IBM ( IBM) actually hurts things, not helps them.

We need to get this market to some level where there is no hope, and then hope rears its beautiful head and the event is postponed again.

This is one of the worst markets I have ever seen. It is relentless. There is so much failure in the air, so much stink, like the stink from a sweaty Under Armour ( UA) or the biggest miss I have seen from a company in years.

MBIA's ( MBI) paper, the oversubscribed paper from last week, the 14% coupon, is already down to 75.

Merrill Lynch ( MER) tells us nothing about its portfolio, and we are supposed to be happy with it. Citigroup ( C) is still not at book. Washington Mutual ( WM) is still being run by Killinger after that quarter. The layoffs haven't begun. Everyone is still in business.

And Bernanke gives us the everything's fine statement and other fed guys are talking about a good economy. You could not design a worse set up if you wanted to.

I heard so many people talking about the bounce. I come back and say, We don't want a bounce

We want an end to the selling. But it remains endless. The sellers never finish. And when you have an Ambac ( ABK) or a PMI ( PMI) or a Radian ( RDN) or a UA, who can blame them?
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 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 clicking here. has a revenue-sharing relationship with under which it receives a portion of the revenue from purchases by customers directed there from