Cramer on BloggingStocks: Paulson and Bernanke step up to the plate

TheStreet.com's Jim Cramer says they still don't know the score, but they're aware of the need for a financial game plan.

At least the fundamentals are no longer sound. That was my takeaway from the two speeches given by our slow-to-understand government chieftains -- Treasury Secretary Henry Paulson and Fed Chief Ben Bernanke -- in their back-to-back soothing onslaught.

The short-sellers sure didn't like what they heard. They heard that the government might stand at the ready if things keep rolling over. There was a moment when Hank Paulson praised Fannie Mae (NYSE: FNM) (Cramer's Take) for the capital it has raised -- about a week's worth of reserves, one quipped -- and there was a sense that the term facility's extension would be the difference-maker for a Wachovia (NYSE: WB) (Cramer's Take) or a Bank of America (NYSE: BAC) (Cramer's Take). It sure wasn't a decline in loan losses that had them going.

I come back to the same thing. Unless the government says, "Look, examiners, ignore everything, because we can't have total chaos," and unless the stocks rally so much that they can do meaningful fund raises, Paulson and Bernanke don't have the horses to do the job. Their work yesterday was made easy by an oil future decline that triggered an S&P increase.