Those of you who might walk up NYC’s Sixth Avenue, or drive through West Los Angeles, or cruise the freeways of Dallas, hike the hills of SF, take in the views of Seattle, etc… you might be wondering how it is, given the continued construction of multi-million dollar condos, the posting of menus at high end restaurants, backlog of reservations at golf clubs and leasing of luxury cars, that: We ARE BROKE. Because “We” are not—in fact, the period 2004-06 was one of the greatest profit making times in the entire history of the USA.

But the US government is very broke. This is a result, says Barack Obama, of “the most fiscally irresponsible administration in modern times.” Now [if we do nothing to change the dynamics of our economy – read, live basic tax structure in place] we will remain broke for awhile. Quite awhile. So, hang on-- those of you going to public colleges, visiting public hospitals or using ER rooms for basic health needs, sending kids to public school -- you are in for a very bumpy ride. That’s most of us, by the way.

Meanwhile… There’s that T word again: Reports in NYC surfacing investigations of hedge funds and use of offshore banking. $1.9 trillion on deposit in Cayman Islands, something like 8,000 accounts. Disclosure: BUY LOW SELL HIGH has a checking account with a high two figure balance at Amalgamated Bank at Union Square in NYC.

NYTimes’ business writer Joe Nocera gets strong reviews in NYTimes’ Book Review for his new book containing his NYT’s reportage of the past 25 years... Get it? NYTimes? The book, GOOD GUY AND BAD GUYS, calls our Oracle of Omaha, Warren Buffett, “St. Warren of Omaha”. Buffett is sitting on $35 billion in cash, speaking of not being broke.

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