Peter Schiff mocks the idiots on Kudlow & Co.

Schiff was right on housing. He was right on gold. He was right on foreign stocks. And now he's right on the run-away inflation that's taking over the world.

Debt is not wealth. There. Got it. Any questions?

I know fakes that have invaded Scottsdale, Vegas, Miami, LA and other poser towns are confused by the above statement, but this little cleansing underway should help them come to understand.

Houses "bought" with toxic loans. Cars leased and not owned. Spending fueled by credit cards and not income. It was all fake. Just like the people.

And now it's getting real.

This should get more and more interesting as it all unwinds, right here for everyone to see. Let's hope people learn a valuable life lesson out of this mess.

Debt-junkie Americans now can suck the funds out of their 401k's with the swipe of a card. Oh, man, how stupid can people get?

OK, that's it. I give up. We're f*cked. Get ready for BenefitsPANIC. How stupid can people be? When people don't have enough money for retirement in a few years and they look for government bailouts, I hope you remember stories like these.

Thanks EM for the link. You ruined my day.

Just Put It on My 401(k) Debit Card - Borrowing against your nest egg is becoming as easy as stopping at an ATM.

A growing number of companies now offer employees the option of being issued a debit card that taps a 401(k) loan. The card, called ReservePlus, allows workers to withdraw funds from their 401(k)s.

The immediate concern for consumers is that impulse spending desires could trump their long-term savings needs.

Critics contend use of the cards risks depleting already skimpy retirement savings. "Big picture: it just takes us out of the context of a 401(k) loan being a loan of last resort," says Jean Setzfand AARP's Director of Financial Security. "Seeing what we see, with retirement savings not quite where we want to see it, we're just afraid that this is going to deplete it further."

HousingPANIC Stupid Question of the Day

Without cheap, easy, abundant and fresh credit, what will become of the American consumer? What will become of the American economy (70% of which is consumer spending)? What will become of our self-image?

Because you know we don't earn enough to actually PAY for all of this stuff...

HousingPANIC Stupid Question of the Day

Sadly, how screwed are the retiring Baby Boomers who counted on the proceeds from their house to fund their retirement?

Bonus Question: Will there be some sort of Baby-Boomer-Bailout to make up for the shortfall in savings (you know, one more AARP big wet kiss)?

Comparing results from the biennial University of Michigan Health and Retirement study, researchers found that, excluding home and business equity, 51- to 56-year-olds hold less wealth than the same age group did in 1992.

"These boomers look richer, but a lot of that wealth is because one asset [their house] revalued," says co-author Annamaria Lusardi, a professor of economics at Dartmouth. "Excluding housing, people have very little in other wealth components."

Here's CNBC video of Ron Paul questioning Ben Bernanke - "How long can we fool the world?"

Here's the video link

Housing Crash

Ron Paul

Ben Bernanke

China

US Dollar

Boy, has it all come together HP'ers or what?

Play the full 9 minute video, RP starts half way in

RP brings up out of control credit, the monetary system, living off of credit creation, the destruction of the manufacturing sector, the dollar downfall, inflation, war spending, borrowing from China, and asks an annoyed Bernanke "How long can we fool the world?" and asks him if he has his fingers crossed.

Ben tells RP that he's right - we're living off of borrowing from foreigners and that that is not a sustainable situation.

I'd guess less than 1/10000th of 1% of people in the world watched this today. So consider yourself informed.