Bernie Madoff begins his federal prison sentence today.  That’s good.  Madoff ripped off a multitude of investors to the tune of $50 billion.  He was found guilty of his crimes in court and he will now pay by spending the rest of his life behind cold steel bars.  Again, that’s good.  And what’s good for Madoff should be good for the perpetrators of the sub-prime lending mess.  So why are Barney Frank and Chris Dodd still in Congress?

President Should Lessen Burdensome, Ineffective Mandates, Like Sarbanes-Oxley - Washington, D.C., June 17, 2009 – President Obama is scheduled today to unveil a financial regulation plan that would impose new restrictions and government controls on the nation’s banking system.

I remember 30 years ago as a senior in high school being at the Detroit Public Library struggling to read a reference copy of Adam Smith’s “The Wealth of Nations.” While I didn’t understand much of Smith’s opus, I learned a valuable lesson in perseverance. I didn’t give up and got a good grade in my economics class.

Supreme Leader Obama - who usually appears on television at least once/day - recently spoke at a high school to a group of his adherents in Rio Rancho, NM.  Now that he and his minions have systematically gutted the US Treasury, Obama may have finally uttered a truth.  Of the now close to $2TRILLION in debt that he has already instituted against We-the-People Obama said:  “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.” Now that the economy is just about destroyed, Obama admits the truth of his impotent financial program?  Tragically, as usual, his still-fawning mainstream media backs him and lends their support to his unrelenting march to ruin the USA.  Then, in one of his all too common attempts to deflect negative attention away from himself, Obama said “Most of what is driving us into debt is health care, so we have to drive down costs.”

The International Monetary Fund’s, World Economic Outlook, report may be squealing about how the Globalist economy contracting by a measly 1.3% makes it the worst recession since World War II but they haven’t seen anything yet.  Governments can do all the economic stimulus packages they want but you can not force people to buy when they don’t want to.  All those chickens from outsourcing of jobs to cheaper workers in emerging nations and insourcing of H1-b and L-1 workers, not to mention illegals, to flood the labor pool with cheaper labor is coming home to roost.  Big corporations in collusion with big governments thought that they could fascistically enrich themselves through the socialistic manipulation of Market Forces but they forgot that the Market is ruled by the Law of Supply and Demand.  Demand has dropped off because the very people, who were driving the economic engine of success, have become impoverished.  They were stripped of their jobs and work because corporations did not want to pay prevailing First World wages or benefits to First World workers.

Billionaire real-estate investor Donald Trump says that banks are “laughing” at loan applicants who come in for a mortgage - no matter how good their credit rating is - even though the federal government has completely recapitalized the financial industry.

Commodities bull Jim Rogers says food prices are going to go up - way up.

Irresponsible federal spending, energy and climate change policies could bankrupt America - America is diving into a Marianas Trench of red ink. There is barely a digit of black anywhere on the balance sheet, and spendthrift lawmakers are closing off numerous sources of positive revenue. 

Obama seems to want to blame the existing economic woes on the prior Administration. Half of Americans actually believe him. Many forget the Constitution dictates that the president will provide for the common defense. 

People have responded to some of my articles on the economy (http://www.cstnews.com) and asked for my present opinion in light of the last few weeks. My opinion: It will be worse than I thought! Please note that a top Russian official has predicted that the U.S. will collapse and break into six separate states and there has been talk in recent months of some parts of the U.S. seceding from the Union! Moreover, television hosts and commentators are making prediction worse than mine! I no longer feel alone or like the boy who cried “wolf.” Since my early predictions of gloom and doom, everything is screaming support for those predictions.

Adding insult to injury, more mutual-fund firms will raise their fees, leaving shareholders to shoulder even more of the bear market burden than fund managers.

You know the housing market must be bad when banks begin walking away from foreclosures.

Harlingen, Texas, March 28, 2009: I can picture the reader as he or she scans this copy.  The face grimaces and the words coming pouring out, “Here we go again, another Texas blowhard.” I understand we have a reputation for telling tale tales.  This however, is a story folks should think about and perhaps take similar actions. 

Intel (NSDQ:INTC) announced plans Wednesday to halt operations at five of its manufacturing facilities this year in locations around the globe. The Santa Clara, Calif.-based microprocessor giant, suffering significantly falling revenues and expectations of worse to come, said in a statement that the shutdowns would affect between 5,000 to 6,000 employees or about 7 percent of its current workforce.

Microsoft (NSDQ:MSFT) is laying off 5,000 workers after the software vendor Thursday morning reported that sales grew a paltry 2 percent year-over-year in its second quarter ended Dec. 31 and earnings plunged 11 percent.