Banks Are Bad - Stop Trading! (8/19/08)

June 20, 2008

Recap of Jim Cramer’s comments on Stop Trading! Thursday June 19.

JP Morgan (JPM), Goldman Sachs (GS): Few things are certain in the current market, except that banks should not be bought. “Period, end of story,” said Cramer. He thinks the current crisis is worse than the savings and loan debacle in 1990 and predicts many banks may be merged out of existence. While he initially praised JPM’s takeover of Bear Stearns, he now sees that Bear has given JPM nothing and that its bond portfolio is even worse than it seemed. The only financial worth buying, said Cramer, is Goldman Sachs which is moving higher.

Seeking Alpha publishes a summary of Jim Cramer’s stock picks every day including: Mad Money Recap, Lightning Round, Stop Trading and his Wall Street Confidential Picks.

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