TheStreet.com's Jim Cramer says Tuesday's action addressed the systemic risk, but not the earnings problems.Oh, shoot ... the fundamentals. Remember them? The ones not covered by Caterpillar's (NYSE: CAT) (Cramer's Take) rosy forecast for 2010? Yeah, those bits and pieces called earnings?
That's how I always feel after a big rally day when I know the economy is slowing, not getting better. We get some terrific news from the Fed as we did Tuesday, and we want to sound the all-clear. Instead we have to now deal with companies' earnings, and we know from Wellpoint (NYSE: WLP) (Cramer's Take) et al and Texas Instruments (NYSE: TXN) (Cramer's Take) et al that the Fed safety net doesn't take everything in with it.
So what did happen yesterday? After pondering it for seemingly every waking -- and sleeping! -- hour since it happened, I am thinking that yesterday's Fed move took off the systemic risk of a major financial failure.
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