Saluting Anthem and Bank of America - TheStreet

Nice saves! That's what

Bank of America

(BAC) - Get Report



(ATH) - Get Report

delivered this weekend: nice saves.

On Friday, things were so ugly at one point that I started getting the "October crash" instant messages and emails. I frantically searched for stuff to buy as soon as I heard that.

I looked at my screen and there was


(UNH) - Get Report

ramping, and I figured it was


. There were the banks doing well, and I figured it was



Of course, I ascribe way too much power to


, which I don't know if the younger people in the game even read anymore -- let me know at

And I don't ascribe enough power to the companies around the country that now trust the books and are ready to start buying each other again to grow.

There simply is no way you can grow a bank these days without taking another over unless you have the

Commerce Bancorp

(CBH) - Get Report

growth gene, and that seems to be limited to Vernon Hill.

For Bank of America and Anthem, the time to buy was now, before things get too expensive, before they go back to where they were. They weren't thinking about a crash; they were thinking about building their franchises.

So in that sense, they saved the market. Let us remember, though, as we trade these pieces of paper, as we rent them, some people actually do want to own them. And when they do, they pay up magnificently and remind us why it's still so important to consider potential change of control when you buy a stock.

At the time of publication, Cramer was long UnitedHealth.

James J. 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

Action Alerts PLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to Listen to Cramer's RealMoney Radio show on your computer; just click



here to buy Cramer's latest book, "You Got Screwed!" Click

here to order Cramer's autobiography, "Confessions of a Street Addict."