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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Broken_Clock who wrote (136017)	7/24/2008 12:32:47 AM
From: Peter V	Read Replies (4) \| Respond to of 306849

Reality, schmeality. Cramer says the BOTTOM IS IN! Jim: I thought you were of the opinion that banks could not bottom before housing bottomed. What changed? --Dana in Florida Cramer says: “We saw quarters from Wells Fargo, from USB. We saw a quarter from JPMorgan. We saw a quarter from Bank of America. And those guys had already put charges in that made it so that when housing does bottom, they will be overreserved. That’s the ticket. That’s what Wachovia did. They anticipated a housing bottom and they’re going to be right.” The Federal Housing Authority will put $300 billion to work to help homeowners with exotic loans and that will put a bottom in housing. “I was the first guy that said torch your house for the insurance money. I am now telling you that between now and the next six months you have to buy a house.” HEY CRAMER, YOU NUTJOB, JUST EXACTLY HOW FAST DO YOU THINK HOUSING IS GOING TO RECOVER WITH THE ECONOMY IN THE MEAT GRINDER? EVEN IF IT IS THE BOTTOM (IT AIN'T) IT'S GONNA BE A LONG SLOW GRIND UP. 300 BILL IS A DROP IN THE BUCKET. BETTER? BETTER GET A BUCKET I'M GONNA THROW UP! ___