All over Wall Street people are talking about Ben Bernanke and his latest attempt to goose the economy.
Following a two-day scheduled meeting the Fed has pledged to keep interest rates low until unemployment falls below 6.5 percent and inflation tops 2.5 percent.
In addition, the central bank pledged to spend $45 billion a month on long-term Treasury purchases to replace a previous bond-purchase program of an equal size. And it will keep buying $40 billion a month in mortgage bonds.
Read More: Fed to Keep Easing, Sets Target for Rates
It's an aggressive stand and one that's largely unprecedented.
What's Bernanke doing?
Skeptics argue that the unprecedented bond buying programs have artificially manipulated the economy -- and the market -- and they say eventually it will all come crashing down like a house of cards.
Not only do opponents argue that the Fed has laid the groundwork for inflation they also say by artificially driving down interest rates, the Fed artificially drove demand for stocks higher.
Jim Cramer, however, sees the situation a little differently. He thinks Ben Bernanke has all but given up on lawmakers – and is trying – singlehandedly to drive the nation out of its economic morass.
"Bernanke's statement today to keep rates down in order to get employment going is a realistic attempt to deal with the total breakdown of elected government to help create jobs and not just annihilate them," said the Mad Money host.
According to analysis by CNBC going over the cliff will cost this country two million jobs.
"I can tell you, what the Fed's doing isn't just great for unemployed, it's the most bountiful thing the Fed can do to keep the bull from running out of steam."
In other words, by proxy, Bernanke's actions could also help drive gains in stocks.
"As part of a long-term analysis of the stock market I have been working on, if you only needed to know one number, one piece of data to predict the direction of the market, you would chose the employment rate."
"When that rate's going higher you will have the most number of stocks, the biggest percentage of gainers, the greatest, most positive breadth, when employments going higher and jobs are being created."
"The converse, of course, is true too. You need to sell when people are being fired left and right."
What's the bottom line?
"I think that Bernanke's the only grown up in all of Washington D.C. He can't broker a deal himself, so what he's doing is the next best thing. He wants to get the economy going."
It's worth noting that Bernanke also said if we go over the fiscal cliff, all the Fed programs won't be enough to offset the dire effects.
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