On CNBC at 2:46pm ET, Jim Cramer is screaming about the Fed right now: "WE HAVE ARMAGEDDON!"
UPDATE (2:56pm): While I was writing a very long post suggesting in a quiet and indirect way that I can't understand why the Fed is not providing credit to the market, Jim Cramer on CNBC's "Stop Trading" segment started screaming with a passion that I've never seen even from him. He screamed over and over that the Fed has "NO IDEA" what's going on, and added that its behavior is "SHAMEFUL."
Cramer said that the Fed should "open the window" and cut rates "TODAY"!
Just because the Fed didn't engineer this credit crunch, as Fed Chairs Volcker and Greenspan did in 1987, doeesn't mean that the Fed shouldn't provide the liquidity needed to ease the pressure on defaulting homeowners and on financial institutions that are getting killed from the drying up of corporate credit.
BTW, when Cramer started his tirade against the Fed the Dow was down about 100 points, which was less than 1%.
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