This column was originally published on RealMoney on April 16 at 11:11 a.m. EDT. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

Lending's back! Seven weeks ago we heard that there was a dramatic revaluation of "risk" because of the decline in the market.

Could that have been more wrong? I see a dramatic increase in the valuation of all lenders. Look at

Capital One

(COF) - Get Report

or

CIT

(CIT) - Get Report

. Credit card and midmarket and student lending. How about the lending associated with this breakthrough

Sallie Mae

(SLM) - Get Report

deal? What a debt pile-on.

Take a look at the

GE

(GE) - Get Report

quarter: more leverage rolled into a quarter than I can remember.

And most of all, the newfound securitization of bad housing loans. The fact that these can be packaged and sold tells you that default risk has been re-discounted in a positive way!

Some of this is the

Fed's

massive pumping of cash into the system to make up for the housing shortfall. Some of it is a recognition that subprime is not spreading beyond subprime. (If you disagree with me, go to the Web site of any of the major homebuilders and you will see that none of the $400,000-plus houses are being firesaled. The quick-sale pages of these sites tell you that.)

We are in lending nirvana. The aversion of risk was just a classic bad call made at the bottom by lots of people who will never be outed for their "prudent" statements.

Makes me angry. How in heck can these people who said there would now be a dramatic aversion of risk still have jobs? Still be quoted?

I believe it is because no one ever gets called out for being negative or cautious, even if it costs you money. The asymmetrical nature of the prudent/reckless dichotomy shows its face again.

Just plain farcical, if you ask me.

General Electric owns CNBC, for which Cramer is a featured commentator. At the time of publication, Cramer was long Capital One.

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