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Jim Cramer's Wall Street Confidential, 2/13/08: The Vs and the Dopeys

Includes: C, COOP
by: Miriam Metzinger

Recap of Jim Cramer’s comments on Wall Street Confidential, Wednesday February 13. Click on a stock ticker for more analysis:

The Vs and the Dopeys; IndyMac, Washington Mutual (NYSE:WM), Citigroup (NYSE:C)

Cramer says the current optimism in the market is due to two groups, the Vs who believe in a quick and complete recovery and the Dopeys who feel that nothing is wrong in the first place. The convergence of these two groups is bringing the stocks up, said Cramer. However, Cramer does not identify with these camps; "I need to see that all numbers are weak" since the fed is really "dense and unsophisticated" and will not make more cuts unless it is obvious there is a recession. The Fed is "very reactive" said Cramer and will use the bullish January retail sales as ammunition to do nothing. The purpose of cuts is not to bail out the economy, but to help IndyMac, Washington Mutual and Citigroup stay afloat, he added. The issue is not fundamentals, said Cramer, but "credit risk and a bunch of institutions that are overextended."

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