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That's because it came home to roost today that the Fed is really very, very wrong in its predominant worry being inflation. The other day, the Fed came off as confident and unwilling to panic people unnecessarily. Today, it was brought home that its confidence seems almost silly and extremely misplaced. Painful. Now I am beginning to hear from a host of people saying that there's nothing the Fed can do, there's nothing Fannie (FNM - commentary - Cramer's Take) can do, there's nothing Treasury can do, there's nothing the president can do. All of that is as misplaced as the Fed's attitude. But first you have to recognize that I am not talking about opportunity. We need the Fed simply to issue a statement like it did in 1987, that it would provide all of the liquidity necessary to get things moving in the credit markets. All of those who think the Fed is helpless are as clueless as the Fed. A statement like that would eliminate the fear all over town that committing capital is going to wipe your firm out. The European action seemed desperate today, but it's a bit of a desperate time, and they did what is right. If we had made the right call on Tuesday at the Fed, we would have maneuverability over the next month to help. Now we can't. Not for another couple of months, You have to understand, I don't want a bailout of Wall Street or of hedge funds or of anyone who manages or trades money and its various instruments. I just don't want the 7 million people who I believe will lose their homes to have this situation accelerate that. Will some trading desks be helped if that happens?
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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. TheStreet.com has a revenue-sharing relationship with Traders' Library under which it receives a portion of the revenue from Traders' Library purchases by customers directed there from TheStreet.com. Brokerage Partners
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