What would have happened if the

Fed

had raised 50 basis points? Would the

Nasdaq

have gone up 200 points?

Matt "Bonds are for Bail" Jacobs

got this one right. The 25-year-olds rule. All the old-timers were busy worrying about what bank might have gotten some call from what Fed branch and "Bonds are for Bail" used the weakness to build positions in

eBay

(EBAY) - Get Report

and

VeriSign

(VRSN) - Get Report

.

Join the discussion on

TSC

Message Boards.

Pretty funny.

"Bonds are for Bail" Jacobs caught me at one point obsessing about the 10 year and told me I'd probably be retired in 10 years, so what was the problem.

Glad I didn't obsess about the 30 year. Who knows what he would have said?

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long eBay and VeriSign. 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

jjcletters@thestreet.com.