To our valued readers at the Credit Blog, Whiskey or What and I are passing the torch to a new blogging team here at the Credit Blog. Eric in Vegas will be joining us as the primary blogger, and will certainly bring new friends and a fresh team to the blog.

What ever happened to the purchasing and approval process? According to CNN, in today's news, and according to a Government Accountability Office study released Wednesday, Federal employees charged millions of dollars to government credit and debit cards. The fraudulent charges included Internet dating services, iPods, expensive clothing, a $13,500 dinner and lingerie to be worn during jungle training in Ecuador. The audit also found that the agencies responsible for the cards could not account for nearly $2 million worth of items, which included computer servers, laptop computers, iPods and digital cameras. Shockingly, almost half of all the transactions made in the 2006 fiscal year with government credit or debit "purchase cards" were, according to the GAO, improper. The purchases were either not authorized or did not meet purchase use requirements. Read the story.

Marc Farber Says it Best

After meeting and listening to Marc Farber and his friends, I am beginning to wonder about the advisability of investing in the US at all... Compare US investing to the phenominal double digit rates of return in Russian and former "Eastern Block" real estate. Ouch! Check it out. According to Swiss investment guru Dr Marc Faber you should never buy a former boom asset class in an immediate correction. The next boom is almost always in another asset class and it can take many years for former glory to be restored, if it at all. If you really want to feel depressed in the face of recession, check out Marc's GloomBoomDoom Report.