Wednesday, January 23, 2008

Kramer Calls For Investigation Of Fed

Kramer Calls For Investigation Of Fed

Kramer Calls For Investigation Of Fed
Popular financial expert questions Bernanke's obsession with wild interest rate cuts, "the man has no idea what he's doing"

Popular financial expert Jim "Mad Money" Kramer has called for the Federal Reserve to be investigated in light of recent wild interest rate cuts, insinuating that the Fed is following a different agenda to the interests of the American people as the economy teeters on the brink of a recession.

"I actually want to call right here for an investigation of what the Fed did. An investigation of the institution, because I think the institution has been behind almost every boom and bust that we've had for many many years. And its really starting to [be the] time to look to see what this institution is all about," Kramer told in a video report yesterday.

Kramer slammed those that gave the Fed carte blanche to take whatever action it wanted without scrutiny, stating, "You should never give a blank check to anyone - particularly someone as inexperienced as Bernanke," and questioned the bizarre slap-dash nature of recent rate cuts when compared to Bernanke's rhetoric.

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"When you look at the statements that have accompanied every Fed rate cut, you could reach no conclusion other than the fact that the man has no idea what he's doing," scorned Kramer.

Kramer has turned up the heat against the Fed in recent months, famously stating they had "run amok" and were "an unregulated group of people who frankly are not responsive or held accountable to anybody," during an interview with Congressman Ron Paul.