• With: Charles Payne, Gerri Willis, Charlie Gasparino, Adam Lashinsky

    DISCLAIMER: THE FOLLOWING "Cost of Freedom Recap" CONTAINS STRONG OPINIONS WHICH ARE NOT A REFLECTION OF THE OPINIONS OF FOX NEWS AND SHOULD NOT BE RELIED UPON AS INVESTMENT ADVICE WHEN MAKING PERSONAL INVESTMENT DECISIONS. IT IS FOX NEWS' POLICY THAT CONTRIBUTORS DISCLOSE POSITIONS THEY HOLD IN STOCKS THEY DISCUSS, THOUGH POSITIONS MAY CHANGE. READERS OF "Cost of Freedom Recap" MUST TAKE RESPONSIBILITY FOR THEIR OWN INVESTMENT DECISIONS.

    D.C.'S DEBT FIGHT PUTTING U.S. CREDIT RATING JEOPARDY

    Charles Payne: The problem is really greater than this. Paul Ryan is in my mind the litanies test. One thing I wonder is where is the next greatest generation? Who is going to step up and answer the call? Paul Ryan is like Paul Revere. We hear the alarms are we going to roll over or take the arms. It means some sacrifice. Ultimately, it means does the average citizen have the guts, not Washington, because we keep bringing them in Washington. Does the average person have the guts to heed this call?

    Gerri Willis: Stop spending. Stop spending our tax payer dollars right now. That has been the only response to this problem. Stimulus spending, bailing out Detroit, Cash for Clunkers. Stop spending money, it's not working. 9.1 percent unemployment you think that's working.

    Charlie Gasparino: All everybody is talking about is cutting. I like Paul Ryan and I like his plan. You have to give the American people some semblance of hope. I will say this about the President. He's at least saying we should do something. Maybe it's spending. However, I am not saying it's right. Where is the growth agenda coming out of the Republican Party? Where is the party of Reagan? Where is it? We are talking about cuts, sacrifice. We are talking about doing all of this stuff. Give people some semblance of hope. Reagan won and ushered in years of prosperity.

    Adam Lashinsky: We are ignoring one sort of unemotional and relatively boring fact in this discussion which is you can't underestimate the impact that the housing bust has had on our economy. If you look at all of the problems we are facing, it's not government spending it's not bad regulations.

    GROWING FEARS BANKS ARE STILL VULNERABLE DESPITE BAILOUTS

    Charlie Gasparino: It is pretty clear that we have consolidated financial assets among five big banks. If you look at Dodd Frank it's the financial formula. It's law now. They are not going to let any of these banks fail now.

    Charles Payne: It's hard to see it any other way. This thing has been a fiasco from day one. The rescue notion of too big to fail. The banks pose a larger threat to the economy now than they ever posed before.

    Gerri Willis: You can't have too big to fail, I think it's a big mistake.

    Adam Lashinsky: Throws no denying in certain aspects that we made the situation worse not better by allowing these five banks to get bigger. Charles is advocating stronger government control of the banks because big banks big capitalist organizations are bad for America. Charles said these banks are too big to fail. So we should never get too big. You can't have that situation where banks fail and still have a modern giant economy functioning. The one piece of good news is that these banks do have healthy capital ratios now. They don't have these rouge trading outfits that they had.

    HACKERS SPARK FEARS THAT NO ONE'S INFO IS SAFE ON THE WEB

    Gerri Willis: You know what I suggested we do is we have a Wiener desk we go to for every headline on this story. U.S. Diplomats what about consumers? We have had our social security numbers stolen credit card numbers stolen. You heard what the CEO of Sony said we can't protect you is what he said about a week or month ago about the whole hacking experience. There's no way we can keep your information safe.

    Charlie Gasparino: There's no real privacy now. I try to use the phone as much as possible. Who hasn't sent an errant e-mail? I gave Anthony Weiner the benefit of the doubt; I said maybe he's sending it to his wife as a prank. You hit the wrong button.

    Charles Payne: It is amazing how much people are voluntarily putting stuff out there due to being accidentally sent out. Gerri hit this right on the head, Howard Springer talked about this. About this unbrave new world. It kind of reminds me of Dodge City. The Old West. At least back then you could pick up rifle and fend for yourself. Now there's no way you can fend for yourself. Everyone is telling us it's a hopeless situation.

    Adam Lashinsky: It's not hopeless. We are in a transitionary period. The technology industry will rise to the occasion. However, it's a scary time. People need to behave themselves as best they can.

    STOCK PICKS: "RECOVERY STOCKS"

    Charles Payne: Mosaic (MOS)

    Adam Lashinsky: China Mobile Limited (CHL)