When I open the insert text tool the default text pt is 1296, but the cursor that is flashing in miniscule and unreadable?! I cannot also change the colour of the tiny font?! I have no idea why this is happening. When I open a new .psd document to use the text it opens showing that the text is 3500pt, then defaults back to 1296, and once again dissapears???
This is really an application-specific question that belongs in the Elements forum (I'm assuming you're referencing Photoshop Elements and not Premiere Elements or something else).