Dear Friends,

Sadly it is business as usual in Washington DC. After all the election promises we are looking at political priorities, insider driven bailouts and pumps. The Fiscal Stimulation bill isn’t. As presently presented there is no real fiscal stimulus until later in 2010 and 2011. The bill does re-establish social safety nets which is spiritually correct and economically questionable.

As far as "Bad Bank" is concerned it already exists. It is the US Federal Reserve having purchased the least desirable of the non-functional OTC derivatives that broke the back of US financial concerns.

Listening to the big wigs at Davos was like listening to a conference of the Liar’s Club because nobody can really be as stupid as what those guys are selling.

Personally, I was driving a snowmobile combing 14 miles of ski trails. We had a great snow storm today in the developing country of North Western CT. That was much better than listening to more of what caused all of this, and watching the COMEX Gold chart painters running you guys all over the place, robbing you because those that can in this camp will not join the fights. Shame!

Jim