Turn off your television and no longer watch the loons in Washington, D.C. or the crazy financial pundits talk about how they are going to fix all of our financial problems. As you can see by this article, a major U.S. bank has gone under. This is serious stuff. Lehman Brothers, a Wall Street investment bank, is also looking quite shaky. Remember, Bear Stearns became insolvent and went away a few months ago. May it rest in peace.
Mark my words: the government will step in and make things worse. They'll spin it and make it sound good, and they'll even blame the free market and laissez-faire capitalism. They'll say we're here to save the day, and only the Fed, acting in concert with Congress and the Treasury, can fix our problems.
Nothing is further from the truth! There will be more regulation and oversight, and things will get worse. The rest of this year and the next will be brutal. The market will get hit, more banks will fail, unemployment will rise, and the foreclosures will continue.
Start saving your weak dollars, which are only worth four cents. Don't buy that new car or big screen TV. You might need the money to get out of Dodge.
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