Citigroup Gets American Taxpayer Bailouts And Pumps Money Into Bankrupt Dubai. Remains Bullish.

How is it that an American auto company can't get a loan from an American bank and American consumers can't get a loan to buy an American car but a bankrupt country can get financing from an American bank that had to be bailed out by American taxpayers? The bankrupt are bailing out the bankrupt. All the while S&P, Moody's & Fitch downgrades Dubai government and bank credit ratings to negative. I guess Citigroup didn't get the memo.

By the way, does anyone still believe all of the gold bulls who are telling you the OPEC states, China and Russia are going to increase their gold reserves by thousands and thousands and thousands of tons and, by conclusion, drive incredible demand for gold? Or that the printing presses are in Bernanke's basement and the Fed is handing out money like a drunken sailor? I've made my position on gold eminently clear. And, it hasn't changed before or during this volatility. Although, as I have said, at some point it might.

Remember, the first person out holds the door. Last person out holds the bag.