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Bulls & Bears
This past week’s Bulls & Bears: Gary B. Smith, Exemplar Capital managing partner; Pat Dorsey, Morningstar.com director of stock research; Scott Bleier, HybridInvestors.com president; Tobin Smith, ChangeWave Research editor; John "Bradshaw" Layfield, WWE superstar and Northeast Securities senior vice president; Cheryl Casone, FOX Business correspondent and host of 'FOX Business Now' on Yahoo! Finance.
Trading Pit: Stocks Post Best Week Since April: Thank "Capitalism"?
August 20-24…The best week for stocks since April. So far, not even close to a meltdown and no government bailouts. Proof the free markets work?
TOBIN: The free market works! Failure is part of capitalism. That’s a piece that people miss. Failure makes this stuff work. We have new capital, new money and because the government isn’t involved, that’s why we came back.
CHERYL: We still have some rough days ahead. We still don’t know about these credit worries. There was no bailout. The Federal Reserve was just doing its job. The liquidity the Fed put in the market was the best thing it could have done to help the market along. The Fed is helping the economy and market in a good way.
GARY B: Can it be this easy? We are up over two-percent across the board! Capitalism does work, but it would work even better if we didn’t have the Fed! Almost every crisis we go through we look to the Fed as masterminds to determine our economy... like they’re smarter than the free market! The Fed is always getting beat up for raising rates too fast, or for not raising enough. If we got rid of the Fed, and let the bond market and stock market work things out, we might have not even been in this situation!
BRADSHAW: I’m a total free market guy. Stupid money being replaced by smart money is the way efficient markets always work. Debt is going to come back and it looks like the subprime mess is contained. Let free markets reign and keep the government out of it.
PAT: It’s interesting that people don’t define the Fed as part of the government. The Fed did step in and bail us out. Things would have gotten a lot worse if it didn’t open the discount window.
SCOTT: Of course this was a bailout! The Fed pumped hundreds of millions of dollars into the system! That’s not capitalism, that’s a government intervention. The markets breathed a huge sigh of relief this past week. We made back half of what was lost a month ago. But the bottom line is that it’s low volume, and all the problems have not gone away. This rare combination of fear and greed had everyone holding onto their money.
Can Michael Vick Ever Be Good "Business" Again?
CHERYL: Everybody loves a comeback story. If he goes to jail, comes back, apologizes, helps out the ASPCA, he could go back to play football if the NFL lets him back
GARY B: I agree with Cheryl that America loves a comeback story. But you cannot harm children and you can’t kill pets. By killing puppies, you’ve almost done both! Forget it: he’s dead, he’s untouchable and you’ll never see him play football again!
BRADSHAW: He’ll play football the day he gets out of prison. He will serve his time. The NFL has had 50 arrests since 2006; they’re going to step down on people. There’s a difference between the good old boys like a Jim McMahon and pure thugs. Michael Vick is a thug. He’s not just a good player: he is awesome! He sold out Atlanta stadium by himself and took those guys to the playoffs. He will play football again, but he will never get an endorsement deal.
TOBIN: He has one chance. And it has to be scripted out. He is going to need to first come clean, set up a foundation and fund it with his own money. If he does come back he gets one chance!
You know the saying: "change is good". Well, the Chartman couldn't agree more. Gary B names his exclusive picks changing for the better!
If you want to watch what each had to say about his stocks, click here.