Cramer's 'Mad Money' Recap: Dow 6,000?

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"This is the end of many stocks and many companies," Jim Cramer told the viewers of his "Mad Money" TV show on a somber Friday.

He said the Dow Jones Industrial Average could fall to 6,000 if the government continues quivering instead of acting.

Cramer placed the blame for today's selloff squarely on the shoulders of Treasury Secretary Tim Geithner, who he said should be calming the markets, but instead is nowhere to be found. This is what happens, said Cramer, when the government is AWOL.

Cramer said it's astonishing that the 100 largest companies in the U.S., which used to be worth $8 trillion, are now worth just $5 trillion. He said as long as people are clamoring to either nationalize or euthanize the bank stocks, the losses will continue.

According to Cramer, neither nationalization, which does too much, or euthanasia, which does too little, will work to save the financial system. He said what will fix it, however, would be offering 40-year, 4% fixed rate mortgages to everyone, especially to those whose mortgages are based on current appraisals. He again advocated forbearance for the banks, with no "mark-to-market" rules enforced.

Cramer said we simply cannot let the chips fall where they may, and the alternative of nationalizing will wipe out the preferred stock and so much more. He said as long as the government dawdles, and as long as both options are on the table, stocks are going to be punished.