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

"These Actions Are Not Only Permitted but Encouraged, Until Suitable Price Stability or Satisfactory Reflation (Whatever Those Are) Have Been Restored and Deflation Is No Longer a Threat. Any Messiness Associated with Essentially Free Money Will Be Dealt with at Some Future Point. My Associates and I Pledge to Implement Unorthodox and Unconventional Procedures to Attain Our Objectives." -- The Maestro"

Joanie Christens the S.S. 'SOS!': The Maestro et al. was also the subject of a bit of humor this morning from Joanie, a friend who watches the markets very closely. She conjured such a priceless vision of the Fed and our current environment that I had to share this with readers as well:

"There is a tsunami brewing. Those in the dinghy the Fed are arguing over whether to row single- or double-time to get away from it. The only agreement they have made so far is that they want to continue to row indefinitely. Yet any reasonable individual can see that their attempts are futile -- comical, almost. The disturbing part of the scene is that this is extreme sport. Clearly, those yahoos are no match for the tsunami, and ultimately the crew is gonna sink the boat. So 25 or 50 doesn't really get me too revved up, as they might just as well be using Q-tips instead of oars." Picture the waves in the movie The Perfect Storm, as Alan and crew paddle furiously with Q-tips...