Jim Cramer has been around Wall Street for a long time and has seen banking crises come and go, but the current run on regional banks seems different this time.
On Mad Money this week, Cramer urged the Federal Deposit Insurance Corporation to step in and stop the banking crisis by offering insurance of up to $1 million, instead of the current $250,000 limit, to banks that do not have a credit risk.
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He also took to Twitter to make the same pitch.
To Cramer, the bank runs are a result of a crisis of confidence that the FDIC could combat by raising its insurance limit.
Cramer is convinced that the FDIC insurance is key to stopping the bank runs that are causing the banking collapses that have led to smaller banks being fed to larger ones like JPMorgan (JPM) and CEO Jamie Dimon.
Some of his followers are not so convinced, however, and point to organized short selling (betting against a stock) as the culprit for the banking crisis.
But Cramer is also calling for the U.S. Securities and Exchange Commission to pause short selling activity in the banking sector in order to right the ship.
