TheStreet.com's Jim Cramer says the Fed chairman saw we were in extreme deflation and prevented us from being brought down.
Ben's back!
Hey, it wasn't such a given, especially on the day when we had the jaw-dropping appointment of Denis Hughes, the president of the New York AFL-CIO, named as chairman of the New York Federal Reserve.
When the smoke is cleared you know that Ben Bernanke and not any other official before or after is going to be credited with recognizing what Lehman was and stood for. Bernanke was recessive and complacent pre-Lehman. He presided over an important debating society. He measured things and kicked them around.
He almost destroyed us.
But almost doesn't matter.
When the chances were in front of us that could have wiped out our financial world -- the nationalization of banks, a collapse of Goldman Sachs (NYSE: GS) (Cramer's Take), Morgan Stanley (NYSE: MS) (Cramer's Take) and JPMorgan Chase (NYSE: JPM) (Cramer's Take), you name it -- he recognized that we were in extreme deflation and that we could all be brought down by it.
He was not going to have the 1930s on his hands.
I had feared that the Pelosi in President Obama would have insisted on an Emma Luxembourg type from somewhere coming out of the woodwork to try to get some national equality movement going. Looks like the adults, who have been winning a lot lately, have won again.
At the time of publication, Cramer was long Goldman Sachs and JPMorgan Chase. Jim Cramer is co-founder and chairman of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO.
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Reader Comments (Page 1 of 1)
8-25-2009 @ 10:45AM
Ynot said...
Crammer, exactly who is going to bail-out the Fed? You keep pumping up this bubble market and play like you're a friend of the middle class, when you are the friend of Wall Street. Bend over America, because Crammer and company are gonna Cram it in ya!!!
8-25-2009 @ 12:34PM
ebrandler34 said...
Cut the man a little slack. Anyone who listened back in October-December (08), will remember Cramer shouting from the rooftops to take any funds you would need for the next 5 years out of equities. He said it loud, and often.
Anyone who took his advice missed 30% of the collapse.
But now, I think his relentless cheerleading has pushed some people (or sheeple) back into the market (DOW 9000-9500) right before a correction.
Do I like how Bernanke has essentially "bought us a recovery on credit"? ... NO. But, only bears and anarchists would have preferred the alternative.
8-25-2009 @ 7:30PM
KavJack said...
Cramer has got his Jewish women mixed up !
It was Rosa Luxemburg, not Emma ! Maybe he's got her confused with Emma Goldman ? Shonda