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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 [TMA
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] 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 [NUE
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], Nucor [NUE
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] and Brazil-based Petrobras [PBR
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] are all “so right” for this environment, he said.
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