Cramer Goes to Cali, Finds a Crisis

Cramer goes to Cali and finds religion (and we mean the apocalyptic kind). We're a bit mystified by his claim that "[default and bankruptcy] is very easy to head off before it happens". As in, act now. Surely, he means more rate cuts. The problem is, those cuts aren't buying consumers lower lending rates, especially in housing, and do little to preserve financial institution solvency, besides providing low-cost government-backed loans for the short term. But that just postpones the inevitable. The crisis is already here, Jim, and we (bloggers) told you it was coming a year, or two, or three (or even five) ago. Now it's going to have to work its way through the system.