Not Bearing Up Well

Defined nastiness. Terrible. Just terrible. Made more awful by, well, some would say, me, coming on TV and saying that things are awful and the Fed needs to listen and act.

Well, excuse me, if I, for a moment, thought I was that powerful; that would make me a megalomaniac.

But what did happen was a Bear Stearns (BSC - commentary - Cramer's Take) call on which, as you may know by now, some language was used that was, honestly, frightening: worst fixed-income markets in more than 22 years.

Wow, I was using 1990 as the worst market; this guy, the CFO of Bear Stearns, Sam Molinaro, is outdoing Cramer for bearishness.

What we were hoping to hear him say, and we sure didn't, was that Bear has traded in all kinds of markets, and this one will be no different, and when the time is right, it will buy back stock -- or that it had started -- and that the idea of liquidity issues is so ridiculous as to not even be worth mentioning.

Nope. We got the opposite.

I don't even know, for the life of me, why they did this call.

True, I am an emotional guy, but I wanted to come out on "Stop Trading" and talk about Procter & Gamble (PG - commentary - Cramer's Take) and Cabela's (CAB - commentary - Cramer's Take) and Under Armour (UA - commentary - Cramer's Take) , and the great things I am hearing.

I couldn't do it, not with that BSC call. Not with what I am hearing away.

I think it is important that someone state in unequivocal terms that the Fed needs to act to avert a crisis.

Is it Armageddon? No, if the Fed acts. But yes, if you are trying to keep your home and the Fed doesn't act, I am sure there are plenty of people out there who aren't trying to buy a home and are paying their mortgage and are sitting there thinking what the heck is this all about.

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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. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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