This column was originally published on RealMoney on Sept. 15 at 11:39 a.m. EDT. It's being republished as a bonus for TheStreet.com readers.

Here's a frightening thought:

Fifth Third

(FITB) - Get Report

and

Commerce Bancorp

(CBH) - Get Report

are actually very well-run banks, and now both have said they see the yield curve eroding profits. It's arguable that these companies are simply able to see and assess the damage of this yield curve far earlier than other banks.

Before Regulation FD, I believe that bank CFOs would have been calling all the big Wall Street analysts right here and telling them, "Look, you've got to shade your numbers down."

Now, with the brilliance of Reg FD in place, what happens is that only the friends and family of bankers get to sell. We all have to wait until it is legal and they tell everyone at once. Oh, not the intent of the law? Hmm, I guess Arthur Levitt should have thought of that. Too late now.

Fifth Third and Commerce Bancorp simply represent the vanguard. I continue to believe that even after the vast multiple compression in banks and the declines we have seen in many of their stocks, there's still room to run to the downside. You don't get bad news from two of the best and yet have the worst do well.

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Elsewhere on this site and on our sister sites, people continue to pound the homebuilders. I agree with that sentiment. They have neither the dividends nor the controlled costs that banks have. Banks aren't big buyers of gypsum board, which seems to go up 15% in price every other day.

Yet, I still believe that banks are extremely vulnerable, and they represent a gigantic part of the

S&P 500

. Still not too late to sell them and pick up some oils.

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At the time of publication, Cramer was long Commerce Bancorp.

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