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But this was actually a good thing, Cramer said.
The Federal Reserve won’t act until things are dire, so that was just the doom and gloom the market needed. It’s never a question of if the Fed will intervene, it’s just a matter of when. So the bleak picture Stumpf painted might have been just enough to prod Chairman Ben Bernanke into action.
But in the meantime, clear out of Countrywide [CFC
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], Washington Mutual [WM
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], Downey Financial [DSL
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], E*Trade [ETFC
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], Standard Pacific [SPF
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], Pulte Homes [PHM
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], Centex [CTX
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], Beazer [BZH
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] or any of the mortgage lenders. If Stumpf was spot on, these stocks won’t work for a very long time, Cramer said.
Instead, buy defensive stocks like Coca-Cola [KO
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], Altria [MO
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], Colgate-Palmolive [CL
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] and Clorox [CLX
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]. Even Avon [AVP
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] is great these days. And don't forget healthcare plays like Medco Health Solutions [MHS
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].
Hang tight, Homegamers. The worse the market gets, Cramer said, the brighter the future looks.
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