Cramer's 'Mad Money' Recap: Jan. 28

This article was originally published Jan. 28.

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"Let's not get ahead of ourselves," Jim Cramer warned viewers of his "Mad Money" TV show Wednesday.

He said that while the government's plan to created a resolution trust type "bad bank" is indeed the solution to the financial crisis he'd been hoping for, there are still a lot of unanswered questions.

Cramer said it was clear by today's action that the rally in the financials was spilling its enthusiasm and optimism into the rest of the market. But he wondered whether that optimism was warranted. He also wondered what Obama's vision is for the bad bank.

If we've learned anything from Obama's actions over the last few weeks, it's that there will be no more handouts from the government, he said, adding everything comes with a price.

He wondered what types of assets the new bad bank will accept and what it will not accept. Will the banks which sell these assets get off scott free, or will they be paying for the government's assistance for years to come?

Cramer reminded viewers that we've been here before, in the 1980's, during the S&L bailout. Back then, he said, all the financials rallied on the news of the Bad Bank, even the ones who couldn't participate in the bailout.

Cramer predicted the same thing will happen again this time, with stocks like Hartford Financial (HIG Quote), Prudential (PRU Quote), Lincoln National and CIT Group (CIT Quote) all rallying for no good reason.

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