Skip to main content

"We're so worried about the purity of the bill that we don't realize that right in front of us, the FDIC is anointing a few banks and making them kings and giving them the deals of their lifetime," Jim Cramer said on Friday's "Stop Trading!" segment on CNBC.

He called for the limit for FDIC insurance to be raised to $1 million. Otherwise, he said, "we're just going to have a series of super banks, and everybody is going to pull their money out of every other bank."

The banks benefiting the most right now, he said, are

Wells Fargo

(WFC) - Get Free Report



(JPM) - Get Free Report



(PNC) - Get Free Report


U.S. Bancorp

(USB) - Get Free Report

. "That's it," he said. "People will only trust having their money there until we get FDIC insurance. We are having a nationwide pullout of deposits except for at those institutions, where everyone knows they're doing well."

He criticized Congress for not acting faster and passing a bailout plan. "It's obvious that all the benefits of these mortgages are accruing to a handful of banks as opposed to you the taxpayer," he said. "But you know, they don't seem to get that, because they've never hit up a stock quote in their lives."

The super banks "are going to own the world unless we pass that bill," he said.

At the time of publication, Cramer was long JPMorgan.

Jim Cramer is a director and co-founder of He contributes daily market commentary for's sites and serves as an adviser to the company's CEO. Outside contributing columnists for and, 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. Watch Cramer on "Mad Money" weeknights on CNBC. Click

here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click

here to order his 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. 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