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We're In 1987 Mode

By Jim Cramer

 About this article:
 It's time to talk turkey about the prices on your screen and recall another time when things felt like this -- the crash of 1987. In 1987, we believed that all the major firms in the brokerage industry were going to go belly-up. Many of them were not in compliance with paperwork, others were simply not even picking up the phone. It felt like the end of the world. It wasn't. But it was eerie. We are in that mode again. I don't think anyone looking at Morgan Stanley (MS) or Goldman Sachs (GS) today would dispute that. These companies are clearly reflecting that they are in severe straits, much worse than I think they are. In many ways, this time it is worse than 1987 because AIG (AIG) and Fannie (FNM) and Freddie (FRE) and Lehman (LEH) still haven't been sorted through. We have too...

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