Jim Cramer
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 market's lies,
- the sunny side, and
- this inept administration.
Lies The Market Told Me Originally published on Monday, Aug. 25, at 12:21 p.m. EDT The market's telling a lot of lies today. All you have to do is look at the stocks that are providing the upside, on a percentage basis, to whatever strength there is to the S&P 500. Let's go down the list. Nos. 1 and 2 are Fannie Mae (FNM Quote - Cramer on FNM - Stock Picks) and Freddie Mac (FRE Quote - Cramer on FRE - Stock Picks). I don't know a soul who thinks these two pieces of common stock are worth anything. If the preferreds may be worth nothing, who the heck wants these two? They are just little jumping beans that people short and cover on, because they can't be used to raise any money and no one wants anything these two companies issue. Witness that the preferreds -- thought to be such bargains when they were issued -- are down 50%. I continue to believe that Treasury Secretary Paulson doesn't want to take on these two companies until that common goes to zero, and it will, given the decline in housing prices today. The notion that they are "fully capitalized" gets sillier by the day. But they do have some worth in the out years just from the fee income. 3. Pfizer's (PFE Quote - Cramer on PFE - Stock Picks) rallying a tad. That's a bond equivalent situation. All that has happened there is a dropping of a glaucoma drug. It's more of a sell than a buy today. Good chance to sell it.
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