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TheStreet.com's Jim Cramer says that as counterintuitive as it seems, there are many stocks that will rise despite this huge bad news.We're back in 1990 again. That was when commercial construction threatened to wipe out the U.S. banking system and the S&P 500 went down 13% in a heartbeat between the spring and the fall.
I trotted out this analogy in the summer to explain what a disaster could look like if the Fed, which at that time knew nothing, didn't do anything or, heaven forbid, did what the clueless Bill Poole wanted them to do, and tighten.
The market's been fighting with 1990 ever since. When I read about the losses and the need for the banks and the insurers to shore up capital -- $7.9 billion for Merrill, Dougie? Say it ain't so! -- I think to myself, "Oh my, it is 1990 when funding became a problem for every major bank." (Tremendous credit to my friend Doug Kass for flagging this.)
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