It's been 13 years since Jim Cramer went on his epic rant about the Federal Reserve not understanding how close the U.S. was to a financial recession on CNBC.
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"[former Fed Chair Ben] Bernanke has to open the discount window. That’s how bad things are out there. Bernanke needs to focus on this. [Bernanke’s predecessor] Alan Greenspan told everyone to take a teaser rate and then raise the rate 17 times and Bernanke is being an academic. It is no time to be an academic. It is time to get on the Bear Sterns call, listen, open the darn Fed window. He has no idea how bad it is out there. He has no idea! He has no idea!" Cramer exclaimed on CNBC back in 2007 with Erin Burnett.
"I have talked to the heads of almost every single one of these firms in the last 72 hours and he has no idea what is like out there. NONE! And [former St. Louis Fed Chief] Bill Poole has NO IDEA what it’s like out there. My people have been in this game for 25 years and they’re LOSING THEIR JOBS and these firms are gonna GO OUT OF BUSINESS and he’s nuts. They’re NUTS! They know NOTHING!" Cramer continued.
Minneapolis Fed President Neel Kashkari said over the weekend that he thinks that the U.S. economy should shut back down for four to six weeks to keep the spread of COVID-19 down.
However, Dallas Fed President Robert Kaplan disagreed with those comments and said that universal mask-wearing could help contain the spread of COVID-19.
So, now that it's been 13 years, what does Cramer think of the Fed's handling of the coronavirus pandemic?
This time around, "nothing," isn't the word Cramer would use to describe the Fed's efforts to keep the economy afloat amid the coronavirus pandemic. Jimmy Chill describes his latest take on the Fed in the video above
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