a dog-eared town

I think Barry summed it up best.

There’s no other way to say this: Jim goes postal. When Cramer essentially begs the Fed Chair to rescue the big Investment banks, you know things have gone awry.

I think the clip is freaking amusing as hell. This is funny stuff considering Jim Cramer is the uber-bull. Someone who only likes things on the way up.

Anyway, watch the following clip. It’s so sweet.

I can’t agree more with Barry on this.

I have two words for Jim: Moral Hazard. Contrary to everything we learned under Easy Alan Greenspan, it is not the Fed’s role to backstop speculators and guarantee a one way market.

And really, if all the mortgage guys had to keep everything on the books like they used to do, they wouldn’t have made such crappy loans. When you sell of the loan as a CDO or CMBS, what do you care if the loans go under in 2-4 years. You already got paid.

The bigger problem is that everyone begs the government to bail them out. No. You made a bad loan, you should live with it. If you don’t make a bad loan, guess what, your company doesn’t go Chap 11 and you still have a job. How difficult is that to learn, eh Jim?