Populist anger should be appeased by the Fed’s emphasis on higher-than-usual capital requirements, an attempt to make sure banks survive the recession, especially if it lasts longer than expected. And short sellers will be reluctant to raid banks because there is no guarantee the Fed will punish those that fail this test.
“All they’re trying to do is stall and delay,” Cramer said of Bernanke and Geithner.
The one negative out of today’s news? Neither Goldman Sachs nor JPMorgan Chase will be allowed to return the Troubled Assets Relief Program money they borrowed for the time being. That, Cramer said, ruins their potential competitive advantage.
Cramer's charitable trust owns Goldman Sachs and JPMorgan Chase.
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