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Bulls & Bears
On Saturday August 1, 2009 Elizabeth MacDonald was in for Brenda Buttner and was joined by Gary B. Smith, Tobin Smith, Kristin Bentz, Eric Bolling and Mark Lamont Hill.
President Says He Helped Stop a Depression: Right or Wrong?
Tobin Smith, Changewave Research: Unless President Obama was Ben Bernanke or Hank Paulson back in September, no! I'm shocked. Look, whether or not you liked TARP, the crunch time of this deal was September 15 to maybe October 15 last year. That's where we could've fallen off into the abyss. That's where we had a run on the banks; we had a run on money market accounts. For Obama to claim this is like me claiming I'm the new Jenny Craig guy!
Kristin Bentz, Talented Blonde LLC: The President can absolutely not take the credit for stopping a depression. I think he had something to do with stepping in and putting in place provisions to alleviate the recession, and that's great. But if he's going to start waving the flag and saying mission accomplished — that just hasn't happened yet.
Eric Bolling, FOX Business Network: We've been talking about this a long time. Recessions last, I don't know, 16, 18, 19 months? We were going to come out of a recession anyway. The real question for next week is what the job numbers are going to be. If the unemployment rate inches toward 10 percent, what's President Obama going to say then? Yes, the stock market is up, but housing isn't necessarily better, and unemployment isn't that much better either.
Mark Lamont Hill, Columbia University: President Obama absolutely rescued the auto industry. He helped save jobs. One of the things that people don't want to give Obama credit for is the idea that he actually prevented the economy from becoming much worse off. He restored confidence. He produced opportunity. He saved jobs. And that has helped the economy from falling into a depression. The whole point Obama was making is that we would have been worse off if we had done nothing.
Gary B. Smith, TheChartMan.com: President Obama didn't say things would be worse, he said there'd be a depression for crying out loud! Are you trying to tell me we'd have 25 percent unemployment without Obama's plans? That's ridiculous.
Anti-Walmart Groups Joining Forces to Unionize Retailer
Gary B. Smith: This just proves how huge a success Walmart has been. They're the biggest wealth creator and one of the biggest employers in the entire global economy. They have done more good for more people than probably any other company or industry in the history of the economy. And I'll tell you what — when you have two unions ganging up on it, that proves how well they're doing because unions are all about destruction.
Mark Lamont Hill: Unions are certainly a key to destruction: the destruction of exploitative labor practices, a lack of access to healthcare, and other things.. When you see two organizations come together, there's a hope that we can actually take down Walmart. It has had a vicious impact on local economies, on small businesses, on unions, on healthcare, etc. The unions are going to win this.
Eric Bolling: I really think Walmart jumped the shark here. They wrote a letter to the Obama administration alongside the SEIU, one of the unions that want to gang up on Walmart, and said "we're for nationalized healthcare reform bill." Here's the problem: Walmart hasn't been for an employer health care mandate in the past. It's been an anti-union Walmart. It grew, it made itself the heartland's retailer, and now it has rolled over for the government.
Kristin Bentz: I think this is a great sign. I think that if two unions are consolidating, that gives Walmart even more power. When is Walmart not winning? I think it's a very bad sign for the unions if they're have to start joining together in solidarity just to stand a chance against Walmart.
Tobin Smith: Let's not forget, Walmart understands that if they don't get on the health care bandwagon, then its competitors may win out. Now they're saying that we're all inclusive and that gold-plated health plans are going to have to be taxed — and their plans definitely won't be. Who has the gold-plated health plans? It's the unions! It's great for Walmart.
Lawmakers Proposing $88 Billion in More Stimulus Spending
Eric Bolling: This is crazy. Out of the total $787 billion stimulus package, we've gone through about 12 percent of it. Now they want to add another $88 billion dollars? Come on, $80 million went to the National Endowment for the Arts and they funded $50 grand to "Thundercrack." It's a horror, artsy, kinky, porno horror flick that features four men, 3 women, and one gorilla. Do you want your taxpayer dollars going to things like that?
Tobin Smith: Remember, this was never a stimulus plan to begin with. This was essentially an entitlement program that we put lipstick on and called a stimulus program. So of course this is a joke! Of course this sort of stuff is happening. China has enacted a real stimulus plan -- 16 percent of their GDP. Now their GDP growth is at 8 percent. That's a stimulus plan.
Kristin Bentz: I like to watch the puppy-cams on the internet but I don't think I want my tax dollars going to fund that kind of stuff. I mean, what's next? We're going to have Jenna Jameson as the porn czar?