This column was originally published on RealMoney on June 16 at 9:56 a.m. EDT. It's being republished as a bonus for TheStreet.com readers.

What's

TD Ameritrade

(AMTD) - Get Report

worth? How about

E*Trade

(ET) - Get Report

, or

Schwab

( SCH)? These are tough questions. E*Trade and Ameritrade both sport forward price-to-earnings ratios of 17 to 18. Schwab trades for 24 times earnings.

These are more than twice what

Goldman Sachs

(GS) - Get Report

trades for. The market seems to like the electronic trading model and dislike the investment banking/hedge-fund-buried-in-a-broker model.

Does that make sense? I don't know. I think that the online guys are experiencing fast growth but if the retail investor gets shaken out, you will be overpaying. I think the retail investor is here to stay, but that's not the case if we resume the downside and stay down for a long time.

I think the issue is that the other old-line brokers are just too cheap. I still don't get how the Goldmans and the

Bears

( BSC) trade at 8-10 times earnings. That's just too cheap. These are premier franchises that are much better businesses that any of the discounters.

Would I swap the discounters for the old-liners? No; I would just recognize that the real bargains right now are with Bear and Goldman after those unbelievably good quarters.

P.S. from TheStreet.com Editor-in-Chief, Dave Morrow:

It's always been my opinion that it pays to have more -- not fewer -- expert market views and analyses when you're making investing or trading decisions. That's why I recommend you take advantage of our

free trial offer

to TheStreet.com's

RealMoney

premium Web site, where you'll get in-depth commentary

and

money-making strategies from over 50 Wall Street pros, including Jim Cramer. Take my advice --

try it now.

At the time of publication, Cramer was long TD Ameritrade.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

Action Alerts PLUS. Listen to Cramer's RealMoney Radio show on your computer; just click

here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click

here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click

here to get his second book, "You Got Screwed!" and click

here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by

clicking here.

TheStreet.com has a revenue-sharing relationship with Traders' Library under which it receives a portion of the revenue from Traders' Library purchases by customers directed there from TheStreet.com.