Erin Burnett started Stop Trading with a quick rundown of the day’s events:
Standard & Poor’s cut its rating on Bear Stearns, sending the stock and the market down.
Bear came back and said that everything was OK.
Then Bear said this was the worst bond market in 22 years.
Now the market is down 100 points.
“You’ve got to adopt a Henry Ford attitude here,” Cramer said, “which is ‘never explain, never complain.’…You keep your mouth shut during this period. You don’t say a thing. Because you’re going to say something people don’t like.”
“It does not inspire confidence to have 10 headlines coming over about what to do,” he said.
“This is about Bernanke,” Cramer continued. “Bernanke needs to open the discount window. That’s how bad things are out there. This is a different kind of market, and the Fed is asleep.”
“Open the discount window,” Cramer said. “Cut the rate.”
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