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

J. Crew (JCG Quote) 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 Quote) 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 Quote) could do it."