Bill Fleckenstein’s October 27th column is excellent, as usual. He makes some comments friendly to my view that Warren Buffett is all wet in telling us that stocks are a bargain for us regular folks, too. He says: “I find some of his arguments to be less than persuasive. More importantly, I’m afraid too many people will seize upon his column and use it as an excuse to be more optimistic or perhaps take more risk than they ought to. That is my major complaint with the timing of his article.”

But mostly, I love his last paragraph of the article:

Finally, in the men-of-letters department, last Tuesday saw the Fed announce a third money market bailout facility, the MMIFF. This one is a $600 billion SIV, which is meant to complement the CPFF and AMLF. Soon, perhaps, they will create a federal acronym facility — the FAF — whose job will be to keep us on top of all the alphabet-soup bailout facilities.