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NEW YORK (
) -- What we have here is a failure of imagination, Jim Cramer said on
Thursday, referring to all those who sent the markets lower on yesterday's
Cramer said these markets are driving him crazy, and it's time to vent and set the record straight.
The Fed has make it clear on multiple occasions that it'll be buying bonds until the unemployment rate falls below 6.5%. This is a sentiment that both Bernanke and Janet Yellen share. Can the Fed make it any clearer? Cramer asked. Yet, like clockwork, the market parses the Fed's month-old meeting minutes and finds something that it fears signals the end is near.
What the Fed seems to realize -- and that no one else does -- is the Fed can't save the economy alone. It needs Congress or the White House to intervene. What would happen, for example, if the President mandated that all federal vehicles must use natural gas? Not only would the government save big on its fuel costs and take a huge step towards energy independence but almost instantly they'd put tens of thousands of people to work building the infrastructure to make that happen.
What would happen if Congress decided to pass a big interstate highway bill to rebuild our infrastructure? Or pass a corporate tax cut that allowed companies to repatriate the trillions they have stashed overseas? All of these ideas would move the needle instantly and be great for our country, said Cramer.
In the meantime, it's clear consumers are tightening their belts, which means investors shouldn't sell everything but buy some private-label food makers such as
or stocks that flourish when customers stay home, such as
People are spending on their homes, said Cramer, so why not
? There are plenty of possibilities, but investors must do their homework if they expect to make boatloads of money in these markets.
Cramer Defends Ballmer
The market has spoken, and it seems
(MSFT - Get Report)
CEO Steve Ballmer will be going down in the history books as the one who ruined the company after founder Bill Gates left the helm. But is Ballmer worthy of that blame?