In this interview Kudlow asks his guests whether or not this is the time to start buying back into the US market. Guests include Peter Schiff, Jeff Kleintop, and Zachary Karabell and all have some differing opinions.

Discussion of Part 1 of 3:

Peter Schiff of Euro Pacific Capital: “I still think the US economy is in trouble. I don’t think the current environment is bullish for US stocks. If you look around the world, particulary at the Asian markets and some of the natural resource markets, they are literally giving stocks away. If you go abroad, there are stocks trading at 2 or 3 or 4 times earnings with 15 to 20% dividend yields.”

Jeff Kleitop of LPL Advisors: “This may be the begining of the end of the crisis…. 800 on the S&P seems to be pretty firm support again and again. I think if you’re looking to dollar-cost-average back into this market, looking at those levels seems to make a lot of sense.”

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Discussion in Part 2 of 3 involves the bank bailout and putting backstops (Price Guarantees) on toxic assets:

Peter Schiff: “As an investor I still wouldn’t want to participate in the banks…

Watch the video (2/3)

Part 3 of 3 discusses interests in US Bonds and Corporate Bonds:

Peter Schiff: “Rates are rising for a number of reasons – inflation is one of them, as the dollar starts to rollover, the dollar’s going to plunge, and people are going to start thinking about purchasing power. That’s going to cause interest rates to rise.”

Peter Schiff on inflation: “We’ve had an inflation problem all along. It’s just that you’ve had two counterbalancing forces. You have inflation, which has been driving prices higher, but now you have deleveraging, bankruptcies, you have going out of business sales. You have a lot of temporary factors that are preventing inflation from pushing prices higher. But these temporary factors are going to give way. All you’re going to be left with is the inflation, and it’s going to send prices higher.”

Jeff Kleitop: “Peter, China is exporting deflation. There is no producing. There’s a tremendous amount of  inventory out there. We’re going to see deflation throughout 2009.”

Zachary Karabell: “Peter there’s been no evidence of inflation outside of raw materials.”

Peter Schiff: “If you’re fixated on price movements, you’re missing what’s going on beneath the service. You have to focus on not only what is happening with money supply now, but money supply in the future.”

Final thoughts from Schiff: “I still like gold. Silver at $12 I think is a good buy. I still like the Asian economy. I like Singapore and Hong Kong.”

Watch Video (Part 3 of 3)