Brace for Google-Related Giddiness

We have enough to be concerned about right now that we don't need "bubble" talk put on it, particularly when whatever tech bubble we had at the beginning of the year is looking mighty popped. Foundry (FDRY - commentary - Cramer's Take) doesn't go from $33 to $10 in a heartbeat in a bubble. You don't get the massive deflation of the Conexants (CNXT - commentary - Cramer's Take) and the EMCs (EMC - commentary - Cramer's Take) in a bubble.

Still, we are all so "savvy" in the media that we will point it out and it will contribute negatively, not positively, to the months ahead.

I say that fully knowing that Google will reignite interest in the market. The problem is the individual nature of the deal. Put simply, there is no other Google to follow Google. What's good for Google is really good for just Google and whatever companies it plans to buy with its new cash and stock hoard. It will not trigger an honest wave of new companies. There aren't any others.

So, try to be skeptical in the wake of the coming giddiness. And hope that the model that Google produces takes hold on Wall Street, even if it would crush profit margins, because it just makes so much more sense than the old way.

But then again, the cartel of underwriters will never allow this to happen again unless the Justice Department wakes up and sees what's been happening for years. Unless the Securities and Exchange Commission realizes that Google just did its job for it. Unless New York Attorney General Eliot Spitzer sees the Google model and says, "You know what? That's the first trust-busting idea I have ever seen happen on the Street."

None of which will happen. Because that's asking for too much good to come out of the Google deal all at once.

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At the time of publication, Cramer was long InterActiveCorp and EMC.

James J. 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. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to [e-mail]. Listen to Cramer's RealMoney Radio show on your computer; just click here. Click here to buy Cramer's latest book, "You Got Screwed!" Click here to order Cramer's autobiography, "Confessions of a Street Addict."