Gov't labors under illusion it can part seas
Terry Savage: There was a time not so long ago when government officials debated which institutions were "too big to fail." Now they're learning the lesson that the global economy is "too big to control." It is the height of conceit for government and corporate officials to spend their time -- and our money -- debating priorities for rescuing constituencies. History says they'd be better off standing aside and not trying to turn back the tide.

Picking a Medicare drug plan

Here we go again. Starting today, seniors have six weeks to sign up for another year of Medicare Part D -- the prescription drug benefit -- that goes along with Medicare Part A (hospitalization), Part B (outpatient and doctor costs) and Medigap (the supplement that covers other costs including co-payments and deductibles).

Market madness continues
Terry Savage: If you only saw the closing numbers on Thursday -- the Dow Jones industrial average registering a gain of 552 points -- you missed all the drama. Shortly after the opening bell the market headed lower, plummeting toward a 5½ year low at midday. Then suddenly the market reversed course.

Why the Wall Street nose-dive?

The stock market is always right. Nonetheless, I must admit to being more than a little annoyed that the stock market greeted the election results with a two-day nose-dive of more than 929 points, the worst two-day performance since 1987.

Recession: Are you ready?

Americans will soon face a recession that few are prepared to endure. In fact, if you're under age 45, you haven't seen a severe recession in your entire working life.

Dollar: good as gold?

Until April 15, 1971, the United States dollar was as good as gold. While ordinary citizens couldn't own gold in 1971, foreign central banks could trade in their dollars and receive gold, at a fixed price of $35 an ounce.

Demand for bullion soars

Grab your wallet and stare closely at the money. What's it worth? It's worth whatever it will buy. But can you imagine a time when someone looks at your cash and really doesn't want it, because it "isn't worth the paper it's printed on?"

Markets may have hit bottom, but unclear if bear is gone
Terry Savage: The stock market gained 889.35, to 9,065.12. on Tuesday. It was a nearly 11 percent gain for the Dow Jones industrial average, its second-best day ever after the 936 point one-day rally two weeks ago, and the sixth-largest percentage gain for the Dow. Almost every market sector participated in the rally.

Dohmen makes the case for a worst-case scenario
When everyone is telling you that this credit crisis could not have been predicted, you can point to one man who boldly -- and incredibly accurately -- told you exactly what was going to happen. His name is Bert Dohmen, publisher of The Wellington Letter for the past 30 years (www.DohmenCapital.com), one of my all-time favorite newsletters.