Cramer on Countrywide Financial Today

Compliments of madmoneyrecap.com:

On Stop Trading:

On buying the financials today? ... JJC: I will tell you that the Countrywide Financial (CFC) statement shows me that they have funding through 2008. I would not longer be short CFC. I think, if they have funding through 2008, they can always sell themselves. It's a great mortgage originator. The bond guys are all betting against it... Look, I would buy the calls, stopped at 15. I would not buy the common stock. It's too dangerous. I'm not going to recommend a dangerous stock like that. But, when I read the statement... I know Moodys got a lot of negative things to say... I know there've been a lot of downgrades.... When I read the statements, it seems to me that they can shift their loans over to their bank, go to the discount window... I am saying that the financials are rallying and, if we ignore that tell - since they brought us down - we might as well go to the movies...