Cramer: A Big Tax Credit Could Cure Housing's Ills

But this tax credit, when coupled with the fact that we might have fewer than 500,000 homes being built, WOULD CHANGE THE PSYCHOLOGY of owning a home. That's what is necessary.

And it's doable.

In fact, is it the most doable thing that can be done. Why didn't Bush do it? Because he never understood the problem and he had no sensitivity to the problem and wanted to do everything voluntary. He was always, in the classic laissez-faire sense, more pro-capital than -labor and didn't think it was the government's job to intervene. You can see where that got us.

We are being given a second chance. Somehow, I don't think Obama will take it.
That's the real tragedy of this era -- another president who just doesn't seem to get it. Or at least he sure isn't talking about it.

At the time of publication, Cramer was long JPMorgan and Wells Fargo.

For rate offers in your area, go to BankingMyWay.com and enter your ZIP code.