Frosty Wooldridge, writing at NewsWithViews.com, has the same kind of attitude I do, and has titled a recent essay, in all-capital letters, “BAILOUTS: A COMPLETE FRAUD AGAINST THE AMERICAN WORKER” which is certainly attention-getting…

No Credit… No License… No History? No Problem? Even before our current mortgage meltdown, most banks would never touch a prospective customer with any one of the above issues, let alone all three. But there’s one bank in a quiet little corner of Pennsylvania that’s made thousands of loans – all to customers who have no credit history, zero credit scores, no drivers license and nothing beyond an eighth grade education.

The government is banking on the American consumer to rescue the economy. But debt-ridden households have had enough, says Andrew Gordon. He says the government’s massive bailout are benefiting very few in the short-term. But the long-term consequences will be felt by all.

Retail sales were disappointing, just as I thought that they would be. Looks like the “fluff” from the stimulus checks has all gone through the wringer! And credit cards are getting maxed out.

“Bank stocks are getting extremely cheap,” my friend Andrew told me over breakfast yesterday.

Imagine waking up on a sunny Saturday morning to find you can’t use your debit card to buy groceries or pay for gas any longer? You can’t withdraw a single dollar from the ATM. And your bank froze your credit cards.

Yesterday, I left you with the thought that the London traders had been buying dollars since they arrived back from their three-day Holiday weekend. The U.S. traders did the same… And I believe profit taking was the order of the day.

I was talking to a friend of mine, Richard, last night… about the economy, the thrilling life I lead, eh? “They should just hike rates and be done with it. Jack them up to a crippling level,” he said, emphasising the word ‘crippling’. “Start the recession, so we can get it over with, quicksticks!”