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Jim Cramer's 'Stop Trading!': Join J. Crew

J. Crew (JCG) was the only stock pick Cramer offered on CNBC's "Stop Trading!" segment Tuesday, but its quarter was so good that Cramer had CEO Mickey Drexler sign a conference call transcript as a keepsake.

"The guy's my hero," Cramer said, explaining his fanaticism. "It was a great quarter."

During the remainder of the segment, Cramer discussed the continuing liquidity crisis.

The matter comes down to CEO confidence, Cramer believes. "If they have liquidity ... why are the cancellations so great? ... People are talking about 30%" of loans ending in foreclosure, Cramer said.

No one knows how bad things are, he said. "We can't loan to this level of value, and we can't get appraisal," he said. "In the Toll Brothers (TOL - Get Report) call, CEO Robert Toll said at this time next year we'll be worrying more about the election than we will about housing prices."

The market is "not priced out, but mortgaged out," Cramer stressed. "That's a confidence issue."

"When you want a home, it's very hard for you to come buy one, particularly in that $400,000 to $500,000 level," he added.

"I wish that ... any CEO would step up and take the charge," Cramer said. "I bet Bank of America (BAC - Get Report) could do it."

At the time of publication, Cramer had no positions in any 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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