Cramer Takes Bernanke's Side

Many have been eager to attack Ben Bernanke and the manner in which he has handled the financial crisis thus far, us included. As a student of the Great Depression he undoubtedly has a unique view of the economy and as the Chairman of the Federal Reserve he has a responsibility to keep it as healthy as possible.

We do believe that the worst is behind us and the U.S. economy could easily handle a bump in rates to the 1-2% range, which could slow the dollar's descent and possibly head off any future inflation that could crop up as a result of all the unprecedented actions that have been taken to bring the U.S. (and global) financial system back from the brink of collapse.

Ben Bernanke does have at least one ally, Jim Cramer of all people. Although Jim does catch flack for some of his stock picks and on air antics he usually has a good read on the overall market and macroeconomic situation. Jim eloquently explains himself here: www.thestreet.com/p/rmoney/jimcramerblog/10627332.html.

Basically, he finds it absolutely unbelievable that traders expected Ben to kill the market’s rally on Monday while giving a speech and presents a reasonable case to support the actions and position the Fed has taken on interest rates. Jims kindly reminds us all "don't fight the fed."