Hi SW1970,
Sounds like you are having some issues there!
Google Adwords is actually a very effective marketing tool, and very few other marketing methods can bring you such a return on investment in such a short space of time, but you do need to know what you are doing otherwise you will lose your shirt before you even get started.
Your high bids could be due to a lot of things, such as poorly constructed adgroups that are not tightly focused, adcopy that is not as relevent to the keywords they are promoting as they should be, through to landing page quality and optimisation which is a BIG factor in getting cheaper clicks with Adwords. Plus, there are more factors besides these that need to be taken into consideration.
Given your estimated first page bid is so ridiculously high, it is more than likely something is seriously amiss with your setup that is causing this. I have seen this sort of thing time and time again and it is quite common unfortunately with people who don't fully understand how AdWords works (no offence intended).
What Quality Score does Google show for these keywords that have such stupidly high bids?
Cheers,
Steve.