Whence the Negativity?

Where are all the bank failures? When is a Freescale (FSL - commentary - Cramer's Take) or an Outback going to go under? How can Cerberus put on such a happy face? Why don't some newspaper or radio station companies fail?

As I read the article on Goldman Sachs (GS - commentary - Cramer's Take) today, I am struck by its sheer negativity. The Journal article makes it sound like Goldman is sitting on a pile of huge losses, paper that's never going to sell.

But I have to remind these naysayers that this is corporate debt, and corporate debt -- unlike so much of the housing debt of 2005-2007 -- is actually based on something, some standards, that actually might get it through.

To be sure, I have no idea how Chrysler and GMAC (GJM - commentary - Cramer's Take) will work out for Cerebrus. But their confidence is so extraordinary I find myself believing that they must have something up their sleeve, otherwise the bet there is for failure.

But it is the pervasive sense of failure, in the remarkable face of no failures that mystifies me -- and has me intently viewing Doug Kass' articles today elsewhere in this site.

Bring on the failures in corporates, or in real estate -- where Harry Macklowe just got saved with a big bid for the GM (GM - commentary - Cramer's Take) building -- and I will justifiably share the negativity. Until then, the negatives just don't add up to be huge at this part of the easing cycle.

At the time of publication, Cramer was long Goldman Sachs.

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