Freddie Mac and Fannie Mae are to America’s great empire what the East India Company was to the British Empire in the 19th century…and the Louisiana Company was to France in the 18th. Huge, stupid, and probably fatal.

With consumer confidence now testing generational lows, our politicians are, nevertheless, continuously assuring us that the economy is strong and that there is no cause for worry.

The mood seems to be lifting. A more optimistic tone in the Sunday papers…a prod of encouragement from the Bank of England…and now global equities are surging.

When elected officials run out of money, trouble follows… The Vatican: always ready for a siege or a party… Where’s Volcker when you need him…the likelihood of Greenspan becoming the Pope…Truckers protest high gas prices…the major difference between Rome and the U.S. – electronic transfers…and more!