CNBC commentator Jim Cramer isn't too impressed with those criticizing the Federal Reserve for waiting too long to raise interest rates.
Fed Chair Janet Yellen said this week that the central bank is unlikely to act before at least April.
Cramer thinks the Fed should ultimately push long-term interest rates higher by selling some of its huge bond holdings rather than raising short-term interest rates.
"But something bothers me about the endless complaints about Yellen," he writes on TheStreet.com.
"They tend to be from people who are either so rich that they fear their purchasing power will be eroded [by the Fed's low-rate policy], or they can't get enough safe income to make themselves happy, or they are short bonds and stocks and betting against them."
The complainers aren't voicing their concerns because of economic principles, Cramer says.
"Believe me, most of these people are not being stewards of our country's finances. They are simply talking their book and trying to panic out those who own stocks, so they are knocked down. They revolt me."
Meanwhile, former Treasury Secretary Larry Summers appears to agree with the Fed's policy statement Wednesday, which stated it will be "patient" in raising interest rates.
"We have an economy that appears to be gathering strength," Summers, now a Harvard professor, told CNBC.
"But on the other hand, inflation expectations appear to be dissipating. So it's a paradox."
Thus the central bank is correct in adopting a watch-and-wait strategy, Summers said "[There's] a reason for prudence and caution with respect to tightening monetary conditions."
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