I have really learned to like Ben Bernanke. He’s the man. And his interest-rate cuts are vastly more effective than the so-called economic-stimulus rebate plan coming out of Congress and the White House.

Why do I say this? Simple. I just got my latest adjustable-rate mortgage statement from the bank. When I originally refinanced this loan, it was 5.75 percent. And last summer my ARM soared to 8.25 percent. But guess what? Through February it has round-tripped all the way back to 6 percent.

So I’m now saving $2,000 a month, or $24,000 a year, because Gentle Ben has slashed the fed funds target rate to 2.25 percent from 5.25 percent last fall.

He’s my kind of guy.

And you know what else? I’m not even getting a tax rebate from Washington. I make too much money.

That’s the message I just got from the IRS. They sent me -- and about 135 million other taxpaying households -- a recent notice. As I thumb down this little letter I learn painfully that taxpayers with adjusted gross incomes of more than $75,000, or more than $150,000 if married and filing jointly, will have their rebate payments reduced or phased-out completely.

I showed this letter to my beautiful bride. We concluded that we’ll be phased-out completely.

By the way, this little IRS letter cost the taxpayers a cool $42 million. That’s right. The administrative expense of this “phased-out completely” IRS note is costing all of us 42 very, very large.

But who cares? Gentle Ben has come through with a wonderful windfall.

Incidentally, those of us whose rebates will be reduced or phased-out completely comprise the top 5 percent of taxpayers and pay 60 percent of all personal income taxes. In total, three-fifths of hard-working Americans will get little or nothing from the famous rebate. Doesn’t hardly seem fair, does it? Continued...