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What I want to do though, before I get to our theme and our portfolio, is to give you some perspective about why the risks I see are simply tactical in nature, and not systemic, like those of [inaudible 00:02:27]. So it is true that many stocks are elevated, as they were back then going into the crash of 2007, 2009. But there are so many differences.

Jim Cramer: First, we had a government back then that cared more about moral hazard than they cared about saving the system. Second, we had virtually no rules about how much money an institution could lend versus the capital had on hand. That was really the problem with Lemen. Don't listen to anybody else, that's what happened with Lemen. Third, things that should have been blatantly illegal were actually legal. Including making loans that you knew were phony, but you figured real estate would always go up, so who could get hurt? And it had always gone up, other than the Great Depression. Fourth, our banks are so strong that they have too much capital. That's why they have such low priced [inaudible 00:03:14] ratios. They can't deploy the capital in ways that would give them a higher return.

Jim Cramer: Which is actually fine with me, you know that? Because we don't want big banks taking big risks, and then finding out they're too big to fail, but we let them fail anyway. Which is really what happened, again, 10 years ago. It's also why we own so few of them right now. Finally, why I think our nation's financial system is strong, there are instances globally that do look like we did back then. Namely, in the people's republic of China. Which actually, ordinarily could play to our nation's advantage.

In the September Action Alerts PLUS members' call, Jim Cramer offered some perspective about why the risks I see are simply tactical in nature and not systemic like those of a decade ago.

We are in a better place today, he says.  "Our banks are so strong that they have too much capital. That's why they have such low price-to-earnings ratios." 

And he believes our financial system is strong and we, as a a nation, can benefit.

Watch now to hear how!

Do you want more exclusive investing insight from Cramer? Get 24/7 access to Jim's charitable-trust portfolio with a free trial to Action Alerts PLUS! You can also watch all of Jim Cramer's New York Stock Exchange live shows on YouTube.