Federal Reserve Chairman Ben S. Bernanke yesterday said for the first time that he expects some bank failures as a result of the spreading financial crisis, while consumers as well as banks will bear the brunt of what could be a protracted economic downturn.

Dr. Paul is an economic scholar and he's right on every single point. This other guy is trying to rewrite history "the FED can stabilize the market" --RIGHT! ...your going to stabilize the market, by destabilizing it? ...your going to fight inflation by creating more inflation?

Jim Rogers on US Economy, FED, Ben Bernanke, Ron Paul and recession

Most news networks cut away when Paul came on to make this opening statement and house.gov failed to archive it.

Geithner's speech goes on and on and on. Still, it is probably one of the most important speeches ever by a Fed governor in admitting what the problems are. I recommend reading it in entirety. And while the Fed (at least Geithner) admits it has no idea what to do, I offer this 3 part solution. 1) Abolish the Fed, 2) Eliminate fractional reserve lending, 3) Implement a sound monetary policy based on hard assets such as gold as opposed to price fixing by government sponsored clowns.

The numbers continued to worsen for the Las Vegas housing market in February as sales of new homes plunged nearly 40 percent to 867 and their median price dropped 11.8 percent to $283,315, Las Vegas-based research firm SalesTraq reported Tuesday.

Existing-home escrow closings fell 59.7 percent from a year ago to 901 and the median price is down 13.2 percent to $250,000.

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It's one of the most amazing displays of journalistic incompetence and malpractice in recent memory.

The US news media failed to draw the obvious connection between the bizarre federal law enforcement investigation and leak campaign about the private life of New York Governor Spitzer and Spitzer's all out attack on the Bush administration for its collusion with predatory lenders.

A very funny video on the "subprime" housing crisis for those who enjoy British humor.