Behold: The End of the End Is Nigh

If we can get to the end of March, we will be able to get out of a lot of this credit crunch. The Fed is going to allow you to take your bad stuff and return it for cash. The Fed is just borrowing them, but they can borrow them for a long time.

This is the plan to forestall the apocalypse, to take the four ailing horsemen of the pending financial apocalypse -- Citigroup (C - commentary - Cramer's Take), Merrill (MER - commentary - Cramer's Take), UBS (UBS - commentary - Cramer's Take) and Washington Mutual (WM - commentary - Cramer's Take) -- and make it so they don't get sent to the glue factory. This facility will also allow Bank of America (BAC - commentary - Cramer's Take) and Wachovia (WB - commentary - Cramer's Take), which are swimming in this bad paper -- AAA real estate paper in particular -- to catch their breath. These both need it, as you see the WB dividend yield and you recognize that Bank of America is going to own some real bad paper when the Countrywide (CFC - commentary - Cramer's Take) deal closes.

I want to be very clear, the moment the Treasury Department stopped being laissez-faire, the moment that it was no longer in a "let them eat cake" mode -- which is what happened when Bear (BSC - commentary - Cramer's Take) failed -- the world changed. We then saw the Treasury end the chokehold it had on Fannie Mae (FNM - commentary - Cramer's Take). If the Fed wants to ensure a bull market in financials, all it has to do is issue $200 billion in yearlong paper, that's what the Street is desperate for, and bid for Fannie Mae mortgage bonds. Then I would predict we would begin to clean up the housing overhang, as it would be easier to get mortgage money more cheaply.

We are getting close to a resolution; we do need to prevent the four horsemen of the financial apocalypse from going lame.

That's the all-clear signal for the end of the bear market.

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

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