Bears 1, Goldman 0

What was the deal with the Goldman Sachs (GS - commentary - Cramer's Take) quarter and these analysts? The company was telegraphing again and again that it could lose $5. Again and again. I just don't get it. The company told you it was going to cut Level 3 assets and it was going to take write-downs. It also indicated that fixed income was awful and so was asset management.

But didn't anyone believe that it had core earnings power?

I have seen much research this morning which says that Goldman is mortal, that it is just like the others.

Well, I sure hope so, because it trades at a discount to the others.

Do I trust the book value? I wish they had kitchen-sinked the book value and cut Level 3 assets to half of what they did. Then you would trust the book value, and I like to trade these things off of book.

Still, people expected tragedy, they got tragedy, and in the end, now the job cuts will kick in, the margins will get better, and you have to feel better after this one.

Let it come in. Don't buy it. (I own it for Action Alerts PLUS.)

But stop scorning it already. It's been beaten. The bears have won.

Declare victory; move on.

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

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Know What You Own: Other diversified financial stocks include JPMorgan Chase (JPM - commentary - Cramer's Take), Morgan Stanley (MS - commentary - Cramer's Take), Merrill Lynch (MER - commentary - Cramer's Take), Citigroup (C - commentary - Cramer's Take), Bank of America (BAC - commentary - Cramer's Take) and Wells Fargo (WFC - commentary - Cramer's Take).

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