[Post Summary]My spikenard sends forth its fragrance.
—Song of Solomon
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Earth to Cramer! No tax credit offered to buyers of existing homes will address the insolvency of the banking system. All the mortgage paper inflated to kingdom come hangs over your Scylla and Charybdis like Damocles' sword, ready to cut any and all Monetarist Monkey schemes — the likes of which you banter about endlessly — into so many quadrillions of worthless Weimar Reichsmarks.
A "Bad Bank" is no solution either. How many more trillions of worthless securities are the tax payer to absorb? This observer says not one more nickel.
You, sir, can fight bank nationalization all you want. The game of "Inflate or Die" is over.
Have you no sense, Cramer, what's at stake here? It's the U.S. Treasury! Gut that and it's not only matters involving the making of money at risk of profound disruption. Rather, it's everything. Mom, apple pie and the United States of America.
Venum-filled snakes who impugn the capacity of government formed of, by and for the People to deliver benevolent and fair resolution to a desperate financial dilemma are a dime a dozen these days. Don't get me wrong. Thoughtful dissent is wonderful. Yet the last thing we need is such pea-brained protests as Cramer's — possessing all the rationale of a terribly spoiled child — appearing on national TV.
So, don't tread on me, Cramer. And check your watch. It's 2009. Truth of the banking system's insolvency is news that's spreading like wildfire.
—Tom Chechatka
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