Jim Cramer's 'Stop Trading!': Inaction Creating Super Banks - TheStreet

"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 Report

,

JPMorgan

(JPM) - Get Report

,

PNC

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and

U.S. Bancorp

(USB) - Get 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.

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