Nevermind the stock rally from Monday or the massive sales figures from Black Friday, CNBC’s Jim Cramer had a very grim outlook for the global financial markets going forward. In sum, the European crisis is so bad that the U.S. is grave danger. Business Insider explains:
In his opening segment on Mad Money tonight (via The Fly) Jim Cramer warns that Europe could easily spoil any party we’re having in the US due to the collapse in credit.
He walks through a fairly long (but very basic) explanation of what credit is, and how central it is to the economy, before (around the 6:30 mark) declaring that we’re in “DEFCON 3, two stages from a financial collapse so huge it’s hard to get your mind around.”
He tells everyone to “curb your enthusiasm.” If you want to stay happy, don’t watch the clips below. But if you want the hard truth, For video and article:
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November 7, 2012 at 9:51 am
Kathleen Hoffman
Looking at the market today, how is Obama going to redistribute the wealth.
There is not going to be any left!! The only thing positive from this plunge.
November 7, 2012 at 12:26 pm
JAMES
absolutely correct!!