TheStreet.com RealMoney

T Should Be Wake-Up Call to Fed

By Jim Cramer

 About this article:
 First they couldn't pay the mortgage. Then they couldn't go out to dinner. Now they can't even make calls or go to the supermarket or drug store? How else do you read the declines in Countrywide, Brinker, Walgreen, AT&T and Supervalu? That's how I read it. I mean, does anyone know how bad things are? Does anyone at the Fed realize the precarious nature of what happens when Brinker and AT&T can't make their numbers? Does the Fed understand fragility? Does it understand that we have done so many security securitizations that we have no idea where most of the bodies are buried? I constantly try to get into the heads of the Feds because I can't possibly believe they are just plain stupid. Do they have a disaster plan? Do they realize that without the monolines -- the name that everyone uses for Ambak, PMI, MGIC and MBIA there's...

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