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Prices have fallen so far, so fast., and it seems that everyone has become as gloomy as Jim was when he made those sell calls.
Do you want to know why the stock market was up 396 points today (this on top of Friday's 494 point rally)? Cramer says it's simple.
The bailout of Citigroup may have resolved that bank's problem with toxic mortgage debt. But the rest of the banking industry is still struggling with an estimated $2 trillion of such debt.
There's one specific decision, Cramer believes, that President-elect Obama can make that would have immediate positive effects and "restore stability and credibility to our stock market" -- without costing a dime! It could even stop the "endless incredible pummeling of stocks." What's this miracle move, you ask? Simple: he should replace SEC Chairman Chris Cox.
With the market appearing to pop right after the news of Timothy Geithner taking over for Hank Paulson as Treasury Secretary in the upcoming Obama administration, what exactly does the market like about the pick.