Jim Cramer's Best Blogs
NEW YORK (TheStreet) -- Jim Cramer fills his blog on RealMoney every day with his up-to-the-minute reactions to what's happening in the market and his legendary ahead-of-the-crowd ideas. This week he blogged on:
- why people need to lay off Bernanke;
- who the best retailer is; and
- why you shouldn't play Apple based on its patent battle.
Click here for information on RealMoney, where you can see all the blogs, including Jim Cramer's -- and reader comments -- in real time.
Enough With the Bernanke Bashing
Posted at 3:02 p.m. EDT on Friday, Aug. 31
Enough Bernanke bashing already. I am sick of it -- just sick of it. Let me ask you a simple question: What have the other central bankers done right that makes him seem like such a dope to so many of you?
Sure, the Fed chief was slow to recognize the housing bubble that was created by his predecessor's attempts to stoke the economy after the burst do-com bubble that his predecessor created by never raising margin rates. Sure, he should have cut to the bone in 2008, but commodity inflation was raging.
However, since then, Bernanke has done his best to get housing restarted -- working -- keep retail afloat -- working -- and generate some construction of late. This is all within the confines of a totally dysfunctional government that includes the worst partisanship since the Civil War. Does everyone blame him for that, too?
Have you ever listened to Congress when they badger this man? It's insane. They know so little it is a wonder that he even stays on the job.
In the interim, what have his colleagues done? Let's see, last year, former European Central Bank President John Claude Trichet raised rates twice. That was brilliant! That nailed inflation in its tracks, didn't it? That has to be the dumbest policy move of the decade. The ECB has still not come to grips with its crisis the way the much-derided Bernanke has. We would really be calling for those guys' heads. As it is, we had to listen to a totally wrong Fed president from St. Louis who advocated tightening here at the same time Trichet wanted it.