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Because the Federal Reserve cut interest rates by only a quarter point, “everybody is in much more trouble,” Cramer said during Tuesday’s Stop Trading!. The Mad Money host, like many on Wall Street, was hoping for a half-point cut.
Even the Fed's statement, which some hoped would show the central bank's willingness to help the markets, indicated to Cramer that the board members “obviously don’t get it.”
If the Fed wanted to stem the damage from the mortgage and credit crises, Bernanke and gang should have done so back in August, Cramer said. The U.S. government and the financials are now in a tough spot because the Fed didn't take the drastic steps needed to cut rates further.
“It’s more likely that banks will fail now,” Cramer said.
Cramer also wasn’t pleased with the other big story of the day: Citigroup’s [C
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] naming of Vikram Pandit to the chief executive spot. He called it the “least imaginative move imaginable” and said Citi remains a “disaster.”
Jim’s charitable trust owns Citigroup.
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