With Bear Stearns,
`We Have Armageddon!'
Aug. 8, 2007 (EIRNS)—The Lyndon LaRouche Political Action Committee (LPAC) issued the following release today.
Reacting to comments made by the CFO of Bear Stearns, financial commentator Jim Cramer, who has worked at fixed-income at Goldman Sachs and reportedly also once worked at Bear Stearns, went completely ballistic about the financial collapse now underway, while being interviewed on August 3 on CNBC. The interview is now circulating widely on YouTube.
Completely losing his cool, Cramer screamed that Federal Reserve Chairman "Bernanke needs to open the discount window... Bernanke has no idea how bad it is out there. He has no idea. No idea. I have talked to the heads of every one of these firms in the last 72 hours. My people have been in this game for 25 years and they are going to lose jobs, firms are going to go out of business. This is a different kind of market and the Fed is asleep. They're nuts. They know nothing. They have no idea what it is like out there. 14 million people took mortgages out in the last 3 years. 7 million of those were based on teaser or piggy back rates. They will lose their homes. This is crazy. I worked at fixed income at Goldman Sachs. This is not the time to be complacent. We have Armageddon in the fixed income market."