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Stop Trading!: Market Needs Surprise Rate Cut

The stock market is begging for a surprise Fed rate cut, Cramer said on Friday’s Stop Trading!.

The problem is simple, as far as the Mad Money host is concerned: “Our banks have no money.” It isn’t that they don’t want to lend – it’s that they can’t.

Instead of those $600 rebate checks, he thinks the government should use the money from its economic stimulus plan to buy back residential mortgages. Cramer thinks Thornburg Mortgage CEO Larry Goldstone had it right when he suggested the government use the stimulus money to alleviate some of the pain in the credit markets to buy AAA-rated mortgage paper.

Cramer also took a moment to recommend the steel stocks as one of the few sectors able to surge because of overseas demand: U.S. Steel , Nucor and Brazil-based Petrobras are all “so right” for this environment, he said.

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