Ben Bernanke may be “the only reason I can see that people are buying and not selling stocks” on Wednesday, Cramer said during “High Noon.” The Federal Reserve chairman’s poise during his testimony on Capitol Hill seems to have counterbalanced what Cramer called a recent “daily gloom fest” on Wall Street.
“He’s doing is part,” Cramer said of Bernanke, praising the Fed chief’s insistence that interest rates will be kept low in order to stimulate the economy. That in turn should create much-needed jobs.
Cramer went so far as to say that investors may have had to change their asset allocation if it weren’t for Bernanke. Certainly other countries in Asia, Latin America and even Africa lack the political interference – as seen in the fight over health care, cap and trade and the need to unionize – that we have here. Still, he urged viewers to keep 20% of their net worth in foreign stocks and 10% in gold as a hedge.
In the end, though, Cramer thinks investors everywhere owe Bernanke a gesture of thanks
“He deserves our praise,” the Mad Money host said, “because without him our economy and our markets would be in much worse shape.”
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