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Sen. Kent Conrad: Bill Poole Should Resign

Wednesday, 22 Aug 2007 | 3:54 PM ET

Cramer isn’t the only person calling for Bill Poole’s resignation. Sen. Kent Conrad, a Democrat from North Dakota, did exactly that yesterday.

Despite massive losses in the market, last week Poole, president of the Federal Reserve in St. Louis, said that unless there was a calamity that the Fed wouldn’t act before its September meeting. Conrad called his comments “breathtaking.”

Fed Up
Mad Money host Jim Cramer discusses the Fed's performance with Sen. Kent Conrad, Senate Budget Committee chairman

Poole was “sending all together the wrong message and doing real injury to investors. This man doesn’t deserve his position,” Conrad told Cramer today on Mad Money.

“What’s wrong with this man, who is in a position of extraordinary responsibility?” Conrad asked. “That’s just unacceptable.”

And it’s more than just the 7 million people in danger of losing their homes, the chairman of the Senate Budget Committee said.

“We’ve got the potential here for real economic harm,” Conrad said, “I’m talking about real economic harm, and millions of people’s economic lives at least being adversely affected.”

“I think the fact that [the Fed] acted two days later is a repudiation of what he said,” Conrad said, “and it’s an indication of how seriously they take the situation.”

“I think the people in Washington got the message,” Cramer said. “Let’s hope the people who regulate Wall Street are as concerned as the senators in Washington.”

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