Eric Bolling
The upheaval in the financial markets in recent days has been treacherous. The 4% swings of multi-trillion dollar markets is both unprecedented and unsettling. But we have to take some solace in the fact that the indices ended this past week virtually unchanged, thanks to a lot of help from the Federal Reserve, the Treasury, the White House and even Congress.
You know all the numbers: the $700 billion Treasury wants to use to rescue our financial system by buying bad mortgage-related debt, the $85 billion loan to AIG, etc. Of all the week's events, Tuesday morning stands out most in my mind. With AIG(AIG Quote - Cramer on AIG - Stock Picks) on the verge, I called my friend and broker Bobby at UBS(UBS Quote - Cramer on UBS - Stock Picks). I asked him how UBS stood given the fact that over the last few days, one investment bank after the other had been targeted by aggressive short-sellers. He said his firm was in very good shape. My concern was that after the shorts were through with all the U.S. banks holding mortgage derivatives, they would turn to the international banks with similar exposure. I instructed Bobby to but the full value of my portfolio in Treasury bills. He said the rates were really low and I instructed him to do it anyway. I was worried that my 23 years of blood, sweat and many tears would get swallowed by short-sellers smelling blood. I have no issue with legal short selling; I just did not want my portfolio to be chum for their very successful campaign. Turns out Hank Paulson saw the same thing I did and headed it off before the impending run on the banking system was able to take hold.
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