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TheStreet.com's Jim Cramer says that until we have some clarity on the way out, we'll have a tough road ahead. This is a confusing moment, for the same reason as always -- the darned mortgage market. Dueling plans seem destined to go nowhere while defaults continue to go up. We need something to stabilize the house price depreciation and someone to take the hit: FHA, Fannie Mae (NYSE: FNM) (Cramer's Take), Freddie Mac (NYSE: FRE) (Cramer's Take)? I don't care.
The president's plan sounds like it tries to address who should take the hit -- a little bit bank, a little bit government -- but it is piecemeal, as is everything that has been done about this issue.
I am and have been banking on an expanded FHA plan that would put the onus on that organization to do long, low-interest-rate loan guarantees. It is a simple plan, and I bet the government would make money from it. It would end the madness of trying to figure out how to deal with each one of these stopgappers.
Regardless, I think the confusion of dueling plans makes things tough going.
And we no doubt will revert to the coal/ag/nat gas trade until oil comes in at some point.
Which it doesn't look like it will.
So round up the usual suspects: Potash (NYSE: POT) (Cramer's Take), Apache (NYSE: APA) (Cramer's Take), Deere (NYSE: DE) (Cramer's Take), Monsanto (NYSE: MON) (Cramer's Take), U.S. Steel (NYSE: X) (Cramer's Take) and Freeport-McMoRan (NYSE: FCX) (Cramer's Take)!
Random musings: There is no way this TPG infusion should value Washington Mutual (NYSE: WM) (Cramer's Take) above $10 -- the fact that there was an $8 takeunder on the table by JPMorgan (NYSE: JPM) (Cramer's Take) says that.
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Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. At the time of publication, Cramer was long Freeport-McMoRan.
Reader Comments (Page 1 of 1)
1. this guy looks familiar. Seems i saw him before on a celebrity and millionaire dating site called 'Searching Millionaire dot Com' . seems he is still single.
Posted at 8:58AM on Apr 9th 2008 by angela
2. Let the market work. Bailouts have unintended consequences which can be worse than the problem that they were to solve. There will be winners and losers, but that is what markets are all about. No bailouts, don't interfere. HCS
Posted at 2:34PM on Apr 9th 2008 by hcs