Funny Stuff

One of the investment advisory services I subscribe to is Rick's Picks, written by ex-trader Rick Ackerman. Not only is Rick smart, but hilarious. I'd subscribe to his service even if he had no idea what he was talking about.

Anyway, yesterday, Fed Chairman Ben Bernanke gave us all a good chuckle with his Freudian slip in stating that the Fed's assets were "gold-plated secure." Here's Rick's commentary this morning on Bumbling Ben.


"...After all, what could be scarier or more depressing to investors than word that The Government is about to blow another trillion or two in yet another futile attempt to jump-start the banking system? We don’t envy them the task of convincing investors in the U.S. and abroad that the green-and-white confetti held in the vaults of U.S. banks and the Federal Reserve is actually worth something,

This is notwithstanding reassurances from Helicopter Ben that 95% of the Fed’s nearly $2 trillion balance sheet is “gold-plated secure.” You can’t make stuff like that up – he actually said “gold-plated secure.” We don’t blame the guy for sounding like a dolt every time he opens his mouth — it is his job, after all, to pretend that the central bank is in control of the situation even though everyone senses strongly otherwise. Under the circumstances, how could he not look like a fool? Perhaps Bernanke meant “gold-plated” literally? Which is to say, the alleged assets on the Fed’s balance sheet are about as “golden” as a flea-market necklace."

I'm still laughing my......

"A flea market necklace." Sounds like Rick has spent some time in the South! LOL.