President George W. Bush announced his intentions to pass a stimulus package to boost the U.S. economy, and the market responded with a yawn. So did Cramer.
Bush's plan calls for tax rebates for individuals and couples -- possibly $800 and $1,600, respectively -- and tax incentives for businesses, both of which could total $145 billion. While Americans might enjoy a little extra money, access to petty cash isn't the problem as far as Cramer's concerned.
"It's really just a good boost for Apple . People will buy iPods," he said. "Or maybe it's a bailout for Men's Warehouse."
According to Cramer, it's the collapse of the mortgage and mortgage-backed securities insurers -- like MBIA , Ambac Financial , PMI Group , MGIC -- that's hurting the financials so much and causing the paralysis in the market. "I think these are the companies that are the lynchpin of what's wrong," he said.