Cramer Says He Won’t 'Kiss Up' for Bernanke Interview and Fed Wants 'Us to Live in Hoovervilles'
CNBC “Mad Money” host, resident ranter and stock-picker extraordinaire Jim Cramer can now add “media critic” to his list of duties.
Over the past six months, Cramer has become a YouTube sensation for taking shots at Federal Reserve Chairman Ben Bernanke, including his infamous “They know nothing” rant on CNBC’s August 3 “Street Signs.”
Today Cramer used his “Stop Trading” segment on CNBC’s “Street Signs” to blast Bernanke some more and accused some in the media of kissing up to Bernanke for the “big interview.”
“I guess I should just kiss up and get the big interview with Ben like everybody else wants,” Cramer said to “Street Signs” fill-in host Melissa Lee. “Sorry, I could care less.”
Cramer obviously wasn't impressed with Bernanke's comments yesterday where he said the Federal Reserve stood ready "to take substantive additional action as needed to support growth and to provide adequate insurance against downside risks."
He even accused Federal Reserve Governors Thomas Hoenig and Richard Fisher of wanting us to live in “Hoovervilles,” a reference to the shanty towns that were inhabited during the Great Depression and named for President Herbert Hoover
“[T]hese guys are so timid,” Cramer said. “You have Thomas Hoenig in
Cramer said he didn’t think the Fed’s handling of monetary policy would fly in the private sector. He said he found the “smugness and recklessness of the Fed” was extraordinary and he thought they should have cut interest rates yesterday.
“‘I think Ben’s doing a really good job,’” Cramer said mockingly. “What’s the good job? I don’t know. I know I’d be fired and not waste a Sunday if I pulled this stuff off in hedge fund.”