Cramer: the Bear Has Been Tamed

Bombastic market guru says Bear deal marks end of crisis; buy JP Morgan

By Kevin Spak, Newser Staff

Posted Mar 21, 2008 11:11 AM CDT

(Newser) – We've hit bottom, Jim Cramer proclaims. Bear Stearns' collapse may have been apocalyptic in scale, but it at least woke up a complacent Fed and Treasury secretary, the bombastic market guru writes in New York today. “We’ve been through dozens of false bottoms,” he says, but now Bernanke and Paulson are “basically saying they will do anything to save the system.”

By letting JP Morgan fleece it, the Fed has proven it will be there should another bank collapse, removing the possibility of the whole banking system going into freefall. “Mind you, I don’t think we’ll have a meaningful rally” anytime soon, he says. “But now, at least, I feel the bear has been tamed, and the worst of the clawing is over.”

[Images (4)]

[Videos (2)]

Jim Cramer, host of CNBC Networks' "Mad Money" show, is seen during an interview in front of the New York Stock Exchange, Wednesday, Oct. 3, 2007 in New York. (AP Photo/Edouard H.R. Gluck)

Trader Joseph Chirico, foreground right, gathers with colleagues at the post that trades Philip Morris International on the floor of the New York Stock Exchange, Tuesday, March 18, 2008. (AP Photo/Richard Drew)

Steven Raphael, a broker with Bear Stearns, enters the company headquarters on Monday, March 17, 2008 in New York. (AP Photo/Mark Lennihan)

Jim Cramer, host of CNBC's "Mad Money," attends the opening bell of the Nasdaq stock market on Wednesday, Jan. 16, 2008, in New York. (AP Photo/Mark Lennihan)

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Jim Cramer: "Bear Stearns is Fine!" Tues, 3/11/08 (politiclips (YouTube))

Jim Cramer back-pedals after Bear Stearns Collapse (malcolmmceasy (YouTube))

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Cramer: the Bear Has Been Tamed