Please enjoy this free sample of our premium content featuring Jim Cramer. To get all of Cramer's premium content free for a limited time, please register here.
NEW YORK ( RealMoney) -- How about this? On a rebounding day, let's play 2008. Let's see if it makes sense, especially in light of the fact that we could rally today when everyone figured we would get another shellacking. If this is 2008, then the following would happen: Many of the large financials would get wiped out. Under a 2008 scenario, the U.S. government has to take a stake in Bank of America (BAC - Get Report) and dilute the common. The dividends of all banks would be suspended. Wells Fargo (WFC - Get Report) and Morgan Stanley (MS - Get Report), trading around $12.63, would trade to $7, and this time Morgan Stanley would get bought by somebody. Maybe a shotgun merger with Goldman Sachs (GS - Get Report), which now trading around $89, would go to $48. The U.S. government would have to bail out General Motors (GM - Get Report), again. This time Ford (F - Get Report) would have to go -- its balance sheet doesn't have enough cash. This time, Buffett doesn't have enough money, because he already bought a lot of stuff.
We would see a dramatic cut in the dividend of General Electric (GE - Get Report). We would be looking at a collapse in credit that would cause Caterpillar (CAT - Get Report), Deere (DE - Get Report), Joy Global (JOYG) and Cummins (CMI - Get Report) orders to dry up.