Oil and gold prices are skyrocketing. The housing slump, along with the sub-prime write-off mess, has nowhere near run its course. Manufacturing employment is falling. And all this is occurring in the ever-important election year. But despite my jaundiced view of the U.S. presidential candidates and the storm clouds advancing over the U.S. economy, there are still promising investment opportunities to ride out the turbulence — you just need to stay focused, patient, and objective. This month marks my annual Q&A issue, so along with discussing the economy and the potential for a recession, I answer a number of the questions weighing on your minds.

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Do we have boom times in the U.S. or the start of a nutcracker of a new recession? For some of you, the next year is going to feel like a depression. For others, opportunities will be abundant, and you will enjoy tremendous gains in your portfolios. To help you end up on the latter side, this month I give you an overview of this complex economic, monetary, and investment scenario. And while the market’s volatility amid the credit mess can cause investors to worry, there are some reasons for optimism — especially considering the differences between today’s digital-age economy and the economy of old. Also remember that with volatility come opportunities to buy some very cheap stocks. In this issue, I also have updates to both my Monster Master Lists, with two new stocks and one new fund. Plus, all of our Top Ten Common Stocks remain strong buys, so read the January issue to find out more. Happy Holidays.

Tags: ABER, aber diamond, Anheuser Busch, BA, BAC, BACprJ, Bank of America, barclays, BHP, BHP Billiton, BKH, Black Hills, Boeing, BU, C, CDO, citigroup, coca-Cola, CPRF, credit cycle, Credit Suisse, CS, DIA, Dodge & Coz Stock, DODGX, don imus, dowdiamonds trust, EWS, EWZ, export, FDG, Fording Canadian Coal, GE, general electric, GLD, Harry Winston Diamon Corp., Hormel Foods, HRL, illinois tool works, industrial production, iShares Brazil, iShares Singapore, ITW, JNJ, johnson & johnson, KO, mcCormick, MKC, models, nestle, NILSY, Norilsk Nickel, NSRGY, nutcracker, PCL, PEP, Pepsico, pum creek, Rayonier, Rio Tinto, RTP, RYN, schlumberger, securitization, SLB, StatoilHydro, STO, streetTracks Gold Shares, TAVIX, Third Avenue International, Vanguard GNMA, VFIIX, WFMI, Whole foods, Young World Money Forecast