Jim Cramer Now Loves Ben Bernanke!

March 18, 2009 2:54 PM EDT
On Stop Trading today, Jim Cramer has pronounced that he loves Fed Reserve Chairman Ben Bernanke and what the Fed has announced today. Cramer loved the Fed actions today and said this will really help the American consumer.

Cramer said if you are at home, you should get on the phone and call your mortgage broker. He said borrowers can now get the mortgage rates they need. Cramer continued that this is the best thing the Fed has done so far.

"If you fight this federal reserve, you will not be in the hedge fund business a year from now," said Cramer.

Today, the Fed said it will provide greater support to mortgage lending and housing markets, the Committee decided to increase the size of the Federal Reserve’s balance sheet further by purchasing up to an additional $750 billion of agency mortgage-backed securities, bringing its total purchases of these securities to up to $1.25 trillion this year, and to increase its purchases of agency debt this year by up to $100 billion to a total of up to $200 billion. Moreover, to help improve conditions in private credit markets, the Committee decided to purchase up to $300 billion of longer-term Treasury securities over the next six months.

Jim Cramer concluded the Stop Trading segment by saying, "In Ben Bernanke I trust."

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