by Jerry Robinson

Good morning friends! In the news this morning: A new GAO report shows massive overlap in government spending, more Mideast news, and more…

The Big Government Bloat… While Congress wrings its hands over where and how to cut Federal spending, a new report from the Government Accountability Office (GAO) should give them cause for pause…

The report identifies between $100 billion and $200 billion in duplicative spending… 15 different agencies overseeing food-safety laws… More than 20 separate programs to help the homeless… 80 programs for economic development… 82 federal programs to improve teacher quality… 80 to help disadvantaged people with transportation…. 47 for job training and employment… and 56 to help people understand finances…

Mideast Update… The Butcher continues his delusional speeches… “My people love me and would die for me.” Gaddafi has already lost control of the entire eastern half of Libya.

And now… The noose tightens… The Pentagon deploying naval and air forces around Libya… The US and UK  considers more extreme measures to force Moammar Gaddafi from power. A no-fly zone? Russia and Turkey oppose Western intervention…

In Bahrain… Protests continue demanding the current Sunni-led regime to step aside. 70% of Bahrain’s population: Shi’ite. Saudi Arabia now sending in the tanks to quell the protests… Timebomb?

Saudi financial markets down 7% amid the crisis…

In Yemen… Yemen’s President Ali Abdullah Saleh is now accusing the U.S. and Israel of instigating his demise.

The quote: “I am going to reveal a secret. There is an operations room in Tel Aviv with the aim of destabilizing the Arab world. The operations room is in Tel Aviv and run by the White House.”

Yemen= Oil interests + “Terrorist” hotbed… Watching this one as it could easily provoke military action from the West if things get too out of hand. Another country investors should keep their eye on is Algeria. If that country’s oil supplies go offline, oil prices could push past $180 per barrel.

And now… The Palestinians attempt to create a “Facebook revolution“… Mass protests tentatively set for March 15.

Also in the news…

1) GOVERNMENT SHUTDOWN?: It is appearing increasingly likely that Congress will avert a shutdown of the Federal government ahead of this Friday’s reported deadline.

2) FINANCIAL TERRORISM: Were those pesky terrorists behind the 2008 financial crisis? Nice try… But for some reason I still lean towards the central banking schemes and Wall Street sharks instead of the cave men.

3) MIDEAST INVESTING: Once the dust settles, could the Middle East become the next hot emerging market? 

4) BERNANKE IN THE HOTSEAT: Fed Chairman, Ben Bernanke, heads to the Senate today and to the House tomorrow to deliver his semiannual report on monetary policy. Watch the markets if you are trading…

5) GAS PRICES UP: Gas prices are rising across the country, up seven days in a row…

Finally… The commodities bull market keeps running despite the negative talk… Demolishing stocks since 2004…

Why So Serious?… It’s time to laugh a little.

“A New York Senator wants to make it illegal to text or talk on a cell phone while crossing the street. Is that wise? You know, this is Nature’s way of thinning out the herd.” —Jay Leno

“A silverback gorilla in a zoo has become an internet sensation because it can walk upright on two legs. This week it’s being added to the cast of “Jersey Shore.” —Jay Leno

“A minor league baseball team in Ohio is having a “Three Dog Night,” where they’ll sell a hot dog stuffed into a bratwurst stuffed into a kielbasa. This will then be stuffed into a fat guy, stuffed into a suit, stuffed into a coffin, and stuffed in the ground.” —Jimmy Fallon

“A man in Colorado dropped the engagement ring down a sewer drain while he was proposing. It’s too bad. Until then his romantic proposal on top of a sewer was going so well.” —Jimmy Fallon

Cartoon of the Day…

Until tomorrow,

Jerry Robinson – FTMDaily.com

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Jerry Robinson is an economist, published author, columnist, international conference speaker, and the editor of the financial website, FTMDaily.com. In addition, Robinson hosts a weekly radio program entitled Follow the Money Weekly, an hour long radio show dedicated to deciphering the week’s economic news.

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