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Bulls & Bears
This past week's Bulls & Bears: Gary B. Smith, Exemplar Capital; Tobin Smith, Changewave Research; Eric Bolling, FOX Business News; Matt McCall, Penn Financial Group; Leslie Marshall, radio talk show host.
Best Stimulus Plan for Economy: Do Nothing?
Tobin Smith, Changewave Capital: The federal government should do nothing. The government has conducted a trillion dollars worth of deficit spending, spent on nanny state and other useless programs. Let the market do its job.
Leslie Marshall, radio talk show host: The Senate is going to make major changes to the stimulus package. The economy is taking hit after hit. What are we going to do? We can't just stand around and do nothing. Even one of Reagan's great financial advisors, Paul Volcker, is saying we need a stimulus package.
Matt McCall, Penn Financial Group: Let stock market numbers speak for themselves. They went down and continued to do so as the stimulus package was coming together in Congress. It tells me the market doesn't want the stimulus package. The market right now looks terrible, but at least there's nowhere to go really but up. It's too late to throw money at the problem.
Gary B. Smith, Exemplar Capital: I agree that we have to do something—cut taxes. Not some silly little $500 or $1000 dollar rebate or money to food stamps. The tactics Obama is trying to employ will only make the recession worse. Give me one example where a stimulus package has worked. They never have, and it won't work this time.
Eric Bolling, FOX Business Network: What people have to hope for is that Republicans in the Senate stand up and vote against the stimulus package, mark it up, and then send it back to the house. Over time, people are going to start realizing how little this stimulus package will actually help. Reagan cutting taxes across the board helped spark years of economic growth. Congress should start looking toward measures that work.
President Obama Gets Tough on Automakers: Are Tax Hikes Next?
Gary B. Smith: Tax hikes are the next logical step for the Obama administration. Obama is JFK without the wit and all the cockiness. After we spend trillions of dollars in bailouts and stimulus, then the Obama administration is going to say we have a huge deficit and we need more money. For anyone paying taxes, their rates are going to go up.
Leslie Marshall: Obama raising emissions standards on the American auto companies isn't just good for the environment, but something that will be best for the auto industry in the long term and ultimately help create jobs. In terms of tax increases, if we have to raise them on the rich in order to save the American middle class, then that's what we have to do.
Eric Bolling: The new emissions standards will be the nail in the coffin for the American automakers. Obama is going to kill the auto industry.
Tobin Smith: Most the Democrats elected to Congress or those serving in the White House have never owned or run a business. They've never been successful in the private sector. Their feeling is that the "haves" have too much. Democrats view this as an opportunity to take that money away from the people they view as rich and greedy and give it to people who they think need it.
Matt McCall: The only real way to stimulate the economy long term is through tax cuts, especially lowering corporate tax rates. Taking money from the rich and redistributing it to the poor will only get us into bigger trouble than we are now.
Congress Members Getting $93K More in Petty Cash
Eric Bolling: I couldn't believe this when I read it. These congressional members get all made up and come out on TV saying how we need to cut back, be prudent, no Wall Street bonuses, and then they give themselves more money to spend.
Matt McCall: President Obama and Congress come out railing against Wall Street for taking bonuses or auto executives taking corporate jets, and then this. We're in a recession. They do exactly the opposite from what they say others should be doing.
Leslie Marshall: We should at least wait five minutes before we judge Congressional members getting extra spending money. Remember, both Democrats and Republicans agreed to this. We have to find out what the money is going to and what it's being used for. If it's being used to help their constituencies, then obviously that's not so bad.