I continually have to give begrudging credit to Pat Buchanan, presidential candidate, former Nixon aide, conservative columnist, and regular on the McLaughlin Group, for not being afraid to express an opinion outside of what would be considered his "range of historical variability."

Monica Crowley, on the other hand, is a demagogue, always going to take a political stance against the Democrat view. Sometimes even McLaughlin himself can't stomach her views, although he keeps her on, probably because she polls well in focus groups.

Buchanan has a healthy skepticism about the economic recovery. I share that with him. You can't create something out of nothing. Either it's an equilibrium or a bubble or some sort. We're in the bubble phase, still. There is still a lot of debt out there that isn't properly collateralized. There may be premature exhuberance out there which has driven up the market, but gravity has to be considered the predominant force.

As soon as the federal reserve says that interest rates might raise, the stock market is going to dive. But it is nice to a lot of people that it has recovered as well as it has. But as I heard Dick Gregory say, when I was 19, the stock market is "the middle class penny pitching." I do believe that is true. So keep that in mind.

McLaughlin had a new guy, at least one I hadn't seen. He had an Indian sounding name. He was very egotistical, at least Kristi and I both thought so. He's not nearly as good as Clarence Page. But I think McLaughlin is right to bring in new voices now and then. He needs me!