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Washington, when it comes to this financial crisis, has lost all credibility, Cramer said during Friday’s Mad Money. So the government must act behind the scenes if it sincerely hopes to get us out of this mess.
Hey, what can this administration expect? Its baby-steps approach to meeting this crisis just hasn’t worked. And let’s not even mention the 12 months it took the government to react in the first place.
Cramer’s suggestion: Gather all the heads of Citigroup [C
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], Wells Fargo [WFC
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], JPMorgan Chase [JPM
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], Morgan Stanley [MS
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], Goldman Sachs [GS
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] and Bank of America [BAC
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] and offer to guarantee their debt, at least until the markets settle. Let these banks pay off their debt with government money, and guarantee their accounts.
The only stipulation would be that the banks had to start lending again – to the tune of $100 billion a piece. To make this easier, the government would provide the money. And the loans would go only to corporations in desperate need of cash and potential homeowners. (Hedge funds can fail, Cramer said. This is about Main Street.) That way the engine under this market – credit – would start to flow again, and we could see a turnaround.
The last piece of Cramer’s plan would be for these larger banks to swallow up their weaker counterparts, those with bonds trading as if they were about to fail. Take the deposits and sell the troubled assets to TARP.
This same type of private-sector coordinated effort worked in 1987. A group of brokerages put in simultaneous buy orders to prop up the market on Terrible Tuesday (obviously, the day after the Black Monday market crash).
That same kind of deal is needed now, Cramer said, and it has to at least look like Washington had nothing to do with it. People just don’t trust the feds these days.
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