Cramer says: “We will not be out of the woods until AIG, that mess is cleaned up…” as well as some other financials whose names Cramer has mentioned over and over again. “Everyone knows which ones I’m talking about.”
Booyah Jim!: What a start to the week. I keep hearing Jim Morrison's "Peace Frog" in my head. Who's left in the financial world that can possibly be taken out to the woodshed or fitted for concrete shoes? Looking forward to hearing some sage, soothing advice, Mr. Cramer. --Ross
Cramer says: Stick with Cramer’s Fortress Four banks – JPMorgan Chase , Bank of America, Wells Fargo, US Bancorp – as well as BB&T and now Wachovia because it’s down enough to be an attractive buy. Hudson City, too, is still a Mad Money favorite.
Jim: It seems that the rating agencies are the pivot point, and untold story, for all of the current financial problems. First, they overrated the mortgage bundles that allowed the housing market to bubble, and now they are the driver in how the financial firms are valued. What gives? It seems they are off limits for criticism and review. --Jim in Iowa
Cramer says: “No, they’re not. They got caught up like everybody else..many of these stocks are going down because of upticks and no need to borrow stock. That drives the stock down, which then gets the rating agencies worried like it did for Washington Mutual . All I can tell you is they’re way behind the curve. But so is the Fed, so is Treasury, so is the government, so were the executives. What can I say? We did our best here to tell them.”
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