Fed Up With the Fed

What is the point of being fiscally disciplined if we are not going to cut the short-term rates some slack, Cramer wonders?
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These

Fed

governors are really starting to piss me off. Here we have a government that is finally playing by the rules, not spending the surpluses, backing down on putting stock into the Social Security program, drastically curtailing long-term debt to the point where

Fannie Mae's

debt will soon be more liquid than treasuries. And now we have to put up with a phalanx of Fed governors all of whom will bash us for being long stock.

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message boards.

What is the point of being fiscally disciplined, as the

Clinton

administration is, if we are not going to cut the short-term rates some slack? Why must we be so tight in the face of a fundamental change in the way the government spends? When does the Fed hold up its end of the bargain -- the bargain that was promised if the deficit were ever reduced? Wasn't that the deal,

Alan

? Didn't you say you would do your part to keep the economy growing if the government stopped spending beyond its means? Now that the government is saving billions, shouldn't you have to keep your promise to let the economy grow ahead of historic growth rates so that more can benefit from the bounty?

So, all week we will have to watch these Fed folks sound off about how things are not in equilibrium, and pricing pressures and big worries remain, even as the industrial portion of America bounces along its 52-week low.

Makes no sense to me.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. 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.