Bernake pisses off CNBC's Cramer

"HE HAS NO IDEA!"

Actually I think "he" does...

"He" being Ben Bernake, chairman of the Fed, and the keeper of the job that was once held by market guru Alan Greenspan.

The criticism is coming from people like Jim Cramer of CNBC, a guy who has had his ear to the ground of the market for many years now. Bernake was the one that has put a halt to the rise of the interest rates and hasn't moved them for several quarters now.

The initial move to freeze the rate was smart, but that decision to continue the freeze is causing problems from those in the market who rightly see bad times ahead. In fact, Cramer recently went on a tirade about how Bernake supposedly has no idea how bad the market is now.

"He has NO IDEA!!" yelled Cramer. "NO IDEA!"

The problem, though, isn't Bernake. It's the guy who put him in Greenspan's chair... namely Junior.

Junior NEEDS the economic news to be bright and sunny! The neo-cons are continually uttering this mantra that the economy is the best that it ever has been. He needs to hear about nothing but good times with a healthy and robust economy. And no doubt his puppets are on the phone with him on a continual basis demanding that rates go UP to further back this claim.

So you have the Imperium on one end screaming to RAISE rates, and you have the business leaders on the other end screaming to LOWER rates. One positive, one negative; they cancel each other out. So the happy medium is to keep rates the same.

Look, I agree with Cramer... the economy is pulling a Titanic act right now, and Captain Bush wants Bernake to just shuffle the deck chairs and go full steam ahead. Even an ordinary guy like me can see the signs. But that doesn't mean that Bernake is simply clueless. If anything, he's probably trying to reach an unhappy medium between the two factions.

Speaking which, here's the rant...