Fed Still Needs Emergency Meeting

The guys on the board of the Federal Reserve have kids who watch YouTube.

Just one totally self-centered thought on a really crummy looking day while I'm at home in New Jersey. Maybe these guys will finally see that clip of my meltdown on national TV last Friday.

I know there's a sense that we can ignore the Fed's statements. That's a big mistake. I remember that on the Tuesday following the Monday crash in 1987, back when 508 points was a real big deal, the Fed issued the same statement.

It was initially ignored but then it triggered a rally that made it so we never saw those lows again.

If we were really negative on the oscillator, I believe we would be up a great deal but there's still plenty of forced selling from the quant guys that we have to cut through. I imagine, though, that the bond logjam will begin to end soon for all but the lowest-rated paper, which, despite all headlines to the contrary, has not missed a coupon yet. I can't find one of this gunk that has. I know it is a matter of time, but the injected liquidity will spur bids, which will eliminate a lot of margin calls.

Either way, the big issue here is that the Fed just this week said it was more worried about inflation. That now looks so silly that many of us have lost tons of faith in these guys to do anything.

I still very much believe in all the things that are on the table.

They need that emergency meeting.

Without it, 1990 is a reality.

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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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