Jim Cramer on CNBC Friday, August 3, 2007, was steaming because he thought that Fed chairman Ben Bernanke didn't realize how badly the market needed a rate cut.
Cramer is clueless. Bernanke has more to worry about than stocks, bonds, and private equity buyouts. An article on cnbc.com August 7 suggested that the drop in the price of crude oil means that the problems in the credit markets are spilling over into commodities. If this is true, then a cut in the short-term rates would do little. Bernanke must also concern himself with supporting the dollar.
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