Don't Buy the Rate Rap

Cramer's not paying attention to the negative interest rate talk. Greenspan's getting his way now.
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Wow, feels like the old days. Trouble worldwide. Imminent tightening. Nasty bonds.

I wish I could be more concerned. I know complacency is the enemy of profits. But if my biggest worry is the bonds, I am less worried, not more worried, by today's action. Copper, lumber, oil, the commodities complex -- these aren't signaling tightening. Weakening in Argentina and Brazil doesn't signal tightness.

In fact, unless you want to tell me that

StarMedia

(STRM) - Get Report

signals tightness, I am not buying this new negative interest rate rap -- particularly the Medley adviser tale. Excuse me for being a Pollyanna, but I think

Greenspan

is getting his way. Perfectly.

His tightening bias is working. He is not going to take action now, when things are working.

Despite what the talking heads are saying. Talking heads, they haven't made you much lately. Oops, how about ever?

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

letters@thestreet.com.