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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; Ann Coulter, author of "Guilty"; Michael Brown, Democratic strategist.
Dow Dives 20 Percent Since January 20; Is This President Obama's Bear Market?
Tobin Smith, Changewave Research: This really is Obama's bear market. If he had put forward coherent ideas that would actually get this country going forward, it would have bumped the market up 1,000 points. This idea Obama has that we can do everything at one time with an unlimited budget is scary.
Ann Coulter, author of "Guilty": I think Obama wants a catastrophe. The Democrats are going to dump everything on at once. They can blame Bush for a little while, but it's clear Obama owns this crisis. Democrats criticize Republicans for saying taxes should be cut and the size of government reduced, but it's certainly a better idea that just spending vast amounts of money.
Michael Brown, Democratic strategist: This crisis is clearly something President Obama inherited. It's going to take several years for us to get out of it. Every time the Republicans mess something up, it takes a Democrat to fix it.
Eric Bolling, FOX Business Network: Markets are forward looking--they don't look in reverse. Since Obama's been in office, we've seen a 20 percent down move, and about 12 percent or 15 percent down in the last couple of weeks. The market does not look good. The labor market doesn't look good. The housing market is on its ear. Forward looking markets are very wary of tax and spend politics.
Pat Dorsey, Morningstar.com: What's hurting the market more than anything is a lack of clarity on Geithner's plan to rescue the financial system. Until more specifics are released as to how these bad assets are going to be priced, what kind of leverage will be used to get them off balance sheets, and which banks are going to fail or not, the markets will not do well.
Gary B. Smith, Exemplar Capital: Of course it's an Obama bear market. The market is forward looking. It doesn't like the fact that people who have done well are going to get punished. Never have I heard the word "inherited" used more than over the span of the last few days. Freddie and Fannie, and the Barney Franks of the world had just as much to do with causing this financial crisis as George Bush. The Obama administration has to stop whining about Bush and give us a coherent, established plan.
President's Health Care 'Reform'; Code for 'Universal' Care?
Ann Coulter: Does anyone actually dispute Obama's health care "reform" is code for national health care? The one good thing about Obama's health care plan is computerizing medical records.
Michael Brown: Obama's reform does not call for the nationalization of health care. It calls for ensuring young people and children are covered. It gives better coverage to seniors with Medicaid and Medicare. There isn't a single reference to nationalization anywhere in Obama's health care plan. If we don't pay for coverage on the front end, then we certainly pay at the back end with all the resulting diseases and health ailments.
Tobin Smith: Any and every corporation would like to reduce health care costs to become more competitive. But the way Obama's plan is designed, it will increase costs. Similar health care "reforms" we've tried to put in place over the years haven't worked. To think that this will work in the middle of the biggest recession we've had since the great depression is crazy.
Eric Bolling: Doctors are opting out of some of the currently existing medical plans, because they don't want to be pressured more by the government. Obama's proposal will create lines at the turnstiles. The quality of health care will go straight down. More people might get it, but the quality will decline.
Gary B. Smith: Every time national health care has been enacted in other countries, you see rationing of health care with lower quality. That's why people come to this country to receive treatment if they can. If you want an example of government health care in this country, just look at V.A. hospitals. With Medicare and Medicaid, we already have trillions in unfunded liabilities, and Obama wants to make that worse.
$410 Billion Pork-Filled Spending Bill; Should President Obama Veto It?
Ann Coulter: Yes, Obama should veto the bill. But I doubt he'll do it. Not all pork is bad. It's the overspending and increasing the size and influence of government that has such negative results. The people and groups with connections in Washington are the ones who prosper.
Michael Brown: Both sides of the aisle are guilty of pork spending. They have to do it. It's politics. People need to get re-elected, and they need to bring goodies back to their districts. I don't know why this is a shock to people. If you look at the recent polls, clearly the majority of the American people are happy with the direction Obama is taking the country.