I am glad I don't work for the Fed. I would be begging to say the following to the minions: "Hey guys, we are freaking people out here. Let's cool it with the rhetoric and let the market percolate. We don't want to create a downturn here, we just want to cool things off!"
The camp that is still looking for a bunch of interest-rate bumps is beginning to look like the pro-
camp. Two tightenings and Bush is in.
I can't emphasize enough how these numbers make the story a different story. And I do hope that the Fed recognizes that they have scared the heck out of everybody and it is time for them to head to Montauk. Or Ventnor, or Galveston or wherever the heck Fed guys go.
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