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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; Gary Kaltbaum, Kaltbaum & Associates, and Tyson Slocum, Public Citizen.
Trading Pit: Is Housing Rebound Key to Sparking Stock Rally?
Gary Kaltbaum: Absolutely: it's where the downturn started, and where it's going to end. The wealth effect that was going north for so long is now going south, and it's not just housing: it's banks pulling home equity loans away from people. People feel less wealthy and are going to spend less. It's hurting earnings and hurting the stock market.
Gary B. Smith: There's no correlation between the two. It would be nice if housing went up, but the facts say otherwise. From October '90 to October '93 the median home price was pretty much flat; it was up about 4 percent. The Dow was up 45 percent in that same time. If history repeats in this case, there's no correlation.
Tobin Smith: The market wants to be able to anticipate a recovery in home prices. We don't have to have the literal recovery. When it's on the front cover of Time Magazine says "Hallelujah! Prices have already come back!" the market will have made 50 percent of its move. What the market needs to see is a ray of stability, and we might not see that before 12 months.
Eric Bolling: We've had instances where the market is correct and has reacted and rallied without the housing correct, but this time it feels different. Things like sub-prime mortgage, credit default swaps, mortgage backed securities, and debt obligations are things that have to work themselves out before any gyrations in the stock market really start to stick and we can see a real good stock market.
Pat Dorsey: The idea that we're not going to see a rally until home prices at least stabilize is absolutely correct. They don't need to pop back 50 percent, but the rate of negative change has got to slow before things get better. There are too many homes out there. The best thing we can do is stop building homes.
Cut Gas Prices by Tapping Oil From Rocks in Western U.S.?
Eric Bolling: Gas prices will drop immediately upon Congress saying that 70 percent of the 800 billion barrels out there is available. If they open that up, oil prices tumble, gasoline prices tumble, and you could see a sub-three dollar on the pump price within maybe a week or two. $20 or $30 comes off the price of crude oil immediately.
Tyson Slocum: Not at all. Oil shale is incredibly expensive. It takes huge water resources to inject liquid into rocks to melt this stuff, and this is in an area of the world where there isn't a whole lot of water. It's just not feasible.
Tobin Smith: 10 years ago it was 10 dollars a barrel and we didn't have horizontal drilling. We currently have the technology to make this happen, and we have the 80 dollar oil that we need to make this economic. The only other oil you can get that's newly found is offshore, and that's 70 to 80 dollars at lifting cost. The economics are there, the technology is there, we're doing it up in Canada, and we can do it here.
Gary Kaltbaum: At $125 it makes economic sense. There are 2 trillion barrels estimated out there and they think that they can get as much as 3-times as what Saudi Arabia has in reserves. You can have whoever takes it out of the environment fix the place up after they're done.
Stock Exchange: Lightning Round
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Tobin Smith: Peabody (BTU )
Eric Bolling: Diamond Offshore Drilling (DO )
Gary Kaltbaum: Buckle (BKE )
Gary B. Smith: Central European Media (CETV )
Pat Dorsey: Range Resources (RRC )
Gary B. Smith's prediction: Perma-bears get burned again; "NYC " up 15 percent in 5 months
Tobin Smith's prediction: "Dark" publicity doesn't hurt "TWX "; up 20 percent by the Oscars
Pat Dorsey's prediction: Drink up with Diego! "DEO " jumps 40 percent in 2 years
Eric Bolling's prediction: Oil/gas have topped, but "CHK " still pops 30 percent by end of '08
Gary Kaltbaum's prediction: Sorry Gary B…. Financials are cooked; "SKF " up 50 percent in 5 months
Bulls & Bears | Cavuto on Business | Forbes on FOX | Cashin' In
Cavuto on Business
On Saturday, July 26th, 2008, Dagen McDowell was joined by Charles Payne, wstreet.com; Adam Lashinsky, Fortune Magazine; Pat Powell, The Powell Financial Group; Mike Norman, Contrarian Update founder; and Phil Flynn, Alaron Trading.
Bottom Line: Hurricane Dolly: Proof the Oil/Gas Bubble Has Burst?
Dagen McDowell: Dolly's aftermath still whipping up high winds and drenching parts of the South. The storm proving once again just how dangerous a hurricane season can be. But, someone here says it's also proving that oil and gas prices are finally going to plunge! Phil, Dolly smacked the oil-rich Gulf, but prices are dropping. Is that a sign that this bubble has popped?
Phil Flynn: It is a sign that Dolly blew the air right out of the bubble. Thank you, Dolly. When you get all these bullish issues and the storm passes by and does nothing, you get a bonus! People bought oil because of the hurricane. When Dolly came through the Gulf and nothing happened, they got out of their positions. We're going to see that reflected at the pump.
Dagen McDowell: Where will prices go at the pump?
Phil Flynn: I'm going out on a limb. I think we are going to see prices by Labor Day very close to $3 nationally. That's almost $1 lower than it is right now. We could see one of the biggest sell-offs in gasoline as long as we don't get any more bad news, no more geopolitical events. It could be huge.
Dagen McDowell: Is this proof that this oil bubble has gone bye-bye?
Adam Lashinsky: I don't think so, Dagen. The price of oil was coming down even as the meteorologists were predicting Dolly was going to be far worse than it was. There are more large factors at work than one storm in the Gulf. The factors at work have to do with global demand. I'm going to agree with Phil and disagree at the same time.
I personally think that oil is on its way to $200 a barrel. It wouldn't shock me in the least if it gets to $70 before it gets to $200. That is just the way these things work. I don't think we have been in a bubble. I think we have been in a reasonable run-up and it's not done yet.
Dagen McDowell: $200 a barrel. Where does that take gas?
Adam Lashinsky: Probably takes gas to $5 a gallon. I didn't say when it was going to $200 or $5 a gallon, but I think that's where it's going.
Dagen McDowell: Charles?
Charles Payne: I don't want to cop out as much as Adam just did, but I think the bubble has burst for the near-term. Absolutely! Two things: Adam is right. Demand here in America is down. We saw gasoline demand down $0.13. And around the world, China's making people drive cars on even and odd days based on their license plates. What we saw for most of the summer was that oil would push around stocks. Now, we are seeing stocks push around oil. When stocks are going to be up for that day, particularly the beaten-down stocks like airlines, oil goes down.
Pat Powell: You need something big. You need a huge event for oil to come back. I think Adam actually has it right. It's going down before it goes up. I think we are going to go under $100 a barrel. But, I'm not as optimistic as Adam happens to be. I think we have seen the peak for the year or the next 12 months, but the long-term trend is still a function of supply and demand. And the long-term trend is still up. We haven't broken the back of demand.
Mike Norman: I think you got your big event, Pat. You could track the decline. Oil came down by the time Dolly headed into the Gulf. That was mainly on fears of regulation from conscience and speculation. The bill is dead. The speculators are back. The next hurricane we get, we will be right back up there at $150 and maybe $200.
Pat Powell: This is ridiculous. It is not about speculation. It is about supply and demand.
Mike Norman: It's what Charles said. Investment demand!
Pat Powell: Somebody has to be buying and selling.
Mike Norman: They are selling at higher and higher prices. If somebody buys a house and sells a house, does that mean the house price can never go up? If there is more demand than sellers, the price goes up.
Dagen McDowell: I want to bring us back to hurricanes. Only about 6 percent of production was shut down in the Gulf with Dolly. If we get a bad storm that does more damage than that, do we reinflate the bubble?
Phil Flynn: We do. The bottom line is refiners have been drawing down supplies because the price of oil is too high to store. If we have a disruption in production, we are back up. I am going to agree and disagree with everyone on the panel. I am going to make a T. Boone Pickens-type of prediction: We will see $200 a barrel before I turn 200. We probably won't see it this year or next year.
Mike Norman: In the past year, we have had very sharply declining demands. Inventories have been within normal levels. We have seen the price of oil up this year 50 percent despite the fact that physical, real demand has been coming down, not just here in America, but elsewhere. Go look it up, Charles. Economic growth around the world is slowing down. Last year, we had $65 a barrel oil. Now, it's almost $150.
Charles Payne: What about the value of the dollar a year ago? The dollar has been getting crushed for the last couple of weeks.
Mike Norman: The exchange-rate value of the dollar has nothing to do with the price of oil.
Adam Lashinsky: I couldn't hear who was saying this because they were shouting over each other… Decrease in demand is a relatively recent thing. You may have seen it six months ago, but the rest of the market didn't. That whole run-up did not happen during a period when the market perceived demand to be plunging. That just happened in the last few weeks.
Pat Powell: There is a cure for high prices: It's high prices! As the price goes up, people behave differently.
Head to Head: Illegal Immigrant Kills American Woman's Family: Is It Time to Cut Funding to Sanctuary Cities?
(BEGIN VIDEO CLIP)
Danielle Bologna: "It was a senseless crime. And had they done something, this animal would not have taken my family. I feel the government should have stepped in. I feel that they allow these immigrants to come in, and how dare they strip our families like this. None of us should ever have to go through something like this."
(END VIDEO CLIP)
Dagen McDowell: This devastated American is now without her husband and kids. The accused killer is illegal immigrant Edwin Ramos. He has been arrested three times before, but never deported because he lives in San Francisco – a sanctuary city. Is it time to put a stop to this by stopping federal funds from going to cities protecting illegals? Let's go "Head to Head."
Pat Powell: This crime wouldn't have happened had the City of San Francisco had an ordinance that prohibited them from notifying the Feds. I am not anti-immigration. I think this country has benefited from people coming from all over the world. We have benefited in many ways, most of it economically. But, this kind of economics… where cities do crazy things is insanity. We need to pull the plug and do much more.
Dagen McDowell: Correct me. But I think adult illegal immigrant felons are not protected in San Francisco. But, is the solution to cut all federal funding?
Adam Lashinsky: I don't think so. First of all, you don't just cut off federal funding to a city. You need to pass legislation that effectively cuts off federal funding the way the federal government used to force states to have drinking ages in earlier eras. No one is going to defend this horrific crime. Dagen, we are a nation of immigrants. This is a terrible situation. It has nothing whatsoever to do with immigration. It's a failure of justice. It's a failure of police work. Singling out immigrants isn't going to solve the problem. A terrible crime like this could have been committed by an American. The solution is to do a better job of justice, not to root out immigrants and make their lives miserable.
Charles Payne: But Adam, that's just it! If the American had the track record this guy had, he would be in jail already. It's not about immigration, per se. It's about the right of a whole nation being usurped by a few cities that have this guilty feeling. I don't know what is driving you to allow this to happen under your feet. I know people with one arrest for smoking a joint and are in jail. This guy was being protected. Obviously, we cut them off and give no more funding. Let's make it happen. This stuff happens every year and we never see a change in these cities.
Adam Lashinsky: In America, we don't forget the technical aspects of things. We are a nation of laws so we follow the law.
Charles Payne: But the point is, though, shouldn't we find a way to nip this in the bud? Gang members from other countries can come here and have shelter.
Dagen McDowell: But, the list of cities considered "sanctuary cities" is so long, is it feasible to cut off funding?
Mike Norman: You can cut off funding and go with sanctions. I understand the desire to do that. This is a horrible story. My heart goes out to this woman. I can't even watch that. But, the problem is if you cut off aid or levy economic sanctions, what happens? Crime goes up, drug abuse goes up. I have a radical proposal. The United States should consider giving more economic aid to countries these illegals are coming from, maybe raise the standard of living.
Charles Payne: We can't afford to do that!
Mike Norman: You want them over here? Or do you want them over there, Charles? You just said you don't want them here.
Charles Payne: We can't afford to pay for the ones in our cities!
Mike Norman: Keep them over there.
Charles Payne: You can't keep them over there. What are you going to pay…
Mike Norman: We give out a lot of financial aid.
Charles Payne: The bottom line is we cannot give out enough money to keep them from coming in.
Pat Powell: Cities should not determine federal immigration policy. You have these cities going around the federal government and using taxpayer dollars to do it.
Mike Norman: But, they are to enforce the laws and keep illegals out of this country.
Pat Powell: How could they do it if they weren't alerted? He was caught, and the alleged murderer was convicted of two felonies, and they don't even bother to pick up the phone and call the Feds?
Adam Lashinsky: Let me make an observation. As a citizen of San Francisco, let me make an observation. I disagree with the way this policy was enforced. I think municipalities should call Federal agencies when asked to. Having said that, we have already alluded to this long list of cities. That is a form of civil disobedience.
More for Your Money: Stocks Under $10!
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Dagen McDowell: Get ready to trade in those Hamiltons for some Franklins! It's time for a fan-favorite: Stocks under $10 that'll get you "More for Your Money."
Adam Lashinsky: GLG Partners (GLG )
Charles Payne: Palm (PALM )
Pat Powell: Mueller Water Products (MWA )
Mike Norman: Hovnanian (HOV )
FOX on the Spot
Charles Payne: Let your money soar with "UAUA "; up 60 percent in a year!
Adam Lashinsky: Cancer fears boost cell phone headset sales
Mike Norman: $300 billion housing bill will improve housing market and economy
Pat Powell: Talk to your kids about evils of credit card debt before college
Dagen McDowell: Ford tries revving up with Euro cars; may backfire
Bulls & Bears | Cavuto on Business | Forbes on FOX | Cashin' In
Forbes on FOX
In Focus: Media's Love Affair With Senator Obama: Bad News for Stocks, Economy?
Steve Forbes, editor-in-chief: If Obama gets in it will be bad for stocks. It will make the Bush years look like the Golden Age economically. Obama says we should learn a second language. We should learn French for French economy, high taxes, high spending, high unemployment and lousy long-term growth.
Quentin Hardy, Silicon Valley bureau chief: It's a crock to say there is a media bias toward Obama. Does anyone remember when McCain was viewed as the one the media was bias towards? All the Republican candidates whined about that. It's not like the media found a new boyfriend. They found a good story. This week Obama begins the week in a chopper with Petreaus and ends it in front of hundreds of thousands of people in Berlin. McCain begins the week riding around in a golf cart in Kennebunkport and ends the week in a German restaurant. Who's the better story? Who's the better communicator?
Jack Gage, associate editor: This bias is going to be bad for stocks. You have a real difference of opinion here between the two candidates. Regardless of the Obama- palooza world tour, you have to look at their policy differences. Obama talks about fairness, about everyone having the same. He's not giving an equal opportunity to gain wealth as an individual. Look at the tax figures that came out this week. The top 1 percent pay 40 percent of the taxes. Top 25 percent are paying 86 percent of the taxes. If he wants to make it fairer than that, I guess he wants the poor to pay nothing.
Mike Maiello, associate editor: An Obama presidency would be excellent for stocks. We've borrowed $1 trillion dollars to fight a war, that's why we're having all the problems we're having now. All of this borrowing devalued the dollar. Obama would undo that.
Victoria Barret, associate editor: Obama is telling a much better story right now, he's a great speaker. The media is eating that up. My concern is that a lot of us want to vote for a winner. And the media has already decided that Obama is the winner. McCain is not doing a very good job. He needs to play offensively, not defensively.
John Rutledge, Forbes contributor: Obama is bad for the stock market. The media is not bias, it's greedy. Let's face it, Obama gives good camera. Obama is the reporters dream date. Flying around in a helicopter doesn't make good foreign policy, it makes fake foreign policy. The real story is that people are buying this stuff. Having lunch in Afghanistan and dinner in Berlin does not make a statesman.
Flipside: Abolish Minimum Wage to Save Jobs, Economy!
John Rutledge: Abolish the minimum wage, don't adjust it. It should be called the small business prevention act. 100 percent of all new jobs come from small businesses. They're getting squeezed between high oil prices and minimum wages. That's where all jobs for young kids come from so they can learn job skills for later. Add to that the increase in the Social Security cap on tax rates that Obama has in mind and you've got some very big problems for small businesses. This is pandering to a voter base, this is not good economics.
Mike Maiello: Abolishing the minimum wage means lower paying jobs. People at the bottom of the pay scale don't have any sort of leverage to set wages. If you abolish the minimum wage an hour of work won't even buy you a gallon of gasoline.
Steve Forbes: The minimum wage in the real economy is really higher than statutory minimum wage because of prosperity. You don't create prosperity by decreeing it by law. Most people on the minimum wage are doing second and third jobs in the family with an average income of $45,000 a year. They are not the income earners. Only 2/10 of 1 percent of the U.S. workforce is dependent on the minimum wage. There you need job skills, not job laws. In Europe they've created high minimum wage and high unemployment.
Quentin Hardy: At this new minimum wage you earn $260 a week. It's around the same level at the beginning of the Bush Administration. 90 percent of the countries in the world have a minimum wage. The U.S. level, at this new level, has a per capita GDP of about 27 percent. That's the level of minimum wage in Angola and Indonesia. There are 15 countries with minimum wages higher than ours. They include Israel, U.K., Greece, Switzerland, Australia, Holland, New Zealand. These are not countries that are hurting.
Josh Lipton, Forbes.com Staff writer: Raising the minimum wage is always going to be politically popular but it is bad news for the economy. It's especially bad timing when the economy is this week. All you're doing is you're making it more expensive for small businesses to hire workers. A higher minimum wage just cost low-skilled workers their job.
L.A. Plan to Ban New Fast Food Chains: Threat to Free Society?
Victoria Barret: We should be able to choose where we want to eat. If a McDonald's wants to open up in an area because they feel there is a demand for McDonald's than they should be able to. This law is very picky, it won't allow a restaurant like McDonald's but it will allow a Subway. One of the most popular sandwiches at Subway is the Meatball Marinara, which is actually less healthy than a Quarter Pounder at McDonald's.
Quentin Hardy: The big missing point around the debate about national health care is - put down the donut and take the stairs.
Steve Forbes: We should have the freedom to choose. And instead of going after junk food, we should go after junk politics. They assume the government is smart and the people are stupid. It's about education. And how do you define fast food? Are you going to make McDonald's wait 3 minutes instead of 1 to serve you a hamburger?
Evelyn Rusli, Forbes.com anchor: The crux of this campaign is a call to stand against obesity. Obesity and diabetes are huge problems in the U.S. One out of five people are obese and 8 percent have diabetes. That's a huge health crisis that could cripple our economy. Taking out soda machines in high schools isn't going to solve our problems. We have to take a tougher stance.
Lacey Rose, Forbes.com senior reporter: There is no question that America's waist line is expanding and fast food is a piece of that. So is our sedentary lifestyle. But in order to make a change, you don't have the government step in and say you can't eat here. You educate people about making healthy decisions and educate them about a healthy lifestyle. You can't just take away the Big Mac and expect people to willing go for a salad.
Informer: Stock Market Leader$!
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Evelyn Rusli: Jacobs Engineering (JEC)
John Rutledge: S&P Dividend Fund (SDY)
Jack Gage: Peabody Energy (BTU)
Josh Lipton: Monsanto (MON)
Bulls & Bears | Cavuto on Business | Forbes on FOX | Cashin' In
Our "Cashin' In" crew this week: Wayne Rogers, Rogers & Co; Jonathan Hoenig, Capital Asset Management; Jonas Max Ferris, MaxFunds.com; Tracy Byrnes, FOX Business Network; John "Bradshaw" Layfield, Layfield Energy; Katrina Campins, Campins Co.
McCain Ad Blames Obama and Democrats for $4 Gas: Is the Ad Right?
Jonathan Hoenig, Capital Asset Management: Blame the environmentalists. They're the ones who make oil exploration and resource exploration so difficult. Certainly the Democrats embrace that philosophy – they support cap and trade, banning drilling in ANWR, and government funding in green technologies. That's the environmentalist platform. What worries me is that it's not just Barack Obama's platform, it also tends to be John McCain's, who claims to be the "Greenest" GOP candidate in history. We've unfortunately got two environmentalists running for president right now.
John "Bradshaw" Layfield, Layfield Energy: John McCain did support this, but when the numbers change, you have to change as well, and that's what John McCain has done. He's has realized that we have to drill. We have 100 billion barrels off the outer continental shelf; we've got 1.4 trillion barrels underneath Colorado, and 10 billion barrels in ANWR. We could be off foreign oil within 10 years. Democrats don't mind us drilling, they just don't was us drilling while there's any oil.
Wayne Rogers, Rogers & Co: McCain's out of his mind to blame Obama. As far as the Green part goes, it's not a question of Green; it's a question of national security. If we had started looking for alternative fuel sources 30 years ago, we'd be way ahead of the game. We should not be dependant on foreign oil or even domestic oil.
Tracy Byrnes, FOX Business Network: We're seeing political posturing here to the max. We also have to keep in mind that McCain has a pot of gold to spend; he's got money to spend before he becomes the official Republican nominee, and then he moves on to a different pot of gold. We're going to see a lot of these egregious commercials between now and then.
Jonas Max Ferris, MaxFunds.com: There's an element of truth in this: if you're against increased supply by drilling everywhere, you're partially responsible for high energy prices. It would be equally true, however, if Obama put out an ad that claimed that "McCain's the reason for high gas prices because we went into Iraq and I was against that and he was for it." That would also be a sleazy ad, as this is, but there's a lot of blame to go around on the supply and the demand side.
Busy Hurricane Season Forecast: Will It Send Stocks Into Tailspin?
Jonas Max Ferris, MaxFunds.com: The reason recovery in the stock market has been fleeting so far has largely been because oil and natural gas plummeted in recent weeks. If you had really biblical proportion hurricanes that wiped out production and capacity, natural gas and oil, you could see the stock market go down with it. I'm personally still short oil and natural gas, and I don't think we're going to have this once in a generation storm this year, but if we had it, it would definitely hurt the stock market.
Tracy Byrnes, FOX Business Network: After Katrina, by the end of the month, the market was up and we were doing fine. After 9/11, from the market on September 10th to the end of November, we were also up. This market is very resilient.
Wayne Rogers, Rogers & Co: For a hurricane to affect stocks you have to assume that it's going to hit all of the platforms and it's going to be a category five. That's not a rational assumption. You could have 10 hurricanes in the gulf, and none of those platforms would get hurt. The oil business would continue. Even if some of the platforms were affected, that's only a part of the economy; it doesn't mean the whole stock market will tank. Unless you have a Katrina-type event, and the odds of that happening, as we know from the past history of weather, are remote, this is an alarmist point of view.
John "Bradshaw" Layfield, Layfield Energy: What've you've seen this past week was basically short-covering that sparked a bear market rally. People were buying back stocks and trying to cover those short-coverings. The consumer is 70 percent of this economy and the consumer is still remarkably resilient. You can look at Apple's earnings; you can look at selling $230 sneakers from Nike when AirJordan sneakers came out. This would hurt, yes, but kill it, no.
Jonathan Hoenig, Capital Asset Management: Hurricanes are inherently unpredictable, and the human cost, the financial cost, can be colossal. It is a risk, but I can hedge against a hurricane; I can't hedge against Barney Frank or Richard Shelby or Chris Dodd. I think the political factors, the political risks to the market right now, the regulatory risks, are even bigger than the potential consequences of a major category five storm.
America's Top Money Man Says Home Rebound Is Just Months Away -- Is He Right?
Katrina Campins, Campins Co: Housing starts are actually projected to start once again in 2009. A lot of excess inventory is being absorbed, and interest rates are still historically low. Prices must come down in certain newer areas where you see a lot of the cookie cutter type communities, whereas more established areas are really nearing the bottom. More importantly, the real issue here is the financial appraisal issues that we're seeing in the market place right now. While banks were very bullish and aggressive during the real estate boom, they're being very cautious and conservative with their lending appetite. This needs to stabilize before the market can rebound.
Jonas Max Ferris, MaxFunds.com: Why would you want new homes in this market when there's already years of supply in some markets like Florida? You're not going to see this recover. As long as homes are under the size of their mortgage in the value dome, you're going to have problems. The government has got to cook up ways to keep you in your home.
Jonathan Hoenig, Capital Asset Management: What is the $300 billion housing bill? The government is doing a lot; they're supporting stimulus, they're pumping public money into Freddie Mac and Fannie Mae. What more can the government do to waste our money trying to pump up the housing market?
Tracy Byrnes, FOX Business Network: The psychology is what's messed up. People believe that either interest rates are going to keep coming down, or prices are going to keep coming down on these homes. Therefore, why get in it? Everyone is on the sideline and waiting. The people that want to get in the market can go to their bank, beg, borrow, and plead, and they still can't get a loan. We have both ends of the spectrum here and we're totally handcuffed.
Wayne Rogers, Rogers & Co: Hank Paulson's a lightweight. He doesn't know what he's talking about. Here is a guy who didn't see this coming and now says, with some kind of magical prediction, that the housing slump is going to be over in a few months. He has no idea. We're in this thing for the next two or three years. The banks don't have any money, they're not lending, they're not going to make any loans any time soon, they're all in trouble themselves, and they don't even know how deep their own trouble is. It's a terrible situation. The politicians didn't see it coming. He's just as much to blame as anybody else.
Be$t Funds to Buy Now!
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John Bradshaw Layfield, World Wrestling Entertainment: PowerShares Water Resources (PHO)
Jonathan Hoenig, Capital Asset Management: DB G10 Currency Harvest (DBV)
Jonas Max Ferris, MaxFunds.com: Bridgeway Balanced (BRBPX)
Wayne Rogers, Rogers & Co: UltraShort Lehman 7-10 Yr Treasury (PST)