Watch this. The damage in Wall Street credit markets is so bad, says the CNBC shouter, in an even louder voice than usual, that the Fed needs to whack short-term interest rates now and lend directly and cheaply to banks through its discount window.

An excerpt:

[Federal Reserve Chairman Ben] Bernanke needs to focus on this... Bernanke is being an academic. It is no time to be an academic! It is time to get on the Bear Stearns call. Listen! Open the door, Fed window! He has no idea how bad it is out there! He has no idea! He has no idea! I have talked to the head of almost every one of these firms in the last 72 hours and he has no idea what it's like out there. No idea! And [St. Louis Federal Reserve Bank President] Bill Poole? He has no idea what it's like out there!