JPMorgan's Run Shows These Mortgages' Value

The incredibly stupid thing that the opponents of the Paulson plan don't understand is that you can see how much these mortgages are worth if you look at how much JPMorgan Chase (JPM - commentary - Cramer's Take) is up today despite its secondary. It wants the mortgages, and it has a big enough balance sheet that it can sit with them.

I wish the taxpayer got the mortgages, or got a stake in the mortgages, because they will be worth a heck of a lot. How can these people be so worried about taxpayer money when people are buying the heck out of JPM, even as it is buying the worst of the worst of mortgages, because they represent real value if written down and run right?

I think JPM's run is all you need to know about how much Wall Street knows these mortgages are worth, even if you have to write them down and sit with them. And no matter how unfair you think the plan is, it is really galling that the FDIC is handing this network of branches and deposits for virtually nothing.

I want in!

Random musings: You do the equity offerings, your stocks rally, Mr. Pandit! Look -- Zions Bancorp (ZION - commentary - Cramer's Take)and Capital One Financial (COF - commentary - Cramer's Take)! Huge. Come on, Citigroup (C - commentary - Cramer's Take).

At the time of publication, Cramer was long JPMorgan Chase.

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