Not Another Dime for the Home Builders
How about the outrageous request from homebuilders asking Congress for a 250 billion dollar stimulus package. These are the very companies that got us into this mess are now begging at the federal trough for a quarter of a trillion dollars so they can build more homes.
"This package had better be deep-sixed immediately," demanded Cramer as giving these companies money is the worst possible thing he believes they could do given the house price depreciation that has threatened the global economy.
"They want $250 billion? You know what? They owe us $250 billion for the damage they've caused to our economy. We need the homebuilders do go under. We don't want them pumping out any more homes. This is the absolute height of outrage," said Cramer.
Cramer can't believe these guys had the guts to even ask and it must be stopped.
"I'm happy to give these companies money to stop building homes or to dismantle their existing inventory (or dismantle themselves), but letting them live another day and keep building houses is like dropping napalm on the US economy. No thank you." added Jim.
Although Cramer likes their idea for a $10,000 tax credit if you buy a home, there is one thing he is even more fond of.