Fox Business Network just put out an ad going after the track record of Jim Cramer. The ad is so true, except I agree with Cramer about keeping investments out of the stock market for the next several years. Cramer said keep money out of the market for five years, and I think it is more like three years.

I traded stocks for years, and I’m watching the last support level on the Dow Jones today, which could signal a much bigger drop if it is breached today or next week. Everyone wants the market bottom to come soon, but it only proves how little those who trade stocks, and analyze them really know. The last support level for the Dow Jones is 7,592, which ocurred on July 1, 2002. If the Dow Jones breaks that level it could go below 4,000. The 1929 stock market drop took 3 years to hit bottom, and that was with no government intervention.

Besides the credit crisis, lack of credit, and mortgage meltdown caused by bad loans given to those that couldn’t afford those mortgages, Barack Hussein Obama has said he will eliminate capital gain tax breaks due to expire soon. The capital gain tax breaks were implemented by George W. Bush, and were put in place to encourage people to buy long term stocks with little or no capital gains tax if they sold those stocks after holding them for at least 12 months. Those tax breaks helped the Dow Jones reach a record high during Bush’s term. Obama said he will eliminate those tax breaks, which has most certainly encouraged an even bigger sell off, since the polls show Obama could be elected.

Although the 1929 stock market took 3 years to hit bottom, that process could occur much faster today because of the volume, and ease of stock trading in today’s stock market. The negative effects of the stock market crash will take some time to be felt, and our government is hoping their trillion dollar package will help ease the pain, but eventually that money has to be paid for, so the pain will still be felt by latter generations.

Jim Cramer, who is usually bullish on stock market declines, told people on The Today Show to immediately sell stocks in order to remove that cash from the stock market, and hold onto it for the next five years, which is how long Cramer estimates it could take to recover from this market crash. I’ve never seen Cramer look like he’s taken such an emotional beating. Obviously his conscious is working overtime.

Back in November of 2007 Jim Cramer talked with Meredith Vieira about the housing market, and attacked New York State Attorney General Andrew Cuomo for going after banks, Fannie Mae, and Freddie Mac, for giving bad mortgage loans to people who can’t afford those mortgages. Cramer wanted to see those organizations give out more bad loans, so more people could purchase homes they couldn’t afford.

Perhaps it’s time for Cramer to apologize to Cuomo.

In case you’re wondering why the stock market is still selling off today despite the $700 billion bailout, it’s the sell-off I predicted. Short stock sale restrictions that were put temporarily in place in September to stabilize the market have been lifted, and now the bloody sell-off I talked about is occurring. Cramer thinks the market could lose 20% from its high. We’ll be feeling the effects of the mortgage meltdown for many years to come.

The bigger meltdown however, might not come until the home mortgages we (the government) purchased, are defaulted on again by the home owners living in those homes, who still can’t afford to pay those mortgages. The $700 billion bailout never solved the underlying problem. We should have foreclosed on those home mortgages, and sold those properties to people who can afford to pay the new mortgages.

What should we do now? Save money, we’re all going to need it for the tough times ahead.

Jim Cramer points the finger at Democrat Attorney General Andrew Cuomo for making the declining housing market much worse across the U.S. Cuomo is good friends with Hillary Clinton The housing and mortgage markets will have a big impact in the next U.S. presidential term. Cramer is already pointing fingers, and it’s not at the white house.