Jim Cramer Pleads for Lower Rates
Posted August 4th, 2007 by manystrom
Thanks to the stranger for pointing this video out at the Cryptogon. Cramer is absolutely insane, practically crying, pleading with Bernanke to lower rates.
"This is about Bernanke...Bernanke needs to open the discount window - that's how bad things are out there...Alan Greenspan told everyone to take a teaser rate and then raised the rate 17 times! And Bernanke is being an academic. This is no time to be an academic! It is time to get on the Bear Stearns conference call...LISTEN...open the darn Fed window. He has NO IDEA HOW BAD IT IS OUT THERE. NO IDEA! ...
And it gets better from there. Watch:
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Cramer's: underwear in a bundle
Wow,
This is an amazing meltdown.First Cramer chides Bear Stearns for not keeping their mouth shut or saying everything is hunky dory, and then he lets his spleen hit the floor in full public view. This makes the movie Network look like a high school production.
Cramer is now bragging and complaining about all the insider behind the scenes stuff he is privy to.
This video is not only about fear, but it is about betrayal. It seems as if Cramer feels betrayed by the Fed, he is ranting about all of a sudden feeling like an outsider. It smells to me as if Cramer fears he's about to become economic road kill in a plan that he no longer understands or is a part of.
guidoworld
This is fear
This is fear. No doubt Cramer is speaking for all of his powerful friends on the Street who are currently caught in a very painful position. We all know what Greenspan would do in this situation - the same thing he did in 1987 when stocks melted down in the worst crash since the Great Depression; the same thing he did in 1998 when we had the LTCM meltdown; and the same thing he did in 2000, when we had the dot.com meltdown. Each time, the result was another bubble somewhere else.
But Bernanke is no Greenspan. He's playing this one poker-faced - he says he's more worried about 'inflation.' In Cramer's words, he's playing this like 'an academic,' rather than like a good old boy from the street. A good old boy from the Street would save his buddies who are in the vice, the same way Greenspan saved his buddies at LTCM in '98...
Maybe Ben will send out the helicopters and lower the rates. But that will only happen after the crash. As I noted before, in order to keep inflation under control, money must also be destroyed.
Finally, I will close with this comment, from several months ago, by the now immortal davetrane11: http://www.bullnotbull.com/blog/?p=94#comment-5253