Actually, as far as Cramer’s rants go, for this one, the scary part might just be that this is a relatively calm Cramer calling for a credit crisis do to the problems in Europe. And what’s more, Cramer isn’t the only one who has been saying we might be in for a crisis that will make the 2008 crisis look like a walk in the park. The UpsideTrader says we are in for a global melt down.
Cramer: “I’m calling this DEFCON three, two stages away from a financial collapse so huge it’s hard to get your mind around,” he said.
Moreover, Cramer says sell all the banks stocks as he doesn’t see any catalysts for them to go higher.
Hat tip to Joseph Weisenthal for pointing me to the video.