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Dec.06
5:27 PM ET
Thursday, 6 Dec 2007
Stop Trading!: Bush Subprime Plan Not a Bailout
Posted By:Tom Brennan
Topics:Credit | Banking | Mortgages | Stock Picks | Stock Market
Sectors:Financial Services
Companies:Citigroup Inc
 |
Cramer is tired of hearing that President George W. Bush's plan to freeze subprime interest rates is a bailout, he told Erin Burnett during Stop Trading! Thursday. He chalked the complaining up to investors who shorted the financials.
"Everybody knows we've got to slow the [foreclosure] process down," Cramer said, "so these companies can raise capital and therefore stay in business, and snap back like in 1990 when Citigroup was insolvent."
The plan should help reduce some of the growing housing inventory and keep the system from collapsing, Cramer said.
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