The chief economist of Bear, Stearns & Company, Lawrence Kudlow, agrees.

"The things that were strong last year have not missed a beat," said Robert Barbera, the chief economist of Hoenig & Company.

"If they manage to avoid a depression, there is opportunity in Japan," said Robert Barbera, the chief economist of Hoenig & Company.

"The last eight times they bought the dip, they lost money," said Robert Barbera, the chief economist of Hoenig & Company.

"The stock market is saying we avoided the deflation trap," said Robert Barbera, the chief economist of Hoenig & Company.

Robert Barbera, the chief economist of Hoenig & Company, says large technology stocks may rebound after their huge declines.

But together, notes Robert Barbera, the chief economist of Hoenig & Company, those sectors employ about 20 percent of the work force.

Robert Barbera, the chief economist of Hoenig & Company, argues that housing can stay on the sidelines for the rest of this cycle.

"Investment spending will shrink significantly next year," said Robert Barbera, the chief economist of Hoenig & Company.

Robert J. Barbera, the chief economist of Hoenig & Company, agreed.