Bernanke Halted the Wipeout

Ben's back!

Hey, it wasn't such a given, especially on the day when we had the jaw-dropping appointment of Denis Hughes, the president of the New York AFL-CIO, named as chairman of the New York Federal Reserve.

When the smoke is cleared you know that Ben Bernanke and not any other official before or after is going to be credited with recognizing what Lehman was and stood for. Bernanke was recessive and complacent pre-Lehman. He presided over an important debating society. He measured things and kicked them around.

He almost destroyed us.

But almost doesn't matter.

When the chances were in front of us that could have wiped our financial world out -- the nationalization of banks, a collapse of Goldman Sachs (GS - commentary - Trade Now), Morgan Stanley (MS - commentary - Trade Now) and JPMorgan Chase (JPM - commentary - Trade Now), you name it -- he recognized that we were in extreme deflation and that we could all be brought down by it.

He was not going to have the 1930s on his hands.

I had feared that the Pelosi in President Obama would have insisted on an Emma Luxembourg-type from somewhere coming out of the woodwork to try to get some national equality movement going. Looks like the adults, who have been winning a lot lately, have won again.

At the time of publication, Cramer was long Goldman Sachs and JPMorgan Chase.

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Know What You Own: Cramer mentioned Goldman Sachs. Related companies are Bank of America (BAC - commentary - Trade Now), UBS (UBS - commentary - Trade Now), Citigroup (C - commentary - Trade Now) and Wells Fargo (WFC - commentary - Trade Now).

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