We should’ve elected Ron Paul

Ron Paul knows economics.  He knows how the free market system is supposed to work.  I say “supposed to” because we haven’t had a free market system in the US for almost 100 years. And yet people say the dumbest things, like “this proves the free market system doesn’t work without regulation” and “we need […]

Updated bailout list

Since I last posted this list, there have been a few updates.  $1.9 trillion in new updates to be exact.  The grand total approved to be spent for the bailout programs is now up to $9.1 trillion, and we’ve actually spent $3.6 trillion – none of which we have, so it’s 100% borrowed or simply […]

What a difference a year makes

Last January I was beginning to get tired of reading stuff like “kitchen sink quarter” and “this is a great time to buy real estate” and “this is the time to buy stocks”.  One evening I happened to read a post by Doug Kass entitled “Buy the Financials. Yes, Buy” in which he made a […]

Zimbabwe introduces $50 billion note

According to CNN “Zimbabwe’s central bank will introduce a $50 billion note — enough to buy just two loaves of bread — as a way of fighting cash shortages amid spiraling inflation.” Inflation in Zimbabwe is officially running at 231,000,000%.  That’s not a typo, it’s 231 million%! Unfortunately, they got into this doing the same […]

Free Money – from helicopters, not trees

Helicopter Ben Bernanke is keeping his word that he’d “drop money from helicopters if necessary”.  And that’s not a good thing. The Fed today dropped the Fed funds rate to a target “between 0% and .25%” – in effect, they’re giving away free money.  A bank can take a 30 day loan and pay ZERO […]

Inflation? You aint seen nothing yet!

I ran across this in today’s Daily Reckoning.  It’s a snip from Bill Bonner’s article titled The Fall of Wall Street: Innocent Frauds and Armed Robberies It’s good stuff!  Please take a minute to read it because it explains a lot in just a few paragraphs. gk From the day of its founding in 1913, […]

How to blow $700 billion

I don’t know where to start….  Let me get this out of the way – I think the $700 billion bailout of Wall Street banks is a bad idea.  A very bad idea.  A very bad idea for many reasons.   I’ll try to explain some of them. For starters, here’s what the Telegraph in the […]

Fed Plays Whack-A-Mole

Here’s the quote of the day from a story on MarketWatch.com “The Fed is trying to provide liquidity as quickly as it can, but there seems to be an endless supply of ‘moles’ and only one mallet,” said Kevin Giddis, managing director, Morgan Keegan & Co. Inc. Of course “provide liquidity” can also be read […]

New Federal Reserve Chairman

I ran across this tonight and just had to post it here.  I nominate Richard Fisher as the replacement for Helicopter Ben.  Finally, someone who can add! I don’t have explicit permission to post this, so if Mr. Fisher objects I will remove it immediately – but this is very important, and I think it deserves the […]

IndyMac is gone

The Office of Thrift Supervision shuts down mortgage lender IndyMac and transfers the operations to the Federal Deposit Insurance Corporation. That’s the headline from a CNN story dated 7:30pm today.  The story goes on to say “This institution failed today due to a liquidity crisis,” OTS Director John Reich said. I just posted an article […]