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Breathing room. That's another way to look at it. We need to have some marriages right now. Citigroup (C) should buy Washington Mutual (WM) . We need Wachovia (WB) to combine with someone. We need Wells Fargo (WFC) to step up and be the big guy.

I do not believe that these banks are ready for this moment, but they can work fast and get together, knowing that they will be able to separate their institutions into good banks and bad banks and have a place to go.

Possible mergers: Wachovia should merge with

Morgan Stanley


-- let's stop fooling around. Citigroup should buy Washington Mutual.

JPMorgan Chase


should take advantage of this and go in and buy, buy



. Yes, that's what should happen.

Bank of America


should keep rolling things up.

Breathing room matters. We need it. We are getting it.

There are banks who want to remain independent.

That's foolish.

Time to get married.

At the time of publication, Cramer was long Goldman Sachs, JPMorgan Chase and Morgan Stanley.

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

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