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Bulls & Bears
Brenda Buttner was joined by Tobin Smith, ChangeWave Capital; Gary B. Smith, Exemplar Capital; Pat Dorsey, Morningstar.com; and Eric Bolling, Fox Business Network.
Dow Plunges 36 Percent in 2008: Buying Opportunity of Lifetime in 2009?
Eric Bolling, FOX Business Network: Stocks have been beaten senseless, gasoline prices are plunging, and there's a huge stimulus package on the horizon. People are going to start noticing more money in their pockets and they will spend it. Many consumer companies are going to look good in the second half of '09.
Tobin Smith, Changewave Capital: It's still a bear market. Spending won't start because of gas prices—the value of your house or IRA is still down tremendously. There's just too much bad news with banks and retail numbers right now.
Pat Dorsey, Morningstar.com: There are a lot of discounted securities out there right now. There just isn't enough confidence out there to warrant any major rally in the near future. But there are plenty of good values out there—the health care sector is quite interesting.
Gary B. Smith, Exemplar Capital: In the history of the stock market, I've never seen retail this bad. Never before has retail spending been low and the stock market has gone up. People are worried about losing their jobs. As a result, the reins on spending have been pulled.
Are Pay Raises for Congress Proof It's Out of Touch With America?
Tobin Smith: The only thing this Congress accomplished was agreeing to borrow a bunch of money to solve a problem caused by borrowing too much money. They wouldn't know success if it hit them in the face.
Gary B. Smith: Congress isn't clueless as much as it is tone deaf. They force the auto CEOs to drive those pathetic hybrids from Detroit to Washington to show they're serious, but then Congress gives itself a raise. What's sad is that we keep voting the same bad people back into office.
Pat Dorsey: A congressional raise is something I just can't get hot under the collar about—it's only 3 percent. There are certainly bone-headed congressional members, but there are also devoted public servants as well. I don't think we can paint a 450-person organization with one broad brush.
Eric Bolling: Congress should say no thanks to a pay raise. Congressional members went crazy when the auto CEOs flew in on private planes, AIG execs were getting spa treatments after receiving bailout money, etc. and then they give themselves a pay raise.
• Video: Click here to watch the segment
Eric: SPDR Goldshares (GLD), up 11 percent
Gary B. Smith: Aaron Rents, Inc. (RNT), up 33 percent
Tobin Smith: Direxion (DXQSX), up 52 percent