It would matter if Cramer knew his a.ss from a whole in the ground. All he is focused on is ratings.
I don’t watch Cramer talk stocks because he’s a hype machine.
But again in this crisis, he’s been right on. He was the guy who back on August 16, 2007 was screaming at the Fed to do something about the subprime mortgage timebomb sitting with the banks. “They know nothing!”
He had the best idea today to help stop this mess. Better than the Paulson plan. Up the FDIC limit to $500,000 or even a few million. Make the banks just pay higher insurance premiums to cover it.
That would protect the public, limit panic and these stealth bank runs that are taking down these places.
If you think about it, the big problems the past 10-days come primarily from “bank runs” on deposits. Last week it was the money market funds. This week it was the WaMu and Wachovia deposit base. Stop these runs with backstop insurance and it gives us more time to solve the problems.