Make no mistake: we are in uncharted territory. Hank Paulson wants $700 billion of taxpayer’s money to buy up bad debt and ‘rescue’ the markets.Some lawmakers strongly opposed to the plan.

“The free market for all intents and purposes is dead in America,” said Senator Jim Bunning, Republican of Kentucky, on Friday.

Justice Litle says the plan is a minefield for investors. He says there are five things you need to know about the government bailout and what it means for your portfolio.

This from Taipan Publishing:

1) The bailout is one of staggeringly massive proportions.

As I write to you in the wee hours of Monday morning, prior to my transatlantic flight, the number being bandied about for the size of the bailout is $700 billion. Keep in mind, too, that this is an opening number. It doesn’t necessarily include relief for upside-down homeowners, strapped consumers, foreign banks or many other potential “extras” that …

MARKET COMMENT

July 15, 2008

Senator Jim Bunning threw a strike right down the plate with his excoriation of Bernanke & Co and the Fed today. Bernanke offered no response. But Hall of Famer Bunning still knows how to pitch that’s for sure. [Some say he isn’t right mentally but he was throwing strikes today and sounded the sanest of the bunch.]

The rest of the pols just mumbled the same garbage while a couple of spotlight seekers [you know who they are] wanted to discuss short-selling and speculation. I guess they only want to discuss the latter when things aren’t going their way.

But, Bunning has things right.

“I’m deeply concerned about what the Fed has done in the last year and in the last decade. Chairman Greenspan’s easy money in the late 90s and then following the tech …