Kass: Ben Stein Whistles Past Mortgage Mess

Stein, like others, seems to endorse the ludicrous notion that there remains a negativity bubble. Many were wrong three months ago, and Stein is wrong today, as stocks and credit don't fall in the manner that they have in the past month if there is broad-based pessimism. Rather, with the benefit of hindsight, it is now clear that there was a bubble in optimism, as disbelief had been suspended on the part of buyers of credit, buyers of homes and buyers of stocks.

In his now-famous interview with Erin Burnett, Jim Cramer went on a rant in which he expressed his idea that certain members of the Fed didn't understand the severity of the current credit problem.

Jim Cramer knows how bad the situation is.

Ben, pardon my French (and my reference to Ferris Bueller's Cameron Frye), but on the subject of credit, you are clueless.

The credit event that you dismiss is already morphing into an economic event.