No specific stock picks -
General discussion about today's
Fannie and Freddie government
takeover, and Jim took two
callers who asked questions.
After this segment, you
can see Jim's
Sudden:Death picks
here...
. . . .
.
I have spent way too much time
studying this thing, so let's
at least take advantage of
it...
Jeff in Colorado, Jeff...
[Jim then took callers to
further discuss the takeover
of Fannie and Freddie, and
Q&A... see below]
. . . .
.
Q:
What exactly is a
conservatorship?
Jim: They could
have called it a runoff, they
could have called it a
bankruptcy... What it really
is is that they're going to be
run basically by the
government, not necessarily to
be able to make a lot of
profit, but to do what is
right, not necessarily for the
shareholders... which is why I
call it not really an
ownership, not a bankruptcy...
There's really nobody they're
going to be operating this
for, other than frankly the
interest of the housing
market. It's a strange thing,
but it's a takeover, and it's
a takeover meant to not enrich
anybody. And, if everything
works out, then maybe you make
a little money on some of the
debt or the common stock. I
don't think so. But this was a
takeover, and they put it into
something, and they didn't
really know what to call it,
so they called it a
conservatorship. That's all
they really did.
. . . .
.
Q:
Do you really believe that
another $300 billion will stop
the decline of the $12
trillion of assets? And what
do you think the long-term
effect will be on the dollar?
Jim: I think we
were faced with a crisis that
we'll only find out years from
now how bad it was. I think
everyone from the Russians to
the Chinese were putting a
tremendous amount of
pressure... paper owned
everywhere... I think that the
house price depreciation in
this country was beginning to
spiral out of control... We
really needed to have
something to slow it down. I
believe that, because this is
a conservatorship, the
government will be able to
take all the bad mortgages
that they can... some
people are going to lose their
homes... but they'll be able
to reformulate the system.
I guess the bottom line is,
things are better than they
were last Friday, and I do
believe housing bottoms June
30th, in major part because of
this decision.
. . . .
.
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Final Segment 2
Final Segment
2
Title:
'Interview
with New Jersey
Governor, Jon
Corzine'
(D) New Jersey
. . . .
.
Featured
Stock(s):
Interview with NJ Governor, Jon
Corzine
After this segment, you
can see Jim's
Sudden:Death picks
here...
. . . .
.
Jim's comments BEFORE
interview:
There are people you look up
to in life... people, when get
started in your job, and you
see that they're towering
people and you say, wow, I
wish I could learn from that
guy... And, for the most part,
most of them don't care about
you... most of them just want
to go spend time with the big
wigs, and not with the
peons...
I was a peon when I was at
Goldman Sachs when I met Jon
Corzine... He was running
fixed income. I didn't even
know he was running it. I just
kind of bumped into him and
asked him for help... He acted
as if I was somebody... I was
invisible to all the other
partners, but not to this guy.
Well, then he goes and leaves
Goldman after running it, and
then goes to become a Senator,
and now is the governor of my
home state of New Jersey...
He's the most sophisticated
thinker that I know of, and he
happens to be a politician,
which I don't want to say is
strange, but most people are
not as up on the kind of
things... difficult as, for
instance, as we faced today
with Fannie and Freddie...
So, I'm thrilled to have him
on on this particular day,
because I also want people to
realize that this problem,
that we had today, is
difficult even for the best
minds, including a man that
ran Goldman and ran fixed
income... So, let's just get
him right out here... let's
get Governor Jon Corzine on...
. . . .
.
Jim's comments AFTER interview:
Governor Corzine, thank you so much for
coming on Mad Money... good to talk to
you...
. . . .
.
■
Stock Snapshots - Includes
all stocks mentioned above
■
Jim
Cramer's
rating on
this stock
STOCK
SYMBOL
Closing
price
that
day
Opening
price
next
day
Full Company
Name/Comments
(see comments above for
each)
na
na
na
na
[
end of final segment ]
Go to the SUDDEN:DEATH
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Please read his comments to
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We do our best to interpret
Jim's opinion on stocks, as
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Back up the truck -
indicated by Jim, when he
says the stock is so good,
that he would do a
'mon-back' on the stock...
In other words, this is the
sound someone would say to a
truck driver, "Come on
back... " as he is "backing
up the truck" to load up on
his cargo. Translation
for buying stocks:
This recommendation by Jim
indicates that, after you do
your own
homework on the stock,
you should feel comfortable
loading up on it, as it is
in a good position to be
bought at this point.
Stumped. - Of the
2,000+ stocks that Jim
Cramer has in his head, for
which he has an informed
opinion, he sometimes comes
across a caller with a stock
he does not know well enough
to opine on... He then
indicates he is stumped and
will have to come back to
it, after he does some
homework of his own on
the stock. This
usually occurs during the
Lightning Round, when Jim
does not know in advance who
is calling, or what their
stock question is about.
Definitions of key phrases
used by Jim, known as
"Cramerisms":
Definition: 'Pull the
trigger' is Jim's phrase for making
the decision at that point to trade -
either to 'buy' or
to 'sell' (although he
usually uses the phrase for
buying), as if to say you
should feel comfortable
enough to make the final
decision without looking
back...
Definition: 'Ring
the Register' is Jim's phrase for
selling a stock, and making
it a final sale, that you
should not look back on.
Put it behind you.
Definition:'Let It Come In' indicates how you
may wait for it to pull back, or have the
stock price come down briefly, as your
chance (after letting it come in) to buy
the rest of your position (i.e., total
number of shares you own in that stock).
Definition:'backing it up'
or 'doing a 'mon-back' is Jim's
phrase for the metaphor of backing up a
truck to load up on a stock by buying
it. 'Mon-back is short for the
imaginary worker saying, 'Come on
back...' as the truck is backing up to
receive its load... Notice that we use
the little truck icon to indicate where
Jim has mentioned this.
Translation for buying
stocks: This
recommendation by Jim
indicates that, after you do
your own
homework on the stock,
you should feel comfortable
loading up on it, as it is
in a good position to be
bought at this point.
See more
"Cramerisms" & other
financial phrases
here >>
Helpful Websites:
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known to be in Jim Cramer's
Charitable Trust at:
Stock Homework 101:
This is an excellent
upcoming site that provides
resources and links to help
you do that homework that
Jim Cramer recommends after
hearing his suggestions...
FastMoneyRecap:
This site will be a quick
summary of recommendations
made by the great Fast Money
TV show crew, that will
offer you a unique service,
to compare their picks to
Jim Cramer's past comments
about those stocks.
