Watching Jim Cramer's TV show today, it is only fair that with all my past criticism of him in this blog, that I give credit to him where credit is due. He opened today's (Tuesday) show with an excellent diatribe against Ben Bernanke and the Federal Reserve for fiddling on their collective academic phalanges (my metaphor, not Cramer's) while the stock market crashes and burns.
Cramer's condemnation was spot on, as this market topped in mid October, about the time the credit crisis became apparent to everyone, that is everyone except Helicopter Ben and his merry elves. Those of you who took my advice and read Alan Greenspan's, The Age of Turbulence could not help but realize that with all his faults and oblique rants filled with murky economic theory, a/k/a Greenspeak, Greenspan knew his number one responsibility was preserving economic growth in our economy and not treating it like chips on a craps table as a side bet on a random roll of the dice.
Cramer is calling this a bear market, a Bernanke directed bear market. I am not so sure as market internals are at levels seen at major market bottoms, implying that 3, 6 and 12 months from now stock prices will be higher, maybe much, much higher. But I do agree with my friend Jim, that the carnage we have seen since mid-October can be placed at the feet of the one keeper of our economic lifeblood that is charged with keeping the patient alive, the very unworthy and now discredited successor of Alan Greenspan.
So for this moment, I come to praise Cramer, not to bury him. That will come later.