The Ben bashers think only of themselves

4 people took me aside to tell me Bernanke is wrecking the country.

By Jim Cramer Apr 12, 2013 8:50AM

thestreet logo

Federal Reserve Building Hisham Ibrahim CorbisOne after another, four in a row.


Four people took me aside at a fundraiser I attended this week to tell me that Federal Reserve Chairman Ben Bernanke is wrecking this country. In three of the cases they used the same or similar language and the fourth was all expletive deleted.


All four could only think about the hyperinflation that he will unleash when things get better.


In each case I tried to explain that Bernanke does not want to be the Fed chief who presides over another recession not unlike the recession that took place within the confines of the Great Depression in 1937.


Each person listened patiently to that and then dismissed it as something that's irrelevant.


When I then offered defenses about employment and the need for this great country to have lower unemployment, there was little sympathy. When I mentioned that inflation may be a little harder to have with an immigration bill coming through one said "they already have jobs, it won't change a thing." Wage inflation is what each said he fears.


Only one gentleman really felt like discussing the merits of the arguments. He wanted to know how the Dow Jones Industrial Average ($INDU) and S&P 500 ($INX) could be hitting all-time highs with the U.S. debt at $17 trillion. I said that first, there is no justice when it comes to the stock market. They have nothing to do with each other.


He seemed mystified.


Then I walked through the Johnson & Johnson (JNJ) analysis that I have been using in these settings. The AAA–rated balance sheet with consistent earnings that makes products that are loved in the growth portion of the emerging markets and a good dividend to boot.

He was not placated.


I said "how about gold?" He said "it's going down." I said so what. If he really believed that Bernanke was going to wreck the country then the only real course of action would be to buy gold coins -- not even bullion, too unwieldy -- and put them in the vaults of foreign banks in countries that don't have debt problems.


His eyes rolled over.


I said why is that so bad? If you really think the world is going to come to an end, am I not offering a substantive solution to the issue?


Nope, he said, it just doesn't help at all.


But all four naysayers did make me think. They made me think they only watch and read the same people over and over again, the ones who fret about Bernanke and NOT about the Republic. The ones who think that all that matters is preserving their wealth and they hear it is threatened by Bernanke.


To me, it is threatened by a president and a Congress that aren't serious about cutting spending or genuinely believes that tax increases will mean anything without Medicare reform.


They are the ones putting us at risk. That's who people should be grousing about. Ben? All he's doing is trying to keep us afloat in a world where everyone else is sinking.

What's so darned bad about that?


 cramer


Jim Cramer is a co-founder of TheStreet and contributes daily market commentary to the financial news network's sites. Follow his trades for Action Alerts PLUS, which Cramer co-manages as a charitable trust and is long JNJ.

 


More from TheStreet.com

95Comments
Apr 12, 2013 9:37AM
avatar
The issue is not for Bernanke to decide.  He is doing what I call mission creep.  I believe every federal agency and now the FED has this same "full" mentality where their role and function is so nebulous they just assume the ball game revolves around them.  There is no open honest leadership. You want to jump start this economy?  Get the housing market, auto sales, jobs fired up? Then initiate trade duties.  Main street lights would magically reappear over night.  And we all know the New World Order being illegally enacted without the knowledge and consent of the moronic American citizen and voter is the reason for most of this carnage.  Just slowing the tide of imports and giving small business in America a little breathing room to reestablish and bank a few profits would do wonders.  The Internationals are not just punishing small business they are destroying their ability to train and keep employees eager to participate in the American dream.  And with the Electerds on board for the New World Order they are even given a free ride on taxes to make their effort even more pronounced.  You see Jim none of this accepted economic theory is relative when the supporting cast is being misled and discouraged from participating in the discourse.  Remember the analogy of the mushroom grower?  Fed crap and being kept in the dark.  This analogy fits very well when we have a Guberment engaged in destroying the lifestyle of many Americans to form a pact that will ultimately bring America to more resemble a South American dictatorial regime where 10% of the citizens own the other 90%.   I know many see this as a non useful discourse but I am screaming my lungs out at the dishonesty and fraud being commited on the American worker and citizen.  The imbalance between Employer and Worker is so pronounced it is criminal.  I believe every person you talked to in their gut knows something is wrong but are unable to actually voice it.  Yes, they should fear losing their wealth because that ultimately is the plan and the end game of our present political process.  We are all being treated unfairly and we need to bare this secret activity and open it up for discourse.  We all need to hear the truth and contribute to the discourse.  JMHO
Apr 12, 2013 9:21AM
avatar

you're right that it is a combination of issues.  Ben is one.  printing money cannot end well. 

 

the government spending money endlessly can not end well. 

 

people (government, public unions) who only believe a "cut" is only a drop in expected increases force us down this horrible trail.  again, this cannot end well. 

Apr 12, 2013 11:04AM
avatar
Of course you defend bernanke .....some of us remember how you used to defend greenspan too......you clearly owe your position to the same masters that run the fed and gave us bernanke and greenspan.......

Not content with stealing the dollars in your pocket the reserve banks figured out a way to steal your future earnings and your kids, and grandkids future earnings as well.....

If you think this stolen money remains in the US you are sadly mistaken.
Apr 12, 2013 12:36PM
avatar
The Fed mandate is to keep us close to full employment and keep inflation in check.  Even after all of their actions and trillions of dollars conjured out of thin air, they are failing miserably.  The UE rate isn't dropping because of QE1,2,3 or 4 or because of 0% rates.  It's dropping because people are dropping out of the workforce.

Contrary to your statement, Jim, most people that gripe about Bernanke do so because they love the Republic, and they can't stand to see it set up for failure.

Apr 12, 2013 11:42AM
avatar
Is it selfish for retirees to want what they were promised when they were working? Is it fair to artifically keep rates at nearly zero when most retirees depend on interest earned on their savings? Now they want to chip away at Social Security inflation increases,Medicare benefits, etc. I think seniors are getting a royal screwing by the Obama administration. 
Apr 12, 2013 11:10AM
avatar

Bernanke was asked to clean up a wreck that had already occurred.

I fault him for a dismal effort in facing that task.

The prospect of another wreck threatens when the Bernanke "smoke and mirrors" efforts recede.

He applies very expensive bandaids to issues that require surgery.

 

Where in general is the prosperity?

The economics of Bernanke and Obama do not seem to be working at all.

Apr 12, 2013 10:03AM
avatar

"Each person listened patiently to that and then dismissed it as something that's irrelevant."

 

The only way these four people could have exhibited more intelligence would have been to walk the other way when they saw you Bobo..... Maybe you were standing on their feet with those big clown shoes.

Apr 12, 2013 11:39AM
avatar
Bernanke is a criminal, as said by Mark Faber and Jim Rogers. His Fed just released information to a group of big banks and investors ahead of the general public. And he has been robbing savers by keeping interest rates at zero for the last 6 years, transferring money to the "too-big-to-fail" banks that got in trouble with subprimes while he just watched and did nothing.
Apr 12, 2013 10:40AM
avatar

"Four people took me aside at a fundraiser I attended this week to tell me that Federal Reserve Chairman Ben Bernanke is wrecking this country."

 

Nice that you attend such diverse gatherings. There were 4 people with commonsense in attendance and the rest were psychopaths like you. Read my spell-checked American: BEN BERNANKE HAS WRECKED THIS COUNTRY.

avatar

Cramer do you understand so little about things.

1) Domestic Inflation is caused by the Federal Reserve having a discount rate over 4 percent. Contrary to the normal wisdom that says low rates cause inflation and high rates fight inflation. Those rumours were started by the Federal Reservea) the Chinese government understands the deficit and inflation scheme the super rich are pulling in the USA. They have been hurt by the dollar dropping in value. So they are doing something about it. They are now trading in yuan and not the dollar. This means everybody soon will dump dollars for yuan. The dollar will no longer be excepted as a trading currency. This means that Federal deficits will not be in dollars but yuan in the near future.

2) US owes it's debt in dollars and everyone (well use to be everyone) needs dollars to buy and sell things as the dollar is the world's reserve currency and everyone use to trade in it. This caused the game that the Federal Reserve and US government thought they had down pat. Borrow money to pay for excessive over charging of goods and services to the US government which benefits with huge profits (read Haliburton and others) to private businesses making the super rich even richer. When deficit gets too big inflate the economy and make the deficit look small compared to the new much higher inflated GDP for the US. Everything is fine and working well and it keeps common people behind the 8 ball as their wages do not keep up with inflation.

3) The government has been in a long cycle of overpaying for goods and services and borrowing the money to make the super rich even richer. Then inflating the economy to make the deficit look small this is doable as we owe the money in dollars. But the last time we tried to inflate the economy it collapsed as it was alread broken from years of abuse.

Well things are about to change forever Cramer.

Apr 12, 2013 10:39AM
avatar

Bernanke is a banker. He has filled the "profit hole" at the banks that was created by the housing debacle with QE. The value of QE is in the market. If you can't sell it at what you're asking it is not worth what you are asking.

 

Yes -- People are still putting money in 401Ks. There is other money in the market.

 

But -- It is not enough to take the bankers off their inflated position. They are stuck holding the pig with lipstick on it.

 

Those of you that make some dough doing day trades .......... good for you.

Those of you that are retiring and enjoying the inflate ..............good for you.

Apr 12, 2013 2:01PM
avatar
Cramer thinks Bernanke is keeping us from sinking.  He is sinking the savers to float the speculators . You know nothing !  
Apr 12, 2013 12:08PM
avatar
We need to code every product sold at the state retail level in the US.  If it has been produced in a non US factory it has a 10% tax immediately charged on it at the retail level.  Why should Americans suffer, lose their social nets, see their childrens lives go withering away needlessly while foriegn workers live the American dream?  And who is paying for so many overburdened social programs?  The states of course. So simple a mouse could do it.  Then you would see the true colors being hidden by the crowd controlling the strings in  D.C.  I believe states have the right to impose whatever transaction tax they want.
Apr 12, 2013 11:30AM
avatar

Bernanke is truly wrecking this country. Fighting recession and improving the economy is never a mission for the Fed to take up alone. If the Congress and Obama do nothing, it doesn´t give Bernanke the right to rob savers and bail out Wall Street and the big banks.
Apr 12, 2013 12:36PM
avatar

"...  the Chinese government understands the deficit and inflation scheme the super rich are pulling in the USA. They have been hurt by the dollar dropping in value. So they are doing something about it. They are now trading in yuan and not the dollar. This means everybody soon will dump dollars for yuan."

 

When the same pariah rich people dump the Dollar to become Dons in Yuans... we will have to destroy them from their defective genetic code on up. By the way... anybody keeping up on the Son of Bird Flu story? Apparently that first attempt to turn us into drained-brain zombies didn't work, so they made up a new strain in the NWO labs. Three victims now... but they were able to get them to build some laptops before they dropped.   

Apr 12, 2013 11:54AM
avatar

N Luke

 

Get real!

 

Pump $85 bil a month into any market for a while and the impact is inevitable.

 

Where in general is the prosperity?

Apr 12, 2013 11:01AM
avatar
Screw you Cramer. Killing savers in favor of lazy con artists like you is the stuff hangings are for. 
Apr 12, 2013 11:25AM
avatar
People only think of themselves...how about you, Cramer? 

Apr 12, 2013 1:57PM
avatar

"His eyes rolled over."

 

This is such a descriptive tale Bobo.............. LOL. I bet you get a lot of eyes rolling over.

Apr 12, 2013 3:50PM
avatar
Tog.....come back we can give you a reason to drink !
Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

STOCK SCOUTER

StockScouter rates stocks from 1 to 10, with 10 being the best, using a system of advanced mathematics to determine a stock's expected risk and return. Ratings are displayed on a bell curve, meaning there will be fewer ratings of 1 and 10 and far more of 4 through 7.

118
118 rated 1
270
270 rated 2
472
472 rated 3
714
714 rated 4
624
624 rated 5
608
608 rated 6
623
623 rated 7
445
445 rated 8
319
319 rated 9
125
125 rated 10
12345678910

Top Picks

SYMBOLNAMERATING
AAPLAPPLE Inc10
ARCPAMERICAN REALTY CAPITAL PROPERTIES Inc10
ATVIACTIVISION BLIZZARD Inc10
BIDUBAIDU Inc10
BMYBRISTOL-MYERS SQUIBB CO.10
More

VIDEO ON MSN MONEY

ABOUT

Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.

Contributors include professional investors and journalists affiliated with MSN Money.

Follow us on Twitter @topstocksmsn.