I'm glad that I'm not the only one who is just a little miffed at the way that Fed chairman Ben Bernanke and his elite staff have chosen to handle our economy. My feelings fall pretty much in line with those of investment genius Jim Rogers. I listened to a short interview with him today on public radio. He pretty much confirmed my belief that the dollar could be going the way of the dinosaurs. For crying out loud, the Fed dumped about four tons of greenbacks on the financial system Thursday. Bank leaders such as Citigroup Inc. (NYSE: C) aren't generating enough profit to meet the demands of operation and to please the shareholders at the same time! What's the Fed going to do about the 80% profit decline at Wachovia Corp. (NYSE: WB)? A lower basis point for bank borrowing won't even scratch the surface of the cash shortfall. In fact, the lower the basis point the more it injures the bank's ability to make a profit on the loans that we need right now to salvage some home ownership scenarios from the mortgage debacle. How much more evidence do you need to realize we are living in a time of disastrous fiscal policy? We're lining up to make 1929 look like a cake walk.

Highlighting the disparity between government statistics and the real world, orders for durable goods fell an estimated 2.8% in May, led by reductions in the orders for aircraft, metals and machinery. It is speculated that some of the decline is due to a productivity spike in April which has temporarily raised inventories in an economy which is entering a cooling phase. Adding to the statistical decline is a reduction in steel orders which had surged through the first quarter as manufacturing interests bolstered their inventories of raw materials both domestically and abroad.

Economists are still forecasting higher levels of corporate investment and from what I see, that's true. Companies are looking to renew and refine their interior operations and are aggressively seeking improvements to revenue flow. The investments to that end however are falling into the categories of infrastructure, R& D and sales rather than increased output capacity, leading to reductions in workforce, not increases in production machinery. Nariman Behravesh, chief economist at Global Insight Inc. in Lexington, Massachusetts stated, "Capital spending is not moving forward with the strength we had hoped.''