Did you catch the Wall Street Journal article March 11, 2009 about the scam artists coming out of the woodwork offering to "negotiate" great terms with banks on behalf of the more than a million people who are threatened by foreclosure on their homes?

Forgive me for generalizing, but many of these people are vulnerable. These are the same people who didn't do their homework to understand the

 Aren't you relieved that Bernie just pleaded guilt already?!

Can you imagine the expense of a long-drawn out drama of a trial? Aren't you thrilled that he's spared us that?

I'm still so pissed. And I got even more pissed when I read his testimony before the judge during his hearing to waive his trial and plead guilty. The judge asked him about the genesis of his bilking scheme. Madoff replied, “I

I'm rather enjoying seeing the arrows flying back and forth since the Obama administration unleashed, I mean released, its budget package last Thursday.

I, for one, am happy to see green energy and healthcare as priorities that might actually receive adequate funding and serve our society much more effectively than past initiatives have.

And, I'm equally disturbed and dismayed at the notionof

Though it's only been a few months, we are starting to see some thoughtful analysis about what caused the economic meltdown. In scouring the net, I discovered an excellent news analysis from the Wall Street Journal about the End of Wall Street as we know it.

Here's the link to the first video:

http://online.wsj.com/video/end-of-wall-street-what-happened/1F02EFEC-569A-4FED-9BF9-D89CD6E57AD0.html

As

Clearly I wasn't done ranting about the misguided stimulus plan.

If it weren't bad enough that the US Treasury and Congress are mucking around for new fangled ways to save banks...now relying on private investors to help bail out the banks...now I'm digging into the Senate and House versions of the stimulus package and what a disappointment.

 Instead of providing relief to state governments who

After reviewing the latest developments for both the banking system's bailout and the stimulus package currently being shuffled through Congress, one thing stands out:

The US government, including the new Obama administration as well as both houses of Congress are floundering all over the place.

Instead of applying bailout approaches that have actually worked in the past, namely the creation of the

In between Holiday parties and family gatherings, I'm encouraging you to set aside an hour or two to take a look at where you are money-wise...

I can imagine what your inner voice might be saying...

"Oh no! I don't want to go there. The economy / market has decimated my portfolio and it's hopeless to even think about my financial future now."

I'd like to challenge this thinking (not that you've had

 I'm almost afraid to read the newspaper anymore. It's beyond discouraging to see one scam artist after another ripping off people in the financial world.

You gotta read the latest from Thomas Friedman, titled:
The Great Unraveling

Friedman writes of his experience in Hong Kong recently, when an American businessman asked him an unprecendented question, "So, just how corrupt is America?"

How did

The good news:

Unless you are a member of the Palm Beach Country Club, an investor in funds that invested with Bernard Madoff’s investment firm, Madoff Securities, or a prominent politician, media mogul or owner of a sports franchise, you’re probably gonna be ok in terms of cash.

The bad news:

Bernard L. Madoff was a trusted pinnacle of society and business and he’s turned out to be a crook of massive proportions. He’s taken not only famous wealthy people down in his infamous Ponzi scheme, but has affected a number of charities and foundations as well. This means that potentially, tens of thousands of people are actually out a lot of money.

More bad news:

Shaken confidence makes for bear market behavior. And the Madoff madness is causing extraordinary losses for banks and investment companies that individuals may indeed have entrusted their money. Madoff apparently hoodwinked savvy sophisticated investment professionals.

Consider that:
Banco Santander has said its customers have an exposure of $3.1 billion through its asset manager, Optimal. Most US-based banks haven’t commented on their exposure to Madoff and his firm.

Fairfield Greenwich Group reported Friday that its clients’ investment in Madoff’s firm amounts to $7.5 billion.

For a summary of financial institutions, individual investors and charitable organizations affected, see these reports:

Who's affected by Madoff Ponzi Scheme?

Bernie Madoff's Victims

 
Take Away Valuable Lessons
No matter how much you may trust your investment advisor, bank or broker, you must be a prudent investor.

Answer: People who seek their advice and "fortune telling" for picking stocks. Yup, it's true.

Come on, folks.

I can understand that people want to indulge in a little soothsaying now and then...well, especially now given the national malaise sludge we are encountering in the economy.

 I have to admit that I'm a bit stunned that people actually believe that their psychic can pick stocks or predict