Another Crazy Weekend.

I was out of town this weekend so this morning I have been trying to catch up on what happened over the weekend.
Highlights:
- Saw Criss Angel at the Luxor – it was soooo bad. Do not go (unless you are on drugs).
- Bank closures: 3 – bringing the total this year to 22. (Not normal)
- 2007 Bank Failures: 3
- 2006 Bank Failures: 0
- 2005 Bank Failures: 0
- CitiGroup gets $20 Billion from the fed on top of the $25 Billion they already got. I don’t get why them and not GM.

I also found this little article on Bloomberg:
(http://www.bloomberg.com/apps/news?pid=20601109&sid=aAnCCWp3ViSU&refer=home) in case you don’t know how out of hand the situation has gotten. $7.4 TRILLION dollars – this is the $700 Billion dollar bailout - With NO oversight has been spent or promised by the Federal Reserve on behalf of the American Tax payer. That amount is ONE HALF OF EVERYTHING PRODUCED in the nation last year!

“The money that’s been pledged is equivalent to $24,000 for every man, woman and child in the country. It’s nine times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office figures. It could pay off more than half the country’s mortgages.”

Don’t you think that if “they” wanted to be helpful they actually would pay of the mortgages? Lets just cut everyone’s in HALF to make it fair then re-amortize them for 30 years. That might ACTUALLY help.

I say enough already and if my little voice only reaches a few people then that is better than none.

Why the mess-go to Wikipedia and search for CDO/CDS (collateralized debt obligation/credit default swap) and read the definition. CDO/CDS is the DEVIL of the financial crisis and if after reading the Wikipedia definition you understand what they are please give me a call because I will vote for you in the next election. In a FREE market if you take RISK you have to realize that risk. If any of these banks had to realize their risk they may have made better decisions in the first place. I say let them FAIL. If the market is allowed it will fix the problem – but it will hurt.

I am a little on edge about “Black Friday.” I think we might see some BIG things go down this weekend. Either that or the market is going to keep doing what it has been until Obama is inaugurated. I wish him luck.