I'm Waiting for the Other Shoes to Drop

Yeah, I trust it. Sure.

That's what everyone is saying today. They see the futures and they are now conditioned to "fade" it, to go against it and just be glad to get minuscule higher prices than you could get yesterday.

I am no different. Last year when the Fed started injecting funds like crazy with the rest of the world, we had a real lift.

But there is so little confidence now that we can't possibly be comforted this time around.

The fright of yesterday, where people trusted only T-bills because anyone who had money with Lehman (LEH - commentary - Cramer's Take) international or owned their debt was just killed -- thanks to Dick Fuld for not taking that Korean bid -- won't go away in one day.

The notion of opportunity, of actually buying something and watching it go up, seemed to vanish. I don't think the SEC's decision to enforce an old law will cut it, and I am now repulsed by the chorus calling for the uptick rule -- even though that's my position -- because they all sound like sore losers.

What needs to happen? Time. A few days with no more bailouts. No bankruptcies. A government that issues $300 billion in bills that are so needed and then turns around and buys -- like a sovereign wealth fund -- anything that would instill confidence. Heck, the government should be selling CDS!

We don't know how much was bet against Lehman, and obviously we now know that the government was wrong not doing more with Lehman; the brinkmanship failed, and now because of mark-to-market rules that don't work right now, we have even the good ones going under.

It looks like the only real moral hazard was the destruction of the good guys.

Yes, all of this could be prevented. No, it can no longer be.

More destruction until we have none, and then I will trust the futures.

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

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Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. To order Cramer's newest book -- "Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer)," click here. Click here to order "Mad Money: Watch TV, Get Rich," click here to order "Real Money: Sane Investing in an Insane World," click here to get "You Got Screwed!" and click here for Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he appreciates your feedback and invites you to send comments by clicking here.

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