Diane Garnick, investment strategist at Invesco, dubbed Dubai a "Las Vegas wannabe" because of its hotel boom:
"The one thing that Dubai completely aced about Las Vegas is that what happens in Dubai stays in Dubai. This crisis won't spread."
Garnick is concerned that state and local governments are over-extended:
"State and local governments are in big trouble. I like to call it the new and improved S&L crisis. In this case, S&L is state and local governments."
Garnick is also bearish about gold:
"The place where I would stay away from like crazy is gold. There isn't a reasonable investor out there who doesn't think gold is at a peak."
Minyanville Media Chief Executive and hedge fund manager Todd Harrison:
"Be careful for what you wish for, for everyone who is saying, 'If only the dollar could strengthen.' In this asset class, deflation versus dollar devaluation dynamic, I believe both can decline as we saw last year. But I don't foresee a scenario where both the dollar and asset classes can rise in sync."
Thomas Metzold, municipal bond fund manager at Eaton Vance, expects many more governments will have their credit ratings downgraded:
"The list is endless. We've got a situation that is probably as bad as I've seen in my 22-plus years."
That doesn't mean many issuers will actually default on their debt, however, he said:
"We're going to have a lot of downgrades but we're not going to have a lot of defaults."
Author and investor Jim Rogers remains a believer that the dollar will decline over the long term. But he sees room for gains right now:
"There are too many bears and normally when there are too many bears it leads to a rally."
Ultimately, the dollar will continue to decline because of the fundamental problems in with the United States economy, Rogers says, pointing to the 90 percent drop in the value of the British pound in the 20th century:
"No country in history that has gotten itself into this situation has gotten itself out without a crisis."
"I don't think this is the bottom. We're going to have more problems in the world economy. We're papering over the problems more than anything else."
"The one thing that Dubai completely aced about Las Vegas is that what happens in Dubai stays in Dubai. This crisis won't spread."
Garnick is concerned that state and local governments are over-extended:
"State and local governments are in big trouble. I like to call it the new and improved S&L crisis. In this case, S&L is state and local governments."
Garnick is also bearish about gold:
"The place where I would stay away from like crazy is gold. There isn't a reasonable investor out there who doesn't think gold is at a peak."
Minyanville Media Chief Executive and hedge fund manager Todd Harrison:
"Be careful for what you wish for, for everyone who is saying, 'If only the dollar could strengthen.' In this asset class, deflation versus dollar devaluation dynamic, I believe both can decline as we saw last year. But I don't foresee a scenario where both the dollar and asset classes can rise in sync."
Thomas Metzold, municipal bond fund manager at Eaton Vance, expects many more governments will have their credit ratings downgraded:
"The list is endless. We've got a situation that is probably as bad as I've seen in my 22-plus years."
That doesn't mean many issuers will actually default on their debt, however, he said:
"We're going to have a lot of downgrades but we're not going to have a lot of defaults."
Author and investor Jim Rogers remains a believer that the dollar will decline over the long term. But he sees room for gains right now:
"There are too many bears and normally when there are too many bears it leads to a rally."
Ultimately, the dollar will continue to decline because of the fundamental problems in with the United States economy, Rogers says, pointing to the 90 percent drop in the value of the British pound in the 20th century:
"No country in history that has gotten itself into this situation has gotten itself out without a crisis."
"I don't think this is the bottom. We're going to have more problems in the world economy. We're papering over the problems more than anything else."
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