August 21, 2008 11:54AM

The ‘Bob’ Double Team

By Alexis Glick

On today’s show, two of my favorite vice chairmen joined me. Bob Doll, vice chairman and global CIO for Equities at Blackrock and Bob Hormats, the international vice chairman for Goldman Sachs.

First up, Bob Doll, who had a lot to say about the increased fears surrounding Fannie Mae and Freddie Mac. Bob believes a solution in the short term is necessary but may also be somewhat unrealistic. He does give the Treasury Secretary and the Federal Reserve Bank a vote of confidence saying they are doing a good job. However, he does acknowledge the greatest risk to the financials and the economy is the ability for banks to raise funds. He looks for banks and brokers to combine in the next eighteen months to cut costs and in some cases prevent failure. Makes sense!

Bob Hormats, my international guru, still feels comfortable with China’s economy despite the perceived need for a fiscal stimulus package due to slowing growth and rising inflation. He is still bullish on investing in the BRIC Countries as a whole over the next 2-5 years. On credit, Bob notes the only way to fix the problem is to change habits. He rightly points out that Americans need to begin replenishing their savings rate. A difficult task in a difficult economy!