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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; Matthew McCall, Penn Financial Group president; Marc Lamont Hill, Temple University Professor of American Studies
Trading Pit: Dems' Plan for Bigger Economy Boost: Good or Bad for Economy?
We need an even bigger caffeine shot to our economy! That's the call from Hillary Clinton and Barack Obama on the campaign trail and from Dem leaders in congress. But would piling on billions more to Washington’s $150 billion stimulus plan make our shaky economy better or worse?
Gary B. Smith: More government handouts would be horrible for the economy! This is an insane idea. The government can’t give out money and expect it to prevent us from going into a recession. This is just political pandering at its worst!
Marc Lamont Hill: The Democrats are right this time! Whether we are in a recession right now is immaterial. The bottom line is people need money to pay their bills and pay down their debt right now.
Matt McCall: This is an emergency stimulus plan and the Democrats are trying to sneak in more unnecessary spending! This would cause us to go into a bigger deficit, which will hurt the economy even more in the long run.
Tobin Smith: This sets a dangerous precedence that big government can solve every problem. And when the proposed amount isn’t enough, just keep raising it until it is! In a bizarre way this will give us some stimulus, but it’s short term!
Scott Bleier: Buying votes never hurt any politician, and that’s what the Democrats are doing. Any government spending is a stimulate to the economy, but we don’t need it!
Pat Dorsey: With the 2001 rebates, studies have found that the money given to the lower income and people stretched with debt tended to spend it and not pay down their debts. So that will stimulate the economy, but it doesn’t solve the long-term problem with the economy.
Obama's Plan to Tax $tock Profit$: Good or Bad for Stocks?
Barack Obama expected to walk away with South Carolina today where he’s been talking up how to fix the economy. One of his proposals is to raise taxes on money you make in the stock market. But would this be the worst thing for Wall Street right now?
Gary B. Smith: Yes, this is a horrible proposal! If Barack Obama went to Harvard Business School instead of Harvard Law School, he would know that raising the capital gains tax harms the economy, new business growth dies, capital formation slows, and revenue from capital gains actually drops.
Marc Lamont Hill: It is immoral and unethical not to impose what Obama is proposing here. This could be a long-term fix to help the low income and poor in this country. The money raised will go to provide housing, education and health care for those who don’t have it.
Matt McCall: Obama is trying to redistribute wealth down to the lower class, which sounds great on the campaign trail! But it’s not going to work!
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(If you want to watch what each had to say about each stock, click here.)