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 Quote) was going to go," because it had a "huge number of nonperforming assets." He added that National City(NCC Quote) and Washington Mutual(WM Quote) "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."