Updated at 11:45 a.m.

All day Wednesday I heard the same thing, that we were rallying because of Ben Bernanke. That's just wrong. We were rallying despite Bernanke, meaning despite his ability to do anything more than he has.

The people writing these stories either don't know what the Fed does or have never bought a mortgage or gone for a commercial loan, something that I do as a matter of course. Mortgage rates are now ridiculously low. They are not going to entice anyone else off the sidelines if they go lower. You have to be a total knucklehead if you haven’t refinanced already. Plus, the market's flight-to-safety trade has already done more to lower rates that Bernanke can do.

The stories are ridiculous. They made me angry because they presume Bernanke can do something.

The rally Wednesday was about a deal to save the Spanish banking system. While the Spanish government has steadfastly told us not to worry, it has to be worried, because it has a depression -- though not a Great Recession -- situation brewing with 25% unemployment and the total collapse of real estate.

I am hearing that there are 500 billion euros in bad loans and the Spanish bond market is on the verge of going to 7%. The issues are all Spain, especially because if Greece defaults and then gets kicked out, it will print drachmas and the hedge fund vigilantes will then operate on Spain, blasting out their bonds, betting that you are going to get a conversion into pesetas, which, frankly, would be the trade of a lifetime. You get a derivative that allows you to bet against the bonds that you sell in euros, and then you get to cover in pesetas. I am drooling to think about it.

But the Germans know this, too, and they know that once Spain goes, France and Italy are next, so they have to draw the line for their own self-interest. That means we have to believe there is a plan to preserve the depositors, even if it means cramming down the common stock and the preferreds and perhaps even the junior and senior debt of the banks.

It was the belief that there is a plan -- and not this Bernanke nonsense that everyone plied about -- that got this market rallying. The idea that it was Bernanke or a Journal story about Bernanke's next move is the most ethnocentric if not xenophobic commentary imaginable.

But it gets said because, well, it is something to say and it is a lot easier to say than that there might be a secret deal coming up to save Spanish banks. It's easier, but it's wrong.

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.

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