TheStreet.com TV Recap: It's Not a Bailout, It's a Stopgap

"We're not bailing out anybody," Jim Cramer said on TheStreet.com TV's Wall St. Confidential Web video Tuesday.

There are two things going on here, he explained. "One is that the companies that do mortgage servicing don't have the ability to renegotiate every one of these contracts," Cramer said. "It's better to do it en masse with the government's help so that the people who might fight this realize that they're fighting the government, but it's certainly no bailout."

The other thing, he continued, is that "we need to slow down the process because we don't want the bank examiners to shut down all the banks," which they might do. ...