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Jim Cramer Return Risk +2.62% MID Tracked Blogger Profile & Performance Subscribe to author

Symbol Sentiment Start Return Closed WM n/a CORS n/a LEH n/a MER n/a FNM n/a GM n/a DSL n/a BKUNA n/a AIG n/a Via BloggingStocks:   Filed under: General Motors (GM), Market matters, Merrill Lynch (MER), Amer Intl Group (AIG), Washington Mutual (WM), Lehman Br Holdings (LEH), Cramer on BloggingStocks TheStreet.com's Jim Cramer says the government needs to step in and take charge, and it needs to do it now. We all know it. All of us. We know that the subprime mortgages that Lehman (NYSE: LEH) (Cramer's Take) wrote in Europe have come back to haunt them. We know that AIG (NYSE: AIG) (Cramer's Take) insured a lot of bad paper over in Europe when it decided to "avoid" the U.S. Subprime financial insurance, if you can call its multi-billion-dollar exposure "avoidance." We know that Washington Mutual (NYSE: WM) (Cramer's Take) can't absorb the losses itself. We know that Downey (NYSE: DSL) (Cramer's Take) and Corus (NASDAQ: CORS) (Cramer's Take) and BankUnited (NASDAQ: BKUNA) (Cramer's Take) can't raise the money they need. We know all of these things. I think the federal government does, too. We lived in an unregulated time where everyone acted badly and no one protected anyone, and now these institutions have to be dealt with in a way that is the least painful of all the painful ways. Of course, though, this government has no desire to deal with things until guys like Bill Gross or the Chinese government say, "We are done buying your paper," when it came to Fannie Mae (NYSE: FNM) (Cramer's Take). I guess they want a run at the bank of Washington Mutual and they want customers to stop doing business with Lehman before that's sold for scrap, although I must say that the Bear deal worked pretty well for everybody except Bear shareholders. Continue reading Cramer on BloggingStocks: We need action Permalink | Email this | Comments   Read the rest of original post »

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