The Securities and Exchange Commission seems to be taking a “buyer beware” approach to regulation these days, Cramer said Friday, when it should be watching out for the little guy. He urged the SEC to suspend any company’s equity if it had no legitimate chance for growth.
“This is the American securities market, for heaven’s sake,” Cramer said. “There’s no caveat emptor. Protect us.”
The Mad Money host was speaking specifically about General Motors and AIG , which continue to trade on the Dow even though the general consensus is that both stocks are losers. Cramer went so far as to call GM “worthless,” regardless of the recent emergence from bankruptcy, and put AIG in pretty much the same category.
“These are traps for people,” Cramer said, adding that the SEC “should be policing this.”
“Someone has to protect the regular guy,” he said.
Cramer also noted Goldman Sachs’ new bullish call on the technology hardware, calling it a big change in stance for the investment bank. The problem?
“Everyone’s ignoring it,” he said.
The market seems overly negative, Cramer continued, so much so that virtually all good news is ignored. Example: Novellus Systems just received two upgrades, the company reports earnings on Monday, but still the stock has barely moved.
Lastly, Cramer offered a prediction for this earnings season: Apple will report a number that “blows your socks off,” he said.
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