Bernanke Has to Step Up

It's crunch time, and it is also time that our Federal Reserve chairman pull himself together, stop playing possum and call on the ECB and China to cut rates drastically. Part of the incredibly slow recognition of the problem of deflation was Bernanke's persistence in worrying about inflation. The man who studied the Great Depression and deflation is turning out to be one of the great charlatans of government.

But he can still do us a favor and demand a 1.5 point reduction in ECB rates and a 3% reduction in Chinese rates. These would make a huge difference in confidence, and believe me, that lack of confidence is what could wipe out Citigroup (C - commentary - Cramer's Take), which is now, front and center, the biggest problem out there. It can't afford to fail,

Of course the company, unlike General Motors (GM - commentary - Cramer's Take), Ford (F - commentary - Cramer's Take) and Chrysler, refuses to even admit it is in trouble. Obviously the government better have an AIG (AIG - commentary - Cramer's Take) plan for Citi. It mistakenly gave $25 billion to a lot of other institutions that didn't want it, and it should have given all of the money to Citi, particularly because Bank of America (BAC - commentary - Cramer's Take), for example, gave a huge chunk of your money to a Chinese bank, for heaven's sake. We still don't know where AIG lost the money to.

Time for Bernanke to step up and demand the only things that could stabilize the world. I bet the ECB wanted to see $40 oil. They have it -- maybe that will prompt them to go to work! Then the new administration must put a plan forward right now for massive tax credits if you buy homes and hire people. These are jobs No. 1 and 2. They have to be said and talked about and vetted now, especially with still one more miserable jobs number reported this morning...

At the time of publication, Cramer had no positions in stocks mentioned.

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