CNBC WTF Moment – Cramer Goes Ballistic on Bernanke in August of 2007
Posted on | March 20, 2009 | No Comments
This was a rant that took place in August of 2007. It is quite interesting to see Erin’s reaction as Cramer goes totally ballastic and slams his hand on the glass table. We don’t get to hear Cramer yell quite that loud very often; quite amusing if I may say so myself.
Cramer was totally against Bernanke for the last two years but has recently warmed up to the Federal Reserve Chairman. He even made the statement on Wednesday “In Bernanke We Trust.” Cramer feels that the injection of over $1 trillion into long term treasuries and mortgage backed securities was a great move. I have to disagree as this is going to devalue our currency and cause hyperinflation in the future. It is likely that we will see a bottom or sideways movement in the equity markets due to this move but looking at the long term, it is not going to be pretty.
Peter Schiff and Bill Seidman both agree that the injection of more money will cause long term inflationary pressure on the United States. They also feel that the economy will suffer even more than the Japanese economy did in the 1990′s because Japan actually had savings while America is currently in great debt. It will be quite interesting to see how this plays out. Honestly, how can you argue with Peter Schiff right now? He has been right on almost every single prediction he has made. I would also be willing to bet that Jim Rogers will feel the same way about inflation and the devaluing of the US dollar.
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