Greenspan Deserves Better

Cramer has a hard time watching our senators mistreat the man who has helped bring our nation out of the abyss.
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You can't lay a glove on

Greenspan

. When will these senators understand that and treat him with the respect that the average American would? Is there anything more painful than listening to these gasbags who don't know jack about the economy interrupting the man who has helped bring our nation out of the abyss?

This morning's testimony was particularly excruciating. Before Greenspan saved the economy he saved Social Security. It is an outrage that the government even proposed putting stock into Social Security without asking for his blessing. And it is aggravating beyond belief to hear Senator

Hollings

pepper him with pointless questions, not even letting the man finish speaking.

And you'd think these esteemed folk would know better than try to get Greenspan to diss the Net. Greenspan is a productivity freak. He recognizes that the Net is the greatest inflation fighter in history.

Sure, some of the Net stocks won't be with us, but the greatness of our capital markets is that they are willing to fund an industry eagerly and aggressively that Greenspan knows benefits all of us.

We will hear that he "took on" the Internet stocks. But to me, he endorsed the concept even as he said not all of the investments will pan out. The lottery analogy -- nothing the matter with that. Better to stocks than to the state, as far as I am concerned.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. 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 by sending a letter to TheStreet.com.