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Mad Mail: Problems With the Geithner Plan

Jim: Finally, a show that discusses solutions and ideas that can be put into action! Sheila Bair was awesome! Finally, someone in government who makes sense and gets angered at abusers of bank loans! No more doom and gloom reporting needed! After watching your special, I have a sense of renewed confidence that the bank problem will be fixed and the banks will be the engine to pull us out of the housing deflation spiral. Just think, if your ideas were implemented when you made your original rant, the economy would not have been an issue on the election radar screen. Bravo. --R

Cramer says: “…I love the interview. I wish there had been more time spent on the notion of a better plan than what Geithner’s doing. One where the FDIC injects money directly into the banks…what’s really important here is no stress test for a little bit. We have to give them room…we can’t have this bank system collapse.”

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Booyah Jim: I am a little conflicted in regards to my stake in Allscripts-Misys Healthcare Solutions. I have had a nice run of about 25%, to date. Part of me wants to avoid being a pig. However, MDRX does appear to be one of the few winners from the Pelosi/Obama stimulus plan and could still go higher. What are your thoughts in regards to the future of MDRX? Thanks. --Dave

Cramer says: “I want you to ring the register right now…why? Because it doesn’t matter. Right now we’re in sell mode, and that’s been a big winner. And for all I know Obama’s going to say, ‘OK, they’ve made too much money.’ I want you out of that stock tomorrow. We’ll buy it back lower.”

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Jim: I am a big fan of your proposed mortgage plan. Living in Scottsdale, I was unfortunate to have purchased a larger home near the peak of the market. Obviously I'm not alone; all the homes around me are new, large and expensive. Please make sure your plan includes Jumbo mortgages. If it does not, depressed markets including California, Arizona, Florida and others will not recover. --Chad

Cramer says: “Mine's a universal plan. Anybody can refinance. The government gets in and guarantees mortgages for 18 months. Anybody who wants to refincance or buy gets a 4%-40 year mortgage. We’ll get out of this mess like that. Yes, you have to cut the principal. [FDIC Chairmwoman] Sheila Bair didn’t think you had to. Trust me, I think you have to, to get this whole thing done. Because you need the CDOs in it, too.”






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