Cramer's 'Mad Money' Recap: The Fed's Reckless Moves

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The Federal Reserve's latest measures to ease the liquidity crisis have done the reverse -- they have actually put more pressure on banks, brokers, savings and loans companies and homebuilders, Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

Cramer said Wachovia (WB Quote), Ambac (ABK Quote) MGIC (MTG Quote), Countrywide Financial (CFC Quote), Washington Mutual (WM Quote) and the two worst of them all -- Fannie Mae (FNM Quote) and Freddie Mac (FRE Quote) -- were all hurting Wednesday.

Meanwhile, defensive stocks like PepsiCos (PEP Quote), Procter & Gambles (PG Quote), Colgates (CL Quote) and Diageos (DEO Quote) all did well, he said.

While the Fed may think it has solved the problem with this intervention, any investor knows the plan looks like it's pointing straight toward the supermarket stocks and far away from the banks, he said.

What the Fed needs to do is its homework, Cramer said. It needs to get out of the tower and onto the trading desk. They haven't made the phone calls and done the research they should have before they acted, he said.

The Fed sees robust employment and good business from companies that do a lot of business overseas, Cramer explained. But what it needs to do is take a step back and look at the bigger picture.