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Gold Soars After AIG Bail Out
As more financial institutions fall, investors are flocking to precious metals as a safe haven. This week gold has jumped $157 seeing its largest weekly gain since 1999. We still have two full trading days to finish the week. The jump is due to continued financial and political turmoil.
The most disturbing analysis came from Senator Harry Reid:
"We are in new territory, this is a different game," Reid said at a briefing in Washington. Neither Federal Reserve Chairman Ben Bernanke nor Treasury Secretary Henry Paulson "know what to do but they are trying to come up with ideas," Reid said.
Reid's stark admission is terrible news for Americans and global investors. Funny how honesty arrives in the final hour.
These catastrophic events are forcing people to protect their assets and savings. The FDIC insurance fund is at critically low levels and will need a shot in the arm from the Treasury if another bail out is needed. That means more taxpayer money required to keep corrupt financial institutions on life support.
Cramer interviews Ron Paul
Cramer and Congressman Ron Paul have become YouTube sensations.




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