Bracing for a Broken-Field Fed

I am getting tired of people saying that the administration or the Fed is ready to act. That's just not true. They have no plan at all. Every source I have tells me there is no plan. There is just division, lack of focus and a sense that the market will take care of itself.

We have a guy like John Stumpf, the fabulous CEO of Wells Fargo (WFC - commentary - Cramer's Take), tell us that it hasn't been this bad since the Great Depression and then in the next breath we have a powerful Fed governor tell us that everything's pretty great and that inflation is the biggest risk. Can someone who worries about inflation being the biggest risk really come to the rescue?

Bernanke is supposed to be a great student of the Depression. He clearly knows nothing about what's going on. Give that man a ticket to Indio, Calif. If he had a daughter who played field hockey at a national level, we'd have a fighting chance here. Where are the draft mortgage regs that Bernanke told Congress he would deliver? He's as out of position as a pursuer of Devin Hester from the Chicago Bears.

Meanwhile, Sen. Charles Schumer is trying to drown Countrywide (CFC - commentary - Cramer's Take) by questioning the one thing going right for the company, The Federal Home Loan Bank Board network. Why? That's precisely for what it is for! It's to save the banking system. Why the heck is he picking on Countrywide? They all do the same thing!

We already saw what it was like when politicians in New York came after Washington Mutual (WM - commentary - Cramer's Take). That one's still teetering -- hmmm, maybe that's a positive.

I am aghast at how unprepared the government is. Does anyone have a plan if a major mortgage insurer goes under? Does anyone have plans for mergers with sick companies and healthy ones? Does anyone even know, for example, what is going on with E*Trade (ETFC - commentary - Cramer's Take)? Does anyone care? Does everyone just think that the market will take care of everything?

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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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