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NEW YORK (
TheStreet) -- "Ben Bernanke isn't a liability to the market. He's the best central banker we could ask for," Jim Cramer told the viewers of his "Mad Money" TV show Monday.
Cramer said the
Federal Reserve chairman, who could've sent the markets in either direction today, gave a well-crafted speech that provided investors with a shopping bonanza.
While the naysayers feared Bernanke's speech would send the markets sharply lower, it instead allowed the market to rally, said Cramer. The naysayers expected Bernanke would be worried about low inflation and the weak dollar creating artificial bubbles in commodities. Instead, he said the Fed chairman handled things "just right," saying that the economy is still too fragile to raise rates, and that the artificial bubbles simply don't exist.
"But what does this allow us to buy," asked Cramer? "Pretty much anything," he concluded. Cramer said that commodities rallied on Bernanke's words, as did the recession stocks like
Procter & Gamble
(PG), a stock which he owns for his charitable trust,
Action Alerts PLUS
Cramer also gave the nod to high-yielding stocks like
(MO), another Action Alerts Plus name, along with
Kinder Morgan Partners
He said that Bernanke's remarks should also lift the recovery stocks, names like
Cramer said unlike Fed chairs of yesteryear, Bernanke is good for stocks, and stocks can be bought ahead of any future speeches.
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