Something doesn't make sense. I think it is the articles, which are too easily written and written as if any of these institutions now needs to sell them.

The simple truth is that by not listening to these lost-cause articles, the managements of these institutions have been able to hold on for better prices and preserve capital. (And I am not even including MBIA (NYSE: MBI) (Cramer's Take) or XL Capital (NYSE: XL) (Cramer's Take) both of which are rallying today pretty strongly.)

I believe these articles are vestiges of pre-March, when the moment of nationalization should have happened but Ben Bernanke and Tim Geithner simply refused to let it happen.

I am waiting for an article that says, "Because so much capital has been raised and because the earnings are so great, these bonds can be kept until they dwindle to nothingness and it won't matter."

Although it will, because hundreds of billions of them will come back to life if things get better. I am not a Pollyanna -- a trillion will be worthless, maybe even more. But much, much more than a trillion has been written off. So it won't even matter in the end.

Random musings: Memo to the bears and lovers of ultra ETFs -- the bulls are being shameless and are 100% to blame for the rally here, which is obscene and wrong. How's that? ... As absurd as this sounds, I do not think that Sallie Mae (NYSE: SLM) (Cramer's Take), my speculative stock of the year, is done going up. Its book of old loans alone is worth $15, valuing the actual company (with real earnings power) at nothing!

Jim Cramer is co-founder and chairman of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. At the time of publication, Cramer had no positions in the stocks mentioned.