Cramer: Can't Trust the Regulators

Editor's note: Jim Cramer will present his 2009 stock outlook for the first time at TheStreet.com Investment Conference on Saturday, Oct. 25. Click for details.

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The Fed's putting pressure on various exchanges to set up a clearinghouse for credit default swaps. That's the "news" this morning. News is in quotes because, first, the exchanges all want to do this, and they have wanted it for months. They need the revenue. Second, we want more than one exchange so there is competition in pricing and we don't want a sweetheart deal by a government so prone to sweetheart deals that I want to vomit every day I come to work. ...