Jim Cramer goes ballistic on interest rates/mortgages

see him here.

We have Armageddon, says Cramer…there are 7 million people who are going to lose their homes.  He says the discount rate has to be cut.

Myself, I think the number is probably more like 2 or 3 million, but that is still huge.  Certainly we are still early in the game, and if Bear Stearns is in any real trouble, they are certainly toast before this is over three years down the pike. Many others will fall as well.

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