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'Stop Trading!': Laying Down the TARP Law

NEW YORK ( TheStreet) -- "We have a lot of things happening today that are very mixed," said Jim Cramer on CNBC's "Stop Trading!" segment on Thursday. "Today is a day when literally you're seeing the haves and the have-nots assert themselves as opposed to economic plays."

For example, he said, Nucor (NUE - Get Report), a "very important industrial manufacturer," is not doing well, whereas 3M (MMM - Get Report) is. And both 3M and McDonald's (MCD - Get Report) are up, he said, even though "one needs a strong economy worldwide and one doesn't."

"There's a boom-busting element today that I like," Cramer said. "This is a day that's not hostage to oil, which I absolutely love." And he also likes that he's not hearing "as much chatter about the next people arrested in the hedge fund business."

Turning to the hot topic of corporate paychecks, Cramer said that speaking with Ron Hermance last night of Hudson City Bancorp (HCBK), which did not receive TARP assistance, he realized two things.

First, said Cramer, "TARP law basically said the government could do whatever it wants, so maybe these people should face the music."

And second, companies that need to repay the government "can always raise money" to do it. He offered the example of Marshall & Ilsley's (MI) announcement Wednesday of a common stock offering, which pushed the stock up today.

"I think the government has every single right to demand that people at these banks don't do as well until they return the money," said Cramer.

-- Written by Rebecca Corvino in New York.
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