The Deal's the Thing

It's not just all Bernanke. GE (GE - commentary - Cramer's Take) closed on plastics. Home Depot (HD - commentary - Cramer's Take) closed on its supply business. And Accredited (LEND - commentary - Cramer's Take) actually got another bid, even if it is for a lot less, which tells me that those who thought Accredited was a short at $6 aren't going to recover.

We needed things off the table. We needed to break up the logjam. You can talk about hung deals, but if we get any one of the First Data (FDC - commentary - Cramer's Take), Alltel (AT - commentary - Cramer's Take) or TXU (TXU - commentary - Cramer's Take) deals done, we will get all of them done and then you will be stuck trying to figure out why you didn't buy Goldman Sachs (GS - commentary - Cramer's Take) knowing that, while its structured products and prime brokerage businesses aren't booming, it still only sells at 8.5 time earnings. You might even want to buy Lehman Brothers (LEH - commentary - Cramer's Take)! Heaven forbid!

I think that any deals that close make people more confident for the other deals. Should they close is a different story. But the longer we go without more deals, the less forbidding the pipe looks.

The bears can argue that if the Fed sees these deals close, it won't ease. I don't think that's really right. The whole point of Bush/Bernanke's one-two punch is that there is, at last, a recognition that housing isn't rosy, despite what OFHEO says, and that the need to help the system with rate cuts is growing undeniable even if these deals close.

Be careful; you get deals done, you get rates cut. You get the best of all possible worlds. If only we weren't so overbought. I'd feel a lot better about going home long this weekend if we weren't.

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General Electric owns CNBC, for which Cramer is a featured commentator. At time of publication, Cramer was long Goldman Sachs.

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