"Mad Money" newsflash!
According to Jim Cramer, the wrong federal agency has been getting blamed for the stock market decline.
For years, Cramer has listened to critics of the Federal Reserve speculate on how the bond buying programs that are designed to help the economy will create more inflation. In fact, many thought that rates would soar; they bet against the Fed and have now shorted bonds. This turned out to be the worst trade of the year.
"Amazingly e,ven though it's obvious that deflation has set in, not inflation, and interest rates have down down hard without anything to do with the Fed, these ideologue gasbags won't stop urging rate hikes at the slightest sign of job growth. They are shameful in their self-serving predictions that also happen to be dead wrong," Cramer said.
So if it's not the Federal Reserve in the kitchen with the lead pipe, who was it?