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We needed it. Without it, the stock market will now reflect a series of assumptions:

1. worldwide economic collapse;

2. a depression that is a sequel equal to the Great Depression;

3. many, many more bank collapses than we have had already; and

4. much more unemployment and many, many foreclosures.

I still believe that they can pick up the pieces somehow, but I cannot hide my thoughts that we have an economic disaster on our hands and the only weapon we had created was the mortgage plan.

Cramer: Where to Put Your Money Now

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Here's what I think happens now. We'll look for self-funding companies that do not need debt and do not need economic activity, and we'll start to pick at them. But we have to expect that we can go down several thousand more points without a plan, and I would use

the prices I gave you


TheStreet Recommends

my pieces the other day

to use as benchmarks to where things can go.

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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