There's been a series of stories about how Goldman's not going to be able to make as much money. "This is just ridiculous," Cramer said.
"This is about the prime brokerages all pulling out at the same time," he said. "It was never about M&A. It was never about most of the things Goldman does."
For example, according to Cramer, Goldman has 11% Tier 1 capital. "This is kind of ludicrous that 11% Tier 1 is actually worse than banks that have huge amounts of home equity."
Goldman's multiple is seven times earnings, he said, and
is six times earnings. "
-- these are all between 14 and 17 times earnings. Do some homework before you start talking about the multiple."
Goldman and Morgan "are best in show," said Cramer. "I'm surprised that Goldman isn't up, but you can knock anything down today."
At the time of publication, Cramer was long Goldman Sachs and Morgan Stanley.
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