stocks. i mean, like, hey, without even doing any homework right now, something that often happens in the teeth of the earnings season, when there's not enough time to learn whether or not a stock is worth owning. so what i'm going to tell you right now is even a little antithetical even as i destroy this little polar bear. southern exposure. i want you to ring the register and take some of those profits off the table. maybe go buy a sweater or two. even as it seems like a dynamite time to buy and it's so excit g exciting. do exactly what my late mom always said to do when i was winning at the tables. was there gambling going on? which is go out, jimmy, and buy a sweater with the profits. i'm urging you to go buy a couple of them. i hate chasing. just as i tell you that there's always a better time to sell when the market is plummeting, i'm assuring you that i think there will be a better time to buy in the next few days.

there. i've given it. take something off the table and go buy a sweater. that's the speech i have to do every time we have a run like this. let me explain a pattern that could be incredibly important. important for you to take profits on if president obama regains his clout and starts pushing hard with the rest of his agenda. everyone today wrote him off because of the health care. i got to tell you, you can't write this guy off. he's too popular. let's look at the streak to tech stocks have had here. the nasdaq has closed up 12 straight days. you to take a step back and ask yourself, is there something going on that's bigger than all the visible themes? the ones i've talked about on the show endlessly, new product cycles based on the mobile internet and valuations that just got too low? there is. i figured it out. washington doesn't care about tech.

it's not trying to legislate tech out of its profits. it's not trying to handcuff tech into paying -- having a higher cost. that's right. i am telling you that tech is immune from president obama and more importantly, democratic chieftain nancy pelosi. and that's why tech can go higher. i don't want to go against president obama's agenda because we have to undo the bush administration's legacy of companies feeding at the federal trough. we know that was going on. you know, remember, we used to have a government of, by, and for the korpscorporation. ladies and gentlemen, we are indeed back in lincoln mode with a touch of warfare. this is the government of, by, and for the people except for millionaires. i feel disenfranchised. that means washington has an agenda that's harmful to the earnings of a lot of companies. but not necessarily to tech.

technology companies aren't unionized so they can't be hurt by forced arbitration. i believe that's the next big battleground. tech doesn't pollute. cap and trade doesn't really matter. tech companies aren't much for pensions. these are businesses with 401(k)s and no legacy pension plans. tech doesn't sell products to the government that increase the budget. it doesn't sell products that make medicare too e pensive like the drug stocks, the biotechs and the hmos. and most important, tech doesn't need a helping hand from the government. there isn't even a scintilla of a hint of a bailout that's needed for any tech company. and no player in tech is too big to fail. we don't have to worry about sheila bear coming in and saying we're not guaranteeing your loans. there are no loans. and tech isn't regulated by a government agency. periodically they go on the war path against intel. i believe tech is basically

immune to washington, something hardly any other sector can say. and that means the big boys are willing to pay more for the earnings of tech stocks because washington is not going to legislate them away. they know that they don't have to worry about waking up one morning, looking at the front page of the "new york times" and finding out that there's some proposed piece of legislation that will kill their tech stock profits. which is a concern for virtually every other industry. i mean, think about. the oil industry, the telco industry, the credit card industry. the way they solve is over the windfall profits. tech isn't about to be legislated out of existence like the coal and tobacco companies might be. so many companies fed at the public trough during the bush administration and they're now slowly being starved to death. few companies are as international as most tech, which often do more business in asia and the united states. they can build stuff anywhere so they can move it if the taxes

get too high. they don't have pesky inexpensive workforces. they don't have to hire anybody to make more money. in fact, they can fire at weill. that's the secret behind this 12-day rally in tech. their earnings aren't determined by what the president says or -- what's her title? kremlin? oh, what pelosi says. for tech s it's all about the business pages. that's something money managers who want to sleep at night adore. it's why the intels and the kiskoes and the apples, and the oracles and the googles and the software companies or little guys like semiconductors can do well. by the way, i think that apple can go to 200 in the next few months. it's the most immune-to-washington stock that i can find unless they start taxing ipods. think about this non-washington halo tomorrow. if the nasdaq is down, amazon reported disappointing earnings

tonight. yes, i still like amazon. here's the bottom line. tech can shine simply because it's practically the only sector that's not touched by obama or pelosi's agenda. could last 3 1/2 years. you can bet this one, well, let's just say that until people catch on about what's really going on in washington will remain undiscovered and the stock prices will go much higher and, yes, there's going to be a lot more stuffings knocked out of the bear. i say we take calls. anyone else agree? okay. how about we speak to michelle. michelle? >> caller: jim. i'm calling about google. i understand it's got a mobile operating system, and it's trying to get into this industry. so i'm wondering, can they really swing it? and if so, how is it going to affect the other players in the industry? >> no, i don't think they can swing it. this is a system -- you know, operating systems are owned by

microsoft or apple. microsoft is really the dominant player 97%. i think it's nice that google is doing that. you want to own google because advertising. it's an advertising model and the predator model. it doesn't like to think of itself as a predator. more like the alien. but i believe google is a play on just -- just going to the site and hitting something up and seeing the ads and clicking on them. that's how we're going to view google no matter what they talk about with operating systems. let's speak to steve in texas. steve? >> caller: yes. boo-yah to you. >> good to see you. >> caller: listen, i wanted to make a comment and then ask the question. in relationship to the stimulus money, which a few weeks back news commentators were saying we weren't getting any benefit from it and the country is going in a hole, you know, reality is only about 6% to 7% has been spent. that leaves a huge amount still to be -- continued to be spent.

>> right. >> caller: so in order to compete effectively with the chinese, you know, in, say, areas in energy, infrastructure, and small business, where could we target best the remaining 93% of an $800 billion stimulus? >> i think -- you're absolutely right. it's going to trickle down. i think it's finally going to trickle down to copper and cement. i'm talking about free port. it's going to trickle down to steel. steel hasn't seen anything at all which is why i'm so jazzed about nucor. but it has not worked in this country versus the chinese stimulus which is still moving on. all right, listen. the bears have had their stuffing knocked out. where can you still buy even though we've had this big run? i think tech. tech is immune to washington. tech will come down tomorrow off the amazon quarter and then maybe you do some buying.

but never forget we want to take some profits. you never know when this guy is going to come back again. stay with cramer. coming up, is a bottom for the steel industry in sight? cramer gets the state of the sector with nucor's ceo dan dimicco and finds out whether the economy is ready to forge ahead. at first i was afraid. i was petrified.

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all right. i got companies i like. i've got execs i like. you're about to hear from one of them. i play favorites. it's true. my favorites are people who make us money. today, nucor, the largest steelmaker in america, reported a better than expected second quarter. this looking more like a riddle wrapped into a mystery inside an enig enigma. the street was expected a much larger loss. its revenues came in about $130 million above what the street was expecting. with total shipments up 11% compared to the previous quarter. we call that the linked quarter. now, on the one hand, nucor expects the third quarter to be better than the expected. so far i'm smiling. the company also indicated it's working through its raw costs that it has as an inventory. usually nucor uses much cheaper scrap, less expensive.

it could work through that more quickly, which would mean a real boost for earnings. its raw costs would go down. utilization rates were on the rise, up from 38% in april to 54% in june. and dan dimicco, the ceo, said that july has gotten better. yeah,den dimicco, i've got to tell you something. if he tells me we're near the bottom in the steel market, i think we're there. he did say in june, a late june conference, that he thought he were there. when the best in the business tells you we're nearing a bottom, then you have to buy his stock on any decline. let me give you the other side. the company seemed very cautious about the whether the current uptick represents ve s real demr just that classic restocking. it doesn't ever create good sales and higher prices. he says the recovery could take at least three years. steel has bottomed. it could very well stay there

for a while. in other words, instead of having a year -- "u" recovery, we just have an "l." i have to be concerned, too. i think nucor is the best american manufacturing company perhaps save caterpillar. but lately i've taken a hot and cold approach to the stock. i think it's a buy and a super-strong buy on a pullback below 40 when it drops low enough and becomes an accidentally high yielder. but i have to make sure that nucor doesn't have a hot and cold view of itself. what i want to know is if that demand is real and it will stick. and there's no one that can answer these questions better than one of our greatest guests, dan dimicco, nucor's fabulous ceo. mr. dimicco, welcome back to "mad money." >> my pleasure, jim. thanks for having me. >> dan, i tell you because i am a -- a close reader of your conference calls and try to

interpret everything you say, i felt great and then i felt bad and then i felt great. you know, you know you did that. you knew you said just enough negative to make us feel like the utilization rates are going up. we should not get excited, should we? >> well, jim, the key issue here is the economy overall. and we've got a long, slow recovery in front of us. and so we can't ignore that. certainly things have gotten better for the steel industry. the demand situation is one where in reality, up to this point, real demand -- that means demand hasn't improved a whole heck of a lot since the end of last year. but what has gotten better is the customer base, both oem and service centers, distribution centers, have gotten their inventories down to 1983 levels. and what that means now is that what we call parent demand,

which is what our customers a are -- are actually ordering from us at, as opposed to what their customers are ordering from them at. they're no longer taking out of inventory. they're buying all their needs based upon real customer demand from us as opposed to part from us and part from inventory. >> okay. you put through two price increases because of what you described? >> yes. >> even though we're in a terrible environment, you're able to put through price increases? >> yes, we have. we've seen some raw material increases take place recently. so we've been able to get price increases through. but as we talked about in our call today, utilization rates -- we're in the mid-50s. we haven't seen things that low in our entire history. >> well, 38 in the month of april. >> yeah. >> there's a great conundrum for me. i'm going to bring up a chart that i know you sent me. but first before i show it, it's

a chart about job losses and u.s. recessions. i have to marvel. everybody that i've seen, every ceo that's come on, how did they make their numbers? they fired people. tell people what you did to beat your numbers. how many people have you fired? >> we didn't fire anybody. we don't lay people off in our company. we never have. we haven't laid any of our nucor employees off in this great recession that we've had so far and have no plans to. what we do is we build loyalty and trust over the years, over the long-term. we've always been a long-term-focused company, which means you work together through good times and in bad and you don't tell people they're important to you when things are good and then tell them to get lost when things are tough. our people have responded tremendously by finding unique ways to cut costs and cut costs in a serious manner. if it you take a look at our

operating costs, they're down dramatically quarter over quarter. that's going to stay. that's not going to go away. we'll see even more coming up in the third and fourth quarters. our employees have rewarded us by using their innovation, using teamwork to keep us in the game, to help our customers get a better quality product, more timely delivery. and so it's a two-way street. >> okay. but, dan, isn't the american y way -- let's show that job loss chart that dan sent. isn't the american way to fire people and have a government that doesn't really provide jobs to take the slack? >> well, i'd like to think that wasn't the american way. certainly there's rationale for companies acting the way they do. nucor has never shared that nation al. we've been very long-term focused. there's too much short-term thinking that goes on in this world. but part of that is due to the management. some of that is due to unions. nucor does not have unions at nucor corporation proper.

and so we've always had this attitude that we're in this together and we're going to share the pain and share the gain. so right from the top to the bottom, we're all in it. my pay gets hit big-time when everybody else is getting hit and i do well when everybody else is doing well. the job slide that you have up there is very disturbing. and i appreciate you putting that up there. today, the "wall street journal" even had an article showing a very similar, if not identical, slide and series of slides. and what it's telling us is that this is the worst job loss recession that we've seen in our lifeti lifetimes, number one. number two, look at the trends. look at the slopes. from every successive recession from the '70s through 2001, the slopes have gotten flatter and flatter on the recovery. that's what's known as an increasing jobless recovery. the last one, you go out 40 months and still we haven't got back into the job creation. look at where we are today. look at that lower curve.

>> i know. >> if we had the same flat job creation response that we've seen successive -- each successive recession, this is going to be a long, slow recovery. we're not talking about 7 million jobs being lost. that's going to happen with the numbers that come out tomorrow. we're talking about this thing showing job losses cumulatively that could be as much as 10 million jobs. that doesn't even take into account people that have given up looking for work or those who are working part time. >> i'm amazed that you were able to do these numbers without laying off people, but i know the takeaway, which is they made their numbers by firing people and now they're going to keep firing people because it makes the bottom line look better. doesn't really help the long-term situation. dan, i've got to run. congratulations on your great numbers and for bringing public those figures. that's why america has to recognize that this recovery is not going to be an instant

snap-back. thank you dan dimicco from nucor. >> thank you, jim. >> dan dimeek imicco's conferen calls are a joy. straight talk, not politics, but what would be great for america and what's great from nucor shareholders. and why i reiterate this is the best manufacturing company to own other than maybe caterpil r caterpillar. stay with cramer. coming up, which smart phone maker takes the top of the tech heap? jim makes the call on which name could be dialled in for dollars. b

i know i've been talking about the wonders of the mobile internet tsunami ad nauseum, but believe me, i'm not trying to make you sick to your stomach. i'm trying to help you make

money. there's no doubt that this trend where owning a smart phone like apple's iphone or research in motion's blackberries has gone from being a luxury to a necessity and that makes it a game-changer. but tonight, it's time to throw one of the mobile internet plays that i've mentioned over and over again under the bus and off the wagon and into the cellblock. i'm talking about palm. ever since i started beating the smart phone drum, i've mentioned the iphone, the blackberry and the palm pre in one breath as examples of this huge new tech product cycle. but that doesn't mean the stocks are in any way equivalent these days. not after some of these runs. in fact, the products don't even come to being close to equivalent. there may be enough room in the market for the iphone, the blackberry and the palm pre, but

that doesn't mean all smart phones are created equal. some are way more equal than others. i've been bullish on palm. so far it's been a good call. but i think if you own it, i think the time has come to take profits. again, we know that you can have more than one smart phone to be bought, but there is only room in your diversified portfolio for one smart phone stock. and i think that play is apple. now, it's apple without a doubt. all right? obviously apple is the better company with the better product. i don't think anyone would argue that point. the new iphone 3-gs is so much better that comparing the two smart phones is like comparing apples like this one to fake apples.

you know, the ornamentation kind that you never want to make the mistake of biting into. [ inaudible ] all right. the new -- i'm not even covered. the new iphone sold more than 1 million units by the third day after it was launched. when apple reported this week, it said it's been unable to make enough of the phones to meet demand. i call that a high-quality problem. the rave reviews, the new iphone operating system and the whole itunes platform behind the iphone, including the ap store, which is perhaps the best illustration of the strength of the mobile internet next to what? what does palm have? i mean, really. what does palm have other than this fine ornamental apple? oh, and for the -- for a personal comparison, i'm not even going to go into the fact that apple has a computer business that's pantsing the competition. or how about its cash cow ipod business? apple is the king of the mobile

internet and i think you can trade at $200. i'm praying it will go down tomorrow off of microsoft and amazon so you can buy some. really, i want you to do that. you cannot make a comparison between apple and palm. the only category where i like palm more than apple is in the takeover prospects. apple taking over -- a huge amount of cash. like $30 a share. but i don't think that they're nearly as great, the takeover prospects, as the chatter would have you believe. we never recommend stocks on the basis of takeover speculation when we think the fundamentals could be deteriorating. we still don't have official sales numbers for the pre, but the current evidence isn't encouraging. as it seems, the new iphone has already won the summer smart phone slugfest. remember all of the hype and enthusiasm when the pre came out? now it's not even in the news.

there's been numerous complaints from customers about the pre's soft more platform and its crummy hardware, not to mention reports of large returns of the product. weir controversial here. the analyst who covers the stock for ges. and lament indicated the return rate for the pre could be as high as 40%. look, i -- that's absolutely awful. let's don't forget sprint. they're the palm backer, which means less marketing juice in a business where marketing matters tremendously. you've got to subsudize the heck out of these phones. it's not palm versus apple is like david versus goliath. the issue is that david's sling has hardware problems. he should have returned it to the sprint store before getting into the arena. the pre was supposed to be palm's future. given that it doesn't look like it's even living up to the hype,

i don't see how it makes sense to keep owning the stock here. i just don't. sure, palm has a new ceo team, but let's remember where this company was before the pre came out. it had been left for dead. it was roadkill. its product is not included in market share tables because its sales were barely a blip. as investors decided the company wouldn't make it. now palm has made a comeback and its stock probably never should have gone that low in the first place. but get this. it's up an astonishing 1,142% and it's up 360% since it began the year at $3.07. the stock peaked a couple of weeks after the pre was released and it's been downhill since then. right now, i look at palm and i see a one-hit wonder. by the way, i'm not focusing on the one-hit -- i mean no-hit wonder with the white sox.

the one-hit, the pre, is looking less and less like it can justify that kind of run-up in the share price by the day. here's the bottom line. look, you don't need me to tell you that the palm is no apple. it's a speculative mobile internet play with one big product. the pre, that's turning out to be less impressive than we thought. apple is an investment. palm was always a trade and that trade has now, as of this moment, run its course at 14 and change, which is why the way i see it, palm belongs in the cellblock and apple is still a buy, buy, buy. mark in texas. mark. >> caller: jim, hey, a big boo-yah from mark and family in east texas. >> familial boo-yah. there you go. >> caller: hey, the only thing odder than the nasdaq is this weather. but would you be buying qualcomm at these levels or maybe google

or apple? what do you think? >> okay. that is very interesting. qualcomm, i sold some ahead of the quarter. the hype had gotten too great. i'm looking to get back in and buy more stock. when the stock falls to the mid-40s, it was a great quarter but the hype got too great. google, i thought the quarter was just okay. i need to see a revival of the ad market. apple, i would just buy right here. apple i'd buy right here because the gross margins are going up, the top line is going up and the bottom line is going up. they have a demand overwhelming supply. you're rolling out the china iphone. i think apple is so good that i hope it comes down so we can all get in at a better price. i would like to go right now to adelle in new york. adelle? adelle? >> caller: thank you. i'd like to talk to you about vm

ware. since it's an instrument of virtu virtualization and we have these ha hand-held mobile instruments, wouldn't vm ware have a long way to go? >> yes. i was very pleased with that quarter. i was quite worried that they would guide down -- this was actually a turn quarter. i think vm ware can go higher from here. i believe that of the quarters i saw today, two that i own for my trust for action alert, ebay and vm ware, are the beginning of very big moves and i recommend them both. ebay and vm ware work, and i want you to sell, sell, sell palm because apple has triumphed over the hand. don't talk to the palm. don't talk to the hand. eat the apple. smart phones aren't created equ equal. palms trade in the cell.

apple is buy, buy, buy. coming up, the madness goes nationwide. >> a big buffalo boo-yah. >> boo-yah from the scorching deserts of west texas. >> from sizzling southern california. >> jim takes calls from all across cramerica. oof!

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it's time. it's time for the "lightning round" on "mad money."

oh, boy. rapid fire. one call after another. you say the name of the stock, i tell you whether to buy, buy, buy or sell, sell, sell. the lightning round is over when you hear this sound. are you ready? it is time for a yes. amazon coming down. cramer lightning round on "mad money." so let's start with tim in georgia. tim? >> caller: jim, how are you, buddy? >> what's up? >> caller: i'm from brunswick, georgia. >> brunswick. we get calls from everywhere. hey, isn't brunswick near the coast? >> caller: right on the coast. >> supposed to be beautiful. >> caller: beautiful. >> we'll do the show from your house. what's up? >> caller: i'm calling about milan pharmaceuticals, myl. >> you know, it's been a hot stock. it's been a hot stock. if you're going to be in there, i like teva. it's a mixture of generic and

proprietary. let's go to george in california. george? >> caller: big boo-yah for you, jim. >> boo-yah back. >> caller: i want to know what you think about gdw. >> that's a chinese water company. it is the answer to a lot of people's prayers to try to find some play on water. china is going higher. i am a huge believer in china. i disagree with my friend ron who writes the market movers newsletter. i think it's a buy. i will not embrace this one because i haven't done the homework. how about andrew in new york? >> caller: giddy-up, cramer. andrew from saratoga, new york. >> hey! >> caller: i've got a horse for you. how about aruba networks? we may be clipping heels with -- >> no, no, no. it's part of my mobile internet theory. it's a buy, buy, buy. i think it goes higher. probably get the market down

tomorrow. mister softee is going down big because amazon is going down big. it could move your stock lower where i want to buy, buy, buy it. how about ryan in kansas? ryan? >> caller: hey, jim. kansas country boy boo-yah to you. >> wow. new kind of boo-yah. what's up? >> caller: i've read "mad money," i've done my homework, i know growth and profits are king. i like what it's done for me so far. tell me what you think about rino international, rino? >> stump the chump. don't know rino. just don't know it. got to do some work on it. i've got to come back. you know that i do that. come on. i'm busy here. don't buzz me. makes me look even worse. here's what i do. i take rino home with me this weekend. that's fun for me. everybody else goes to the beach. i'm going to sit down with rino and come back with an answer for

next week because i'm a party animal. how about peter in massachusetts? >> caller: how are you doing, jim? >> not bad. thank you for asking. how are you? >> caller: i'm fantastic. a big-time beantown boo-yah. >> i want to give you a -- i was on the show this morning "morning joe" and they were talking about rest in peace red sox. i think that's a little early. >> caller: no, no, that would never happen. >> all right. go ahead. >> caller: but i got to question for you. i'm getting a little worried with mco. >> you should be worried, my friend. warren buffett is selling. calipers is suing. what the heck, man? that is a -- you know, i can't really say what i think about the ratings agencies, but i don't want to be -- i know it's got a big cash position. but i do welcome moody's people on. the commercial mortgage bonds and the residential, i welcome them. as a matter of fact, we'll have a round table with you. we'll go out to a dairy queen. we'll get the brassiere or

whatever it is, the brazier and we'll deal with it that way. invite everyone from moody's to my beach house this weekend. and the "lightning round" is over.ep investors? investors? let's ask. when i trade, i want a straightforward price. they lure you in with a $5.99 trade, then charge you 15 bucks. you get a low price, but only if you make a ton of trades. at td ameritrade, every online stock trade is just $9.99. period. no matter how often you trade. no matter how much money you have in the account. i hate those hidden fees buried in the fine print. surprise! it's a maintenance fee! i hate surprises. at td ameritrade, you never pay a maintenance fee. you get low, straightforward pricing, so you always know exactly what you're paying. hey, that works for me. are you ready to declare your independence?

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the market has been on a real tear lately, but that doesn't mean we can afford to forget about the financial chicanery that almost destroyed our financial system earlier in the year and last fall and cost taxpayers billions upon billions of dollars. what am i talking about? i'm talking about raids by naked short-sellers, guys who did not borrow stock, who then slammed it down. there's nothing wrong with normal short-selling. where an investing bets against the stock by borrowing shares from someone else, make sure he's got the stock, selling it, and then hopefully buying it back at a lower price. that's fine. it's been going on for hundreds of years. but naked short-sellers, guys who don't have the stock, manipulate the market by banging it down without even bothering to see if there are any shares to borrow first.

now a group of senators may have found a solution to this problem. a hard-locate system that would require short-sellers to find and identify specific stock with a unique i.d. number. short-sellers just need to have a reasonable belief that they'll be able to deliver the shares they're selling, which allows multiple short sales of the same stock. to put it simply, this would stop unscrupulous hedge funds from selling shares they won't be able to deliver. nobody should be able to sell something they don't own unless they can show that they'll be able to deliver the property with the consent of its actual owner. pretty simple. buyers need confidence that they'll get what they're buying and the market needs confidence that the shorts aren't creating shares out of thin air and then selling team to manipulate a stock lower. that's the kind of market this hard-locate system could make a reality. i find it very appealing. i'm not in a position to effect any change. let's talk to someone who is.

senator ted kaufman of delaware, one of a group of seven senators who sent a letter to the s.e.c. chair. thank you for taking the time to talk with us about this incredibly important fight. good to see you, sir. >> thanks, jim. thanks for letting me back on again. >> senator kaufman, i have to tell you that i'm sure there are people within the s.e.c. who will say why i don't know why senator kaufman is bothering with this. everything is fine. what are we worried about? how do you respond when they say hey, listen, what are you worried about? things are good. >> you and i know and a bunch of somebodies, predator bears made a lot of money when the stock market went down. they've got it all there, sitting there waiting for another bear market to do it again. this doesn't need rocket science to figure out what's going to happen. if we don't institute these changes so we can't have naked short selling, they're going to be right back out doing it again and some other major

institution, bear stearns or lehman brothers going down the shoot. >> i made about half my money short selling. >> nothing wrong with short selling. >> when i wanted to sell something, i'd pick up the phone, call my broker and say, i need a locate on 10,000 shares of target, i want a short starth. they would call their back office, find out if there was 10,000 shares to borrow. they would then give me the okay and i would sell it. what government, what administration took that process away that made so much sense? >> you know, that's exactly what i did. that's why i'm so shocked when i found that you can just go in and really sell stock on reasonable belief. so no, a lot of really bad things went on. it isn't just this, as you know. we changed the -- s.e.c. changed the capital asset ratio. we had madoff, overstate of standard & poor's and moody's. a whole bunch of bad decisions made. this is another bad decision. the chairman got it right when

she said during the nomination hearings we've got to reinnings tut the uptick rule and look at this. so that's what has to happen. sure, we made a big mistake. as we all know in every management book, the answer is you learn from your mistakes. we have to learn from our mistakes. >> let's go back to that reasonable belief. if i am cock-eyed optimist about the ability to locate stock and a pessimist about a company, why do i have to -- it's just my own, listen, sounds good, i can do it, right? >> like taking your car title, printing three couples and selling it to three people. it's total complete speculation. you don't have to put anything up, don't have to do anything. so it is absolutely speculation. it's wrong. everybody knows it's wrong. i think the main thing they're trying to figure out is exactly what to do. that's why i was so excited when we located dpcc and talked to them about some method. they do all the back office work. our thought was to talk with them and see what they come up with.

rarely in this business do you get something that looks like just what you're looking for. >> you're absolutely right. i thought this was such a great idea. i always had to go to -- my account was at goldman sachs. i wish there had been a uniform system of location. sounds like you've identified it and have the solution. >> i did the same thing at merrill lynch. what used to happen on this, jim, is there would be 500 shares of, let's say, at&t. i'd like there and say i could sell 500 short, you'd look and say i could sell 500 short. once someone identifies 500 shares of at&t they want to sell short, it gets taken out of the system so no one else can do it. what you have to do is when you go to your broker to sell it, you have to have a flag to show that they're holding the store for you. it's a real simple solution to the problem. it's not the only solution. we have to get red of the pre

borrowing and do something about uptick. it's a really good shot at ending this thing. >> senator kaufman, concise, fabulous depiction and description of the way to stop this nonsense. thanks for coming on "mad money." >> thanks. >> a senator that's more sophisticated than pretty much anybody in washington. i hope they listen to him. if they do, you will no longer be ripped off. believe me, you were ripped off. he can put an end to this particular shenanigans, let's be on senator kaufman's side. stay with cramer. undefeated professional boxer floyd "money" mayweather

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everyone is freaking out. supposed to be the beginning of a new bear market in tech. this is your hans to get into apple. you've been waiting. they're giving it to you. i'm jim cramer. i'll see you tomorrow. the dow topped 9,000. the nasdaq's 12-day run. the s&p is still strong. can the market climb continue? is there still time for you to get in? join maria bartiroma and me for a cnbc special up next.

hello everybody. welcome to a special edition of cnbc reports. dow 9,000. the summer rally, i'm larry kudlow at cnbc headquarters. >> hi there, larry. i'm maria bartiroma at the new york stock exchanges where the action was strong today. another bill rally on wall street. pushing the dow jones industrial average back above the 9,000 mark, first time since last year. the dow and s s&p at their liest level since november. highest close for the nasdaq since october. >> driving this remarkable summer r summer rally a string of earning surprises from every corner of the economy and strong leading indicators including today's

better-than-expected existing home sales. an accommodated fed according to ben bernanke and what appears to be a shrinking possibility for heavy tax and spend health care. looks to me maria like free market capitalism will live to see another day. >> at least one more anyway. we've got you covered, our experts and cnbc all-stars ready to keep your portfolio riding this rally. cnbc market analyst steve grasso at the nyc. 11% in just nine trading sessions. >> started off being a technical rally. you had goldman kick it off. you and i spoke on the floor, this is the first time you had earnings explode from the very start. if we're at 870 in the s&p, when all this is taking place, goldman comes out and knocks the cover off the ball and tech followed up, a picture perfect rally.