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Bulls & Bears
Brenda Buttner was joined by Eric Bolling, FOX Business Network; Tobin Smith, ChangeWave Research; Gary B. Smith, TheChartman.com; and Ron Ianieri, Ion Options.
Stocks Rally As "Tea Parties" Catch Fire; Coincidence?
Eric Bolling, FOX Business Network: It's not a coincidence. People are showing they love their tea parties and hate their big government. They certainly hate taxing and spending, and the market doesn't like it either. The market showed us that it'll be back on its feet again someday, and will truly rally as soon as President Barack Obama stops taxing and spending.
Ron Ianieri, Ion Options: These tea parties had nothing to do with the market rally, nothing, zero. We have to be realistic here. Bank and oil sector stocks have rallied, which means the market has rallied. We need to pull back and take a breather. I don't want individual investors being shown down the wrong road because they're being shown all this optimism when there might not be a real reason for it.
Gary B. Smith, TheChartman.com: These tea parties aren't silly, as most of the liberal media has tried to blow them off as. These are normal, average Americans and small business owners who are sick of this tax and spend culture. We're starting to see this bleed over to Wall Street with major financial firms wanting to give back TARP money. So I think the tea parties helped the market rally.
Tobin Smith: ChangeWave Research: People are showing their dedication to no spending. Maybe, just maybe, Congress is starting to understand that Americans have a backbone and are angry about all this new spending. I still think things are going to get worse before they get better, but more or less we're at a bottom. Once we get through the summer, things could really start to turn around.
New Push to Unionize Walmart; Threat to Job Market?
Tobin Smith: This unionization push is building a great case for Walmart to build their business outside the United States. You let Walmart get unionized, start thinking GM or Ford. Walmart would see the growth opportunity outside the U.S. It would have to cut staff to meet any likely union demands on wages, benefits, etc.
Leslie Marshall, Radio Talk Show Host: If you want to talk about unions, talk to the auto industry. Its failure was not from unionization, it was about scrapping quality for quantity. If Walmart employees want to unionize, they have that right to do it.
Ron Ianieri: I don't think Walmart unionizing is that bad an idea. Unions were created for the right reasons. Then their use started to decline when labor laws came into play. Look to Wall Street firms lately, with their constant greed, excesses, and reckless management. Unions do create checks and balances.
Gary B. Smith: Unions are great for people that are in the union at a particular company. But the fact is that they're monopolies. They raise wages for workers, which is fine for them, but it fundamentally harms the company. If a company pays artificially high wages to its workers, then the company can't hire as many people. Those costs get passed on to someone.
Eric Bolling: Unions should stay away from the 2.1 million workers at Walmart that get pays and benefits. The last thing Walmart needs is its own version of the UAW.
First-Time Tax Delinquents Soar; Proof "All" Tax Rates Are Too High?
Eric Bolling: When you combine a bad economy with a nanny state, it almost becomes legitimate for people to say they can't afford to pay their taxes and think they can take care of it later.
Leslie Marshall: People have been paying taxes for years. This doesn't have to do with Republicans or Democrats, this has to do with a bad economy. We know we have to pay our taxes, whether you're an individual or small business owner. Even if you can't pay in time, you can get an extension.
Tobin Smith: When you get into the numbers, small business people earned less money than normal and literally didn't have the cash to pay their own personal taxes. The tax bill came and they didn't have the money.
Gary B. Smith: People all over are feeling the pinch. People have seen that President Obama wants to redistribute wealth, and you're in the bull's eye if you make over $250,000. All of a sudden, there's disincentive for people to start earning money at higher levels while more and more people have trouble paying their taxes to begin with.