The Big Picture’s Chris Whalen had this to say about James Cramer‘s table-pounding on US Bancorp (USB), Webster Bank (WBS) et al this morning:
I notice that Jim Cramer is yowling on TheStreet.com today, pounding the table on US Bancorp (USB) and Webster Savings Bank (WBS). Jim, how much you want to buy? These institutions are going to be shoveling money into the furnace for another 3-4 quarters.
Jim, next time the boys at GS or Tim Geithner call and ask you to take a shot a Sheila Bair and our colleagues at the FDIC on TheStreet or CNBC, just know that I will put you into the boards every time. And I am looking forward to it with the greatest anticipation.
Here’s a challenge to Jim Cramer. If you want to talk banks some evening on your show, I know the way to CNBC HQ and will be happy to talk to the flock anytime you say. But are you able to “walk the walk” on the banks with an analyst who actually covers the sector? I don’t think you can.
Cramer’s been baiting the bears all day:
7/30/2009 10:15 AM EDT
I am waiting for Roubini to come out and say, “You know what, when everyone said I was going positive and I clarified and said I wasn’t going more positive, it turns out I was going positive…”
7/30/2009 11:05 AM EDT
OK, here’s what I see happening. There is tinder. The tinder can’t catch fire. So you throw lighter fluid on it to get it going. You might need a lot of lighter fluid like we have had to do in our country (and misapplied because of the once-powerful Pelosi) or a little like in China. Once the fire catches, you then don’t need to continue to put lighter fluid on the fire. It burns of its own momentum.
That’s what has happened in China (why they can cut back lending) and that will happen here now that house prices have stabilized and sales are going way up and autos about to be built. July, we are learning, was a strong month in this country. There are about three bulls on this site vs., a la Outlaw Josie Whales, 10 bears.
Rallies like these bring out the Animal Spririts in not only stocks, but pundits as well!
This could get interesting!