Economy Blog

U.S. Steel (X) and Petrobras (PBR) were called buys on Stop Trading today. The purchase of a scrap company alleviated the primary concern and PBR is right with them. The market’s dismay was shown in AIG (AIG) conference call today. Last CEO Larry Goldstone from Thornburg Mortgage (TMA) was lauded. His idea that the government money used for the stimulus package should be used instead for triple-A mortgage paper led Cramer to say “Larry is a very sophisticated player.”
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AT&T (T) was called a buy today on Stop Trading. All along Cramer has been saying that the consumer is going to spend their $600 stimulus money on an Apple (AAPL) product either the iPod or more over an iPhone and this will help T move higher. Sprint is looking like an implosion is pending as well. He feels inflation worries were not as significant as a possible recession. Thornburg (TMA) CEO Larry Goldstone thinks the market is deflating and Cramer thinks because he is always right Goldstone needs to go to Washington to alert politicians as to the reality of the market.
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