A big foreign investor. Think of how Prince Alaweed’s investment in Citigroup turned the market around in 1990. “They have so much money in the Middle East if they wanted to come in and buy any of these they could,” Cramer said.
Waive the private-equity rules that prevent a company like TPG from buying at least a big part of Washington Mutual.
The Securities and Exchange Commission should waive the rule limiting the extent of buybacks a company can make. Also, it should reinstate at least a trial of the uptick rule.
In 1987, the market pulled out of the hole it was in when companies put in motion major buybacks and the Federal Reserve announced that all the liquidity that companies needed would be available. Something similar would help now.
Cramer also mentioned that the action in Morgan Stanley and Goldman Sachs is fear at work and not an honest look at the two companies’ fundamentals. Morgan Stanley CEO John Mack’s statement that fear, rumors and short selling are hurting his firm is his way of urging investors to buy the stock, Cramer said.
Jim's charitable trust owns Goldman Sachs and Morgan Stanley.
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