TheStreet.com's Jim Cramer says removing her from the FDIC would be a colossal mistake.

Don't kick out Sheila Bair! She knows the numbers. This morning, Bloomberg's reporting that Tim Geithner doesn't want Bair at the FDIC anymore because she is not a team player.

To which I say, "Thank heavens!" -- the team was terrible! These reports make her sound like Terrell Owens in the locker room -- a great player who is cancerous when going gets tough -- when it is actually the opposite: She is the franchise player to build around. When Indymac was seized (something I wish she had done earlier, but she waited as long as she could), she and her organization became the laboratory, the great central testing zone for what will work and what won't work to stem foreclosures, the root cause of all of our financial problems.

She was ignored, systematically ignored, even though she had the knowledge base. Both Geithner's organization and Treasury always thought the situation was either under control or could be controlled by top-down thinking: Give Wells (NYSE: WFC) (Cramer's Take) and Citi (NYSE: C) (Cramer's Take) and JPMorgan (NYSE: JPM) (Cramer's Take) and Bank of America (NYSE: BAC) (Cramer's Take) some money, they will lend, it will trickle down.