Federal Reserve Chairman Ben Bernanke told Congress Thursday that he supported an economic stimulus package and was ready to cut interest rates even more. The problem? We wouldn’t need such drastic measures if Uncle Ben had cut aggressively months ago, Cramer said.
That’s why the Mad Money host was so baffled that Congress seemed bullish on Bernanke and his plan for the markets. With the economy is so much trouble, how come there was no sense of urgency in that meeting?
“It is very clear there is no accountability for the Fed whatsoever,” Cramer said. “Bernanke has no reason to change course because Congress thinks his reckless behavior is prudent!”
Cramer invoked his Thursday night Celebrity Apprentice appearance, saying “I would like nothing more than to look across the table of the Fed and say, ‘Ben, you’re fired.”
In this kind of environment, it’s probably best to stick with some of Cramer’s favorite defensive stocks: Altria, Coca-Cola , PepsiCo , MedcoHealth Solutions and Procter & Gamble.
Jim's charitable trust owns Altria.
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