It's a 25-Basis-Point Baby Boy!

Editor's note: This column, which reflects market activity from the day before, originally appeared June 25 on RealMoney.com. To sign up for RealMoney, where you can read Bill Fleckenstein's commentary every day, please click here for a free trial.

DeVoe's Divine Satire: In honor of the hoopla surrounding this extra-special Fed meeting, I thought I'd do today's Rap a little differently. To kick it off, I'd like to share a tongue-in-cheek proclamation hatched by Ray DeVoe, who writes The DeVoe Report. For those of you who don't know, Ray has been a brilliant, eloquent analyst/market observer for better than 30 years. He penned "'The Maestro' and Associates Issue a Proclamation" two weeks ago, and now, without further ado, here it is:

"Since I, 'The Maestro,' and My Associates Have Tacitly Promised to Not Raise Interest Rates for an Indefinite Period to Prevent Deflation, Permission Has Been Granted for All to --

Speculate (Stocks, Bonds, Houses, Commodities ... Whatever)
Arbitrage Interest Rate Spreads
Reach, or Rather Grope Wildly, for Yield
Refinance Mortgages
Refinance Mortgages with Maximum Cash-Outs
Indulge in an Orgy of Consumption
Buy and Spend Before Prices Rise
Devalue the Dollar, Competitively
Balloon the Budget Deficit
Maximize Leverage

...