Yesterday the Fed lowered the overnight funds rate another ½%, the second bold move in a little over a week. Hopefully that's just the 1-2 punch this economy needs to put us back on the growth track again.

It might even get us back into growth mode before the big stimulus package is passed. Anyone holding your breath on that one? Don't worry. It'll happen. It's an election year.

The Fed Funds Rate now stands at 3%. That's had, and will continue to have a downward effect on interest rates we can earn. Recently, 10-year Treasury note yields have been right near 3.5%. Money Market rates aren't much better, somewhere right around 4%. Take out inflation and taxes and there won't be a lot left over.

Real estate doesn't look good yet. It took years, decades even, to create the mess we're in with real estate. I don't think it'll take years to unwind it, but it won't be done soon. The news in real estate hasn't gotten bad enough yet. It'll get better a few months after it seems like it can't get any worse. That hasn't happened yet.

My money's on stocks right now. The S&P's down nearly 20% from late last year. With money getting cheaper and economic growth overseas strong, to me that sounds like a 20% discount. OK, give a couple of points back for lackluster domestic operations. Even 15% sounds like a bargain, especially in light of the alternatives.

And there's an important point for the reluctant investor to consider. Stocks, as risky as they may seem right now, are hands down the best alternative for overall return on investment right now.