DISCLAIMER: THE FOLLOWING "Cost of Freedom Recap" CONTAINS STRONG OPINIONS WHICH ARE NOT A REFLECTION OF THE OPINIONS OF FOX NEWS AND SHOULD NOT BE RELIED UPON AS INVESTMENT ADVICE WHEN MAKING PERSONAL INVESTMENT DECISIONS. IT IS FOX NEWS' POLICY THAT CONTRIBUTORS DISCLOSE POSITIONS THEY HOLD IN STOCKS THEY DISCUSS, THOUGH POSITIONS MAY CHANGE. READERS OF "Cost of Freedom Recap" MUST TAKE RESPONSIBILITY FOR THEIR OWN INVESTMENT DECISIONS.
Bulls & Bears | Cavuto on Business | Forbes on FOX | Cashin' In
Bulls & Bears
This past week's Bulls & Bears: Gary B. Smith, Exemplar Capital; Tobin Smith, ChangeWave Research; Eric Bolling, FOX Business News; Pat Dorsey, Morningstar.com; Marc Lamont Hill, PhD, Temple University, and Price Headley, Bigtrends.com.
Trading Pit: Nasty Hurricane Season: Time for a National Disaster Fund?
Marc Lamont Hill: Yes we need a National Disaster Fund. The reality is that certain people are vulnerable and certain people can't afford insurance. And even people who can afford insurance are often not given the resources they need. And I do not buy the argument that all people choose to live in certain places. Sometimes the reality is that people have to live where they live – they just can't move and relocate because they are in "danger" areas. We might as well put a structure in place.
Gary B. Smith: NO!! This is why we have private insurance. It's also why people can choose NOT to live in areas prone to tornadoes and hurricanes.
Tobin Smith: The funds should come from the areas that have the most disasters: hurricane regions, earthquake regions, tornado belt, wildfire regions, flood regions.
Taxes should come from home owners and property owners in the disaster regions.
Eric Bolling: If you choose to live in a disaster prone area, you have made a choice. Live with it and buy insurance. We don't need every taxpaying citizen in a place like Iowa to bail out (multi-million dollar) coastal properties and businesses.
We already have national flood insurance for coastal homeowner bailouts.
Pat Dorsey: This is what insurance companies are for. Temporary funding to feed people, provide temp shelter, move the infirm from hospitals, rebuild infrastructure: sure, that's a good federal/state thing. But rebuilding homes/replacing property? No way.
"Small Town" v$ Big City: Does Sarah Palin Have It Right About the Economy?
Gary B. Smith: I firmly believe that if you can manage a town's budget and your own family's budget, you can manage a budget or government of any size. Size, in fact, doesn't matter, as it all comes down to key elements: revenue, spending, and debt. A big city might have bigger raw numbers, but the fundamentals are the same.
Marc Lamont Hill: I agree with Gary B. that the small town aspect isn't really a big deal. And I think she has the right idea on the fact that excess spending is bad. (We can all agree on that.) Where we disagree? What we constitute as excess spending. Certain social programs are necessary (national health care). And spending for things like that is not a bad thing!
Stocks Shake Off Bad Jobs Report: Sign Worst Is Over?
Gary B. Smith: I do think the worst is over. We bounced off the July lows, forming an almost perfect double bottom! Also, the reaction to what was a dismal jobs report was a really good sign for stocks overall.
Price Headley: I'm a bear. Look, it's encouraging that the market has recovered in the face of this bad job news - I'm expecting a trading bounce in the coming week, as fear definitely hit a short-term climax Friday morning which often tells you the market is washed out for now on the downside. But I think after this bounce, we're likely headed lower into the mid October earnings season, combined with increased volatility ahead of the election.
Click here to watch this segment in its entirety