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"The game is over and the bulls have won," Jim Cramer told the viewers of his "Mad Money" TV show Wednesday.
He said that that we received the news that our financial crisis is officially over despite what the bears may say.
Cramer said today's news that both
Bank Of America
needed to raise additional cash as part of the federal government's "stress test" is decidedly bullish, given the amounts required are easily attainable for these large institutions.
He said the stress tests are for real and they're strong and they're working.
Cramer said the news that things weren't as bad as once thought sent the markets higher today. He said that money poured out of the food and drug stocks and back into the market leaders, oil, tech and the banks. With the market's now up 36% from the bottom, there's no denying this is a bull market, he said.
But what to make of the bears, those still spewing negativity at every turn in the media? Cramer said the bears have a fundamental problem; They can't change their minds without admitting they were wrong. The bears, he said, just dig in when they're wrong. He added they have every incentive to be consistent, but no incentive to be right.
Cramer said he's not afraid to change his mind when the facts change. He even went out on a limb to say that even the dreaded
might be out of the woods given the stress test results.