Cramer: Look at the Facts on Financials

This column by Jim Cramer appeared on RealMoney earlier today. To check out a free trial to RealMoney, please click here.

If you listen to the bank bears, everything's worse than it was four weeks ago. The losses are increasing, the auction-rate preferreds are now biting, the mortgage implode-a-meter now measures how many homebuilders are going under. German banks are repossessing Vegas vanity projects, and Freddie Mac's (FRE Quote - Cramer on FRE - Stock Picks) moaning that it isn't their fault, they didn't compromise standards, things have just gotten much worse.

To which I say, let me give you some evidence that would suggest otherwise. Check out the prices from July 15 and those from last night's close:

• Ambak (ABK Quote - Cramer on ABK - Stock Picks): $1.70 -- $4.59
• MBIA (MBI Quote - Cramer on MBI - Stock Picks): $3.90 -- $8.28 (not including today's blowout earnings!!)
• Wachovia (WB Quote - Cramer on WB - Stock Picks): $8.90 -- $17
• Bank of America (BAC Quote - Cramer on BAC - Stock Picks): $18 -- $31
• Fannie (FNM Quote - Cramer on FNM - Stock Picks) (yes, FNM!): $6.90 -- $9.90
• Freddie (yes, FRE!): $4.05 -- $5.89
• Wells Fargo (WFC Quote - Cramer on WFC - Stock Picks): $19.90 -- $29
• JPMorgan (JPM Quote - Cramer on JPM - Stock Picks): $30 -- $39
• Lehman (LEH Quote - Cramer on LEH - Stock Picks): $11 -- $17
• WaMu (WM Quote - Cramer on WM - Stock Picks): $3.10 -- $4.90
• Citi (C Quote - Cramer on C - Stock Picks) (yes, C!): $14 -- $18
• AIG (AIG Quote - Cramer on AIG - Stock Picks) (yes, AIG!): $20 -- $24

When I made my bottom call -- as usual maligned by people who say I have called many bottoms -- regardless of whether I was saying a trading bottom or whatever, I was simply speaking of not violating those levels. There's a host of other commodity-consuming companies' levels that also hit bottom at the same time with the peak in oil that I don't think will be violated.

My evidence doesn't say that things are going to roar. I believe that Fannie and Freddie will have to be bailed out by the federal government and the common will get crushed, contrary to what the regulators are saying. I think Fannie's numbers today are much worse than should be allowed, and the common should be confiscated this afternoon -- the heck with the shareholders. Both FNM and FRE common shareholders should be given 10% of NewCo, with the government getting 90%, so we can benefit from the comeback. FNM and FRE are both worthless right now; I am not one who defends them. I think they are worse minus 10 or something, but stocks stop at zero.

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