The eye of the storm is over me at work so I thought I would post some items that I have been collecting.

First, did you know that as of August 9, 2005, the US Government is $7.88 trillion in debt? I am in the financial world, but I can hardly imagine $100 billion, let alone $1 trillion, let alone almost $8 trillion. This crushing and ever-increasing debt will make a nice present for our children and grandchildren. Our debt may be not as high as some countries as a percentage of GDP, but it is clearly on an unsustainable trajectory.

In fiscal year 2004, we paid, on average, $881 million per day interest on the debt. That's a lot of jack on a daily basis. Seems like there are other much better uses for that type of money.

With this impending fiscal nightmare, you might think that our government might show some restraint, but no...not when it comes to the highway bill, the perfectly obscene example of pork...who knew that we needed two new bridges in Alaska that total over $450 million in cost? Examples abound in nearly every state.

For an interesting futures market that handicaps the 2008 US presidential race, check out Tradesports. At the website, on left side, click on "Politics" then "2008 US elections." You can see who the bettors are picking and shorting for the nominations. I think Hillary is a clear short at 43, but I might go long Edwards at 7. On the Republican side, I would probably short George Allen at 17, and go long Condi Rice and Mitt Romney at 6 and 8, respectively. None of the above are intended to reflect my political preferences, just my opinions of current pricing of the futures.

And last but not least, check out the houses that the nouveau riche are buying near St. Petersburg, Russia.