TheStreet.com's Jim Cramer says the intervention will help all financials worldwide. How about this? We are better off than we were yesterday.
You have to understand that we simply wouldn't be able to open most financials if AIG (NYSE: AIG) (Cramer's Take) had failed. Our new sovereign wealth fund, the Federal Reserve, came up with an elegant plan to take over AIG and make good on what would have been broken guarantees that would have caused worldwide capital calls and bank closings that honestly would have made the Great Depression seem like the Little Depression, World War I to our new World War II. That's worth avoiding.
It's hard to rally on this. People are still reeling from the enormity of it and the fragility that we didn't know about. I am actually pleasantly surprised that the Fed recognized that we had a problem this size on our hands.
You have to look at this only one way: Without this nationalization, we might not have had banks paying off other banks. We would have a seize-up and a destruction of capital that we simply couldn't handle.
Now we are going to rebuild on a firmer basis.
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