This column was originally published on RealMoney on May 12 at 10:46 a.m. EDT. It's being republished as a bonus for readers.

People don't believe

General Motors

(GM) - Get Report

can do it. The skeptics just won't relent. That Bank of America sell rating reiteration was beyond stupid.

Here's the deal: I think that when we look back at this era, Kirk Kerkorian's representative Jerome York is going to be perceived as the man who did it again. I know many people continued to bet against him when he came on board with


. Back when I was running my hedge fund, we had the opportunity to talk to the guy, and we covered our short and went long after the meeting. Then he figured out how to fix Chrysler and sold it for a fortune.

Now he is in the mix with GM. Don't forget, the cars aren't the problem; that's a


(F) - Get Report

issue. GM's cars sell. The balance sheet, long a horror, is now good. The GMAC offload gives GM a chance to get a credit upgrade, which allows it to lower its borrowing costs.

Most important, that "No. 1" carmaker mantra is history. That's really important, because it is much better to be


large company that is profitable than to be

the largest

company that is losing money.

That's where York comes in. Chrysler and IBM were all about trying to be the largest, damn the profitability. York, no egomaniac, rightsized those firms. That's what's happening to GM.

I reiterate that when everyone else figures this stuff out, the stock will be at $40.

Random musings:

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At the time of publication, Cramer had no positions in the stocks mentioned.

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