During last Friday's "Stop Trading!," Jim Cramer shouted a message to
chief Ben Bernanke that he should "open the discount window" and cut short-term interest rates. Cramer's message was greeted with mixed reviews.
Monday, on TheStreet.com TV's Wall Street Confidential
Web video, Cramer said that before forming their opinions, people should understand why he said what he did on the
"First, I've been around for a long time," Cramer said. "I've traded bonds, and I've traded a lot of SNL paper that went out of business soon after I helped issue it."
In addition, he said, he is friends with the guy who runs the No. 1 mortgage brokering corporation and the No. 4. "I'm also integrally involved with a lot of the trading desk, given the fact that I've been around, and the people who run these trading desks, both equity and bonds, have known me for a long time," Cramer said. "So I didn't go on ill considered."
While he jokes about being a statesman on his "Mad Money" TV show, Cramer said, he's "methodical" about what he talks about. On Friday, he said, finding himself in front of a big Fed meeting, he decided to go outside of character for a second and talk about the humanity of the situation.
"As someone who is a history buff, who's spent a lot of time analyzing what happened in the Depression, spent a lot of time analyzing 1987 and 1990, I felt that there were people who knew that things were breaking down in the depression," Cramer said. "They knew that the forgotten man was going to be forgotten. There were people who were quite aware of the stress in the system in 1987, 1990 and also in 1998."
Because he felt he had been around for a long time and because he talked to his friends and saw they were "much more frightened behind the scenes than they would admit," Cramer said, he thought about what he wanted to do.
"I said, 'Maybe this is one of those times where I'll look back and I'll say I had a platform, I had a pulpit, I had a chance to say something that would
help the seven million homeowners who I think are very much exposed to this problem.'"
That, he said, was his chance to say what he feels could happen and what should happen, and now he's not going to go back there. "I've done that," Cramer said. "I made my plea on Friday. I think there are a lot of people who felt it was ill considered. The way I look at is that I want my conscience clean. When, not if, things unravel in the way that I've spoken, I don't want to look back and say I had a chance to do something."
"It was more my conscience speaking," he continued. "I'm done speaking up. I'm now going to go back to where I was and talk about how I think there is a good case to be made for
Procter & Gamble
in this environment. I've done what I had to do, but if things play the way that I think they will do, I will be proud of the fact that I said something, and that's why I said what I did on Friday."
Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for
Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click
here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click
here to order his book, "Real Money: Sane Investing in an Insane World," click
here to get his second book, "You Got Screwed!" and click
here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by
TheStreet.com has a revenue-sharing relationship with Traders' Library under which it receives a portion of the revenue from Traders' Library purchases by customers directed there from TheStreet.com.