Cramer: the Bear Has Been Tamed

We've hit bottom, Jim Cramer proclaims. Bear Stearns' collapse may have been apocalyptic in scale, but it at least woke up a complacent Fed and Treasury secretary, the bombastic market guru writes in New York today. “We’ve been through dozens of false bottoms,” he says, but now Bernanke and Paulson are “basically saying they will do anything to save the system.”

By letting JP Morgan fleece it, the Fed has proven it will be there should another bank collapse, removing the possibility of the whole banking system going into freefall. “Mind you, I don’t think we’ll have a meaningful rally” anytime soon, he says. “But now, at least, I feel the bear has been tamed, and the worst of the clawing is over.” (More Jim Cramer stories.)