Cavuto on Business

Recap of November 2: Immigration Insanity

Neil Cavuto was joined by Ben Stein, a former White House speech writer, and author of How to Ruin Your Life; Alan Colmes, co-host of FNC’s Hannity and Colmes; Jim Rogers, president of and Gregg Hymowitz, founder of Entrust Capital.

Immigration Insanity

This week we saw a boat load of Haitian refugees breach our border security. This after spending millions more to beef up our border security in the wake of the Sept. 11 attacks. Is our inability to keep illegal aliens out going to cost us?

Ben Stein thinks we are letting in a lot of immigrants who hate America and that is a real crisis in terms of protecting the country. But he and Neil’s other guest also say legal immigrants are great for our country. They are what America is built on and will help build a better nation and economy. Gregg thinks we need to us new technology to better secure our borders from illegal immigrants and to better track legal immigrants.

Wall Street’s War

Would your stocks and our economy be better off if President Bush ignored them and just concentrated on winning the war on terror? Could that help all of us get more for our money?

Gregg and Alan think the Bush administration is doing just that, focusing too much on war and not enough on economic problems. They both say Bush’s economic policy is only about cutting taxes and needs to be more comprehensive. They think the economy has suffered because of this. Ben and Jim say tax cuts are important to helping revive the economy. But Jim says Bush is spending too much and running up big deficits which will hurt economy and market. Ben says we need to spend more now to protect us from terrorists later. He also believes Bush was left an economic mess by former President Clinton.

Gregg says drug stocks like Merck (MRK), Pfizer (PFE), and Eli Lilly (LLY) will benefit from Bush’s policies.Gregg owns Pfizer. Jim says Unilever (UL) will also benefit.

Head to Head

Walter Mondale and Frank Lautenberg: back and ahead in the polls. A sentimental journey for the Democrats? Maybe. But it’s a trip that Neil says could cost all of us a lot more money in higher taxes.

Boston radio talk show host Nancy Skinner says these old war-horses from the Democratic Party do not have our wallets in their sights in a “tax and spend” kind of way.

FOX on the Spot

Gregg predicts that stocks rally despite worries over the economy when the Fed cuts rates!

Alan thinks a Vietnam-like antiwar backlash erupts as Bush keeps pushing war!

Jim says stock research reform is a waste of money and will make matters worse!

Ben sees a big profit rebound in the next 12 months, which could make the Dow rebound by 1500 points.

Neil says the next wave of Enron indictments will include former Enron boss Jeff Skilling, and the 78-count indictment against Andrew Fastow just set the table for bigger prey!