The Blog of goldtracker

Well, I've been a bit silent because I took it easy this Thanksgiving. I hope you did too and that you had a good time with family and friends.

Of course the problem with that is I'm having a hard time getting back into the swing of things. But this too shall pass ;-)

That said, I came across some articles today that I think are well worth everyone's read.

If you read just one article, make it this one:

Bailout-a-Go-Go
by Peter Schiff
 

It is no surprise therefore that both Democrats and Republicans offered healthy "huzzahs" to Henry Paulson's latest bazooka: $200 billion to purchase securities backed by auto, student, and credit card loans. It is hoped that with this transference of risk to taxpayers, lending institutions won't be so cautious, and the credit-fueled American economy can thrive anew. This is unalloyed insanity that can only lead to total ruin.

Paulson stated clearly that he would like the Fed to print as much money as it takes to revive the economy. Unfortunately the only industry likely to be revived by such policies is printing itself. But even this will not help the United States as the majority of our printing equipment is imported from Switzerland.

But what if the root of our financial problem is that American consumers have already taken on too much debt? By trying to force feed even more credit down the throats of already overly indebted Americans, Paulson's plan will only weaken the economy further.

And this article gives a good run down on gold's behavior.

by Bob Hoye

One of the most fascinating aspects of great credit manias is that all six since 1720 have occurred with a senior central bank with the dangerous prerogative of issue. Each bubble was identified by the street as such until our era of asset inflations. Perhaps our financial establishment has been so ignorant of the dynamics of a mania they were unable to make the call in real time.

by John Browne

John offers a clear understanding of why the dollar is performing as it is right now.

And finally this article with it's graphs just might scare your pants off:

by Krassimir Petrov

The mainstream media and Wall Street have reached the consensus that the current credit crisis is the worst since the post-war period. George Soros’ statement that ”the world faces the worst finance crisis since WWII” epitomizes the collective wisdom. The crisis is currently the ultimate scapegoat for all the economic evils that currently plague the global financial system and the global economy – from collapsing stock markets of the world to food shortages in third world counties. We are repeatedly assured that the ultimate fault lies with the Credit Crisis itself; if there were no Credit Crisis, all of these terrible things would never have happened in the economy and the financial markets.

If these things play out, holding physical gold and silver is one of the best positions to be. Right now

has them trading at $781.50 and $9.55. You can use

to track in real time for free the current spot price on the big three precious metals.

Folks I think we are in for some more woes in our finances. The bailout today of CitiGroup and the fact that is looks like the automakers are going to get some nice fresh printed cash soon is going to eventually lead to huge inflation.

But don't listen to me, click over and hear from the man who uses common sense and who said yeas ago that this crisis was coming. Peter Schiff on TechTicker:

To his credit, Schiff isn't declaring victory, noting "100% of my forecast hasn't panned out," most notably "a major collapse in the dollar" that leads to a spike commodity prices.

As discussed in the accompanying video, Schiff believes the recent dollar rally and commodity price weakness will prove temporary. Most troubling, he says the "economic crisis is only just beginning."

Right now ExactPrice has gold and silver up. $820.70 on gold and $10.48 on silver.

Okay. The fact is Wall Street is looking pretty much the same as it did last week. Schizophrenic.

I think there may be some serious future woes coming to America financially.

Which means stocking up on some hard cold value in the way of gold and silver. Right now gold is $738 and silver $9.42. But try to get some physical metal near that price.

And speaking of buying gold. Why do you suppose Middle East Oil Sheiks are buying the metal?
 

Because they are buying gold like crazy!

First, we got the news that Saudi investors spent $3.47 BILLION on gold in a recent two-week period. On a ratio-to-GDP basis, that’s like investors in the U.S. spending $131 BILLION.

And then here's an editorial on more of the shortage woes in the coin market:

.

Here's an two articles that really worry me. The first is on jobless rates and how the numbers looked cooked:

And this one dealing with the next crisis following the subprime crisis:

Oh and remember the Citi group and JP Morgan crisis?

Add to all this and the terrorist threats against America and President Elect Obama and things are in very uncertain.

Well, that's a guessing game until it happens frankly. Well, not exactly. Gold in general has a steady uptick over the years in the long term.

But what I'm wondering is whether or not it's going to rocket up soon?

The question is based on several items I've read today on the net.

This first one is interesting in that it apparently was written in 2006, and forecasts the complete collapse of the US economy.

The coming financial collapse of the U.S. government: Fed papers reveal what's in store for Americans.
 

The bankruptcy of the United States government has been talked about for years by independent observers. If you've read the book, "Empire of Debt," then you know where the U.S. is headed financially. But most people have no idea about the ultimate financial consequences of decades of borrowing and spending by Washington, and they remain irrationally convinced that the status quo will remain intact for eternity. No one in any position of authority, you see, has yet admitted that the U.S. government is indeed going bankrupt.

Now for some gold news from Peter J. Cooper:

Saudi Arabia buys $3.5bn of gold in two weeks,
 

There has been an unprecedented surge in Saudi gold purchases in the past two weeks with over $3.5 billion being spent on the yellow metal, reported Gulf News citing local industry sources.

Gold market expert Sami Al Mohna told the leading regional newspaper that this buying had substantially increased the gold reserves of the country: ‘Many Saudi investors see this as the right time for making investments in gold as the price is the most reasonable one at present’.

Add to that news the following and interesting entry from Larry Edelson:

Amero.. will it soon be Canada’s currency?
 

If you think this weekend’s G-20 meetings in Washington are only about designing short-term fixes to the financial system and regulatory reforms for banks, hedge funds, brokers, mortgage companies and investment banks … think again.

Behind the scenes, a far more fundamental fix is being discussed — the possible revaluation of gold and the birth of an entirely new monetary system.

Did anyone see the wild swing on the stock market today? I thought it very interesting. I noted too with ExactPrice, that gold and silver also fell during the morning but when the stock market rebounded so did the metals. Tomorrow should prove interesting as we go into the weekend. Will the market level out or will more news swing it? Personally, I'm getting tired of the swings, but I have a feeling they are hear to stay for a while. Maybe a long while.

Okay, I started the day off looking at the futures and things looked good, gold and silver were even up. And actually, ExactPrice shows them trading pretty level since opening. If I had to guess, I'd say that come close of today they will climb over night.

That said, the markets are back in the red right now, following a lot of bad news as to bankruptcies like Circuit City, the US Postal service talking of laying off 40,000 workers, and more bailout money for AIG.

Add to that the following radio interviews I found on youtube this morning and things are rather scary for the US economy.



And this one on Comex:



Further articles worth reading:

The Realities of Our World.

“What folks need to understand is that the global OTC derivatives market, measured in tens or hundreds of trillions, is virtually all US Dollar denominated. Its SYSTEMIC failure, which is now occurring, requires US Dollar balances to clear (settle) the trades (bets). This has created the paradoxical global demand for US Dollars, the currency of a country that is fundamentally bankrupt. By rationing credit to hedge funds that were naturally levered and ‘long commodities’ (institutions like JP Morgan routinely took the other sides of their customers commodities bets, ruining institutions like natural gas player Amaranth), and propping up the balance sheets of those who were short commodities [such as] the Banks. The Federal Reserve led cabal of Central Bankers have ENGINEERED the collapse in commodities prices while creating the illusion (of a perverse US Dollar rally). The engineered collapse of the commodities complex became necessary in the eyes of monetary elites because the rush for tangibles and corresponding repudiation of fiat money was becoming manic, as so CLEARLY evidenced by the emerging shortages of precious metals, gold and silver bullion.”

Bob Moriarty: Laying Out a Feast for Bears and Gold Bugs.

TGR: Why wouldn’t we just print more money to pay our way out of it?

BM: If you go into a store and put down $100 bill and the guy says, “We don’t take $100 bills,” what do you do?

TGR: You pull out your credit card.

BM: What if he doesn’t take your credit card? Here’s the flaw and there’s some really scary things going on that nobody thinks about. The U.S. government incurred about $3.2 trillion worth of obligations in the last month and to my knowledge, not a single person asked the really simple question: “Where’s the money going to come from?” There are only three choices. You take it from the taxpayer in taxes and that’s not an alternative. Or you borrow it from the Chinese and that’s not an alternative. Or you print it—but you can only print it as long as people are willing to accept it. The Middle East has already started to talk about not wanting to use the U.S. dollar anymore in currency transactions. It’s too dangerous. So we’re a lot closer to a default than anybody in government wants to admit.

Until next time.
Hal

Well, it's not just the election that is causing the sell off. Jobless rates, company reports, and fear are helping in a large part no doubt.

I don't know where it will go tomorrow. But I do believe that if someone doesn't right the ship, the next year or two is going to be tight and depressive world wide. I'm speaking figuratively, mind you. I don't believe any one person can right this ship. In some ways people need to start taking responsibility for their spending and saving habits, ie debt. Others need to act in a morally right way in business dealings and in the way they run their business and care for their employees. And government, well, government needs to recognize that it isn't the in all and be all of life.

Which leads me on the theme of where to store some money and make some in the process. I read this just a few minutes ago:

Gold is only down 16%.

Gold has done rather well. Here's the link to the full article: 

And not to be forgotten is silver.

This article I think bears some serious thought about the global crisis we are looking at.

• ICELAND...Bankrupt...Oct.2008 nationalises banks; turns to International Monetary Fund for help.
• BALTIC DRY INDEX...Down 90%... a leading indicator of shipping rates & global trade.
• JAPAN (NIKKEI)...Down 81%... from all time high of 38,957 on December 29th 1989.
• RUSSIA (RTS & MICEX)...Down 77%... exchanges shut down several days to stem panic.
• CHINA (SSE)...Down 72%... from all time high of 6,029 0n October 16th 2007.
• KOREA (KSE)...Down 68%... from high in May 2007.
• ARGENTINA (MERVAL)...Down 64%... moves to take over $30 billion in private pension funds.
• INDIA (BSE)...Down 60%... since January 2008.
• TURKEY (ISE)...Down 59%... from high in November 2007.
• HONG KONG (HANG SENG)...Down 55%... past 12 months.
• ITALY...Down 53%... past 12 months.
• BRAZIL (BOVESPA)...Down 52%... from May 2008 peak. Trading suspended 5 times in 3 weeks.
• FRANCE (CAC)...Down 50%... from June 2007.
• GERMANY (DAX)...Down 50%... year to date.
• GREAT BRITAIN (FTSE)...Down 47%...from all time high of 6,930; now “officially” in recession.
• MEXICO (IPC)...Down 47%...since June this year.
• AUSTRALIA (ASX)...Down 45%... from all time high of 6,829 on November 1st 2007.
• U.S.A (DJIA)... Down 46%... to 8154 on Oct.10th 2008 from 14,198 on Oct.11th 2007. Interesting that the American market (where this crisis all began) is down less than so many others...but not surprising really with the U.S. Fed prepared to monetise as much debt as necessary to avert a Financial Armageddon.
• OIL...Down 54%... after peaking at $139 in June 2008. OPEC Nations hastily cut supply.
• COPPER...Down 50% from July 2008 high.
• NICKEL...Down 62% year to date.
• GOLD...Down 26% +... from high of $1,010 on March 17th 2008.

And you might find this article by James Turk on Warren Buffet of interest:

Well, that's it for now. Currently

shows the three big precious metals tracking down from today's highs. Gold's at 732.50, silver 10.06, and platinum 845.80.

Well, Monday is here. Tuesday for some inexplicable reason will soon follow and that means Election Day. A big day coming and everyone right now is holding their breath which translates into a slow news and trading day. Not a bad thing.

Gold and silver are trading slowly as are all other markets it appears. Right now ExactPrice has gold at $727.80 and silver at $9.88.

But I do have a several items to point you at today.

The first is an interview with Jim Rogers which I found on Jim Letourneau's blog.



Then there's this interesting interview with Eric Lemieux on Jutia Group: Eric Lemieux: Gold’s Behavior Flies in the Face of Every Theory.
 

TGR: It’s difficult for most of us to understand why, given the supply imbalance, commodity prices—especially gold—have declined so much recently. What’s your take on this?

EL: The decline in gold prices flies in the face of every theory. The U.S. dollar has been appreciating and the U.S. economy is going through a recession. Gold should be increasing in value in the face of all this uncertainty. To see the price of gold going down right now is almost unexplainable in my opinion. It begs the question, is this due to some type of manipulation, either directly or indirectly?

Eventually people will realize that you can’t sustain both very low commodity prices and a very high U.S. dollar because it violates certain fundamentals. Back in February 2002, an article in The Economist talked about a potential crisis resulting from businesses using financial instruments that they didn’t understand (credit risks). But everyone just turned their backs and carried on. I think it’s a matter of restoring common sense to the market. I am, in particular, in agreement with a written statement made by the general manager of the Québec Mineral Exploration Association, that says that markets must return to their original mission—to finance economic development and not speculation.

Then there's this disturbing news reported on MarketWatch: More banks could get government help.
 

As many as 1,800 publicly traded financial institutions could seek assistance from the government under the Treasury Department's $700 billion rescue plan for troubled banks, according to a published report Monday.

Additionally, thousands more private banks could request government help, The Wall Street Journal reported, citing a Treasury spokeswoman.

And finally, I saw this last week and thought it worth mentioning: How Should a “Newbie” Engage in this Volatile Market?

Not likely, today. No I think the spooky end will come on the morning of November 5th. From then on out things are going to get down right interesting.

Markets are trying to stay up but I don't count on it. There's still so much uncertainty out there. No one knows who to trust and average consumers are just trying to get through the week. That and we're all holding our breath through this election, whether it's from suspense or stench, I'm not fully certain.

That said the precious metals continue to be held lower than I believe they should be in the face of demand and market insecurities. Right now ExactPrice has gold at $729.40 and silver up today at $9.98.

Here's some news for you as we head into the weekend:

Here's a story that dreams are made of and makes me want to run out and get a metal detector:
 

Here's another report on coin shortages:

Here's some mining news worth looking into:

The Federal Reserve has dug in their heels in the mightiest bought against deflation since the 1930’s.  If they fail, we are looking at deflation that would dwarf that seen in the Great Depression.

In order to be successful in this fight, Bernanke and company will be forced to use all of their monetary tools, and some that were thought not to exist.  The standard monetary tools have included FOMC policy and creation of money and credit.

Some of the more historic measures taken include: massive cumulative bailout, money market security blanket, commercial paper assistance, creation of more lending facilities that one can ever imagine, change in discount lending rules, direct stakes in insurers, direct stakes in banks, nationalization of privatized loss, etc.  I mean at this point you could go on and one.

If it hasn’t come clear to you yet, I don’t know what to say.  THE FEDERAL RESERVE IS ON THE PATH TO HYPERINFLATION.  You need to prepare yourself financially.  Things like social security will be worthless in 10 years.  $100 of goods will soon by you what would have been $10 worth.  All of these things will weigh on us economically with higher interest rates and double digit unemployment.

But we ought to keep our eyes on the price of a loaf of bread. This, too, has been fluctuating wildly: The global price soared this spring to almost double what it was a year before, and then plunged over the summer and autumn by 40 per cent, along with most other food prices – proving, in a way we have never seen before, that food is a global commodity, completely linked to petroleum, metal and other tradable goods.

I've not a lot of time today for the Internet as work is poking me hard in the ribs, but here are several articles that I found good reading this morning and wanted to pass on to readers.

No doubt eyes are still turned on the stock market and what Washington DC is going to do about the current crisis. I know my eyes are turned there but I tend to feel that Washington is only going to make matters worse because government is not business oriented nor is it efficient with our money.

That said, check out this article:

Is the Commodity Supercycle Dead... or Is It Just Resting?
 

Going by the charts alone, you might think the “commodity supercycle” is as dead as Monty Python’s famed parrot. But there is more here than meets the eye...

I particularly found this article of interest, though admit that it is a bit doomy:

And finally this article:

Given the sheer volume of liquidity that has been pumped into the global economic system over the past year it is an understatement to say the least that the price of gold has trended downward. A look at the adjusted money base of the US indicates that the money supply is up 18.6% year over year. The Fed alone has pumped over 1 trillion dollars into the economy and the US federal government will do well to avoid running a 2 trillion dollar deficit during fiscal year 2009.

Until next time. Oh and right now at the posting of this, Gold and Silver are at $764.20 and 9.65 according to

.

Okay. Here are two videos you should see. The first is from 60minutes and is titled:

It deals with making sense of the derivaties in the market and how Congress royally screwed up by allowing something that helped bring on the Great Depression.

This embedded video may really scare you:

"No, this recent drop in gold has come almost entirely from downward pressure in the “paper” gold markets — the COMEX and Gold ETF (GLD). And this downward pressure has come from two trends:

• Institutional liquidations
• The dollar’s rally

"Hedge funds, pension funds, and even mutual funds have been slammed with redemptions in the last year — mutual funds alone have experienced $967 billion in redemptions since the beginning of 2008."
 

"Throughout Greenspan’s inflation bull market (RIP 2003-2007), I was very bearish, fully aware of the impending credit and derivatives disaster that the Maestro claims not to have seen coming.  Long time readers know my writing included a comparison of the entire USA to the former poster child for corporate criminal excess, Enron (Amron)."

Okay, the doom and gloom got started early this morning before the market opened with DOW futures frozen at 550. It didn't open quite that bad but it did turn down and has been trading down for the past two hours around the 300-370 range.

I really don't want to take a guess where it will close. Guessing is stupid. But that seems to be all that the talking heads are doing as is the FED if you ask me. They guess on how much socialism is good for the "free republic" and how much money to invest in banks and business and who deserves to keep a home and get a home and on and on and on. Yeah. I'm a bit ba-hum-bug this morning.

I've been real surprised to see the precious metals following the stock markets down. ExactPrice has gold trading right now at 715.10. That's a good deal better then where it was over night - 686.60. Silver continues below $10.

It's hard to figure why they are falling but I think in part it's because so many are selling off to get cash for their investments and obligations thereby giving a bubble to the strength of the dollar.

I don't think that will last and continue to think that in the coming 12 months that inflation will be pretty bad and will force the metals up to some pretty high prices. Time will tell.

Here's a few items that I found intereting this morning.
 

Bloomberg -

My favorite line from this article:

"As denial was rendered increasingly untenable by unfolding events, champions of market fundamentalism began clamoring for increasingly larger doses of government intervention in failed free markets around the world to restore sound market fundamentals.

"

Have a great weekend! Until next time.

Here's some articles I found worth ruminating over today. With the markets in continued turmoil it's hard to know what to invest in. I did find this article worth reading:
 

It looks at things we should be doing with our money has it appears times are going to get lean.

Something has got to break open here. If the Interventionists were to keep forcing the gold price lower, the hurting public would pawn their gold, believing the price will never return to its former glitter. But, at some point soon, the debt-free goldminers would stop production, conserve their cash and wait out the ultimate pressures of the Paulson Reflation Program, which will return gold to prices above and beyond anything seen to date.

I did hear from one source that says there is something brewing this week that will drive Wallstreet down. They would elaborate and so it remains a mere rumor.

We shall see.

Meanwhile, let me note that you can get a free software widget for tracking in real-time the precious metals markets of gold, silver, and platinum:

I've got to tell you, when I launched the widge ExactPrice this morning and saw the fall that gold and even silver were taking I was surprised. For one, I knew that the stock markets were forecasted for a big fall at open, which typically means a rise in gold. For another, the idea of all this inflationary spending should be driving the price up as the dollar goes down.

So what gives? I did some searching and it looks like there's a number of factors from paper hedge funds to stock prices for mining companies to world wide inflationary currencies that make the dollar look good in spite of it's own inflation.

The other thought that came to me when I saw the prices: Good time to buy. I think that in 12-36 months we are going to be in for it once those trillions of dollars of fiat currency work the way through the financial digestive system and the result won't be pretty. Already mortgage rates are going up and consumer confidence is going down.

Here's links to the articles I found in reading this morning.

This one is really good and in depth:
Why Gold Is Dropping When It Shouldn't...

The Federal Reserve, administration, and Congress are all working their magic and printing out more and more cash and buying stakes in banks across this "Free" land.

I smacks of socialism to me. I don't konw about you? But it troubles my spirit greatly for our future. I really don't think we can call it a "Free Market" anymore.

I really think that the outcome in the coming year is going to be inflation on a grand scale no matter who gets in through the Oval Office door. The die has been cast and it sure looks like snake eyes to me.

Here's a link to an interview that Peter Schiff gave on Lew Rockwell's show:

It's worth the ten minutes it'll take for you to listen to it.

Here's another link to an article that should scare everyone given the way our government is operating:

Driven to that end by excessive debt. Sound familiar?

Also interesting to me as I follow gold and silver with

is this artilce:

"But as many have pointed out, gold price manipulation is rife as central banks desperately attempt to stem the flight from paper currencies into gold, a process that anecdotal evidence strongly suggests is happening across Europe at an alarming pace."

Well, that's it for me today. I'm not buying the current DOW love fest because I really don't think we've hit bottom yet.

Mercy! Last week was a ride. Friday saw 1,000 point swing in the DOW and it looked like the sky was falling, and I'm not talking rain.

But the wonderful thing is that the markets continue, in spite of government interaction which scares me. Who in their right mind wants the US Government to become a part owner in banks? Let alone banks that are healthy.

Well, enough of that rant. Right now with the DOW and performing well in this market bounce, gold fell over it's weekend high. At the moment it's trading at $838 so it's moving up as the day's close draws near.

Here's some interesting news items I stumbled across this morning:
 

The interest in gold coins is so great that many of the world's major mints are struggling to keep up with demand, including the Austrian Mint, which produces the Vienna Philharmonic - one of the best-selling bullion coins worldwide.

Sales of Vienna Philharmonic gold coins have gone up by more than 230% since last year.

 

And I thought this blog entry cool because it features some pics from the latest Mining Expo in Vegas.

1. We all agreed that it was hands down the coolest trade show any of us have EVER attended.  Sign up now for the next one in 02012 and give yourself two days to see it all.
2. It is amazing to me that - with the exception of Greg’s stuff - that there was basically no robotics on display there.  This is bizarre for an industry that has huge labor costs and the most dangerous work environment in the world.
3. The machines we build to extract metals and minerals from the earth are the most terrifying machines in the world.

Until next time. Be sure to check out the free real time market price widget

for gold, silver, and platinum.

I spent most of today away from the computer and the market news. I was even away from the tv or radio news. But what I did have the opportunity to do was interact with people on "main street" and over all there is worry about the financial crisis and what it means in the long run.

Talk of recession and even depression came up. Anger over things like AIG's spa trip was one of the sore spots for a more than a few. And of course just who could solve this problem as a President kept coming up. As if one person could solve this mess.

All I know is that precious metals look more and more like a good investment. I've heard some talk of shorting gold because it's volatile and one can make some quick cash.

It's 9:34 PM Eastern and right now the free widget ExactPrice is $905.70. That's down from it's high today which I think was $910.10. Will it go higher. Yeah I think so. The governments around the world look like they are all printing paper money to buoy up the banks.

Speaking of which did you see this article:

More banks will fail, Paulson says

I found this article by David Chapman very informative:

THE FINANCIAL PANIC OF 2008

Financial panics have been around at least as long as organized economies. The first recorded panic in modern economies was in 1819. At its heart was a failure of the banking system following the War of 1812. It was preceded by a change in monetary policy caused by heavy borrowings to finance the war, and the monetary expansion in turn spurred an expansion of banks and bank notes. The resulting speculative investment led inevitably to collapse, with bank failures, bank runs and bankruptcies....

....A common theme in all depressions is massive bank failure. Great depressions are all about a collapse in the banking system and debt implosion. We (and many others) had constantly noted that this time would be no different, and that the massive debt build-up of the past two decades along with the proliferation of new instruments and derivatives was going to end in a disaster. The disaster is now unfolding, and the panicky body language of people such as Henry Paulson and George W. Bush is obvious. Fed Chairman Bernanke is trying to act coolly but even he now seems out of his depth as would we suspect most if not all of us.

Check it out. The article features some charts looking at past financial crashes and causes.

I got a kick out of this blog post:

by Ben Stein

1) Have a fiscal policy that creates immense deficits in good times and bad, burdening America's posterity with staggering burdens of repaying the debt.

Oh and get this:

People are reacting to the market and fear is building on the street. And here's one evidence:

Well, tomorrow is a new day and perhaps it will be laced with opportunity. I'm sure it will. We just need to keep our eyes open.

This is turning out to be a very interesting day.

The US Congressional bailout is passed and those "smart" Congressman have gone home to campaign and beat their chests to load up their war chests and the DOW plummets below 10k.

Welcome to the global financial crisis. Or I should say the global credit crash. The whole monetary system is built on the idea of credit and frankly that scares me.

I'm blown away by what other governments from Asia to Russia to Ireland have been faced with today. They've been so bad that the dollar is the one coming out strong today. That says something about the global woes.

And I've been reading some interesting news items on gold too.
 

I'm going to jet out of here early for the weekend as I see nothing really happening with the passing of the House bill sure to happen today. But I'm leaving frustrated with our Congressman and women.

I've got CSPAN on right now and have been listening in the background to Congressman after Congressman come to the mike and say this bill is loaded with crap but were going to vote for it anyway. Some had said they were voting "NO". But mostly it looks like a go.

The image of putting a dirty diaper back onto a baby comes to mind as I listen to it all. And I'm frustrated and mad with our representatives overall.

Am I sure we will get through this? Yes. But I really don't know what the landscape will look like afterward. I find it socialism. And knowing what I've learned in the last several weeks about the subprime fias