I’ve been impressed with Cramer’s take on the new industrial companies that are on the cutting edge of providing quality, innovative products to the world. He covered Eaton and Parker Hannifin so far as two overlooked low p/e choices and should be admired for their steady growth. Additional companies in this category are Emerson Electric, Illinois Tool Works and Harsco. It would be nice if Cramer didn’t yell so much and the lightning round does not add much. How many times can you be impressed that he knows something about the various companies people call about.

Not much follow through from the Fed cut of .25%. Not sure they should have done it, but I guess the general economy still needs something to keep us on an even keel. If the banking community is not willing to lend, how does reducing the price they charge help? Seems like total symbolism at this point. The demand (to borrow) has not gone down, just the supply therefore the price (interest rates ) will have to go up. Meanwhile, instead of helping the financial institutions, reducing the rate on what they earn on commercial loans which are tied to prime puts increased pressure on their bottom line.

The new construction portion of the housing industry is starting to see some improvement. Even in Florida, some builders are starting to see improvement. There is a lot of cash around and it will soon start to look for returns better than that available in money market funds returning under 2%. Banks will now start to put the squeeze on their employees and cut back on marketing budgets. More layoffs are ahead among the rank and file who will suffer even though it was the over paid investment bankers that caused all the trouble.

Arne Themmen is a Senior Vice President of Northern Trust Bank of Florida