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Jim Cramer told viewers of his "Mad Money" TV show Wednesday that the worldwide interest rate cuts today were simply too little, too late to help the markets.

Cramer said the rate cuts should help banks in the short term, but they are far too late and shallow to make any difference for stocks in 2008.

Throughout the financial crisis, he lamented, Federal Reserve Chairman Ben Bernanke has been "clueless" and so incredibly behind the curve that he should be fired.

Cramer compared today's markets to that of 2003, when then Fed Chairman Allen Greenspan took short-term interest rates to just 1%. Back then, he noted, there was no financial crisis of epic proportion, no credit crisis and no housing crisis. Yet today, Bernanke expects the markets to be fixed with just a mere 1/2-point cut.

Cramer acknowleged today's rate cuts represent a huge influx of cash and are a step in the right direction, but he said it would still take two years for the markets to recover. He called for several more rate cuts to completely remove the chance of a depression from the table.

In the near term, Cramer advised viewers to be cautious and stay in a capital preservation mode. He told them again to sell into any strength in the markets and to continue to raise cash throughout the remainder of 2008. "Put any money you might need for purchases in the next five years into a Federal Deposit Insurance Corp. insured savings account," he said.

Cramer: Focus on the Time Frame

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