FBN's Stuart Varney goes primetime with market meltdowns, Perry vs. Bernanke, and his reasons for hope
Next week, FBN daytime anchor Stuart Varney, a British-born journalist who graduated from the London School of Economic, takes his show into primetime with "Varney & Co. at Night," airing Monday-Friday.
Each night, Varney will bring on experts to talk about the news of the day and what it means for national, global and personal finances.
But first, he answers a few question (in bold) for HCTV ...
What concerns you most about the wild market swings over the last week?
The wild market swings cause great concern ... the big declines at the end of this week suggest a recession is coming, and that's bad news for everyone.
Should individual investors or those with 401ks be taking action now or should they ride it out?
401K money is long term money so don't panic. Most people will not use their 401K money for many years to come, so riding out the storm is the best policy. Recovery will come, but probably not soon.
GOP presidential hopeful Gov. Rick Perry referred to the Fed Chairman Ben Bernanke's monetization of our debt to be "almost treasonous." How do you feel about Bernanke's stewardship of the Fed during this latest financial crisis, and what should he be doing that he's not right now?
Governor Perry may choose different language next time he talks publicly about the Federal Reserve. Personally, I think Ben Bernanke has done the best he could with a very difficult situation. He has used all the tools available to him, and invented new ones. As a central banker, and not a politician, he has done all he could.
What should he stop doing?
But perhaps Mr. Bernanke should stop printing money. There is a huge amount of cash sitting with banks and corporations....no need to add to it, especially when inflation is heating up.
What has been the greatest challenge in covering the market turbulence in a way that is meaningful to viewers?
The biggest challenge as a broadcaster is NOT leading the story. Don't talk the market down. Report what is happening in an even tone.
What has been the effect of the S&P downgrade - and should we take it seriously considering their poor performance regarding rating mortgage-backed securities prior to the 2008 financial crisis?
The downgrade was a wake-up call ... a welcome wake-up call. It was a clear statement that we can't continue to add $4 billion to our national debt every single day.
As a native Briton, how did you feel about the London riots, and do you think their causes were economic, political, cultural, or any or all of the above?
To put it bluntly, the riots in Britain were a disgrace to the country, and in my opinion, were the result of its entitlement culture.
Can that violence come here?
America has a different tradition of street demonstrations, and, entitlement is not yet so deeply entrenched here. Violence on the European scale is unlikely here.
If you were one of President Obama's advisers right now, what would you like to see in his upcoming jobs plan?
I want to see (but do not expect to see) tax reform ... that means cutting tax rates on individuals and corporations, and at the same time cutting deductions. That puts more money into the hands of individuals rather than government, grows the economy and brings in more to the Treasury. But don't hold your breath: President Obama wants to raise tax rates, not lower them. His first priority is income re-distribution, not growth.
Do markets listen to opposition-party candidates during a campaign against an incumbent, and what effect can their remarks have?
If the Republicans outlined a clear tax reform policy (lower rates, fewer deductions) it would have a positive effect on our markets and our economy. More government will not work. Private enterprise must be unleashed for us to return to prosperity
What do you see that gives you hope for economic recovery?
Hope for a recovery? A radical change in course for economic policy; the repeal of Obamacare, Dodd-Frank and EPA rules; along with an end to the demonization of business.
(Photo credits: Varney, FBN; Perry, Matthew Cavanaugh of Getty Images)