I bought it VFH (Vanguard's Financial ETF) on Thursday morning before open and before the market opened this morning I was up 7.5% ... Not bad for a 2-day return. I heard the same thing that you heard from Cramer and it's still true. The financials are trading at only about 10x earnings while the market generally trades at 12.5x earnings. Because the fed has still held rates high (despite a .5% drop), the spectulation has been that the financial companies will struggle from a decrease in lending. Although the market is volatile and the subprime defaults are both real concerns, I don't think the financials can continue trading so low in the long-term.
Case and Point: If you're going to get into ANY stocks right now, you should seriously consider getting into the financial ones. Getting an ishare, spider or viper would help you to diversify a little and hedge your bets if you prefer to do that.