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Bulls & Bears
Brenda was joined by: Gary B. Smith, columnist for RealMoney.com; Pat Dorsey, director of stock research at Morningstar.com; Tobin Smith, founder and chairman of ChangeWave Research; Scott Bleier, president of HybridInvestors.com; Bob Beckel, Democratic strategist, and Joe Battipaglia, chief investment officer of Ryan Beck & Co.
Social Security needs to be fixed or else the economy will suffer! That's what Fed Head Alan Greenspan said last week.
But many Democrats still insist nothing needs to be done right away.
So who's right and who’s wrong: Greenspan or the Dems?
Gary B. Smith: The Dems are wrong! Social Security is putting a huge tax on economy that is only going to get bigger. Just the interest payments alone are a burden. The Democrats are still trying to play Mommy & Daddy to everyone with their key plan from FDR. They’re just getting in the Republican’s way, and it’s slowing us down.
Bob Beckel: Democrats are getting a bad rap. Democrats aren’t saying that Social Security is fine. We know that the fund will be in trouble. It just won’t be in trouble as soon as Bush has said it will. If the president wants to fix it, why hasn’t he offered some plan? And as for Alan Greenspan, he’s the biggest hack in Washington! He’s too old, too lame, and is a bad politician.
Joe Battipaglia: Democrats are going about things indirectly. There’s a congressional election in 2 years. Dems are thinking if we stall long enough, we can blame everything on Republicans and try to get back some seats. The weakness with this strategy is that the public realizes there is a problem. The Dems are not providing leadership, but are just saying no to everything. This strategy failed for them last election and it will continue to fail.
Pat Dorsey: I’d like to throw some bipartisan blame around. Democrats are wrong for saying that there’s no problem with Social Security. Republicans are wrong for saying taxes cannot be raised to pay for the problem. And the President Bush is wrong for implying that private accounts, by itself, will solve the problem. Private accounts won’t fix anything, unless benefits are reduced or taxes are raised.
Tobin Smith: The Dems aren’t trying to tank the economy—they don’t know how it works! Social Security is the redistribution of wealth. Rich Democrats are embarrassed for being rich. And the Dems that aren’t rich don’t want to be, because they think they can solve the problems with Social Security by giving other people’s money away.
Scott Bleier: Democrats are deathly afraid the President Bush is trying to destroy Social Security. But he must tax the rich to save it. The Democrats just don’t get it.
March Madness isn’t just for basketball! The first annual "Bulls & Bears" stock tournament! Each guy picks his favorite stock and you vote right here at FOXNews.com for the best pick. (You can vote for the stock you like the best on this page.)
Joe: I’m going with Sony (SNE). The board isn’t happy with the way things have been going, but the company has new management. It also has a new portable PlayStation that is to be released on March 24. There’s been a lot of buzz surrounding this and it’s already sold out. This stock is going to be a winner. (Sony closed on Friday at $41.19.)
Scott: Sony’s fat and lazy. The new board isn’t going to help. The company needs to re-innovate. It’s getting beat by Samsung. I don’t like it.
Scott: My pick is Creative Technology (CREAF), based in Singapore. It is a leader in digital products, including digital audio players like the Zen MP3 player. This is an underdog stock and has been decimated from $17 earlier in the year. Now, it’s cheap and going to $14. I own it. (Creative Technology closed on Friday at $10.30.)
Gary B.: This is a huge underdog! Scott may be right, but the stock’s going into single digits before it hits $14.
Pat: I like Diageo (DEO). If you’re drinking it, this company probably makes it. It is the leading spirits maker in the world with names like Johnnie Walker, Guinness, Smirnoff, and Tanqueray. It’s cheap and looks ready to hit $70. (Diageo closed on Friday at $57.86.)