Marketing of agricultural products is introduced as a final point.

A couple of our previous Fed Chairman brought some real world experience to the table.

As I understand the separation of powers-the Fed is supposed to be insulated from the Executive Branch (as well as other possible influences).

In my reading of history, occasionally a 'Patsy' is revealed..the fellow who inadvertently walked in the political back door & was handed the big lollipop, given a hip hip hooray & later a silver watch & thereafter throughout history is marked as a moron.

A Patsy is not necessarily easy to find. When you do find one, you certainly do not want to throw the bum out. He/she is precious. In some cases, priceless. Particularly someone you are able to insult, lay on the criticism...but a fellow you can pat on the back in private.

I suspect, in 2007, a few key senators, house members, & Bush (after a raw nerve briefing by Secy Paulson) may have awoken soaked in perspiration on a few occasions in the early morning hours. What to DO?

Normally, the crisis would be addressed by the Treasury with the advise & consent of Congress. What do we Do? What action do we take?

I can only imagine their combined overwhelming relief when mild-mannered Ben, instead of uttering "You boys and girls have a real problem," (as would have most non-gullible Fed Chairmen) --Mild-mannered Ben extended his paw and grabbed the lollipop AND ASSUMED ownership of a mess created by Congress and a President (& aided by a prev. Fed Chairman). He may have violated the Rules to come to the aid of these folks.

Next, as conditions worsen, a new leader, a bleak outlook...again a Congress negligent in the application of their fiscal responsibilities are able to return to their main business--rampant corruption-- BECAUSE mild-mannered Ben "monetized."

POINT: The Fed is now already 'politically compromised' so we should have no fear of audit consequences.

NEXT: Raise the debt ceiling....is why mild-mannered Ben will be re-appointed. He seems anxious to be the owner of this mess. He is, of course, Man of the Year --or, as Bugs Bunny would have observed.."What a Maroon!"

ON THE DRAWING BOARD: V.A.T.  Value Added Tax. Tax the added value. This is going to hit the fan after the next election.  If ag is not exempted (and it won't be) ...as the residual marketer...the operating margin of a bushel of corn, or whatever, is eligible for taxation....typically as the taxes are levied along the chain of added value, the subequent buyers/sellers are able to deduct the taxes they paid prior to adding their tax burden...

Agriculture has jumped a few hurdles these past few years in adjusting to the supply/demand mix for acres....we again are in an era of "profits are bad'--I thought we settled the subject a generation ago...they are at it again.

Remain positive about the future, but I'd hold off buying the new Bentley until the consequences of all these new taxes and increased existing taxes can be evaluated....

In order to keep the holders of treasury paper at bay....I understand V.A.T. is under serious consideration by both parties....except no one wants to talk about it until 2012.