"If the Fed tightens 42 times instead of 38 times, then the Dow Jones Industrial Average will only fall to 2876, instead of 2455, where real support is."
"When inflation roars to double digits and gold goes to $400, it could be catastrophic if the Fed doesn't take short-term rates back to where they were during the
years." Or, "The Fed may have to tighten immediately and then tighten twice more, 50 points a pop, to pinprick the Internet bubble so we are not in Tokyo in 1989."
Jeeeeesssshhhh! Where the heck do the media get these guys? I mean it. What deep, dark ocean do these bookers trawl in to find these doomsayers? The St. Georges Bank of Bearishness?
The favorite new tactic of the doomsayers is to take a ridiculous straw-man statement and then back it up with an equally bogus nonassumption.
The cadence goes like this: "Given the propensity of the sky to fall, it is amazing that the Fed stays asleep at the wheel."
Or how about this? "As prices rage out of control, it is remarkable that the Fed hasn't been more vigilant in taking away three imprudent rate cuts from last year."
I know there are bond-market vigilantes. But where are the doomsayer vigilantes? Where are the tough guys who will stand up and say, "Hold it, the sky hasn't fallen, and prices are coming down, not up, and there was nothing imprudent about trying to save the world's financial economy from the Tisch-backed geniuses at
Long Term Capital
." ("You don't think we are geniuses? Then you are stupid." Now there's a marketing brochure for LTCM if there ever were one.)
Don't mind me. I guess I am just getting sick of the lack of rigor of the bears and the timidity of the bulls.
Had to rant.
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