LOSSES EVERYWHERE!

A rogue trader loses two billion dollars for UBS, are you kidding me. Here's a major bank that wants your money and this one guy blows $2 billion. Where was the supervision, where were the risk controls for the bank?

All I can tell you is this, where I trade, you could never get away with that kind of economic garbage. I guess the question is, who was minding the store when all this happened? The next question would be, is this the tip of the iceberg? This huge loss of $2 billion however, morphs the losses the banks have on their books with foreclosures and sub-prime mortgages.

Well, it would seem as though this is the week for losses.

A company named Solyndra that was backed by the current administration to the tune of $523 million just declared bankruptcy 12 months after they were given the government loan. That equates to a burn rate of over $40 million a month. Heck, that's faster and more than the .com companies were burning through in 2000.

Does anybody really think the problems with Greece are over? None of these politicians will ever have the courage to admit that they are up the creek without a paddle. The answer it seems for every politician is to tax, tax, and tax more. Well, in the case of Greece we are going to see people leave the country that have any wealth whatsoever. Taxes don't solve problems, people, businesses and entrepreneurs solve problems not the government.

There is not one government program that I can think of that is (1) efficient and (2) successful.