Cramer: Is Wishy-Washy Washington Hurting Banks?

The Treasury Department seems to be sending mixed messages, as Secretary Geithner said companies unable to raise “substantial” private capital can’t repay TARP but also that he soon expects “substantial” repayments. Cramer thinks this apparent indecision is holding back at least two key financials.

US Bancorp and PNC Financial Services Group “would fly” if the Treasury could pinpoint specific capital requirements that allow these firms to clear their government debts. While the bank stress tests were designed to do just that, it appears that Geithner has grown even more cautious than before.

“It’s putting a lid on these two,” Cramer said of USB and PNC, “which I think are excellent banks.”

Elsewhere in the market, Cramer attributed Joy Global’s new revenue estimates to the “extremely conservative” nature of the company. Management said on Wednesday that 2009 revenues will register in the lower half of its original projections, which were between $3.5 billion and $3.7 billion. Still, Cramer called Joy Global “all systems go.”

The Mad Money host pointed to coal’s reluctant endorsement by Energy Secretary Steven Chu and China's voracious demand for the commodity as his reasons for picking Joy Global. He recommended Bucyrus International as well.

“These are both really fine companies,” Cramer said.

Lastly, Cramer likes Nucor for its dependable dividend as well as Dan DiMicco, the company’s CEO. He also applauded U.S. Steel for its successful secondary offering.








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