Connie Madon
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US Senator Bernie Sanders, independent from Vermont, is known for his straightforward and unbiased positions.

His new legislative proposal is to break up big banks that are deemed "too big to fail." To quote Mr. Sanders: "if an institution is too big to fail, it is too big to exist. We should break them up so they are no longer in a position to bring down our entire economy."

Now we have round two. The US has imposed import duties of up to 99% on $2.6 billion dollars of Chinese pipe imports.

The ruling is temporary, however, US Customs will start collecting cash or bond deposits on imports. A final ruling will be made in March. Meanwhile, President Obama plans his first visit to China within a few weeks.

Fannie Mae (NYSE: FNM) has initiated a new Deed to Lease program in which homeowners facing foreclosure will be able to stay in their homes as renters.

During the first half of the year, Fannie Mae has acquired 57,000 homes through foreclosure. These are owners who do not qualify for mortgage restructuring. They must demonstrate that they could not pay their mortgage but can pay rent. The rents paid are lower than their previous mortgage payment.

After haggling since September the US Senate finally passed an extension for unemployed persons and extended the credit for first time home buyers.

The situation for unemployed persons is dire. Here are just a few facts about their current situation:

• We have 15 million unemployed vying for just three million available jobs.
• 200,000 persons lost their benefits since September
• 7000 persons a day are losing their benefits.
• More than 1/3 of the unemployed have been out or work for at least six months.

Slowly, developing countries are shifting their reserves away from the dollar into the euro and yen. Neil Mellor, strategist at Bank of New York Mellon Corp (NYSE: BK), which has some $20 trillion dollars in assets under custody said: "I don't think there will be an imminent move, but it is quite clear there's a plan to shift reserves to a more balanced portfolio."

Barclays Capital Research reported that central banks placed 63% of new cash in non US currencies between April and July.

They are the masters of the game. Who are they? They are the traders at Goldman Sachs.

Why is Goldman Sachs Co. (NYSE: GS) the best? Take a look at the record. Goldman traders had one loss in the third quarter. They had a string of 36 $100 million days out of 65 trading days. These figures were down slightly when Goldman had 46 $100 million trades in the second quarter.

American businesses are setting up shop in Mexico instead of China. China, which was the number one location for manufacture of goods bound for the U.S., has fallen into third place. Mexico is now number one, followed by India.

Several factors have converged to make Mexico an attractive place for manufacture. Daniel Silva of the Mission Economic Development Authority said: "Compared to China, Mexico offers better access to North American markets with a shorter, faster and cheaper transportation route to move products and supplies by truck, rather than over thousands of miles by ship, rail and truck combined."

Wednesday, the Fed announced that interest rates would remain at zero to 0.25% for at least the next six months.

The Fed statement read as follows: "weak conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period." The only change in the Fed's policy was a tweak in the amount of corporate debt that the Fed intends to buy.

The National Bankruptcy Research Center reported that there were 135,914 bankruptcies in October, up 9%. One third of the bankruptcies were filed under Chapter 13. Chapter 13 requires that the court set up a five year repayment plan for debts owed.

In addition business bankruptcies were up 7% for the same period.The forecast is for 1.4 million bankruptcies in 2009, the highest since 2005. In that year Congress revamped the bankruptcy laws to make it more difficult to wipe out all of a person's debts. There was a rush of filings in the months just before the new law was enacted.

With the advent of computers, the world has changed. People use computers to shop online, get their news, express their opinions and search the world for information about almost anything we can imagine.

Now churches are using the computer to provide church services with all of the components of a regular church service, expect for person to person interaction. These sites are interactive and even provide music as well as live pod casts.

What is COBRA? COBRA is a federal program that allows you to continue your health insurance after you leave a company. If you choose this option, you must pay your share and the company's share of your health insurance. For singles it averages about $400.00 and for families it averages $1050.00

Sorry to say that the jobs report for October is bleak. According to ADP National Employment, 203,000 jobs were lost.

Since the recession started, U.S. job losses have risen from 7.6 million to 15 million.

Here are the numbers by sectors:

Here's a shocker: India's central bank just bought 200 tons of gold.

India paid $6.7 billion to the International Monetary Fund for the gold, securing the equivalent of 8% of the world's annual production. India's move is a clear signal that Asia is moving away from the U.S. dollar.

India's finance minister said the reason for the purchase was that the economies of Europe and the US had "collapsed."

According to Emmanuel Jayet of Agricultural Commodities Research at Societe Generale in Paris, wheat prices are expected to drop 13% by the end of December. The last big drop was during 2002 when prices fell by 19%.

Stockpiles of wheat will jump 12% by next May. Investors predict a further decline due to an overabundance. On October 30, there were 6.265 put options at $4.50 per bushel, more than any other grain contract ( a put option is an option to sell.)

Over the past decade we seen at least $1 trillion dollars spent by private equity firms. These firms have taken over companies for a pittance and then pillaged them by slashing employees and cutting costs. They then used the money to pay down debt rather than rebuilding the company.

Now all of the debt thrown on the acquired companies is coming due and it could cause another economic disaster, even bring down the economy.