This could be one of the most ‘SHOCKING ELECTION NIGHTS’ in US history

[00:00:00] Speaker 1: The countdown is on, less than two weeks away from the midterms, and races across the country, they're tightening. President Trump has been on the road making campaign stops across the country, and the cost of living, well, it remains the biggest issue. [00:00:15] Speaker 2: As soon as the war is over, it's going to end very soon. The Iran world, I had no choice. You can't let them have. It's the number one state sponsor of terror. As soon as that war is over, oil is going to drop like a rock, and that's the only thing holding it back. [00:00:31] Speaker 1: The Fox Power ranking show the Democrats are poised to pick up seats. The party is favored to win the House, and the Senate is a toss-up. But former House Speaker Newt Gingrich told Larry yesterday, don't count the GOP out just yet. [00:00:46] Speaker 3: You can't tell me there's going to be a blue wave when you have this many races that are one, two, and three-point races, particularly because historically, Republicans under poll by about 5.8%. If that's true, we're going to be in for one of the most shocking election nights in American history. [00:01:06] Speaker 1: Larry, you're calling on Republicans to unite right now. [00:01:09] Speaker 4: Yeah, one of the issues that's sort of snuck in here for pollsters, who are good pollsters, a.k.a. friends of mine, is that some, shall we say... [00:01:22] Speaker 5: What's the pre-qualification? Friend first or good pollster first? [00:01:25] Speaker 4: Well, I'll leave that to your imagination, actually. It's subjective. But look, the view is that something called traditional Republicans might not turn out because they don't like Mr. Trump or what he's been doing or saying. And so the argument is, going back to the Dallas midterm convention, that he didn't bring them in. Now, there might be something to that. There's a lot of bad blood in Texas over the John Cornyn Paxton business. Still a lot of bad blood. I don't know how prevalent this is, though. I mean, James Tallarico is just this crazy-ass far-left guy. And Texas is Texas, for heaven's sakes. And the dream of every left-winger is to carry Texas, but they haven't. And I don't believe they will, but who knows. I'm just saying, that's an issue. So my point, one point with Newt last night, don't go wobbly here. This is no time. Look, I don't even know what a traditional Republican is. I mean, my own experience, many years ago, I worked for Ronald Reagan, his deputy budget. Down through the years, I've advised a lot of Republicans, including George W. Bush, who's a personal friend and a terrific man, good president, in my opinion. Yes, I worked for Trump. I also helped Newt Gingrich. I was with Newt in 1991 in 1994. I mean, maybe we're all Newt Gingrich Republicans. I don't know who we are. But if there are out there, don't go wobbly. You need to vote. You need to turn out... But, Larry, unification is about messaging. Well, but what I want to say is, though, the stakes here are very high. In other words, forgetting about these labels, which are probably misleading, you're looking at socialism versus free enterprise, first and foremost. You're looking at opening the border against the 20 million illegal immigrants or closing the border the way Trump has. You're looking at this Medicare for all business, which would completely change the scope of the economy. You'd lose your health care. By the way, unions don't want to lose their employer-based health care. You'd be paying for illegal immigrants on your health care. These are gigantic issues that should unite people. You know, independents should understand this. Different grades of Republicans should understand this. Some Democrats should understand this. That's my point. That's what Newt was saying. Now, polling-wise, look, I don't... These polls are all over the place. This morning, you got a New York Times-Siena poll. Republicans are down 11. Nobody believes that. Nobody believes that. I've talked to a couple of pollsters. Probably four to five... Republicans face a four to five-point deficit right now, okay? The best pollsters I know who poll likely voters and the tip poll came out and they were minus four. Now, Newt said you're under poll, okay, by 6, 5.8 percentage points. So if that's true, you're looking at a toss-up, right? In the House. That's conceivable. I don't know that, and I don't like to play this game, but I'm just saying if you talk about it, but the main thing is the issues. People have to understand how important this election is. Sorry. [00:04:36] Speaker 1: But if unification is about messaging, if there's one message that's not coming through as clear as you want it to be, what is it? [00:04:45] Speaker 4: I think the free enterprise economic growth message is the key message for Mr. Trump. Now, they are, at the moment, talking a lot about France, all right? I want to squeeze through this. If you don't vote Republican, it's going to look like France. Now, there's something to that. I mean, France is about open borders and socialism, the failure of socialism, among other things. Okay. But, all right, that's, you know, that's fine, but I'd like a positive vision. I'm a positive, optimistic guy. Newt and I talked about optimism. Newt has this fabulous book out, you know, about the coming golden era and how America, free enterprise, there's no limit to what we can do in the next 50 or 100 years. I just love that message, okay? I'm just, I mean, I've spent my entire life promoting that with the freedom that this country affords and the incentives that we afford. So, the France business is okay. It's a warning, but it should not be the closing message. That's my point. I'd like to see an optimistic, free enterprise economic growth message. You know, listen, if I'd had my way and I didn't, I wanted a big budget bill that had spending cuts, fraud, reform, and tax cuts, okay? And they're getting the fraud stuff out that's a little late and still somewhat disjoined. It doesn't coagulate into something you can get your arms around, necessarily. Right. And they don't have, you know, the tax cuts or last year's tax cuts, and there's a little too much spending going on. Maybe we'll talk about that later. But you see what I'm saying? I lost that battle. Okay, you could have messaged it, though. If you can't legislate it, you could message it. Messaging is always good second best. Maybe it's better than legislating. And that's the way I'd like to see them close. [00:06:42] Speaker 6: I love what you're saying. I love the optimistic message. Where exactly is it? And is there enthusiasm behind it? Which party do you think is winning on enthusiasm? And then I want to talk about early voting. [00:06:54] Speaker 4: Dems were, but it's catching up now. Again, I don't, I'm not the font of all polling, wisdom, believe me. But the echelon poll, which I think, Rafini is his name, isn't that right? He does, he's a pretty good pollster. Yeah. Anyway, they showed, this is off the Daily Wire, Republican enthusiasm was like 55%, Democrats are over 70. But now in the last couple of weeks, Republicans have gone up to 65%. So they're closing the gap, which is what you'd expect because President Trump is out there on a daily basis. And I think he'll turn out the voters. I mean, my pal Byron York says, you know, when Trump does that, yes, he turns out the voters, but he also turns out the opponents. I think he does far more, in these things, he does far more good than harm. Far, far more good than harm. But he's got to keep messaging. I haven't spoken to him in a bit. I'm going to talk to him about it. He's got to be growth, upbeat. He hasn't, it's very important. You know, go back to Newt, Newt's book and the interview that we did yesterday, which was so wonderful. Optimism, growth, we know no limits. We have all these technology advantages. Europe has nothing, and we're pulling away from China. And yes, we must keep the borders closed. That's important also. And, you know, we must protect ourselves. But fundamentally, we can achieve standards of living that history has never seen before. [00:08:30] Speaker 7: Well, we already have, we already have. [00:08:32] Speaker 4: Yes, that's the whole history of the United States. [00:08:34] Speaker 7: I think there is an important comparison to make. You don't want to focus on just we're a lot better off than they are in Europe. But look at how bad Europe is right now compared to us. One thing that Newt said, which was wonderful, he is a historian before he was a congressman. He was a historian. He said, you know, the founding fathers of the United States were entrepreneurs. They understood the importance of incentives in an economy. They were also inventors. Benjamin Franklin invented all kinds of things from bifocals that I'm wearing. [00:09:03] Speaker 4: We're still using the stove. [00:09:04] Speaker 7: We're still using the Franklin stove. That's right. But they created our system to encourage and really give incentives to the entrepreneurs, the inventors, the people like, frankly, Elon Musk. And the reason why, we have a 69% lead over Great Britain in the median income. Their median income is like in the mid-50s, like $54,000, whatever. But does that matter right now? Yours is $87,000. Yes, it does. Because of what we're seeing in France. And I think France is an object lesson just because you can't keep your eyes off it. I mean, you see France burning down. But England itself, it's also a case study in how to build a terrible, terrible health system, which we have, by the way, one reason that I stay in New York, I get a lot of people writing me a letter saying, why do you stay in New York with Mom Donnie? One of the main reasons, the medical care is so good. I spent a month, my wife had a stroke, my saintly wife, as you know, Larry, very well, she had a stroke in London. We spent a month in British health care, the best brain hospital they had, which was horrible, the smells. I mean, God bless the nurses and the doctors, they tried to do their best, but they couldn't, they didn't have the medication that we needed to, particularly for stroke. They didn't have a lot of the help. They were using dirty water. I had to bring fresh water in every day. So, I mean, that's what we're looking towards if we go towards socialized medicine. You do not, trust me, folks, you do not want to live under socialized medicine. And one of the best hospitals in England was, I had a chance to try it out for a full month and it was just so poor in comparison to any hospital, either way. [00:10:52] Speaker 5: I'm not disagreeing with anything you guys have said. My question here is, though, the message of optimism has to be the meat of the conversation, but the intro, the appetizer, has to be humility. Acknowledge that everyday Americans right now are feeling pain. I don't want to hear about that we're better off than the UK right now, we're better off than France. I think everyone at home wants to hear, hey, just acknowledge some humility that gas prices are a little bit higher because we're fighting a war that needs to be fought for future generations, but here's now what we're going to do. I think Trump's done rather well on that. [00:11:22] Speaker 4: I think it's an absolute scam that Democrats talk about affordability, particularly with respect to gasolene. I mean, are you kidding me? If they had their way, gas prices would be $10 a gallon on the way out and we wouldn't have gasolene-powered cars. That's their whole platform. They spent four years trying to do that and Trump had to unwind that. And they're still doing it in California. And they're still doing it in California. So it's just a scam. Now, the one thing, one of the good pollsters told me is that people, gasolene prices have hurt personal finances, okay? Individual finances, not the other guy, but mine. Okay, I listened to this person, but then, you know, I get Ed Yardinny's stuff every night. He's a very good friend of mine and a first-rate economist. People are spending like crazy year-to-year, same store, red book sales, pretty good. Up almost 10%, 10%. Because we have jobs and incomes. Right. You're right, by the way. Over 162 million people are working and unemployment claims are rock bottom. I don't think they're the lowest they've been in 40 or 50 years. Poverty is the lowest it's ever been. I hear this, and some pollsters talk about it, but I don't actually see it. I have never paid any attention to these consumer sentiment surveys. I'm only interested in actually what people are doing. [00:12:50] Speaker 1: Larry, before we go to the market, I always am motivated by your optimism. I genuinely am, and I'm excited by it. But I think the point that Lou was making is the economy is roaring, unemployment is low, wages are growing. Those things are true, and they need to be celebrated. At the same time, diesel prices are high, mortgage rates are high, and that's also true. And I think just finding the balance between just acknowledging it, and this president, I believe, in the next couple of weeks is going to say things like, things are great, but we need to address this. And when you look at what he did for the farmers today with $8 billion going towards them, that's an acknowledgement of something, isn't it? [00:13:27] Speaker 4: Yes. Yes, it's an acknowledgement of something. I am, having served in the first term, I understand this. Look, nothing against farmers. Just show me, $8 billion is a lot of money. There are other things that he's put out there. How are we going to pay for it? And by the way, growth is part of the pay for. You know, he had the 500, let's see, everybody's going to get $5,000 tax dividend, okay? Tax cut dividend. It's not good tax policy, but I think what he's saying is I'm going to cut taxes if you give me a good Congress. Now, that is good, but he could be a little more specific. On these spending issues, if you want to help out one group, you really should show people how to pay for it. I don't think it's the most important issue, but I think a lot of people think about this issue. You know, interest expense on the debt and $32 trillion in debt in public hands and things of that sort. So, I'd just like to see some talk about fiscal discipline and fiscal sanity. I don't think it's the biggest issue in the world. I know him. He will do things in moderation when he gets a chance. At this point, he's on the campaign trail. But I do feel. And I also think, look, on the other side of the coin, inflation is not, we're not in Biden inflation. We're not at 9% inflation. We're not having cumulative inflation of 21%. Okay. But we do have inflation that's at least a point too high. And the number's coming out recently. Underscore that. And the Federal Reserve has to be free to deal. It's a monetary issue, as Kevin Walsh has reminded us, because Jay Powell didn't understand any of this stuff. Yeah. Yeah. So, my, very simply, two things. Number one, you've got to cut the balance sheet down, $6.7 trillion. It was $10 trillion almost. Get it down. Get it down. By the way, release that money into the banks. Let the banks deal with the securities. And number two, the dollar has to be appreciated. I want a stronger dollar. Mm-hmm. And I think when I saw the import price hike, 8%, but ex-fuel was still 6%. And it was four, two months ago, five, one months ago, six last month. Yep. It tells you there's an issue here. I don't, this is something that Kevin Walsh can deal with. He's very sound thinker. He wants price stability. But you're going to have to shrink the balance sheet, and you're going to have to raise the value of the dollar. And the sooner they do it, the better. And I'd like to see him do it at the next meeting here in October.