Cramer told investors that General Motors (GM) and Ford (F) are not cheap stocks. He explained that neither company is owned by the shareholders because of their high debt levels. Instead, the companies are now in control of the bond holders and GM has a negative book value while Ford’s book value is around zero. Cramer cited parallels between the two auto giants and Bethlehem Steel in the 1980’s. He mentioned that Bethlehem Steel’s stock looked like a bargain just like GM and F do now, but the shares collapsed and the company canceled the common stock after its pension, healthcare and bond obligations took over. Cramer pointed out that Ambac (ABK) and MBIA (MBI) are also in the same situation, and Citigroup (C), Bank of America (BAC), Wachovia (WB), Merrill Lynch (MER) and Lehman Brothers (LEH) could end just like the autos if they don’t find a big investor who will rescue them. Cramer told investors to stay away from these stocks, espically GM and Ford. “No matter how low they are,” he cautioned, “they can still go to zero.” Chat and share ideas with the best small cap traders LIVE each day free at Stocknetworkonline.com