Note from JWR:

Yesterday, the dreaded TARP bill, H.R. 1424 (part of the Mother of All Bailouts (MOAB)), passed by a wide margin (263 to 171), in the US House of Representatives. The original bill was just three pages long, but the final version (see the full text PDF) was a whopping 451 pages. It was so stuffed with pork barrel legislation that was practically oozing grease. It disgusting to see so many legislators sign on to this $850 billion+ swindle. The few that voted for it were mostly from the far right and the far left.

The passage of the TARP bill should result in a short-lived stock market rally. Take advantage of the rally to cash out, and put the proceeds into tangibles. I do not believe that the TARP bailout will revive the credit market. At this point, a global depression lasting a decade or more seems very likely. Get ready to hunker down.