Mad Money

Cramer on Colbert

“Friend of the show” Jim Cramer stopped by The Colbert Report Wednesday night to explain his impassioned tirade against Bernanke and the Fed during his Aug. 3 Stop Trading appearance.

Whether watching on CNBC or YouTube, viewers might remember Cramer saying “[President of the Federal Reserve Bank of St. Louis] Bill Poole has no idea what it’s like out there” and that “in the fixed-income markets, we have Armageddon.”

With subprime, and now even prime, loans defaulting and mortgage companies going under, Cramer was demanding some action on the part of the Fed – especially in terms of helping homeowners in danger of eviction and foreclosure.

“It’s a problem for all America because we shouldn’t let it happen,” he told Colbert. “Seven million people losing their homes is a big deal.”

“But what about the guys who are going to lose their jobs at places like Bear Stearns?” Colbert asked.

“My net that I want to help does not include those people because they’ve made a lot of money and I don’t think we should protect them.”

“But they’re going to lose their jobs! The rich people have to get richer so that the poor people can just even stay where they are.”

“I don’t necessarily want to agree with that.”

“You don’t want to,” Colbert said, “but deep down you think you should!”

Watch Jim on Wednesday’s The Colbert Report.(It’s under “Most Recent Videos.” Just scroll down a bit.)

See the tirade that caused the uproar here.

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