Jim Cramer told investors that he saw more fear in the market today than just about any other time since the collapse of investment bank Bear Stearns (BSC). He pointed out that he felt this way because so many single-digit socks were falling at a ghastly pace. Cramer advised investors to stay away from bottom-fishing in this dangerous market. He said Washington Mutual (WM) and Wells Fargo (WFC) might go bankrupt and both should be called by the government and told to raise capital. Cramer said investors should stay away from banks until more go under. He said everyone knew IndyMac (IMB) was in trouble because the company had lots of nonperforming assets. Cramer mentioned that Downey (DSL), Bank of NY Mellon (BK), FirstFed Financial (FED) all need to raise more capital or they will go the way of IndyMac. Moving onto the housing sector, Cramer said the sector could bottom ahead of the banks bottom. “We need to see a merger before we can get excited,” he said. Finally, Cramer said Oceaneering International (OII), Schlumberger (SLB) and FMC Technologies (FTI) are all plays off President Bush’s plan to drill offshore. Chat and share ideas with the best small cap traders LIVE each day free at Stocknetworkonline.com