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Bulls & Bears
This past week's Bulls & Bears: Gary B. Smith, Exemplar Capital managing partner; Tobin Smith, ChangeWave Research editor; Scott Bleier, HybridInvestors.com president; Patricia Powell, The Powell Financial Group president; Kevin Kerr, Resource Trader Alert editor, and Julie Roginsky, Democratic strategist.
Trading Pit: New Congress Wasting America's Time and Money?
The new Congress spending most of the week—even coming in Saturday—to vote on an Iraq resolution that ultimately means…nothing! Are lawmakers simply wasting our time and money?
Tobin: This is a complete waste! Where I come from, you either go big or go home! This is something that Republicans will be able to build on. Julie's the strategist…I'm the realist! Congress is just wasting our time and money. Let's get on to the important stuff.
Julie: If this were such a big waste of time, then why did Republicans spend all their time and energy trying to kill it? If it's such a waste of time then let the people vote on it! This is not wasting time and money. It actually talks about taking this war in a different direction. This war has been going on longer than Nazi Germany or Japan and we still haven't won. All we're doing is wasting lives.
Gary B.: At least Congress isn't screwing up and taking action on things they shouldn't be. I guess idle hands in this case are good. What's the outcome of this going to be? President Bush is not going to say, "Ok, I'm going to change course." That's not going to happen. So what's the best that could 's going to happen, his feelings are hurt? If Congress wants to take action, they should do the only thing they can do and withhold funds. I just wish Congress would just come out and say that they oppose more troops in Iraq instead of wasting all this time and money.
Scott: Congress has always wasted time and money. This is nothing new out of Washington. Wall Street won't care so long as they don't focus on regulating the economy. There will be an exit strategy eventually. War is serious business, and we've got to figure out how to win and exit.
Patricia: I'm very concerned what this means to the average American and to the troops on the ground. Congress is not supposed to get involved in war tactics. If Congress had been involved in the tactics during World War II, there would have been no Battle of Midway, no D-Day, and we would be having this conversation in German. Wall Street likes that Congress is doing nothing. The more Congress talks, the less they do, and the less they do, the better off we all are.
Will Knee-Jerk Reactions to Global Warming Chill Out Stocks?
Stocks: red hot. The weather across much of America: ice cold. But the global warming issue keeps heating up. Can America tackle the problem without putting the market in a big chill?
Gary B: It would be terrible for the market. Let's spend $100-$400 billion a year—just in the US—for compliance on something that we don't even know exists! But, I guess it's the perfect government program. Everyone's forgetting that, yes greenhouse stocks may go up, but what about all the other industries that are going to have to spend billions of dollars to comply? They're going to drop like a stone!
Tobin: The government is not always wrong. And when there is a huge type of multi-country, multi-societal issue, like this, they can help. But more importantly, the government can legislate to get the private equity going, and this could be the biggest boom to the stock market we've ever seen.
Kevin: If you think this is going to increase Wall Street's confidence, you're breathing in greenhouse gases! Economic growth is fueled by energy, and if you start putting caps and restrictions on energy, you're going to see the economic growth of energy fall way down.
Patricia: If Congress gets it right—and I'm not sure they will—this will actually be a positive that can drive the market. Every market is driven by something. There was the internet and technology in the 1990s. Pharmaceuticals in the ‘80s. Oil in the 70s. "Green" stocks could fuel the next leg up in this bull run.
Scott: Renewable energies are going to be one of the greatest economic drivers of this century. I don't think that fighting global warming, whether you believe it or not, will hurt the market, because we're already spending billions of dollars protecting the environment. We've been doing it for 30 years and we're going to continue to do it, whether the money is well spent or not.
Bank of America going national with a plan that makes it easier for illegal immigrants to get credit cards. The Bulls & Bears each picked stocks that are more interested in helping true blue Americans!