Cramer: Throw Out the Rulebook
Why blame the government?
Because this stuff as so known and so obviously in the cards that you have to wonder whether perhaps the government has some marching orders from the president to do nothing until after every collapse -- nothing that is preventive.
This weekend, William Gruver -- a board member of TheStreet.com and a professor at Bucknell and a limited partner at Goldman Sachs (GS) -- wrote a piece for the New York Times op-ed page about the need to relook at the endless deregulation that got us here, post-Glass Steagall. It talked about getting ahead of problems and making the system less complex. Good advice! After the next few weeks, there will only be a few survivors left.
Time to put in new rules: Don't wait for a new administration.All of this was just too obvious. Neither the people who run the government nor the rules they have are right for a time of far more sophisticated interlinking instruments. So, as almost everyone goes under, let's think of the new world and how to make it better. Because at this pace, we will be in the new world in two or three weeks. Random musings: GE's (GE) statement of disclosure is more than we are getting out of others. I find it helpful, and it should be examined for what survivor companies should be doing. ... Lots of high-multiple stocks are going down; they'll probably bounce later in the day. At the time of publication, Cramer was long Goldman Sachs and GE.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV