trillionVice President Dick Cheney infamously informed former Treasury Secretary Paul O'Neill in 2002: "Paul, Reagan proved deficits don't matter." Now comes news that bailout-mania combined with already out-of-control domestic spending and foreign wars may lead to the first-ever trillion dollar deficit during the current fiscal year.

GM Logo on BuildingITEM: The New York Times for October 31 reported: "As the Treasury Department prepares a $40 billion program to help delinquent homeowners avoid foreclosure, it confronts a difficult challenge: not making the plan too tempting."

Summit on Financial MarketsThe much-ballyhooed international economic summit in Washington is over, and, according to news reports, little was accomplished aside from agreement on various vague goals by the delegations from 21 nations and four international organizations in attendance. There were no flashy resolutions and no dramatic makeover of the global financial system — yet.

Peter SchiffFor years, the so-called economic experts — Ivy League economists, Federal Reserve chairmen, Treasury Secretaries, and media financial analysts — have been selling a bull market. Buy, buy, buy; spend, spend, spend; borrow, borrow, borrow. But the running of the bulls on Wall Street has now turned bloodier and uglier than the annual carnage on the streets of Pamplona.

President Bush and Henry PaulsonThe $700 billion bank bailout plan will use taxpayer money to purchase troubled assets. How does this stack up against the limited federal powers granted by the Constitution?

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