Readers may recall that I bought 500 shares of Citibank when it was around a dollar. Last week, I bought another thousand shares, again on the assumption that the feds aren’t going to let Citibank fail. And if they don’t let it fail, it’s highly unlikely it will stay in the 1-2 dollar range. Well, last night on 60 Minutes Ben Bernanke reaffirmed his pledge that he simply will not allow any large banks to fail. Citibank is up 42% right now.

Now, I should be clear. For all I know this will all implode, as numerous savvier investors have told me by email. Frankly, I know very, very little about Citibank’s books, assets, or prospects. I am not betting on the viability of the company, I am betting entirely based on the political climate and — so far — it looks like that’s a smart bet. I think there’s a lesson in there somewhere, and one that’s not necessarily good for the country.

Update: From a reader:

You’re up 42% and you haven’t sold yet??????? What if Obama’s teleprompter dies during a press conference somewhere and he has to wing it?