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Financials Look Bad, but We'll Get Through

By Jim Cramer

 About this article:
 An orderly decline, not a rout, in the bank stocks is actually a good thing. Yesterday really freaked out a lot of people and reminded us that we are going to have to worry again about Lehman and Merrill and AIG, the ones that we actually know the least about. These are just too easily routed, and it isn't like Merrill and Lehman are having a good quarter. I am still very concerned about Lehman's exposure to Europe, which isn't quantified. Needless to say, the big short-squeeze name, FirstFed Financial, bothers me, and I am not a fan of Downey, which could be next. I write the latter because the nonperformers are so high. Yet when I watched the Realtytrak guy this morning and looked at the foreclosure numbers, I didn't think that things weren't nearly as bad as the headlines. Of course, foreclosures are at a high;...

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