The Fed is asleep at the switch, Jim Cramer shouted Friday on CNBC's Stop Trading! segment.
Cramer said Federal Reserve chief Ben Bernanke should "open the discount window" and cut short-term interest rates. He said the pain being felt at financial firms like Bear Stearns (BSC - commentary - Cramer's Take) and Accredited Home Lenders (LEND - commentary - Cramer's Take) shows the Fed isn't paying attention to what's going on in the real world.
"This is not the time to be complacent," Cramer said, calling the collapse of the U.S. mortgage market a crisis.
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At the time of publication, Cramer had no positions in stocks mentioned.
Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC.
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