All eyes and ears are on the Fed this week. With Bernanke in New York discussing potential new bubbles and the New York Fed getting heat for overpaying AIG’s many creditors, investors are having a tough time knowing exactly who to follow.

For those of you who hold up the “Fire the Fed” signs, move over. I am thinking about joining your camp.

Unfortunately, while I am exactly like the Federal Reserve in that we are both total, complete failures at our jobs, mostly through sheer stupidity, the repercussions are quite different.

The Bush administration Friday dropped its opposition to using the $700 billion bank bailout fund to provide financing for U.S. automakers after the Senate balked at approving $14 billion emergency loans.

The Mind Boggles…on every conceivable level this morning.

Congressional Democrats and the White House yesterday (Wednesday) finalized a short-term package that’ll supply General Motors Corp (GM), and Chrysler LLC with $14 billion in emergency loans.

America’s two leading auto manufacturers, Ford Motor Co. (F) and General Motors Corp. (GM), reported heavy third-quarter losses Friday and are under a severe liquidity strain. Both are seeking emergency loans from governments in the United States and Europe.