Baltimore-(TFN):Time to panic? If you are part of the Obama administration the answer is yes. If you are an American investor, hold off on the freaking out for at least another month or so.

Baltimore (TFN): The Fed is meeting today. And I ask who cares? At this point, Bernanke and his troupe of politicians masquerading as economists are in so far over their heads, no matter what they do or say, you can bet the move is designed to protect their butts, not yours.

Baltimore (TFN): Believe it or not, I used to be a fishing guide. And a darn good one, too. It feels like a past life these days, but some of the memories of my summers spent in Alaska’s pristine wilderness come streaking back to me at the oddest of times.

Baltimore (TFN): Welcome to Notes version 2.0. As Will moves on to his next successful endeavor at the family office, I could not be more pleased and nervous to be at the helm. After all, he set the bar high.

It’s a difficult question to ponder as the state of the world economy is so fragile. Right now, GDP growth stems exclusively from the government’s stimulus package. But once Obama and his cronies are finished fixing the economy, what will the fuel the next leg of the recovery?

What can we tell you about the US stock market that you don’t already know deep in your belly? This is a stimulus rally, pure and simple. It’s one big bet that the government’s funny money will lift up stocks out of mire of the recession… and send them to the moon!

Most investors’ eyes are on stocks right now. And for many stock optimists the credit crunch is ancient history. Not so, says global finance insider Simon Mellon, who heading up our new Bonner and Partners Family Office project.

The plenty more for stock optimists to be optimistic about, of course. One of the commonest (and laziest) tropes doing the rounds these days is that China’s growth engine will pull the rest of the world out of recession.

The bulls have their reasons, of course. Manufacturing is recovering, they say. Green shoots are sprouting! What they don’t seem to know/care about is that the reason manufacturing is recovering has little to do with a better economy.

President Obama’s recent budget trimming efforts show just how absurdly bloated the US government is. Obama is making a big deal about trimming the federal budget by $100 million – the so-called “$100 million savings challenge.” His cabinet outdid themselves. They responded with a plan to save $102 million – or 0.006% of the deficit!