The stock market is no place to keep a dollar these days, warned hollering financial guru Jim Cramer today on Mad Money. Another depression is possible and energy woes are likely, he said, so the smart investor will free up money needed in the next 5 years by selling stock. Tuck that cash away in FDIC-insured banks accounts, and only keep the stocks that are still safe.
Which are those? Food, drug, and packaged goods makers are secure. Companies with strong earnings and cash positions are also good. Cramer had advice for Washington today, too, telling the feds to stabilize the market by stopping bank seizures. He also urged them to buy up home loans with bailout money to stop the foreclosure wound from bleeding any further, Scott Rutt reports on TheStreet.com.