Why Can't Anything Fail?

We don't get a bottom. We just drift down -- or on days like today, we raid down hard. One of the reasons we don't get a bottom is that nobody goes under. We just have so many companies on life support.

Take Charter (CHTR - commentary - Cramer's Take). This ridiculously hobbled cable company is what I mean about there being no conclusion to anything around here. Fitch just took Charter to CCC. Charter should be defaulting. When it does, Comcast (CMCSA - commentary - Cramer's Take) and Time Warner Cable (TWC - commentary - Cramer's Take) should be able to buy the assets, the subscribers, for a nice discount.

But it doesn't go under. It just hangs around. The whole capitalism pruning process isn't working.

Same with the banks and mortgage insurers. How in heck can Fremont General (FMT - commentary - Cramer's Take) still be around? Look at those statements this morning. But it exists still, and it drags out the cleansing process.

No one ever wants to root for failures. Nevertheless, we need to see some of the retailers and restaurant chains that did LBOs file for bankruptcy to take out restaurant capacity. When we look at Sprint (S - commentary - Cramer's Take), we see more than 50 million subs up for grabs, but it will be a bleed-off, because no bank is EVER going to let Sprint go belly-up, but no one in management will sell the company to anyone. The new management just got in. It doesn't matter that the stock is down huge today. It just hangs on like everything else.

Brokers? No one went under during this one, which is incredible. Airline capacity is back.

Thrifts? Nobody goes under.

Homebuilders? All of the publicly traded guys hang in. Nobody closes.

We know the monoline story.

So we just go on and on and on without getting a takeout in capacity and cheap assets for sale and a cessation of competition.

It just makes for a tougher environment than I have seen in years, because every company I follow that should be going under just keeps ticking.

No rest for the weary and no closings either.

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

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