Thanks for your post. Cramer is both an iconoclast and an enigma...but interesting nevertheless.
Picking oil services back when oil was at $10/barrel seemed easy for a whole multiple of reasons. Not the least of which was that Saudi Arabia was actually going bankrupt at those prices. And all those Princes wanted to continue living "high on the hog". And, of course, now that they are being advised by a whole slew of Harvard MBAs OPEC can probably keep the price at least over $18/barrel. Oil drillers can prosper at that level. I bought heavy into GLM and FLC when they were in the single digits. And, to tell the truth, my arm is getting weary from patting myself on the back.
In regards to thrifts...I agree with you that the worm will turn. The yield curve which is now negative (somewhat analogous to $10 oil) will reverse itself. When and just what will be the catalyst to do it is the question. And then, hopefully, the thrifts will pick up like the oil services. Well, maybe not quite as dramatically...but IMO they will as short and long rates are always in transition. Moreover, mergers-and acquisitions should probably pick up after Y2K.
Jack (up with HCBK...and Provident and Investors get with the program)