Step into the mind of

Alan Greenspan

after reading the closing quotes of today's market. It's is a little convoluted and

Ayn Rand

-like in there, with a


-esque lack of editing, but I will give you the unvarnished, stream-of-consciousness look-see. As Barry Hertz from

Track Data


would say, "You just can't make this stuff up!"

One would think that the individuals who are buying the Nasdaq would keep in mind the far less than modest, but not yet catastrophic leap in the ECI, which, heretofore, has been one of my more closely followed, if not, one would say, almost totemic indicator for my near-term, but not too-near-term decisions. The ineluctable conclusion that can be drawn, that must be drawn, from that number is that high-growth stocks, the so-called lottery tickets I have referenced in previous testimony, should be headed in a vertical direction downward and not be merely projectiles being hurled toward the inevitable 52-week high list. Furthermore, to wit, when I see the strength in the stocks of those capital equipment providers leveraged, or levered, to the so-called semiconductor industry, of which Intel (INTC) - Get Report comes to mind, I am saddened to see such capital gains not being taken by the so-called retail, that is, leveraged, or margined public. The only real conclusion that one must draw, that one can draw, is that stocks, those certificates or pieces of paper that are meant to reflect the earnings longer-term of companies, should not be going in a Northern direction, and in particular the telephony group, the stocks that are leveraged to the wireless industry of which there is explosive growth, should be more tempered in their superior returns if there is to be any hope, near-term, that the Federal Reserve could be less vigilant, less authoritative and perhaps less punitive in its style of execution of monetary policy. In short, the upshot of these terrible, but sanguine if not confusing situations of dramatically higher equity prices in the field of high technology, despite the intense, if not superior, productivity gains scored in the sector, lead me to conclude that a series of swift, but not overnight, perhaps intrameeting, or during-meeting ratcheting of the shorter end of the curve rates may somehow not be out of the question in light of the dramatic longfall in consumer spending triggered by these so-called super-superior returns, which, no doubt, will impact the portion of the economy that relies on cheaper, if not bountiful credit to continue its string of consecutively higher quarters.

Or in other words, translated, Greenspan is going to have to jack up rates, and wreck the real economy, because the Nazzdogs wouldn't stay down!!

James J. Cramer is manager of a hedge fund and co-founder of At time of publication, his fund was long Intel. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at