NEW YORK ( TheStreet -- Debra Borchardt: All the world needs is a cheaper iPhone, right, Jim? That's what we're hearing, is that Apple ( AAPL)is now talking about a cheaper iPhone. Don't we have enough iPhones?

Jim Cramer: Apple's cursed right now. I was joking this morning with Squawk on the Street, they can announce a better than expected earnings, double the dividend, big buyback, split one to ten. And it doesn't matter what they do. People don't like Apple right now. It's over-owned. That said, this is a Nokia ( NOK)-killer. Nokia's owned that market. By the way, Intel's ( INTC)trying to be in that market in the white-label low-end phone. You want to offer something to China? You need an inexpensive phone. You want to blunt Samsung ( SSNLF)? You get a better system that works with European telcos, and you have an inexpensive phone. You want to cover the Waterfront? You want to own every single market, and Apple has to do this. Once again, this is not the "Oh whim-Jim looking for the thing from Apple that just dazzles."

I have a mini iPad, I really like it, but it's not enough to be able to do the trick. Apple, in order to get out of the funk, it has to break down technically, it has to get rid of all the people who don't understand that Apple is no longer going to be able to grow 30, 40 percent, and then when it introduces something like a low-end phone, we want to buy it, instead of just thinking, "Well, time to sell Nokia back, too."

Debra Borchardt: Don't you also feel that Apple has too many products on the market right now? It used to be that Apple only had a small number of products. That made them unique and special. You go into Wal-Mart ( WMT)now, there's Nanos, there's Shuffles. It's so many things that they just don't even need anymore.

Jim Cramer: That's a good point.

Debra Borchardt:

And no one's buying it. It seems like if they culled their product line down, it makes them special again. And it feels like a cheap iPhone is not special.

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