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Commercial Paper's Flow Gives Us Hope

By Jim Cramer

 About this article:
 With commercial paper flowing (check must-read Tony Crescenzi), you can see how we might be able to get some liquidity into the system. Fortunately, the shutdown didn't last long enough to kill manufacturing. The speed with which the Fed dealt with this is most impressive, and it is important for putting in an overall bottom. Next stop: mortgages. The FDIC housing program would address the underlying collateralized debt obligation market by simply making the waterfall in the CDO work again. If borrowers were simply to be able to pay their mortgages, no matter how stretched out, we could put a floor on these complex instruments and make them liquid again. This is very important for the hedge funds and for the pension funds and banks that bought this garbage. I am bummed that the Treasury's TARP program is not right now bidding for the whole loans...

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