Jim Cramer's Stop Trading! 12/11/07: The Fed's Tooth Fairy

Recap of Jim Cramer’s comments on Stop Trading! Tuesday December 11. Click on a stock ticker for more analysis:

Fannie Mae (FNM), Freddie Mac (FRE), Washington Mutual (WM), UBS (UBS)

Cramer expressed his disappointment at the Fed’s diminutive quarter-point rate cut, but resisted the rage he expressed towards Bernanke in August. "I'm no longer fiery. They had their chance. I wanted to do a wake-up call then, in August. ... That was when it still mattered," said Cramer adding Treasury Secretary Paulson’s job is now much more difficult.

"These guys are academics. They're very far removed. ... They obviously don't get it. They want to take whatever pain we have. ... I admire them for their lack of panic, but the time to have done something was back in August."

Cramer said the recovery will be delayed and it will be less likely Freddie, Fannie, WaMu and UBS will get the money they need. He suggested investors buy stocks not levered to the United States and ridiculed the Fed’s apparent optimism; "How did we get such a mediocre Fed? How did this come to be? These guys are very optimistic ... good for them. ... Anything can happen. You know, the tooth fairy."

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