If you’re lucky enough to get a refund from the federal government this year on your taxes, enjoy the added comedy benefit — a “savings and investment tips” flier from the Securities and Exchange Commission.
Yes, the same SEC that let Bernie Madoff fleece half of New York, that didn’t notice any problems with credit default swaps, that whistled while Wall Street burned. Remember when both Joe Biden and John McCain were calling for the head of SEC Chairman Chris Cox? Ah, the memories.
But that was months ago! Now the SEC is the paragon of fiscal responsibility, advising in the flier to:
* “Pay off credit card or high-interest debt.” Yes, we wouldn’t want to be buried under a mountain of, say, $10 trillion worth of debt that makes our creditors so nervous they threaten to start a new currency.
* “Boost your emergency fund.” Saving money is responsible. Wantonly stimulating is a terrible idea.
* “Don’t put all your eggs in one basket.” Also works for branches of government.
Those looking for more SEC wisdom can call the toll-free number they’ve included, which promises to tell you everything from “protecting your nest egg” (Step 1: Move out of New York) to “why can’t I get a stock certificate?” (Your hedge fund manager is in the Maldives, awaiting extradition).
Here’s a money-saving tip the SEC didn’t consider: Stop wasting money on fliers and help lines. For tips on fiscal responsibility, government is the last place anyone would look.