The Kim Jong-Il Rally

One of the great tragedies of American history is that an incredibly talented Communist, comedian and comic, Zero Mostel, was blacklisted during the McCarthy Era.

If you're pretty young or just historically challenged, being blacklisted meant that anyone hiring you was at risk of becoming the same unhireable outcast that you had become, because that would be construed as being a communist sympathizer.

There are probably other bad things that happened then, but Communists really were swines among pigs. As bad as the Czars and the Cossacks may have been, Marx's heirs took their interpretation of the maniifesto to some pretty nasty places, like Minsk.

Communists were our enemy and they were an anathema to everything our freedom loving and capitalistic society stood for. The only thing that was a bigger anathema were the anti-Communists.

By virtue of that blacklisting, the world was deprived of so much of Mostel's unique talents for so many years. Luckily, we did get "Fiddler on the Roof," in Broadway and movie releases of "A Funny Thing Happened on the Way to the Forum," "The Producers" and coincidentally enough, "The Night they Raided Minsky's." before the end came.

"A Funny Thing Happened on the Way to the Forum" was one of my favorite movies. It also starred fellow blacklister Jack Gilford and was Buster Keaton's final screen appearance.

The the song "Comedy Tonight" pretty much sums up all of the ingredients that can move our capitalist markets.

"Old situations, new complications....something erratic, something dramatic..."

Notice, not a single word about "The Beige Book." or the "Michigan Consumer Sentiment Report."

Yet today, there were none of those market movers in the mix.

Instead it was "losses tomorrow, profits tonight."

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Not So Precious

Today was one of those days that if you were an investor in gold you might be able to remember where you were on this day even 20 years from now.

In fact, I remember where I was 30 years ago when the bottom fell out from under gold and silver. I actually was invested in futures at the time. Not quite as much as the Hunt Brothers, but for me, I was invested much more than I should have been by any measure of sanity.

Fast forward and imagine gold driving away in a white Bronco on the LA freeway. Maybe good advertising for Ford, but not so good for retaining the adjective "precious" in front of your metals holdings.

If you're Mr. T your personal net worth plummeted today, but even if you could jump off the ship you would likely sink wih whatever holdings remained, unlike your Captain, who had the foresight to jump ship earlier, with the lone flotation device aboard, without alerting the crew and those that trusted him to guide them on their journey.

Metaphor? Not really.

Captain Gartman. Good move driving that Bronco and jumping that ship.

Did I mention that he took the map that also gave the location of all the sharks in the water?

I don't own gold in any investment form, unless you count the potential value of my body if all of its component elements are sold upon my demise. I didn't get those dental crowns as an investment. I got them because of bad habits.

Too bad there's no market for cholesterol.

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