Don't Buy These Bonds - Cramer's Stop Trading! (9/4/08)

Includes: C, FMCC, FNMA, MER
by: Joan Wickham

Recap of Jim Cramer's comments on Stop Trading! Thursday September 4.

Financial Don’t Buys - Fannie Mae (FNM), Freddie Mac (FRE), Citigroup (NYSE:C), Merrill Lynch (MER)

“This is a buyer who knows more about the market than anyone,” Jim Cramer said of Bill Gross, Pimco's chief investment officer. Cramer was responding to the CIO's earlier statement that even if Fannie Mae, Freddie Mac, Citigroup or Merrill Lynch comes up with a new offering, he still won't be a buyer -- not until the Treasury takes action.

“This is not Cramer saying, 'They know nothing!' on TV,” Cramer said, referring to his outburst last year. “I am a grain of sand, and this guy is the universe.” Cramer called Gross “the biggest buyer of bonds in the world” and said that he “could actually have that impact.” Nevertheless, Cramer said, “I don't know when (Treasury Secretary Henry) Paulson is going to make his move.”

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