Jim Cramer's Best Blogs

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Jim Cramer fills his blog on RealMoney every day with his up-to-the-minute reactions to what's happening in the market and his legendary ahead-of-the-crowd ideas. This week he blogged on:

• the financial shakeout,
• pigheadedness and the U.S. energy policy, and
• Apple.

Click here for information on RealMoney.com, where you can see all the blogs, including Jim Cramer's -- and reader comments -- in real time.

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This Financial Shakeout Was Bound to Happen

Originally published on Wednesday, May 21, at 2:18 p.m.

Oh, doctor, is this market getting ugly. That whole big gain in retail is vanishing. The aerospace move is being repealed badly. Boeing's (BA Quote) giving up so much gain, no doubt because of what is perceived to be the end of the American airline business -- people in "Beat the Street" sure think so, and are winning with the strategy. I see pure defense aerospace stocks going down, too: General Dynamics (GD Quote) and Raytheon (RTN Quote) attract me, the latter an Action Alerts PLUS name that's too cheap.

Some of this decline is a recognition that once again the financials are being cracked. No more Fed cuts? More bad loans? All of it. Plus new negatives on the brokers -- failed hedges. Lehman Brothers (LEH Quote)!? Ouch.

The Fed meetings sure don't help, with the idea that the banks have to have another leg down because the employment projections are terrible.

I am watching Washington Mutual (WM Quote) and Citigroup (C Quote) and Bank of America (BAC Quote) and Wachovia (WB Quote) just get killed. No Fed cuts bailing them out this time!