icandoitdon

It Could Happen - Cramer's Mad Money (9/26/08)

if wall street wants to crash monday morning because a bailout package isn't delivered, let it crash.

this financial system is toast...the question is whether we acknowledge it sooner or later. our economy has been sustained for years by too much leverage and too much cheap credit, enabled by an incompetent and political federal reserve, self-serving and spineless congressmen and a foolish administration that preached that "government is the problem, not the solution" right up until the walls to crumble. now they think government is the solution. funny how fast they become socialists when they stand to lose money (and elections).

the deleveraging that must occur will take years and this bailout package will not prevent it from happening...nor should it. recovery will be faster and more sure footed if the trash is swept out the door, including the regulatory trash....greenspan, bernake, paulson, bush, congress, et al....who invested in the "don't ask don't tell" school of economics that was ushered in starting with the reagan era. democrats are just as responsible for it as republicans.

a crash will be a humbling experience for this nation. it needs one.