A Fair Clearinghouse

If the Fed is pressuring for these exchanges then we are really in trouble.

I wonder if they even realize that Oct, 21, the day of the Lehman reckoning when we give the Wall Street gangsters their pay off on their hit jobs on Lehman, will cause the federally owned AIG (AIG - commentary - Cramer's Take) to write gigantic checks and will also reveal who guaranteed this stuff. It will most likely be lots of institutions the Fed doesn't understand or doesn't know.

Look, here's what should happen: IntercontinentalExchange (ICE - commentary - Cramer's Take), NYSE Euronext (NYX - commentary - Cramer's Take) and CME Group (CME - commentary - Cramer's Take) should compete. The margin rates should go up huge for anyone who wants to buy this stuff and there should be no more written and the market should be shut down and the SEC should only allow insurance when there is an economic interest. It should be regulated by some untainted organization, a national regulator of financial insurance that has powers to recommend criminal cases to Justice because it should be a crime to take insurance on something you have no economic interest in.

The exchanges should only be used temporarily to get rid of the $60 trillion that's out there and retire it all.

Of course, the government won't do this because it is too interventionist. So we may have to wait until these clowns get booted in November.

They simply aren't sophisticated enough to understand how the Wall Street gangsters work so they are always being bamboozled by them.

Fact of life.

Look, you need a mind from the hedge fund industry to run the SEC, someone who has seen it all and knows how the bad guys work.

Without it, all we will be doing is setting up a clearinghouse for hedge funds to vocally take down the next set of banks and brokers. It is too easy to do, the Kesselschlacht plan lives!

At the time of publication, Cramer had no positions in any stocks mentioned.

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