This column was originally published on RealMoney on Feb. 26 at 10:40 a.m. EST. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

So easy to make the market "worrisome." Oil back out of control. Subprime hideous.

Fed

on hold for the year. Deals out of control. Whole market being driven by liquidity.

Sorry, I'm not buying it. The banking index is a point and change off its high; a subprime contagion would have knocked that down for certain. Deals out of control? Just look at the amount of money raised and you know that

even if you think it's out of control

, it's

early

out of control.

Fed on hold? I don't think so; there are real reasons to cut, like subprime. Should we deny the poor loans? What a great excuse to lower interest rates.

And then the liquidity argument, that the market's only going up because there is so much money sloshing around. Well, golly gee. That's what

happens

, for heaven's sake. I would rather have a liquidity-driven market than an earnings-driven market, because liquidity acts as a put. There is no put to earnings disappointment.

Think about it: there's enough liquidity to do

TXU

(TXU)

and

Station Casinos

(STN) - Get Report

and still consider

Dow Chemical

(DOW) - Get Report

and back

Temple-Inland

(TIN)

. You know what these stocks have in common? They are and have been ridiculously undervalued vs. the growth end of the market for years and years.

That's ending. That's the other side of the equation that doesn't get talked about. We have a plethora of totally cheap companies that are being snapped up.

Liquidity? Bring it on!

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

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, 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

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