Jim (cont'd):   
It means that Bank of America (BAC), Wells Fargo (WFC) and JPMorgan (JPM*) - which all need housing to recover - can come back. And, if we get the details of a new plan to take mortgage rates down even more through Fannie and Freddie... that's something that we learned about after the close tonight... in another proposal that we called for six months ago... we could be in even better shape.

Think of all the damage that was done needlessly here... what the Fed is now doing, along with cheaper gasoline, could lead to something good in 2009. I just can't get over the fact that the Fed could have spared us so much pain by doing this earlier. I can't get past the fact that the government totally blew it... Buying government-sponsored enterprise debt was probably the easiest of many possible ways out of this. Believe me, I told them directly to do this...

And the Fed waited until now?... What was the hold up?...

I know, given the lack of accountability for these people, that we'll never find out what took them so long... they'll never admit to anything. Their uberous is unbelievable. It's unbelievable to me that they didn't do this when it could have prevented so much financial destruction. I mean, I don't even think that Lehman would have gone under. Oh, they had nothing to do with Lehman... they had no ability to change that...

It's like they waited until after the house burned down to call the fire department...

But, you know what... It's working now. So housing will bottom next year, thanks to lower rates and lower home prices, as I've been saying all along...

Then again... who knows how much sooner housing would have bottomed if the Fed had done this in a timely manner. Do you think they will apologize for their lack of judgment and their lack of rigor?...

Oops. I forgot! They never make a mistake. So I guess they'll simply congratulate themselves for something that they could have done a year ago...

Closer... I've got something to say...

Only Plaxico Burress (Wide Receiver for the NFL's New York Giants football team, who was just arrested for gun possession, fined and suspended from the team, after shooting himself in the thigh) has this much bad judgment. In fact, I think we have to nominate Uncle Ben Bernanke for the first annual Plaxico Burress Good Judgment Award!... And, if he doesn't win, we'll give him another shot!...

Jim (cont'd):   
Now for some Mad Mail...

Jim's rating on this stock	STOCK SYMBOL	Closing price that day	Full Company Name
	na	na	Email question about: Regarding Jim's campaign to become the new SEC Chairman...  Q:        As a former military officer, I learned to think about second and third order effects. So I'm thinking ahead on this one: when the Democrats in the White House come to their senses and appoint you SEC Chairman, who would take over Mad Money? I nominate Jeff Macke, also a former hedge fund manager with rolled-up sleeves. Few other people on CNBC would approach your energy, and I can't see Erin Burnett hosting the Lightning Round... Jim:     Listen and listen good... The job would go to Finerman!... (referring to Karen Finerman, from Fast Money)...
	FCX*	18.05	Email question about: Freeport-McMoRan (FCX*) Q:        I had placed a limit order on FCX if it hits $18. Since FCX announced today that they are suspending their dividend, the limit order clicked in. I'm wondering if I should cut my losses and get out, or if getting this company at $18 is a good price. Please explain. Jim:     I bought some today for my charitable trust at $17... I had literally waited about 80 points... I mean, it is the world's largest copper mine. They are cutting back production. That should eventually move copper prices back up, and China will eventually come back on line, I believe...
	YHOO	11.50	Email question about: Yahoo! (YHOO) Q:        Now that Jerry Yang is on his way out, is it time to start buying YHOO? Jim:     I would like to be CEO of YHOO... Man, I could take down all these jobs... I think that Yahoo! has a lot of page views. And anything that has that much in page views... if you came in now, I think you can do a great job with it. Jerry Yang is really bad. As a matter of fact, he's so bad that he is in the running, but probably will not get the "Plaxico Burress Good Judgment" award.
The Warren Buffet Way - A Must Read!

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