So buying troubled assets was always wrong. I got it. All of that wrangling about what to do with the $750 billion was all seat-of-the-pants nonsense. There was no plan.
But what we've been doing, just letting the U.S. own everybody and everything - like the British plan -- is working so why not run with it?
I liked the idea of the
buying troubled assets because I wanted to solve the mortgage crisis. From the looks of things, we were in such bad shape post-
that we couldn't even waste the time doing that. We needed to solve a situation that was about a banking shutdown and the Troubled Asset Relief Program did that. That's why the rally. And that's why the rally continues because TARP has saved the system. The rally will keep rolling until it is clear that the system was saved and everyone from
is alive and able to do lending. It is basically making the Treasury the biggest bank on earth and if it is working I am not arguing with it.
To read the rest of this column, or for more great market commentary from RealMoney, please click here for a Free Trial, and continue reading about what's really happening in the market today.
At the time of publication, Cramer had no positions in the stocks mentioned. Jim Cramer is co-founder and chairman 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
Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. To order Cramer's newest book -- "Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer),"
click here. Click
here to order "Mad Money: Watch TV, Get Rich," click
here to order "Real Money: Sane Investing in an Insane World," click
here to get "You Got Screwed!" and click
here for Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he appreciates your feedback and invites you to send comments by
TheStreet.com has a revenue-sharing relationship with Amazon.com under which it receives a portion of the revenue from Amazon.com purchases by customers directed there from TheStreet.com.