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Wake Up, Bernanke! See Cramer's Outrage Ahead of Fed Day

CNBC.com
Tuesday, 7 Aug 2007 | 8:51 AM ET
Cramer: Bernanke, Wake Up
Mad Money host Jim Cramer makes a passionate plea to Federal Reserve Chairman Ben Bernanke to consider cutting interest rates and, in turn, help the market and the people who are losing their jobs on Wall Street.

Jim Cramer today angrily called on Federal Reserve Chairman Ben Bernanke to lower interest rates, saying he "has no idea how bad it is out there" in the nation's credit markets.

In his "Stop Trading" segment on Street Signs Friday, Cramer said the nation's central bank is "asleep" and should immediately "relieve the pressure" on financial firms and the nation's home owners who are facing big increases in their mortgage payments as 'teaser' rates expire. Many thousands will "lose their homes," he warned. "This is not the time to be complacent."

Cramer on Bear Stearns
Mad Money host Jim Cramer clarifies his remarks about Bear Stearns and says he's still confident the market will end the year up, with CNBC's Dylan Ratigan.

About an hour later, he made a return appearance on CNBC's Closing Bell to soften his initial comments, making it clear that he is not recommending investors sell stocks. He predicted a big rebound for the major stock market averages if the Fed does indeed lower rates, and said he was upset by Bear Stearn's "complaining" during a conference call earlier in the afternoon. "I don't want to scare anybody," he added. "The Fed can make this whole problem go away" by lowering interest rates.

Standard & Poor's changed its rating outlook on the firm to negative from stable this morning.

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