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Dear Jim: With JPMorgan Chase [JPM
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] coming out relatively unscathed by the mortgage fallout, reporting only $1.3 billion in loss compared to Citicorp's $18 billion write down, is JPMorgan a solid long-term investment? With Jamie Dimon emerging as something of a rock star among CEO's, JPMorgan's outlook appears stronger then most to me. --Jessi in NY
Cramer says: "I would not put him at rock star. They still had losses. But I will say this: The bank stocks are all going to come down because there have been some downgrades by S&P tonight, [but] I think overall the Fed is in control now. I think if JPMorgan comes down three, four, five points, you should buy it. I think if Wachovia comes down a few points, you should buy it. We're now in a different world where weakness should be bought. But there is going to be a lot of bad news."
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Dear Jim: I purchased Walgreen [WAG
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] at just over $47. Should I continue to hold or sell it at a huge loss? --Rochelle in Arizona
Cramer says: "In Cramerica, we don't care about where you bought it. We only care about where it's going to. And I believe Walgreen is going down. Because the business is no good."
Hi Jim: I love your show, and especially your enthusiasm! My question is regarding a home purchase. I've heard you mention (a few months ago) that anyone is "stupid" for buying a home in this current market (yes, I'm trying to wait!), but what are your thoughts on home auctions? I'm in northern California, and found an ad…for a home previously listed for $495K with a starting bid of $109K...Is it still smart to wait - any thoughts? --Lin
Cramer says: "I'm beginning to look at homes because of mortgage rates. I care more about the component of martgage rates than I care about the price. I'd be very careful and suspicious of that housing. I don't like California housing, and I don't like Florida housing. The rest of the country is up for grabs."
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