Peter Schiff at Henry Hazlitt Memorial Lecture

Great lecture by Peter Schiff for the Mises Institute. 

Check the video here.

Great Summary of the Current Shitstorm the U.S Economy is in and How it Got There

The Big Takeover

by Matt Taibbi

It's over — we're officially, royally fucked. no empire can survive being rendered a permanent laughingstock, which is what happened as of a few weeks ago, when the buffoons who have been running things in this country finally went one step too far. It happened when Treasury Secretary Timothy Geithner was forced to admit that he was once again going to have to stuff billions of taxpayer dollars into a dying insurance giant called AIG, itself a profound symbol of our national decline — a corporation that got rich insuring the concrete and steel of American industry in the country's heyday, only to destroy itself chasing phantom fortunes at the Wall Street card tables, like a dissolute nobleman gambling away the family estate in the waning days of the British Empire.

Read the rest here.

Yikes!

Good Time to be a Contrarian?

~ Below is an interesting article with the father of contrarian investing, David Dreman. As a true contrarian, Dreman recommends investing in, you guessed it, banks and other heavily discounted equities. He specifically points out KBE, XLF (The former is an financial index fund and the later is an ETF), and GE. Other banking funds that might be of interest are VFH, UYG, IYF. Remember, these funds are not for the faint of heart and carry considerable downside risk. Over the long haul (5, 10, 15 years) some of these heavily discounted funds might prove extremely profitable, yet it takes a lot of courage to invest when 'blood is in the streets.' As the great Warren Buffett once pointed out, "Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well."

Read the David Dreman article here.

Who got AIG's bailout billions?

~ The saga continues, another day another billion dollars unaccounted for. Looks like U.S taxpayers are financing foreign firms such as Deutsche Bank AG and Societe Generale. According to Congressman Paul Kanjorski, failure to do so would have led to a complete collapse of the European banking system. Seems like the Democrats have taken it upon themselves to not only bail out insolvent U.S firms, but foreign businesses as well. Should be interesting to see how Wall Street reacts this week. 

Who Got AIG's Bailout Billions?

by Toni Reinhold

NEW YORK (Reuters) – Where, oh where, did AIG's bailout billions go? That question may reverberate even louder through the halls of government in the week ahead now that a partial list of beneficiaries has been published.

The Wall Street Journal reported on Friday that about $50 billion of more than $173 billion that the U.S. government has poured intoAmerican International Group Inc since last fall has been paid to at least two dozen U.S. and foreign financial institutions.

Read the rest here.

Bernanke Won't Reveal Which Banks Received Bailout Money

The Chairman of the Federal Reserve will not reveal which of his Wall Street cronies received bailout money for fear that it might 'tarnish' their reputation. Seems like his strategy is working. Fannie, Freddie, and Citigroup have all performed well over the last several months. Banana Republic U.S.A?

Peter Schiff on BNN

Peter's buying Canadian stocks. Looks like it might be a good time to start investing in the oil sands and mining sector.