Cramer: Poole's Not All Wet

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Amazing. Just amazing. Bill Poole agrees with me: Fannie and Freddie are virtually kaput, they are insolvent. They don't have a right to be stocks.

I know that when I did my rant last year, it was really focused on Bill Poole, the Federal Reserve member who had been most opposed to my view that the Fed had to cut and cut hard. I called him a reckless man. Put aside that I called for his resignation, because he was calling for my resignation. Now he understands it.

Here's what I see happening: The people who own these stocks are going to lose everything. The man who understood this more than anyone in the country, Bob Steel, just jumped from the American frying pan to the Wachovia fire. But he was needed to figure out how to save Fannie Mae/Freddie Mac the companies -- forget the common stock. ...