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Jim Cramer's 'Stop Trading!': Indy Was Doomed

Today saw "more fear than almost any other time since Bear Stearns," said Jim Cramer today on CNBC's "Stop Trading" segment. He attributed this to the fact that single-digit stocks were falling at a "ghastly percentage basis."

Looking to bank stocks, Cramer emphasized that "everyone knew IndyMac (IMB) was going to go," because it had a "huge number of nonperforming assets." He added that National City (NCC) and Washington Mutual (WM - Get Report) "should be called by the government and told to raise more capital."

Cramer finished by focusing on homebuilders and various housing companies. "Look for this group to bottom ahead of when the banks bottom," he said, and he cautioned that "we need to see a merger before we can get excited."

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

Jim 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. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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