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Cramer says: “KL, thank you very much.”
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Booyah Jim: Wells Fargo [WFC
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] earns twice as much as Wall Street predicted, but they had $3.3 billion in charge offs. Does this mean they basically broke even? How did their stock go up 32% if they just broke even? And how did a bank in this market double Wall Street's expectations in this environment when homeowners aren't paying their mortgages? Something about banks, Wall Street and these companies beating expectations in this environment is very fishy...Can you explain? --Jared from Jersey
Cramer says: “You’re absolutely right. We didn’t talk about nonperformers there. But what we’re seeing is the core earnings power of a bank. That’s what matters. They have it. And remember, that is not going to be taken away. They are a better lender than most. They have fewer mortgages that are in default. they wrote down the mortgages from Wachovia very big. And they’re making it up with that gigantic net interest margin. Yes, not everyone’s a believer yet. But by the time they become believers, the stock will be much higher and the economy much better.”
Cramer's charitable trust owns Wells Fargo.
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