Kuwait, Saudi Arabia and even the mighty Dubai are getting dragged down by the global economic turmoil. “The global financial storm rolled across the Persian Gulf on Sunday,” reports the WSJ, “as Kuwait’s central bank guaranteed bank deposits and cobbled together a hasty bailout for one of the country’s largest banks.”

The crash in stock prices has most investors spooked. But it’s worth keeping you head while others lose theirs, says Strategic Investment editor Dan Amoss. Right now, there are some very healthy resource stocks are shockingly cheap. What Dan calls “screaming bargains.”

As Whiskey and Gunpowder’s Greg Grillot puts it, “A cow is a much better investment than a piece of over-leveraged debt.”

If you’re inattentive in this type of market, you’re going to get whacked, says Adam Lass. He predicts US blue chips could lose another 34% before the bear bottoms out. That would put the Dow at just over 5,362 points.

These are worrying times. Not only for investors, but also for anyone with their savings in US banks. Already, some of the biggest names in banking have gone belly up. How do you know whether you bank is safe or not? Keith Fitz-Gerald in Money Morning says there are three steps you can take to make sure your bank is safe.

What most people just don’t get, says Chuck Butler is that the bailout “constitutes the single greatest case of ignoring the free market in modern history.” And there is actually little justification for it.

Wall Street is still in chaos. Yesterday, regulators seized America’s biggest savings and loan bank WaMu (NYSE:WM) and sold it to JPMorgan Chase (NYSE:JPM). It was the most spectacular bank failure in US history. The crisis, and the bungled attempts of the government to ‘fix’ it, is setting up some great contrarian investment plays.

No, you didn’t read that headline wrong. According to Forbes.com, the $700 billion price tag on Hank Paulson’s bailout plan for the US financial markets wasn’t based on “any specific data point.” It just seemed like a nice big number.

Taipan Daily editor Justice Litle says it’s likely that “we’ll see the price of stocks, commodities and paper assets in general explode into the stratosphere.”

Just how much of your money has the government flung at Wall Street? $1,164 billion so far: $700 billion bailout package for Wall Street; $200 billion for Fannie Mae and Freddie Mac; $150 billion in “stimulus”checks; $85 billion for AIG; $29 billion for Bear Stearns.

On Thursday morning, Rick Pendergraft at Investor’s Daily Edge was predicting a bounce over the next few months based on the chart of the Dow, record-breaking volume on the major ETFs, and the VIX breaking above the 37.50 level.

The lesson to be learned from Wall Street’s hubris, says Eric Fry at Rude Awakening, is that although stocks can be ruined by over zealous management, commodities cannot. Stupidity is not a risk factor in the commodities sector. And this makes them attractive despite their recent selloff.