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Cramer Likes GM

Debra Borchardt: Right, and as you mentioned if you look at the overall TARP picture, they will come out ahead when you put the banks in there, put AIG in there, so while they did lose money on this one, in the overall scheme of things they did okay, and they did a lot of good.

Jim Cramer: Right, and the Fannie Mae (FNMA) Freddie Mac (FHL)losses were, I mean remember there's these big losses that the government took, but TARP, of which is still controversial, was a home run. Okay? Because it was meant to save the bank system. It did save the bank system.

Debra Borchardt: And the autos.

Jim Cramer: And the autos and GM stayed open. There was a sense that the government would lose a couple hundred billion with TARP and that certainly didn't come true. It did save the system. Europe had like kind of a quasi TARP going on with its banks but there were ways in other words to save the banks but the crisis in Europe wasn't as instantaneous, people saw that one coming. Some people did.

Debra Borchardt: Do you own any GM cars?

Jim Cramer: Do I have a GM car? No.

Debra Borchardt: Have you ever owned GM car?

Jim Cramer: No. I've owned Ford. I've owned BMW. I've owned Toyota. Those -- I guess -- are the ones. I owned a Volvo, a Saab. A lot of different cars.

Debra Borchardt: You mentioned Saab. Saab is not even going to be around anymore and GM is, so there you have it right?

Jim Cramer: Yeah, GM but I'll point out this big catch up move, all these stocks. People really like it so don't sell any of these.

Debra Borchardt: Okay.

--Written by Debra Borchardt in New York.

>To contact the writer of this article, click here: Debra Borchardt.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
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SYM TRADE IT LAST %CHG
AIG $53.37 0.00%
C $39.86 0.00%
F $11.45 0.00%
GM $28.54 0.00%
TM $110.39 0.00%

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