Hey… how ‘bout this rally!

Overdraft fees, which a large number of U.S. banks and credit unions relied on to turn a profit in 2008, are under a great deal of fire from consumers and Washington alike.

There’s a lot of Internet chatter these days about the possibility of the U.S. government seizing its citizens’ private gold holdings. What are the chances?

An article on Bloomberg reported that US Treasury Secretary Timothy Geithner said, “The US unemployment rate may not peak until the second half of 2010, even as the broader economy shows signs of improvement.”

If you look at recent headlines such as CNNMoney.com’s “Another Sign of a Housing Thaw” you may be inclined to believe that the housing market has finally found a bottom. Various reports cite increases in sales, slight increases in sales prices, and reduced inventory. These are the three factors needed for any housing recovery to begin. Throw in the first-time homebuyer tax credit, and we may have a winning formula.

The Obama Administration is desperate for another couple of billion dollars added to the Cash-for-Clunkers coffer. Miners like North American Palladium (AMEX:PAL) want the money even more.

Upbeat headlines have been everywhere in recent weeks, and they all seem to point to a single conclusion: The U.S. economy is in the early stages of a very rapid recovery.

Obama defends his policies…Commodity currencies should outperform…Global Power Shift Index…And Now… Today’s Pfennig!

The cat let out of the bag last week — a frazzled, flaming, rabid, death-dealing cat — was the news that Goldman Sachs announced impressive second-quarter profits, and set aside $18 billion or so for employee bonuses averaging $600,000 per head (though, of course, not evenly distributed among them).

Americans should have been in the streets to reclaim the country long ago. Patrick Henry and his fellow patriots are turning over in their graves about the present day USA. The savvy folks I talk to on a regular basis are exceedingly pessimistic that our blessed republic can pull out of this present financial, economic and political tailspin. The US as we have known it is on the ropes.