Baseball

The Chicago Cubs won the World Series in 1907 and 1908! It's been 100 years and many think they are due.

In 1907, the U.S. financial system faced disaster and the banks were choking on unwise loans. True fact. It took a federal bailout and the influence of J.P. Morgan to steady things.

Last year after the Cubs won their division and again this year as we face the near collapse of credit availability due to new accounting regulations and unwise mortgages thrust down the throats of banks by good intentions. Longtime Cub fan, Joel Solomon of Rothchild Investment Corp., is quoted, "The worse the problem, the better the Cubs' success."

This morning we know the Feds are near voting on the credit rescue bill. Recently J.P. Morgan Chase (Chase Bank) took over Washington Mutual Bank. By all accounting methods, this was a sweetheart deal for Chase.

This week we will know more about the future of credit flows. I'm so glad President Obama made it to Washington and straighten things out.

'til later