy and lower tax rates and you will get a job or if you say to the middle class or investors i'm going to give you lower tax rates, that's going to give you better incentives and rewards, people will understand how this economy can open up and flourish. i was so disappointed in both of them, kevin, paul ryan talking about tax fairness?
that's a liberal left obama tax the rich idea. what the hell is that doing in there? why can't mitt be specific on other issues? >> you and i and dick armey and others are just so eager to get into this tax reform simplification debate, we can't get enough of it. i don't read everything into two speeches. paul ryan has never been timid in his life. mitt romney has already made it clear to house republicans. he's going to be the partner in the white house we have been waiting for who will sit down at the table and get serious about the tough decisions that will lower the code, make us competitive again around the world, eliminate loopholes. i have no doubt where he's going to go. >> i think the energy deregulation is terrific. i think the school of choice is terrific. i think the balanced budget is terrific. if you're talking growth you've got to talk taxes. taxes give everybody a break.
the left doesn't like it, so they are trying to make a hullabaloo. tax gives everybody incentive, reward and it frees up the economy. >> just one point, larry. you've got to give the president credit for talking about trade, especially with this president. to have someone step out and say it's time to tear down the american need not apply signs around the world, let us compete. >> i give him credit. >> extra points for that. >> i would like him to use your monetary stability act and talk about the gold commission also. >> yes, sir. >> that's important. let's look at the overall grading here. i give him a b. kevin brady gives him an a. dick armey gives him a b plus overall. dick, b plus, very lenient. >> well, again, remember i i'm grading on the curve that has obama. he's also got a handicap here
because he's being so much surrounded now by political consultants. he needs to rise above him as reagan did repeatedly. quite frankly, i think he's a strong candidate. i have said before obama was 100% against us and against all common sense. mitt romney is at least 80% on our side and for common sense. his weaknesses are minimal by comparison. we're making a big turnaround for america and an absolutely imperative turnaround at the absolutely imperative right necessary time if we get mitt romney elected president. >> all right. but, kevin brady, he's got to spell it out and make the connection between lower taxes and fewer regulations and energy. he's got to say to people, here's how we are going to do it. he's got to say, here's how we are going to do it, kevin.
i will give you the last word. >> i'm confident he will. he and paul ryan are going to be strong messengers, especially compared to who is in the white house today. >> thank you, gentlemen. very interesting. kevin brady and dick armey, both from texas. coming up on kudlow the long awaited jackson hole central bank summit. fed head ben bernanke paves the way for more easing, and stocks soared. jim le camp of ubs will read the investment tea leaves. free market capitalism is the best path to prosperity. please, mr. romney, please, mr. ryan, i know you can do it. i'm offering tough love. free market capitalism with incentives. i'm kudlow. we'll be right back. want to try to crack it? yeah, that's the way to do it!
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and dividends tax rate. nothing will change. individuals get lower tax rates. corporations, large and small, will get lower tax rates. now, i don't know if you saw romney's speech. if you buy it -- >> i did. >> -- if he made the sale, could that be contributing to the rally in the stock market the day after? if you buy it. if he made the sale. >> yeah. if uh you buy that he made the sale then you have to say the market could rally under that guideline. it will mean an acceleration of the end of the fiscal cliff. if you thought romney would win and the republicans would take both sides of the house then you have to think the fiscal cliff will get solved faster than if they are arguing about it. then you throw in a simplification of the tax code. lower corporate tax rates. payroll tax, accelerated expensing and depreciation. keeping the bush tax codes intact and you have set the stage for a rally with the single biggest risk being europe
instead of domestic. >> i ask you this because i know you're a man of the world and i know you follow markets and also politics. you and i both know that our great network, cnbc, blames essentially or credits everything to the federal reserve. what i'm trying to do is introduce the idea that fiscal policy plays a role in economic growth and profits. and therefore fiscal proposals such as mr. romney is making may have a very important influence on the stock market in the next bunch of months. that's at least a possibility, is it not? >> you're talking about the core of the problem. look, the fed wouldn't have to do what they do if we weren't in such a mess fiscally. if we didn't have such big deficits the federal reserve wouldn't have to print money to buy bonds. this is why i'm concerned that bernanke is pushing on a string we have money on the sidelines now collecting dust, doing nothing. my big concern is that bernanke
is trying to push on the string when the big issue is a fiscal morass that needs to be solved quickly because businesses budget in the future and they do it in the fall. they don't know what to budget for. >> i'm not sure the bernanke qe-3 or whatever will be helpful for more than seven minutes. you did mention europe. >> right. >> i reckon you're right. europe is a tougher problem. give me your quick sketch of the risks to our market from europe. >> well, europe is still trying to create some sort of a parlor trick, "weekend at bernie's" and fool the market into thinking they are alive when they are not. even if they pass this stuff next week and you have the german constitutional ruling next friday, the ecb meeting early in the week. even if they can put together a bond buying deal that's not the problem. the problem is they don't grow, they don't balance trade over there and the economies are deteriorating really fast. so taking on more debt isn't
going to help them. so, yeah, they might be able to put together a pretzel deal here, but i don't think it will last for more than a few months. >> we'll leave it there. thank you very much for helping us out. coming up, clint eastwood endorses romney and a very memorable convention speech on record. maybe not the best thing in the world, but i love clint eastwood. so i will give him some string to pull on. that's next up, the clint eastwood story at the convention last night. at usaa, we believe honor is not
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i have already told you what mitt romney should have done last night on taxes and growth. but everyone is talking about what clint eastwood shouldn't have done last night. let me just say i still love the guy. clint eastwood is a hero. eamon javers, good evening. >> good evening. we reporters like to complain that the political conventions are scripted, locked down affairs without a moment of spontanei spontaneity. last night we learned why they do that. clint eastwood's commentary was rambling, mumbling and awkward. at times almost incoherent. take a listen. >> uh i -- i just wondered -- all these promises. then i wondered about -- uh, you know, when -- when, uh, the --
what do you want me to tell romney? i can't tell him to do that. can't do that to himself. [ laughter ] >> larry, the crowd in the hall clearly loved the commentary from clint eastwood. it definitely played well among the faithful in the room. on television however the gimmick of talking to an invisible barack obama in an empty chair next to him didn't play well. nonetheless, eastwood was able to pull the remarks together at points and land blows against the president and come up with stirring lines. >> you -- we -- we own this country. [ cheers and applause ] yes. we own it. and it's not you owning it. it's not politicians owning it. politicians are employees of ours. >> so, larry, a of this was distracting for the republican
national convention. what was the damage to mitt romney? well, this eastwood moment had a combined online view of 1.5 million people since last night. it was the most watched speech of the rnc online. paul ryan had the second most with 425,000. mitt romney's speech, only 58,000 views online. larry, that's the damage that clint eastwood did to mitt romney last night. everyone is talking about clint eastwood, not mitt romney. >> well, i think he had words of wisdom. thank you, as always. >> you bet. >> coming up on kudlow, ben bernanke's long awaited speech comes once in a blue moon. that's the blue moon over jackson hole. he opened the door for more quantitative easing stimulus. i think it's a waste of money. we'll go live to jackson hole and talk to experts who heard it
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welcome back to kudlow. i'm larry kudlow. in this half hour, famed investor lou lurman of the ronald reagan gold commission says america's 40-year experiment with paper money has been a failure. if the nation is to thrive again we must get back on the gold standard immediately. we're going to talk to lou in a few minutes. also in this half hour you know somewhere in charlotte there are democrats dissecting every speech from this week. we'll look at the stars from the republican national convention and how the democratic party with no stars and no program of their own can possibly rebut what the gop said in tampa. ben bernanke gave his highly anticipated speech at jackson hole today. seemed to leave the door open for monetary similar lis saying the fed was at the ready.
this is a waste of money in my opinion and not the answer. joining me live from jackson hole, principal at principalis asset management, former adviser to george w. bush. and welcome back martin feldstein, chairman of the council of economic advisers to reagan and mitt romney. pippa, if you ask me, another round of 5 or 600 billion of quantitative easing is a waste of money. if it worked it would have already worked but we are only growing at 1.7%. why do we have to do this? >> i'm with you. i think what he said today was a justification of why it was acquired in the past. it almost under mines the case for why it would be needed in the future given that the data is improving a little bit. marginal but nonetheless. i think there are interesting signs that the u.s. economy is moving in the right direction.
manufacturing is moving back from china at a rapid pace across a broad array of sectors, for example. i'm with you on this one. but i do see -- what the chairman said today is if i say i might do that, that alone has an impact that's worth it. >> maybe so. >> a lot for him. >> maybe one of these 20-second impact. marty, aren't the the problems really fiscal problems? taxes, spending, deficits and debt? aren't the fiscal problems the real barriers to economic growth? >> yes. absolutely. so i agree with what you said before about the fact that another round of quantitative easing is not going to do anything significant for this economy. but i disagree with pippa's relatively upbeat take on where the economy is now. we are still in a deep hole.
we are growing at a slow pace, less than 2%. that's not getting us anywhere in terms of getting back to a fully employed economy. but i don't think monetary policy is the answer. i think we have to get the fiscal cloud out of the way. >> you heard marty. gdp 1.7%. this is the worst recovery in modern times going back to 1947. all this federal reserve pump priming, what's it done except weaken the dollar, weaken confidence in the dollar, whatever. the economy stinks. but it's not the fed's jurisdiction. >> i agree and it's dangerous to see them move things. fiscal policy is where the action is but the real story lies in the same place. it's entrepreneurs who engage in
calculated risk taking to bring us out of the calculation. anything that inhibits their willingness to start a business matters. they employ two-thirds they create. that's where we'll get employment. tax policy becomes central to that. what will they do with regard to tax policy? we know where president obama is. i think we hope to know where romney is. i would love to hear marty talk about tax policy under president romney. >> marty, you wrote a great piece in the wall street journal and said the tax cut plan . he said what he would do as president would be to cut taxes across the board 20% across the board so the 35% rate becomes 28 and so on.
he would also eliminate the alternative minimum tax and do other things but pay for it by base broadening. this goes back to the same strategy ronald reagan used. it's the same strategy bowles-simpson talked about. what i did in the piece in the wall street journal was to work the numbers based on the most recent published data which was irs figures for 2009 and show that if that plan was put in place for 2009 it would, indeed, pay for itself. so we can have rate reduction and we can remove the cloud that comes from businesses -- small businesses and large businesses worrying about the fact that under an obama administration the fiscal cliff could mean higher tax rates. >> all right. we'll leave it there. thanks to you both coming from
jackson hole. pippa, martin, as always. coming up this evening a smart new platform on the republican agenda calls for a new gold commission. that will change fed policy. we've got lou lurman from the original membership of the reagan gold commission years ago. lou said it's critical to go back for our economy to heal. that's next. [ male announcer ] it's a golden opportunity
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this is the pursuit of perfection. a new platform on the republican agenda in tampa florida this campaign season. guess what. it calls for a new gold commission. here now is the chairman of the lurman institute and author of the true gold standard. lou, let me set it up. we have ben bernanke in jackson hole, wyoming, hinting strongly today that the fed will provide more, quote/unquote, stimulus. i guess that's quantitative easing. then in tampa, florida, where i spent the week, the platform committee is adopting a gold commission, possibly a metallic standard. a stable dollar. now who is right and who's wrong here? bernanke in jackson hole or the platform for the gold commission? >> well, the platform committee
certainly was right. almost every american september for the bureaucrats in washington, larry understand that what america needs is a dollar as good as gold. we can have tax reform, tax rate reduction, simplification of regulation, cut government spending, but unless we have a four-legged platform it won't be stable. that's a dollar as good as gold. >> it's interesting. mitt romney has spoken, certainly in my interviews and others that he wants a new man at the fed. from what i gather he favors the gold commission. it would not have gone through unless his people ok'd it. >> i think that's right. he made it clear that when elected i'm optimistic he's going to win. this team of romney-ryan is great. he has indicated he would appoint a new chairman of the federal reserve. >> let's talk more about this. you were on the original reagan
gold commission i think which was back in 1981 or 1982. our friend seth lipski wrote a great editorial "gold standard going mainstream." lou, we are putting you on the gold commission. the obvious leader of the gold group. do you think the idea of a gold-backed dollar of one kind or another, stable money, do you think it's going main stream? do you think it would have greater support now than id deposit 30 years ago? >> i think it's not only going mainstream but it has a great deal of support throughout the country, especially with people who are interested in preserving the value of their wages by saving for the long run. the reason is that the federal reserve has had 100 years since 1913 and its founding to test all these academic theories about how you manipulate the paper currency and we know what the results are.
we have a dollar which dpreech yated to 2% of its value at the founding of the federal reserve. we had boom and bust, almost generation after generation. it's time now to do what carter glass who was the founding gold democrat of the federal reserve system designed the federal reserve system for. >> from virginia. >> indeed. >> i knew him! i knew him very well. i' old >> larry, i don't think you're quite old enough, but i'm almost ready to believe it in spirit anyway. carter glass defined the system for the gold standard. the federal reserve system was created to preserve an enduring gold dollar. what happened was that the theorists, academics got hold of the federal reserve system. of course ultimately detached from gold in 1971 by nixon and
of course even now the dollar since 1971 has dpreech yated to maybe 10% to # 12% of its value at the decoupling of 1971. >> let's assume for a moment right now we had -- say the dollar was valued in terms of gold. say there was a dollar gold link. how would that impact today's anemic economy in your judgment. >> the gold standard is, in fact, the economic growth mechanism that we need to restore american prosperity. it should never be forgotten that 13 impoverished colonies by the sea at the founding of the american republic rose to the most wealthy, strongest middle class, the most powerful nation in the world, entirely under written during that period of a monetary system by the convertability of the dollar to
gold. so we have all kinds of evidence from the laboratory of american history on how we proceed. the american president let us hope that it is president romney announces that in the near future perhaps a 2 or three-year interval that we would re-establish the dollar as a specific weight unit of gold. that power alone is given to congress in article one section eight. during this transition period the market would adjust to all of the circumstances of the time. the president would then establish an international monetary conference because we would like to establish a gold standard to which the major nations would join. in fact that was the case during america's rise to prosperity. >> if america showed leadership on this subject, this thing could spread around the world. that's what you are suggesting. >> right on the money. america is, despite all the nay sayers still not only the leader of the free world as we used to
say, but it is the equilibrium leader of the world. we need leadership. this existing presidency has not shown that kind of leadership whereas governor romney is equipped, so is paul ryan equipped to take the lead on re-establishing stable exchange rates and a dollar as good as gold. >> last one . can i get your quick take on stock market and the economy? what are you thinking? >> the stock market is hostage to quantitative easing and monetary manipulation by the federal reserve. if reserve decides to dump 16 billion of new money in the market buying bonds it is likely weal see even a further rise in the stock market. although the stock market i believe has been rising in anticipation, as you suggested at the beginning, that the fed was going to create or say print new money as the phrase goes. so the economy, of course, could respond in certain segments
where, in fact, prices rise faster than cost. that's why commodities rose. that's why we had bursts of economic activity in certain isolated segments of the economy beginning with the federal reserve's first kwan today tif easing. >> thank you very much on a friday evening. we appreciate it. if they have any brains at all they will make you chairman of the new gold commission. that should be an easy one. up next on kudlow, the gop's party is over giving romney a convention bounce. he takes the national lead over obama in the latest reuters i o ipsos tracking poll. now the democrats plot their attack for charlotte, north carolina. our free market pal is raring to face off next on kudlow. at usaa, we believe honor is not exclusive to the military, and commitment is not limited to one's military oath. the same set of values that drive our nation's military
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. every president since the great depression who came before the american people asking for a second term could look back at the last four years and say with satisfaction you're better off than you were four years ago -- except jimmy carter. and except this president. [ cheers and applause ] >> all right. one thing the republicans tampa convention showed is a country with a deep bench of republican rising stars, many of whom spoke at the convention. special category.
ann romney. i give her an a plus. the most unique thing, first lady. i have never seen anything like it. i give her that just for showing up. she was fantastic. not quite so fantastic, new jersey governor chris christie. didn't get great reviews. people said he focused too much on himself, not mr. romney. so i give him a needs improvement. it's a c plus for the speech now. but he's still a rising star. wisconsin governor scott walker, a real rising star gets a solid a. a hero for rolling back the unions and fiscal discipline in wisconsin. florida senator marco rubio, wow. he gets an a plus from me for his amazing introduction to romney and his personal story of economic, political and religious freedom and faith. another one i give high marks to, governor nikki haley, superb. a solid a. she knocked back the national
labor relations board to keep boeing jobs in south carolina. same for former secretary condoleezza rice. gave a spectacular speech. i give her a strong a. lastly congressman paul ryan, now the vice president wall candidate. i give ryan a b. it would have been an a had i heard about tax cuts and growth. plus for whatever reason he made that lefty term tax fairness. that shocked me. it's so un-ryanesque. but the democrats now in my opinion have no such list of star power. in fact, they have no program to restore economic prosperity. jonathan cowan of third way. cnbc contributor jim pethakoukos and wabc radio talk show host mark simone. s you have the toughest on you, jonathan. i don't think the democrats have
a star bench. i don't think they have a program. i don't know why they are having a convention for that matter. >> well, they are having a convention because barack obama is likely going to get re-elected and will make his case to the country at the convention. they have quite a deep bench. just one example. i used to work for andrew cuomo of new york, a real rising star in the party. you can go across the country. democrats have a great bench. i agree, the republicans had good stars, but the democrats will have a strong convention if they do one thing. they can't be too shrill. >> larry, i'm not sure of the exact schedule but it would be great if they would devote not just primetime but perhaps a whole session to the floss i if i, wit and wisdom of elizabeth warren, the author of the you didn't build that philosophy. we need to fully explore her views about free market capitalism. >> jimmy, there are a dozen behind her. the democratic party, let's face
it, mark. they have regressed. way before bill clinton came around. these are taxers, tax the rich. they don't like business. they are spenders. they are for government dpen den su. mark, you've got to say at least the republican rhetoric was refreshing. what are the democrats doing in charlotte? i don't think they ought to waste the city's time. >> they have bad speakers. i saw barney frank, chuck schumer and andrew cuomo was shut out. the clintons see him as a threat in 2016. he won't be speaking. cory booker is an interesting speaker although his city is still a mess. the knockout punch is bill clint clinton. he'll say tax cuts and deregulation. we have heard it before, it doesn't work. that's one reason why romney was careful not to emphasize tax cuts. >> there is a rumor biden's going to tampa. he still thinks it's going on down there.
>> mark, the key point about bill clinton is he's going to give a great speech about bill clinton. you know that will happen. >> remember, nobody wants obama defeated more than bill clinton. he'll give a phenomenal speech and a week later in an interview do something to screw it up. >> jonathan cowan, i will concede one thing i don't like. some of the republicans are going to charlotte to cause trouble. there are 50 of them. some of the names here -- nikki haley, governor mary fallan of oklahoma. that's as low rent to me as joe biden going to tampa. i think you have a little defense here. the republicans going to charlotte. i don't like it. the main reason is republicans don't need to go. the democrats are going to hang themselves anyway. >> larry, you're spot on. they shouldn't be going there. they should let democrats have their moment in the sun. not be afraid of what they will say. let them have it. you're completely on about that.
>> jimmy, i want the democrats to say what they're going to say because they will say basically what you were saying. that's why they can't win this election. >> i think we can sum up what they will say with the three b's. they are going to talk about bush, bain and birth control. how that creates jobs or economic growth, i have no idea. >> i have a fourth b. boring. utterly boring. >> i don't think they can get away with it after this republican convention e that was so about the economy and everything else. to go back to tax returns and bain will be ridiculous after this. >> good point. thanks. folks, it was an exciting week in tampa for me. at first we were worried the show wouldn't go on. the election is not over yet. 67 days until november 6 ft we had amazing guests. take a look. senator marco rubio, majority leader eric cantor on the floor of the convention. senator mitch mcconnell, condoleezza rice came around for an interview, dick bove, ann
coulter, nikki haley, mary fallan, herman cain, rand paul, governor mcdonnell, governor scott walker, chris ruddi and david malpass and jed henserling and kelly ayotte. i loved it. it was great fun. uh heard a lot. my tough love for mr. romney, stay with the tax cuts. my volt is the best vehicle i've ever driven. i bought the car because of its efficiency. i bought the car because i could eliminate gas from my budget. i don't spend money on gasoline. it's been 4,000 miles since my last trip to the gas station. it's pretty great. i get a bunch of kids waving at me...
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