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You've got to adopt a Henry Ford attitude during times like these. You have to never explain and never complain, and Bear Sterns didn't do that. They should have kept their mouth shut. They should have waited until they thought that the shorts were done and then they should have started buying. But they aren't doing that, and that is instilling more fear. They should have said that they are just doing well.
This is about Bernanke. Bernanke needs to open the discount window. That's how bad this thing is. Alan Greenspan gave everyone a teaser rate, and then he raised it 17 times. Bernanke is being an academic. It is no time to be an academic. It is time to open the darn Fed window. He has no idea how bad it is out there, he has no idea. Bill Poole has no idea. They're nuts. They know nothing.
It hasn't been like this since 1990, but this is a different kind of market, and the Fed is asleep. Bill Poole is shameful. You can't get a loan anymore unless you are rich like Cramer. Bernanke needs to cut the rate and relieve the pressure. Doing that wouldn't lead to Armageddon. We already have Armageddon.
Someone needs to come on to TV and tell the truth, and that is what Cramer is doing. 14 million people took mortgages last year, and 7 million of those took teaser rates. Those people are going to lose their homes. This is crazy. You have to understand what they are saying to Cramer every day. This is not the time to be complacent. It would be nice to not know anyone so that you could just tell everyone to go buy some Washington Mutual for its yield. But unfortunately, Cramer knows too many people, and he is just too darn old to do that.
Bernanke needs to call someone. He's just sitting there without calling anyone. Bill Poole is just like Herbert Hoover.
