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NEW YORK (
) -- Jim Cramer offered his prescription on his
TV show Monday on what it would take to get the market to rally.
He offered up a wish list with 10 open-ended issues that need to be resolved before the markets can rally higher. He said until at least some of these issues are resolved, investors need to let stock prices come down and wait for lower levels.
Cramer's wish list of items needing resolutions included:
1. Greece needs to default already. Cramer said default is inevitable, adding Greece needs to take the hard medicine and get it over with already. "We will all survive," he added, "let's move on."
2. Our government needs to raise margin requirements. Cramer said increasing margins would flush out the speculators and send oil to $85 a barrel and gas to just $3.25 a gallon. "How's that for recharging the nation?"
3. China needs to focus on their slowdown. Cramer said the Chinese need to realize that inflation isn't as important as what a slowdown does to the global economy.
4. The U.S. government needs to refinance its debt. Cramer said Treasury Secretary Tim Geithner needs to take advantage of low long-term rates and refinance the U.S. debt. Yes, it will cost $200 billion, he said, but it will save the country from a debt crisis of our own.
5. Switch to natural gas. Cramer said the U.S. needs to use its glut of natural gas to convert trucks off diesel and cut off OPEC once and for all.
6. The markets needs to get back on track. Stocks need to just sell off and find their bottoms so we can focus on earnings and growth again, he said.
7. The SEC needs to investigate underwriting. Cramer said the underwriters who brought
public need a strong warning that another bubble will not be tolerated.
8. People need to stop trashing Ben Bernanke. Cramer said the
chairman is the best one of our lifetime, and people need to start acknowledging that.