"Today, the Federal Reserve drew a line in the sand," an upbeat Jim Cramer told viewers of his "Mad Money" TV show Tuesday. He said that the Fed made it abundantly clear by its rate cut today that it will not tolerate a long, hard recession. Cramer said after countless months of inaction, the federal government has now gone on the offensive, with the goal of saving the economy by any means necessary. With today's action, Cramer said Fed chair Ben Bernanke can keep his job. "He finally did what we wanted," he said. Cramer said that the worst is now behind us, and he's more confident than ever that a housing bottom will occur in July, 2009. With fewer homes being built this year than in 1959, Cramer said its finally time to buy a home, or refinance one, and take advantage of record low interest rates that he says could see 3.50% to 3.75% by next year. With the Fed on board, Cramer said it's also time to take another look at the banks, which he said are again investable. He recommended both Wells Fargo ( WFC) and Goldman Sachs ( GS) as two names to start with.
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