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Officials from the Federal Reserve in New York announced that the central bank will now allow "a broader range of commercial paper as collateral" in response to concerns that companies that needed the discount window rate cut the most weren't able to get it.

Cramer called the move bullish, but said, "They're trying to do everything they can other than cut" the Fed funds rate. As far as he's concerned, the housing industry can't be saved unless that rate is cut.

There's been a lot of buying in Lehman Brothers , and that has Cramer suspicious that someone inside knows a deal is imminent. "I'm a huge believer that where there's smoke there's arson," he said, adding that the sector on the whole has been "just too strong."

Earlier on "Street Signs," Erin Burnett interviewed a New Jersey teenager who hackedApple's iPhone to make it work on cell phone networks other than AT&T. Cramer said this is all the more reason to buy Apple stock.

Lastly, Cramer heard that Crocs was having a good quarter, and that's bad news for the shorts, he said. Twenty-seven percent of CROX is short.

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