Well that 180 degree turn didn't take long.
What do they want from Goldman Sachs? It reminds me of that scene in Goldfinger, when James Bond is on the laser table and he asks Goldfinger, "Do you want me to talk?" And Goldfinger shoots back, "No Mr. Bond, I want you to die."
No stock can withstand this assault. No banks can rally in an environment where any politician who defends them is a dead man.
AIG (AIG) happened. The Treasury made good on Goldman (GS) . The New York Times has written about it endlessly. If the Treasury had defaulted on these contracts to Goldman and others, the taxpayers would have had to pay so much more.
What's to say that the next thing isn't to break up Bank of America (BAC) because it has made too much money in mortgages, because the government should not have allowed the merger with Countrywide? Who is to say that we should not be breaking up Wells Fargo (WFC) for the same reason? You CANNOT OWN THESE STOCKS RIGHT NOW. This is too powerful a jihad, and that includes Citigroup (C) , which I think can now break the print price.
This populism will destroy the banks as we know them.
We know that.
It is ridiculous.
They cannot be bought, they cannot be owned. For now. One day, the smoke will clear and we can look at them again. But for now, it is just too trying.
The President and Congress are Goldfinger. In the end, you can bet on Bond, but he's have to do a real Houdini act to get out of this one -- and the banks never heard of Operation Grand Slam.
At the time of publication, Cramer was long BAC and GS.
Always good to keep things in perspective:
H/t Hedged In