On the markets in general...
JJC:    There are four horsemen of the pending apocalypse that we must be sure don't fail...  We need to be sure that Merrill Lynch (MER) doesn't fail, we need to see that UBS (UBS) doesn't fail...  We need to be sure that Washington Mutual (WM) doesn't fail... and Citigroup (C)...  Now, WM gets bought in a takeunder by Wells Fargo (WFC), off the Bear Stearns (BSC) thing...  If that happens, it's a takeunder...   We know that UBS... if they could get rid of the bad debt... give that to the government... Goldman Sachs (GS*) could buy that.  They've liked their wealth management...   We know that, absolutely, there's no problem with Merrill, in terms of the fact that there would be a number of places that would like to buy them.   We now know that it's absolutely possible, but again, as a takeunder...  And Citigroup...  no one's big enough to buy C*, so we need sovereign funds to do it...

What matters to me is that those four horsemen must not be allowed to be shot... they cannot come up lame.  They're too important...  C* is the only one that's really unchartered right now...  If Bear was insolvent, all of these have a similar quality to them.  I'm trying to guard my words, okay...  because, if you have money at these places - which is different from owning the stock - you're not in trouble; you don't need to take your money out of these places...  but, if you own stock in these, you must be shaking...  you must be shaking...

But it's those four companies that everybody in the country knows, who's in the know, know need to be preserved... and we can't preserve Citi, because it's too big...

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On CIT Group, Inc. (CIT)...
JJC:    You know, I've been so negative on this company that, when I saw a high-level official of it in St. Bart's, I felt really bad...  It's got a real Countrywide (CFC) feel...   CIT is... if you go to their 10-Q, you will see the worst collection - other than E*TRADE (ETFC) - of bad loans... home equity loans, student loans...  I mean, these are just horrible loans that they have... and they break them all out, and their vintages...  I mean, this is the worst single portfolio that I know of, other than ETFC's...  This is the worst one.  I've been saying that CIT and ETFC are the worst two...  so they need very quickly to get a giant infusion of capital...  I hope they get it.  They're not big enough to take down the system... but their package of loans is just a nightmare... Again, I am not doing anything other than sending you to the 10-Q...  and, if you see that, it's amazing...  It is the worst portfolio - other than ETFC - of home equity, of mortgage, of student loans - that I have seen in this era...  

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On Bunge (BG)...
JJC:    Look, I walked away from the ag trade for a little while, because it's been too overheated... but there have been - in the pits - that buyers... the margin requirements went up, so it's been harder...  These stocks have come down...  I wouldn't want to buy this one, if I had to (buy in the group)... 

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