Another beating at the hands of the Subprime lenders

Today the market (the whole market... more or less) took another beating at the hands of the DREDED Subprime lenders. The Dow was down a bit at mid day, but the mortgage delinquencies number, that was reported at noon ET, was higher than expected, and the market has been in a selling off since. At the close, the Dow had dropped over 240 points for the day.

Today on Jim Cramer's Mad Money, in a segment called Subprime Strikes Again Cramer reminds us that one sector does not make an entire market, and while the market took a hit today we as "home gamers" can take the opportunity to pick up some great stocks at bargain prices

...don’t damn the whole market. This is a subprime problem only. The Street is wrong to be so indiscriminate in its selling, but that’s how the game is played... Bottom line, every sector got trashed today, and that’s just plain wrong. You’ve got a chance to pick up great merchandise at low prices. -Jim Cramer

Bottom line: The subprime market will continue to be a train reck for the foreseeable future, but there are bargains to be found in the other sectors and the market WILL recover.