Jim Cramer of CNBC Passionately Reports that the Fed Does Not Understand the Market

Jim Cramer in a CNBC interview by Erin Burnett on Friday. Cramer: This is about Bernanke … he needs to open the discount window. Bernanke has no idea how bad it is out there!

Partial transcript of the Jim Cramer interview by Erin Burnett:

Cramer says the Fed is asleep.

“My people have been in this game for 25 years . . . They are losing their jobs — these firms are going out business.”

“Bill Poole is shameful.” [Bill Poole is President of the Federal Reserve Bank of St. Louis]

“Cut the rate. Relieve the pressure,” says Cramer.

Bear Stearns says revenues were under significant pressure in July.

He brings up the irony that we are spending billions in Iraq to build homes while people at home will lose their mortgages and their homes.

“Fourteen million took a mortgage in the last three years. Seven million of them took teaser rates or took piggyback rates. They will lose their homes,” says Cramer.