On CNBC's Stop Trading with Erin Burnett a year ago today, Jim Cramer absolutely lost it while discussing the subprime mess.
And what a mess it is. Cramer is just great entertainment and Bear Stearns, trading 109 on this day, is now a morsel of JP Morgan. Since then, the FED has cut over 300 basis points and difficulty in acquiring credit remains at extreme levels as we continue to wring out these excesses and absorb the existing housing inventories.
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Billy, Cramer was right on and that is exactly what the Fed did, they opened themselves up directly to the mortgage banks, and got them by the point were no one was buying the mortgages they were originating. Good post and he was passionate wasn't he, damn!
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