I just saw Cramer on CNBC and that Doom and Gloom scenario wasn’t as much satire as I thought he was trying to portray. He basically said the CFC conference call last week was probably the most important conference call of the year. He indicated Mozillo was not exaggerating the state of housing and that ALT-A is subprime. He really has gone very bearish on this sector. He basically said Indymac will go the way of AHM today. He lays the blame on Greenspan in creating these products more so than the lenders. Right now he sounds like a poster on Piggington. It is Cramer so take it with a grain of salt, he is good entertainment and does have a great deal of knowledge of the market and he can be incredibly wrong at times like everybody else trying to read a market. But after seeing him today it is very apparent he was not making fun of the doom and gloom scenario, it was more like breaking the ice to joe 6 pack that this is going to be bad. That’s my take at least.
