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Mad Money Recap
Cramer's 'Mad Money' Recap: Old-School Tech
08/09/07 - 07:32 PM EDT
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Tech is "safe and seasonably right," and Intel is the tech stock to buy, he said.
Rave On!
A lot of people said Jim Cramer's Friday rant on CNBC's "Stop Trading!" was too over the top. However, after taking a look at the chaos in the market Thursday, Cramer believes that maybe he was the "most responsible guy out there." Bonds that should sell at 80 cents on the dollar are selling at 20 cents on the dollar, he said. They're not well rated, and there's not a buyer in sight. Cramer said he wants Federal Reserve Chairman Ben Bernanke to go to a bond desk. Then maybe he'll understand how difficult the situation is. "Bond traders are afraid," he said. "AAA-rated mortgage bonds are trading horribly or not at all." These are good pieces of paper, yet they've been marked down, Cramer said.
In the midst of all this, how is the Fed worried about inflation? Cramer asked. This is as deflationary as Cramer said he's recently seen. He's been begging the Fed to cut rates to help alleviate the credit crunch, and while the Europeans, it seems, have heard him loud and clear, Bernanke has not.
"My rant was the rant heard around the world," Cramer said, and Europeans share his concern over the mortgage meltdown ripple effect. "The only one who hasn't heard it is Chairman Bernanke himself," he said.
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