It's not just Cramer and Trump. Now Alan Mulally, the head of Ford, is calling for the Fed to emphasize growth.

Wherever housing has crashed (like Southern Florida or Southern California), vehicle sales have also crashed.

The chief executive of Ford has joined calls for the Federal Reserve to stimulate the economy, saying the housing crisis and credit turmoil has made sustaining economic growth a "priority".

In an indication of the growing pressure on the Fed to cut rates, Alan Mulally said economic and credit conditions were a "big headwind" to his plan to turn round the carmaker, which last year lost $12.65bn.

"Something we are all concerned about is the macro-economy," he said. "Especially right now in the US with subprime and [higher] fuel prices."