Nice saves! That's what
Bank of America
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
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
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 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.
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