I was also going to recommend the Romisen light that jmpaul320 is suggesting. However, it doesn't have a pocket clip. It does come with a lanyard attached. For the price (< $30), it can't be beat!for a few dollars more you could get a zebralight sc600 in the cpf market place... they usually go for around 65-85 and have a "turbo" mode of 750lm that steps down to 500lm after about 5 minutes
also check out the romisen rc-t601 II xm-l u2 on shining beam dot com - claimed max brightness of 750lm - OTF is probably lower than that but its $28 and i have heard good things about it in the budget lights forum
Im just looking for and reccomendations on the brightest possible lights below $50. I also will not get any that dont have a pocket clip so go ahead and suggest but that is a requirement. Thanks!