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Cramer: Fret All You Want

Editor's Note: This article was originally published on Real Money at 6:00 a.m. EDT on May 13. To see Jim Cramer's latest commentary as it's published, sign up for a free trial of Real Money.

NEW YORK ( Real Money) -- So the Federal Reserve does have a plan to stop buying bonds. You mean it isn't just going to go cold turkey? You mean it isn't just going to wreck everything without any thought?

That's what I thought when I read the Wall Street Journal piece about how Chairman Ben Bernanke is all set with a plan for ending the third round of quantitative easing. The premise of the piece, in itself, implies that he hadn't even considered it and would never do so.

The article, to me, was a "duh." Still, I am sure plenty of people will say "Look, he had a plan. When there's a plan he must be ready to use it."

Now, it is true that there could be some reason to believe that, say, 3%-yielding stocks won't be as competitive with bonds if Bernanke decides to stop buying and start selling like a madman. But it is entirely possible that there will be actual buyers of bonds, given the widespread interest in fixed income all over the globe.

If you ask me, I believe the whole bond-buying theme, initially so important, is no longer as dicey or as dangerous or as germane as it once had been. That's because I simply do not believe rates are going to go up so much, given that government bonds worldwide have declined so much in yield. If anything, I think the worrisome investing place -- besides bonds that are well above par and the funds that own them -- might very well be the corporate market, where the returns have truly been pathetic.

You see, if I am right about the receipts of the government, you may not have as much supply out there as you think you might. There's demand for bonds away from Bernanke, and it's possible there isn't as much supply as there had once been.

In fact, I would rather pay for a stock with a 3% yield with upside than a 2% corporate bond with no upside whatsoever. It's the competition in bonds that is in trouble -- but, from what I can tell, there's been a tremendous issuance already, so it might not be as big a deal anyway.

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