Congress wants to impose 90% tax on Wall St. bonus recipients, Fed will no longer raid legal marijuana dispensaries, auto parts suppliers to receive $5 billion in aid, Mexican drug cartels thriving in U.S., and the Federal Reserve creates $1.2 trillion in new money…just the latest in your Freedom Under Fire Report!

Bonus Recipients ‘Getting Away With Murder.’ Congress moved to pass legislation to tax employee bonuses for firms that received federal bailout money. Taxes proposed range between 70% and 90% of the bonus value, and will affect companies that received anywhere from $100 million to $5 billion in aid. Referring to bonus recipients, Rep. Charles Rangel (D-NY) says “These people are getting away with murder.” What they are getting away with is receiving incentive bonuses that were contractually authorized and permitted by the American Recovery and Reinvestment Act.

UPDATE: House passes 90% tax on bonsues.

Feds Will No Longer Raid Legal Marijuana Dispensaries. Attorney General Eric Holder announced that the federal government will not longer take action against medical marijuana dispensaries if they were in compliance with state and local laws.

Auto Parts Suppliers to Receive $5 billion in Aid. The Obama administration signaled its intent to Thursday to create a $5 billion fund to aid troubled auto parts suppliers.

Mexican Drug Cartels Thrive in Atlanta. Atlanta now ranks the highest in drug-related activities, with $70 million seized by authorities in 2008, alone. The War on Drugs is making America far less safe.

Federal Reserve to Print $1.2 trillion. The Federal Reserve has moved to pump $1.2 trillion into the financial system, buying a variety of debt instruments. These include $300 billion of long-term Treasury bonds in an effort to artificially suppress interest rates. The U.S. dollar is tanking on the news, and gold is rallying on inflation expectations with all the new money printing.

Worried about inflation? Does the Federal Reserves scare rather than comfort you? Peter Schiff was one of the few who predicted the financial crash last year. He predicted the housing crash of 2007. And now he predicts a Treasury and U.S. dollar collapse as our government tries to borrow, inflate, and spend its way out of our current problems.

For practical ways to shield your portfolio from the coming storm, check out Crash Proof, in which he explains America’s problems and points to how you can protect yourself.

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