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Cramer says: “We saw quarters from Wells Fargo [WFC
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], from USB [USB
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]. We saw a quarter from JPMorgan [JPM
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]. We saw a quarter from Bank of America [BAC
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]. And those guys had already put charges in that made it so that when housing does bottom, they will be overreserved. That’s the ticket. That’s what Wachovia did. They anticipated a housing bottom and they’re going to be right.” The Federal Housing Authority will put $300 billion to work to help homeowners with exotic loans and that will put a bottom in housing. “I was the first guy that said torch your house for the insurance money. I am now telling you that between now and the next six months you have to buy a house.”
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Jim: Booyah from the land of Chesapeake! They're drilling on my land. Can we say royalty checks?! Question: The Sirus [SIRI
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]-XM [XM
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] merger…will it go through in some form or another? Are you still a player on this merger? --Bruce in Texas
Cramer says: “One year, 156 days. Exxon [XOM
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], Chevron [CVX
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] and Conoco [COP
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] could have merged overnight versus this deal. It’ll finally get done. The restrictions are not great. I am concerned that there will be much more financing that needs to be done that will make it so the common stock is not a great bet. But I do believe, as I say in Stay Mad for Life, that it’s perfectly OK to have one speculative stock in your portfolio. And if that one stock is Sirius Satellite out of, say, five, I bless it.”
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Jim: I give up. When Wachovia [WB
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] missed earnings estimates by a ridiculous margin and their stock went up, and XTO Energy [XTO
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] who beat estimates, went down. What's going on here?!? My head is going to explode. A head spinning, mind-boggling booyah to yah! –Todd in California
Cramer says: “The answer is, be some of both. Own some Wachovia, and own some XTO. That way, whatever’s killing you in one, will be making it in the other.”
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